Trading with binary options is becoming more and popular, especially during the past few years. Many investors have seen higher yields from this trading tool, although higher yields also equate to higher risks. There is always a warning in binary options trading that traders should be ready to trade only what they can afford to lose. It is actually very easy to understand binary options trading. Once novice traders get the hang of it, they will find that it is a fulfilling and highly motivating trading activity.
Like in other markets, binary options trading require sufficient research and preparation. Binary options differ with traditional trading options because a trader can make money regardless of the state of the economy. With the proper training and tools, binary options traders can make good profit.
OptionBit is one of the leading online binary options brokers in the world. It has a very good reputation in the industry. In fact, in 2012, OptionBit won FX Empire’s Most Reputable Binary Options Trader. FX Empire is an online reviewer of Binary Options websites.
OptionBit offers the latest technology and a user-friendly platform that is equipped with the latest and most relevant trading tools. OptionBit has several option types and a substantial asset folder. The trading platform of OptionBit is suitable for all types of trading experience levels. Traders can trade on various asset types such as stocks, currencies, indices and commodities.
The owner of OptionBit is Green Galaxy international S.A. investment Firm. Incorporated in 2012, OptionBit adheres to regulatory and administrative requirements. This company is registered and governed under the strictest trading laws of Mahe, Seychelles. Their main office is also found in the Eastern African archipelago, but it has worldwide presence. The company is authorized to engage in the following activities: investment services, reception and transmission of orders in relation to financial instruments, and execution of orders in behalf of clients. It is also authorized to safe-keep financial instruments for the account of clients, in the capacity of a custodian and cash management.
OptionBit is regulated by the Seychelles Securities and Exchange Commission. The Seychelles Securities and Exchange Commission is the regulating body that allows for the listing and trading of shares of domestic and foreign companies. Its main businesses are providing online trading services worldwide and giving customers a secure binary options trading experience. The traders’ needs are first and foremost in their priority list.
OptionBit offers four types of accounts, all based on the personal capacity of a trader to invest funds. Of course the higher the investment, the more perks and benefits are enjoyed by the account holder.
The types of accounts are Mini, Standard, VIP and Diamond. There is not much information for the Diamond account, though it clearly states that the minimum deposit is 50,000. The client is directed to a personal financial advisor if they wish to open a Diamond account. That is the kind of individualized service that should be expected from OptionBit.
The Mini, Standard, and VIP accounts each have their corresponding Welcome bonus and Loyalty bonus. The bonuses are graduated based on the account level. OptionBit has a comprehensive education centre that consists of videos, eBooks and other educational tools. EBooks and video lessons for each account will be presented in either basic or full package formats. Account holders will also enjoy trading alerts, daily market reviews, and free monthly withdrawals, 1 on 1 trading sessions, advanced charts and webinars. Each account also has their Personal Account Manager. For the Mini account the role of the account manager is more of account assistance. For the Standard account the account manager will do General Support Services. The VIP account will have account managers who are Market Experts.
With OptionBit, trading begins in three easy steps. First, the trader chooses his or her preferred asset. Second, the trader determines the direction. Third, the trader places the trade.
A bonus is an amount of trading money that issued by the broker as an incentive to the client. The first type of bonus in OptionBit is the Welcome Bonus. It is given to a client after a deposit.
All bonuses that are given by OptionBit are subject to trade requirements. That means that there is a certain amount of trading volume that a client has to generate in order for them to withdraw the profits generated from trading with the bonus given. An active bonus is so named because this is a bonus that was already given but the client still has not completed the trading requirements for it.
OptionBit also gives a Loyalty Bonus to clients. The Mini account gets a 30% loyalty bonus, the Standard account gets a 75% loyalty bonus, and the VIP account gets a 100% loyalty bonus.
The bonus history tab will allow the account holders to view the bonuses that have been given to them. The status of their trading requirements is also specified in the bonus history.
Why do clients need trading requirements? Bonuses are actually designed in order to encourage and motivate the client to enhance their trading experience, which will result in profits.
Payment & currencies
Deposits and withdrawals with OptionBit are not as complicated as other online brokers. They accept various forms of payment and withdrawal methods available. The maximum deposit amount is $5,000, while the minimum amount is $200.
A client can deposit or withdraw with two accredited credit card companies: Visa and MasterCard. When withdrawing using a credit card, the same deposit amount will be credited to the card. The remainder of the withdrawal amount, should there be any, will be sent directly to the nominated bank account.
