Optionbit

OptionBit has stopped trading. The firm is no longer accepting new accounts.

Top Broker in Malaysia

What Are Binary Options and How Do You Make Money?

Optionbit is a binary options broker that tries to deliver innovative developments to their traders to stay in the binary market. They offer shorter trades for higher returns and some industry support and educational opportunities for both new and experienced traders.

Features unique to Optionbit include the Autotrader feature that allows traders to take options sequentially, allowing them to profit from long-term trends in an automated manner. The Algobit software is another bespoke product from OptionBit that can provide binary options signals to traders. They have also recently released various tournaments where traders can practice their skills against other traders for cash prizes.

Here are the main details about Bit Options;

• Demo Account – Yes
• Minimum Deposit – £200
• Minimum trade – £10
• Signal service – Yes
• Bonus Details – 100%.
• Mobile App – Yes. Android and iOS are fulfilled.

Trading Platform

Optionbit operates a very intuitive trading platform – or ‘ trader  ‘. Everything is presented in a clear way, so whether a trader is completely new to binary options, or a seasoned veteran, trading is easy.

The  type  of binary option required is selected via the menu bar along the top of the trading area (each type is discussed in more detail in the ‘Trading Options’ section below).

The next option for traders is to select the assets they wish to trade. This can be made easier by using filters under the options option – “All” will show a large list of all available assets, while the remaining tabs (Currencies, Commodities, Indices and Stocks) will filter the assets to only fall into the relevant categories. A list of actual assets is displayed on the left. Traders can simply click on the desired asset and the rest of the trading area will be updated to reflect the information for that asset. The list of assets can be scrolled up and down, and can also be rearranged. Traders can list assets by name, by expiration or by payout.

 

 

The trader’s default view shows a single ‘trade’ window. However traders have the ability to select a ‘Multi’ view which will allow them to trade more than one asset at a time.

Once the asset has been selected, the trading area will display the information required to trade. At the top is the countdown – this marks the point at which the trade should have been placed, otherwise a trader would have to wait for a later expiration.

In the middle of the screen is the trade button. These are clearly marked, and the strike price (labeled ‘  Our price  ‘) is displayed between the buttons. Just to the right is the trader’s sentiment bar, which depicts where the asset is currently trading and thinks the price is headed.

The last element of the trading platform is the price graph, just to the right of the trade button. These are fully configurable and far more flexible than charts found on rival brokers. Along the top is a tab that gives the trader a choice of graph type – Line, Candlestick or Area. Below this tab is a ‘  zoom ‘ option  that allows traders to view the graph over a longer period of time. Bit Options also offers traders a number of ‘Advanced Chart’ options (  pictured ) – these can be found at the bottom of the trading room screen. This opens in a separate window (leaving the trader free to switch easily back to the trading screen). They offer a large number of analytical and technical tools.

Below the trading area is the ‘Open Trade’ window. This will list all open trades, with relevant details for each one. It can also be used to view the history of (closed) trades, or to check progress in any tournaments the trader may be running. Below is the scrolling News ticker, which updates with relevant headlines throughout the day. Finally there is a menu for Bit Option Options Extra offers, including a Chart Advanced button.

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

Trader’s Choice

Bit Options offers the following binary options;

• Digital – Traditional High / Low Binary.
• Range – Whether the asset’s price will finish inside, or outside, preset ‘high’ and ‘low’ levels.
• