OptionBit

UPDATE (20.01.2017):

We have found out that OptionBit has shut down their operations.

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Old Review:

optionbitWe were getting a lot of enquiries about a broker so we decided to take a quick look at them for you. The name of that binary option broker is OptionBit. They have a great loyalty bonus and they also process withdrawals extremely fast. Keep in mind this is a quick review and if our users want a more in depth review; we will look at them a little closer in the future. This is what we found out about them for now.

Basic information:

Online since: 2011
Jurisdiction: Cypros
Software: Tradologic
Max Returns: 88%
Bonus: 100%
Minimum Deposit: $200
Minimum Investment: $10
Maximum Investment: $500
Currencies: USD, EUR, GBP
Mobile: Yes
Countries: All but United States

Pros:

– It is a site with a very user friendly platform
– The site keeps things simple
– Low bonus trading requirements
– Demo account available

Cons:

– No choice bonuses with trading requirements

7 Binary Options Rating:

4,5 stars

Special features

OptionBit is actually a very experienced broker we came to find out; they have been around for a few years now. They have some nice special features. Take a look:

One unique thing about this web broker is that they automatically give out bonuses. All users across the board get a 30% bonus no matter how much they deposit. It only makes sense if the bonus cannot be refused that they have a low trading turnover requirement and it’s true; OptionBit only requires 15 times the bonus amount to be traded before you can withdraw funds. That is a lot lower than most web brokers that give out sign up bonuses.

Rumor has it you can contact customer support and reject the bonus BEFORE you make your first trade but this is not easy to do from the website. If you don’t do it before trading they will remove the bonus but if you have won any money they will reset your account to the original amount you deposited. We really did not like this policy and thought it was a little too hidden and should be made more transparent.

Trading Software and Assets

This broker believes in keeping trading simple which is never a bad thing in some circumstances. They use a software program called Tradelogic to build their website; it is not as popular as web platform software like SpotOption or binary option robot, but it does not have a lot of critics either. They actually do a nice job allowing the websites that use them to add a large variety of options to the web platform.

OptionBit offers those that trade with them such option choices as the traditional and popular high/low options, put/call options and range options. For those that like the thrill of short term options they can choose between 60 second, 2 minute and 5 minute options. There are option choices that will fit anyone’s trading style.

The trading platform was very user friendly but a little antiquated and could use a more modern makeover. The trading platform does run flawlessly and it can easily be learned in just a few trades. If you like to trade on a simplified user interface then no harm to give them a try.

OptionBit Support

The OptionBit support team was fast responding to both live chat and email. The answers we got from customer service were understandable and direct. No problems here.

They do offer a demo account too, which is a great way for beginner investors to learn binary options trading and for veteran investors to learn how OptionBit’s user interface works. Ask one of the account managers to help you with this.

Banking and Company

The deposits on OptionBit are as close to instant as you can get; this is true for Skrill Moneybookers, e-wallets and credit cards. Bank wire transfers are the exception and take a few days to process.

The minimum account withdrawal on OptionBit is $30 but there is no service charge on the first one; all others are $30 each which we thought was a little steep. Because of this you do not want to do frequent withdrawals for sure.

You also have to be careful with inactive accounts. They will be charged penalties after 90 days of inactivity. That penalty is $5 per month until the account gets to a zero balance. So if you don’t plan to use your account and you have a balance lower than the withdrawal limit, then go ahead and take a chance on making a trade with that amount instead of just losing the money.

Our Final Thoughts

Honestly we don’t know how we feel about this one. If you like a modern looking and fancy website then this is not for you, but if you like a website that does what is says it is going to do and then do it well, OptionBit is a perfect fit.

Additional information

Customer Service: Live Chat / Email: [email protected]
Languages: English, Spanish, French, German, Italian, Swedish, Russian, Japanese, Portuguese
Trading Options: High / Low, One Touch, Boundary, Touch Options
Assets: Currencies, Stocks, Indices, Commodities
Early close: Yes
Expiry Times: 15 sec, 30 sec, 60 sec, 2min, 15 min, 30 min, 1 hr, 24h, 24 hr+, 150 days
Deposits and Withdrawals: Visa, Mastercard, Amex, Bank Wire, Skrill Moneybookers, WebMoney, Paysafe Card
Withdrawal Time: 2-3 days
Demo account: Yes

OptionBit Articles:

7 Binary Options review: OptionBit: 4,5 stars.
John Miller
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John Miller

John has worked in investment banking for 10 years and is the main author at 7 Binary Options. He holds a Master's degree in Economics.
John Miller
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2 comments

  1. Donna   •  

    Hi,
    I read your review on optionbit. I am currently a client of optionbit and I have invested a lot and had an account manager who helped me trade. But I have not been able to get hold of him for the last 2 weeks now and whenever I use the online chat to speak to the customer service they just immediately end the chat session as soon as I provide them my email address. Can you help?

    • Emily   •  

      I am with them for a month time, so far is ok,the service is not bad, I just heart that they have been taken over by a new company, but I am not sure optionbit is regulated or not under new management

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