OptionBit Review

OptionBit reviewOptionBit.eu is the binary options brokerage service of Novox Capital Ltd, Cyprus. OptionBit is a white-label platform brand of TradoLogic.

Times of Israel

The following are some damning articles about the binary options industry in Tel Aviv where OptionBit are based:

Iy may be that OptionBit are the exception to the rule and that these fraudulent claims asserted by The Times of Israel do not apply to OptionBit.

CySEC Record

Novox, the operator of OptionBit, shows a Cyprus address according to their CySEC page as:

4 Michael Georgalla Street

2409 Engomi

Engomi being in Nicosia, Cyprus. Novel have held the CySEC license no. 224/14 since the 4th February 2014.

Novox do NOT have been fined by CySEC and have a clean record with the regulator.

OptionBit Review of the Trading Platform

Payouts

The payouts accruing to successful trades on the OptionBit platform will depend on the trade type employed for the trade. The payouts for the different trade contracts are as follows:

a)    High Yield Touch: Payouts range from 170% to 260% for a successful outcome.

b)    The Touch/No Touch binary options which is available for trading commodities has a payout of 75%.

c)     The Range option (In/Out) pays out an average of 70% for the selected instruments that can be traded here.

d)    The conventional digital options (Above/Below)

e)    There is the 60 second option which pays out 75% profit.

Bonuses and Promotions

OptionBit provides what they call an ‘educational allowance’ so that traders can get to know what it feels like on the live platform. This is the equivalent of the account opening bonus on other platforms. Under this educational allowance bonus scheme, traders can earn a graduated bonus structure depending on their account trading bonus.

The allowance is distributed as follows:

–       Traders who invest with $200 into an OptionBit account – $30% bonus.

–       Traders who invest with $500 into an OptionBit account – $40% bonus.

–       Traders who invest with $1000 into an OptionBit account – $50% bonus.

The thinking behind this educational allowance is that traders who are new to the live account may sustain some initial losses and will take some time to understand and get used to the entire process of trading live. So such traders can benefit with some risk-free bonus offering to get them started off.

Another bonus offered by OptionBit is the the VIP bonus structure which provides the following bonuses:

– priority in appointment scheduling

– an exclusive VIP phone number

– faster withdrawals

– extra allowances on investment.

Asset Index and Expiry Times

OptionBit offers account holders the opportunity to trade the following assets:

1)    Currencies: EURJPY, AUDUSD, GBPUSD, USDCAD, NZDUSD, USDRBL, USDCHF, EURGBP, GBPJPY and EURUSD.

2)    Stocks: Boeing, COCA COLA, ExxonMobil, Microsoft, Google, Nike, HSBC, Allianz, Total, Siemens, Vivendi, BP, Renault, Gazprom, France Telecom, Honda, Sony, Toyota, etc.

3)    Commodities: Copper, silver, gold and crude oil.

4)    Stock index futures: DJ30, NASDAQ100, S&P 500, BOVESPA, IBEX35, FTSE, DAX.

There is the CLOSE BOTTOM feature, which allows traders to close profitable positions manually before expiration. Traders will only make 30% of the original payout and for this trade, the expiry times are therefore not fixed.

Expiry times for other trades are usually set by default. Investors are given a countdown clock which represents a window of opportunity for the investment to be done. Once the trades are executed, the trader has expiries that can last for 15 minutes, one hour, two hours, etc.

Trading Tools

There is a free binary options education ebook which deals exclusively on the subject of binary options trading for beginners. This is a great tool to have if you want to succeed with OptionBit.

There is also an on-screen demo of the entire trading process, which plays in the form of a flash video on the website. If you simply do not want to read any more material, then you can just watch the video and learn the process in a few short minutes.

Deposits and Withdrawals

The account opening balance for OptionBit typically starts from $500, with a minimum investment of $10 per trade.

Deposits can be made with credit cards, bank wires and Western Union. The last two options will require contact with the OptionBit support team. There is only one free withdrawal allowed per month; subsequent withdrawals attract $30 in charges.

Traders can withdraw as low as $10 for card withdrawals and $30 for bank wires. The credit card in use must be verified by submitting scanned copies of the card (front and back) with the last three digits blacked out, and a photo ID issued by the government of the trader’s country.

Customer Service

OptionBit has a 12-language customer service department. Traders can reach the company by phone, email and live chat. Details are as follows:

–       Live chat

–       Email: support@optionbit.com

–       Phone:

France +33.1.70615848

United States +1.415.3731665

United Kingdom +44.20.31500934

Spain +34.91.1877526

Italy +39.02.94751417

Russia +7.499.9186523

Germany +49.69.95797950

Conclusion

There are no affiliate links to OptionBit on this page as we do not feel comfortable promoting this binary options broker. Although the behaviour of OptionBit has demanded no punitive reaction from CySEC, the Time of Israel’s articles have painted such a poor picture of the industry it is difficult to promote any of the Tel Aviv-based brokers.

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