Having offices in both Gibraltar and London, RedWood Options is one of the leading online binary options brokers available in the current marketplace. This platform offers a notably user-friendly interface and their tools require no download to use; RedWood Options is entirely based in the cloud. This Redwood Options review takes a closer look at some of the main amenities that this company provides to binary options traders.
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Payouts Expected from RedWood Options
RedWood Options offers clientele to be paid out at what is considered to be the industry standard of up to eighty-one per cent on each trade. As with many other binary trading systems, the amount will vary depending upon if the trader wishes for a return on any trade losses and when the trade was closed. For any position that is considered to be “out of the money” a ten per cent rebate is given on the original sum that was invested.
Different Trade Types
Similar to other trading platforms found online, RedWood Options provides its customers with four different positions. These are as follows:
- Option builders
- One-touch options
- Sixty-second options
- Up/down binaries
While the sixty-second options provide the client with the quickest turnaround time, it should be noted that the classic up/down positions are still the most commonly utilised. Furthermore, customers can also customise their positions with the options builder accessory. This will allow traders to decide when they wish to set an expiry date; further enabling a position to be profitable in a short period of time. finally, one-touch options (available during weekends) enable the trader to earn as much as five hundred percent on a single binary position.
Bonuses and Promotions
The minimum amount reqiured to open an account is two hundred dollars and RedWood will match this by up to one hundred per cent. Also, RedWood accepts clients from the United States (other sites may not offer this option). Two other features that are worth mentioned are:
If a client opts for an Executive Account, he or she will receive a seventy per cent account bonus, a personalised account manager and one free trade. The minimum funds required to open such an account are either one thousand euros or one thousand dollars.
When one opts for a Gold Account, a welcome bonus of one hundred per cent is provided. A senior account manager will oversee all trades and the client will receive five additionally free binary trading positions of choice at no risk. The minimum required to open such an account is either five thousand dollars or five thousand euros.
Currently, RedWood Options boasts approximately sixty underlying assets available to their customers. However, this is to be expected, as the platform is still relatively new. It should be expected that more assets will become available as the company continues to grow. Nonetheless, clients can enjoy:
Twenty different blue-chip stocks.
Thirteen Forex currency positions.
Twenty-two different global indices.
Seven different commodities.
The commodities currently available are coffee, gold, oil (light sweet crude), platinum, silver, sugar and wheat.
As mentioned previously, the expiry times will vary depending upon the binary position that is opened. Obviously, the sixty-second option will expire in no more than sixty seconds (thus offering the most liquid position). With the option building choice, the trader has the ability to customise the expiry time around his or her needs and particular position. The up/down option will have variable times between fifteen minutes and two hours. Finally, one-touch options (available on weekends only) have the advantage of allowing the client to cash out as soon as the asset reaches its target price; thus offering potentially handsome rewards.
RedWood Options offers a number of highly adaptable and customisable trading tools. Two excellent features that are designed for risk management are the “rollover” mode and their open platform; the latter allowing the client to be bought out of a certain position once a target margin is reached.
RedWood currently employs the SpotOption system that is used by an impressive number of other online platforms and one of the distinct benefits of this template is that is extremely easy to use and as mentioned previously, SpotOption requires no software download to fully begin trading. This may be an advantage to beginners or for those who have little experience in the binary options sector, as much of the technical guesswork can be taken out of a position.
RedWood Options Deposits and Withdrawals
The minimum deposit amount is either two hundred dollars or two hundred euros (depending on one’s native currency). Other amounts include:
Five thousand dollars with a credit card.
Ten thousand dollars with a Western Union transfer.
An unlimited amount when utilising a wire transfer.
The minimum amount that can be withdrawn is one hundred dollars (or euros). There will be no fee encountered with a credit card. However, there will be a twenty-five dollar charge when withdrawing to a bank account. The funds can take as many as ten days to enter and clear into an account.
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There are several customer support options available to every binary trader. These include email, a dedicated phone number or online live chat support. These services are available twenty-four hours a day from Monday through Friday.
RedWood Options offer a secure platform. All transactions are encrypted to current SSL standards. Transfers can take place with the use of credit or debit cards, eWallet or a direct wire transfer. Thus, this system is seen to mirror the stringent requirements of most large trading portals.
Summarily, some of the main benefits of RedWood Options are:
Live market analyses.
Numerous binary trading options.
Arguably high returns.
The one-touch trading feature.
A low minimum deposit.
A streamlined trading portal.
Robust customer support.
This Redwood Options review considers the rather lengthy time for the funds to reach a trader’s account (up to ten days from execution to delivery in some cases) is way too long hence on the three-star rating. In this day and age of electronic cash transfer there really is no excuse for this delay.
Thus, it is concluded that RedWood options is a streamlined and efficient platform that will allow a binary options trader to enjoy the majority of the amenities that can be expected from a 21st century online platform. In particular, novice traders may benefit from the ease of the SpotOption trading system that is employed. Offering agreeable returns and highly reliable customer support, RedWood Options has already garnered a considerable amount of attention. It will indeed be interesting to see what this relatively new company has to offer in the future.