OptionBit stopped trading. The company no longer accepts new accounts.

Optionbit is a binary options broker that seeks to provide innovative developments to traders to stay ahead in the binary market. They offer short trades for higher returns and provide industry-leading support and training opportunities for both new and experienced traders.

 

Optionbit’s unique feature includes Autotrader’s ability to allow options in succession allowing traders to profit from long-term trends in an automated manner. Algobit software is another tailor-made product from Optionbit that can provide traders with binary options signals. They also recently announced various tournaments where traders can win cash prizes over other traders.

Here are some key points about option bits:

  • Demo Account – Yes
  • Minimum deposit – £200
  • Minimum Deal – £10
  • Signal Service – Yes
  • Bonus information – 100%.
  • Mobile App – Yes. Android and iOS are available.

 

trading platform

Optionbit operates a very intuitive trading platform or ‘trading room’. Whether a trader is new to binary options or an experienced veteran, trading is simple.

The type of binary options required is selected via the top menu bar of the trading area (each type is detailed in the ‘Choose a trade’ section below).

A trader’s next choice is to choose the asset they wish to trade. A filter right below the option selection simplifies this: “All” displays a huge list of all available assets, while the rest of the tabs (Currencies, Commodities, Indices, and Stocks) filter assets by declining ones. . A list of real assets with related categories is displayed on the left. Traders simply click on the desired asset and the rest of the trading area updates to reflect information about that asset. You can also scroll up and down the list of assets and reorder them. Traders can list assets by name, expiry time or payment method.

The trading room main screen displays one trading ‘window’. However, traders can opt for a ‘multi’ view that allows them to trade more than one asset at a time.

When an asset is selected, the trading area displays the information required for trading. There is a countdown at the top. This indicates when a trade must be made, otherwise the trader will have to wait for the expiry time.

 

In the center of the screen is the trading button. These are clearly marked and show the strike price (labeled ‘Our price’) between the buttons. On the right is the Trader Sentiment Bar, which shows which way the asset is trading the current price.

The final element of the trading platform is the price graph to the right of the trading button. These are fully configurable and much more flexible than charts found on competitor brokers. At the top there is a tab where traders can select the graph type of line, candlestick or area. Beneath this tab is a ‘zoom in/out’ option that allows traders to view the graph over a longer period of time. Option Bit also offers traders an ‘advanced charting’ option (pictured) – you can find it at the bottom of the trading room screen. These open in a separate window (traders can easily switch to the trading screen at will). They provide an incredible amount of detail and technical analysis tools.

Below the trading area is the ‘Public Trades’ window. All public transactions are listed here, each with relevant details. It can also be used to view historical (closed) trades or check the progress of tournaments the trader has participated in. Below is a scrolling news ticker, updated with relevant headlines throughout the day. Finally, there is a menu of additional features provided by the options bit, including an advanced chart button.

It is a very comprehensive trading area and one that receives a lot of positive feedback from traders.

Trader’s Choice

Option bits provide the following binary options:

  • Digital – The traditional High/Low binary.
  • Range – Whether the asset price will finish within or outside of the preset ‘high’ and ‘low’ levels.
  • Touch – Whether the trade ‘touches’ a pre-set price Option will finish ‘to the money’ as soon as it touches the price. There is usually a ‘high’ touch value and a ‘low’ touch value. The payouts on these trades will often be greater than traditional high/low options because of the higher price movement required to complete ‘in the money’.
  • Turbo – Same as ‘digital’ trading, but over a very short time scale (30 seconds to 5 minutes).

This is a fairly ‘complete’ set of binary trading types that accommodates all popular trading styles.

On the asset side, Optionbit offers options on forex, commodities, and selected stocks and indices. The main strength of Optionbit is currency trading. Apart from Forex, the company offers more popular commodities and indices, but Forex is the deepest market coverage, followed by a large number of stocks. The range of trading types combined with a robust asset list means traders have many trading choices.

mobile app

OptionBit offers a mobile app on both Android (2.3+) and iOS (version 7.0+). The application has been carefully developed. Charts in particular received the same level of attention as the entire site.

A full suite of binary management types and assets is available through the mobile app, as is a full suite of account management options. The application responds quickly and is well laid out. Time and effort was put into the design, which is not always the case with other mobile trading platforms. Reviews to date have come back positive, which supports the feeling that Option Bit has put together a very useful mobile application that gives traders what they want and need. (The picture is an iOS screenshot)

payout

OptionBit typically offers returns of up to 85% on options. This rate may vary by asset and expiration time. ‘Touch’ binary options often pay slightly higher due to the larger price movement required to ‘make money’. A 220% payout for touch options is OK. This is an area where options bits are constantly improving and progress has been good in recent months and they are now very competitive for payouts.

Withdrawal and deposit options

OptionBit offers a variety of deposit and withdrawal options. The primary deposit method is via debit or credit card, but a full list of ‘electronic payment’ options is also available, from Skrill and Neteller to WebMoney and Yandex. There are no fees charged for deposits, but the minimum deposit is £200 at OptionBit.

Due to money laundering guidelines, traders can only withdraw money after fully verifying their trading account. This includes proof of additional identity stages, including:

  • A recent utility bill as proof of address
  • Copy of front and back of credit card (if applicable)
  • identification (e.g. passport)

This step is common to all brokers, but can be a source of frustration for traders who were not aware of it prior to making a withdrawal. We recommend that you complete this check as soon as possible after opening your account. This minimizes delays and reduces the potential for disputes. Withdrawals are one of the biggest sources of dissatisfaction among traders, and payment delays due to confirmations contribute the most to these problems. Therefore, we recommend that you complete the verification as soon as possible.

 

 

One withdrawal per month on Option Bits is free, with additional withdrawals subject to a fee of $30 (£17). Withdrawals via credit card can only be paid up to an amount equal to the amount credited to that card. You will need to withdraw the additional amount using bank transfer. WebMoney and Yanex deposits cannot be withdrawn the same way, so withdrawals must also go through your bank. Option Bit clearly explains all deposit and withdrawal details on their FAQ page (available under ‘Help’ at the bottom of the page) – not all brokers can do this clearly, so we recommend Option Bit to clarify all options You should. potential traders.

other features

OptionBit can provide you with the following features and benefits:

  • Algobit – Algobit looks for newly forming trends and signals traders when it is time to engage. Created in-house as a product exclusively for Optionbit.
  • Option Bits Tool – Option Bits provides traders with ‘close’, ‘extend’ and ‘auto trade’ functions. These options offer traders greater flexibility and the choice to automate some or all of their trades.
  • Mobile Platform – The Optionbit app allows traders to manage their accounts and manage their trades and portfolios on the go.
  • Email Alerts – Traders can set up email trade alerts directly to their inbox
  • Advanced Charting – Optional Bit’s charting now offers real advantages over charting from third parties that specialize in detailed, feature-rich charts. Traders who wish to use technical analysis to make trade selections should definitely consider researching charting tools at Option Bit.

Options Bits represents a good “all-round” binary options broker and offers a wide range of trading types and assets, as well as unique features such as AlgoBit services and advanced charts. The company also runs tournaments that offer a powerful mobile application that is generally popular among traders. So, they are brokers that provide overall. Especially the payouts are more competitive.