Unlike other online brokers, OptionBit allows third party credit cards. The company just needs an authorization letter from the card holder with a copy of the card holder’s proof of identity, preferably a valid identification card.
In a bid to curb money laundering, OptionBit is applying stricter measures about withdrawal documentation. For a trader to receive withdrawn funds, they need to submit a utility bill that is not more than 6 months old, which states the account holder’s address and the name of the account holder. The account holder will also be asked to submit a copy of the credit that was used for deposit. A valid identification card should also be submitted.
A trader can choose to manage their accounts with the currency that they prefer. When an option is chosen, the trader’s account will be handled using the preferred currency.
Platform & assets
OptionBit has five trading platforms for the trader to choose from.
The Digital Trading Platform is the most popular form of binary options trading. With a given market rate, account holders will now figure out whether the price of a certain option will either rise or fall before the predetermined expiry rate. A “call” option is given if a trader predicts that the price of the underlying asset will be higher than the strike price at the time of expiration. A “put” option is given when a trader predicts that the price of the underlying asset will be lower that the strike price at the time of expiration.
The One Touch option is the next trading platform. During this trade, the profit will be paid to the trader if the price of the chosen asset will surpass a barrier that is predetermined. When the asset fails to reach the predetermined barrier, the trader will lose the entire amount that was invested. At the beginning of the One Touch option, the trader will set three rates – a market rate, a higher rate called a touch-up, and a lower rate called a touch-down.
The Touch/No Touch Option basically operates the same way as the One Touch option, except that the option will expire in the market rate and will record the trader’s earnings just as soon as the asset touches the predetermined barrier.
The Range Option is when a trader is given three different rates. The in-range option will be a winning choice if the expiry rate is anywhere in between the upper rate and the lower rate previously given. The out-of-range option, if chosen, will be a winning option if the underlying asset’s rate during expiration is outside the predetermined rate.
The Turbo Option is the same as the Digital option. The only difference is the options expire in increments of 1, 2 or 5 minutes.
Mobile Apps for binary option trading is not an extra perk anymore. It is already an essential tool. Most online brokers have mobile apps available because more and more traders are downloading these apps on their tablets or Smartphones.
The convenience of being able to trade anytime anywhere is the reason why mobile apps are being downloaded by more traders. They simply do not want to miss out on any trading opportunity anymore. Now traders have on-the-go access to the OptionBit trading platform, and other benefits that go with it.
The OptionBit mobile app has the same functionality and same features as the web-based version. The only difference is that the information and functions are re-calibrated for a different device. Both Android and Apple users can download the OptionBit app. The point is that the client will not see a huge difference between the web-based and mobile versions.
All the wonderful and useful features of the web-based version are included on the app such as unlimited access to world currencies, commodities, and other available markets, a wide range of account management tools, and 24/7 round-the-clock customer support. There are no hidden fees and commissions when the app functions are used.
The website and mobile app platform is also available in several languages. The default language of the region where the trader is in will automatically be detected, but the trader can choose any of the nine platform languages available. The nine languages are English, Arabic, German, Italian, Japanese, Polish, Spanish, Portuguese and Swedish.
OptionBit customer support is manned by a team of technology and trading experts. They are available 24/6 to cater to the needs and concerns of their clients. Whether it is through online chat, email, phone or messaging, the OptionBit team will promptly respond. So far, the live chat support has the fastest response time out of all the support methods.
When a client calls the phone hotline, they are directed to 6 different phone support languages: English (+442031500934), Spanish (+34911877526), Russian (+74999186523), German (+496995797950), Portuguese (+3513088011) and Japanese (+81368908588). The multi-lingual and professional account managers will be able to assist the clients with their inquiries. Edit this text!
Other customer support come in the form of very informative blog posts about current worldwide economic trends that shape the market trading landscape. For instance, there is a blog on China’s forecasted economic slow-down. This blog was posted on April 14, 2016.
Pros & cons
OptionBit offers safety of trading through the SSL, incessant communications using the trading server terminal, and easy and intuitive professional platform. It performs stable maintenance and provides huge opportunities with its wider range of financial instruments. However, the organization requires minimum deposit of US $200; some can offer as low as $100.
Cyprus Securities and Exchange Commission
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Customer Care Telephone:
+357 222 72 520
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