Option Bit Review

Option BitOptionBit allows you to trade currencies, commodities, stocks, and indices through binary options.  The company has been going since 2010 (quite a long time for a binary options broker) and is based in Cyprus.   

Platform Overview

The OptionBit platform uses the Tradologic platform to power its site. You'll need to deposit a minimum of $200 to get started, and the minimum trade is a reasonable $10, so this is as good a place as any to start off.  You can also open up a free demo to test the system risk free (which we would advise doing). You'll get virtual money to play with and make trades.

Trade Types

Digital -  Bet whether an asset’s price will rise or fall.
Touch -  Predict if the asset will touch above or below a starting point by a certain time.
One-Touch – Bet if the asset will touch or not touch a price point before a set time.
Range -  Predict if an asset will remain inside a price-range or not.
60 Seconds -  1 minute bet. Also 2 minute, or 5 minute trades are available.
get started with Optionbit

Other Tools

Close Now -  shut down a trade before you hit the expiry time.  With "Close Now" you can lock-in profits mid contract, or if you are out of the money you can reduce your exposure by selling early and claiming back some of your initial bet.  A good risk management tool.

Extend – This allows you to move out the expiry time of your option mid trade (pick the next available expiry time). You can make use of this is you think you need more time for your option to go into the money.

The Platform: Assets

You can trade 13 different currencies , 4 commodities, 13 indices and more than 39 stocks. It's not an all encompassing list, but all of the majors are in there, plus some interesting stocks. They have tried to find a balance between "too much choice" and having a decent enough range of assets to trade.
Asset Index

Currencies
AUD/USD, EUR/GBP, EUR/JPY, EUR/USD, GBP/JPY, GBP/USD, NZD/USD, USD/CAD, USD/CHF, USD/JPY, USD/NOK, USD/RUB, USD/SEK

Algobit

Algobit is Optionbit's signals service- an algorithm that tracks the financial markets. The system tries to identify trends and entry/exit points for traders. We'd advise that you use this as part of your market analysis- as with any tool, do not rely on it 100%, but rather have it in your "tool box".

Customer Service

OptionBit is multi-lingual, and you can contact their support team via the telephone, email and live chat.  Response times are pretty good, and they have a range of low cost numbers for different countires to help minimise your call charges.

Bonus Options

OptionBit offers a bonus educational allowance to help you become familiar with the platform and test out different strategies. Once you make a deposit, contact support@optionbit.com to receive your bonus.

The allowance plans are as follows:

Invest $200 – receive 30% bonus
Invest $500 – receive 40% bonus
Invest $1,000 – receive 50% bonus

Payment Otions

Optionbit accepts Visa, Mastercard, Skrill, Neteller, CashU and POLi.

Registered Office

Novox Capital Ltd.
Ioanni Stylianou 6, Nicosia,
Cyprus

Pros

Optionbit is a binary options broker that has matured nicely. The site and platform continue to be developed, and they have developed some good mobile apps so that you can keep on top of your trades while you are on the move. They accepts traders from the US.

We like their free demo and their trading signals service (Algobit) which is free to clients.

Cons

You won't fins as big a range at OptionBit as you would with many other binary options brokers, but they have a solid enough range that should satisfy new traders and those at an intermediate level. You can also request a new asset with the Optionbit team, and if there is sufficient demand, it'll be added to the platform. There are no refunds on trades that end up out of the money. But the payouts on winning trades are higher, so "you pays your money and makes your choice".

Summary

A solid binary options platform that is improving all the time, and a good choice for novice to intermediate traders. Expert traders might look for a bigger range of assets.