OptionBit is owned by DC Digital Finance Ltd. Operating out of Cyprus, this binary options broker uses the Tradologic binary options white-label trading platform.
OptionBit binary options brokerage is regulated by the Cyprus Securities Exchange Commission (CySEC). A review of this information shows that as from this year, the brokerage is expected to become fully regulated or it will be forced to stop new business. Since this broker is Europe-based, all positions of the 2009 European Markets in Financial Instruments Directive (MiFID) regulatory protocol is binding on this firm.
Review of Trade Types
The following trade types are operated by OptionBit:
- Digital Option: Whether the trader decides to make a choice from either ABOVE or BELOW, the digital option is one which seeks to bet on whether a stock will end the trade higher or lower than the strike price.
- Touch Option: This options trading type seeks to make money on the basis of the asset touching a strike price or not.
- Range Option: This version of the boundary option is equipped with a 75% payout plan for successful traders.
Assets Traded and Bonuses
The following binary options bets are traded on the OptionBit binary options platform:
- Four commodities
- Thirteen currency pairs
- One bond: Interestingly, OptionBit is the only white-label broker to offer this asset.
The following bonuses are given out to traders on OptionBit
- New traders’ bonus: This promises a bonus for all traders who open and fund a binary options trading account for the first time. The trading bonus amounts will depend on the account size: 30% for $200 and less, 40% for an account greater than $200 but less than $500, and 50% for an account greater than $500 but less than $1000. Accounts that are funded with more than $1000 are VIP accounts and attract bonuses such as faster withdrawals, a branded debit card, personalized services, etc.
- There is a demo trading platform provided for those who open and fund a live account. The demo is worth $500. It is not time-limited.
The following special features are found on the OptionBit binary platform:
- The “Roll Over” function for early trade closure. Traders sacrifice a portion of their payout to access this function on the platform. There are time rules for this function.
- “Autotrade” function to compound profits on the platform by repeating the trade and its parameters.
- Apps for the iPhone, iPad and Android devices enable traders’ trade with their gadgets.
- Customers’ funds are sequestered, meaning that clients’ funds are safe and secure from any untoward events such as broker bankruptcy.
The minimum option trade amount on O’Bit is $10. With $100, you can engage this minimum deposit to start trading on the O’Bit digital option positions.
Several methods of transaction exist:
- Verified Credit card/debit card
- Wire transfers.
- Western Union
Traders get one free withdrawal per month. If a binary options trader makes more than one withdrawal, a $30 service fee is charged. A review shows that VIPs can make withdrawals and have their money in 3-5 days. Regular option account holders may wait up to 7 working days to get their money.
Do you need to contact the Support Team? The customer support desk on OptionBit can be reached using any of the following methods:
- Email (email@example.com)
- Phone: There are several phone numbers which are country-specific
- Live chat
The broker you use can make you money, or make you lose money. Choose wisely.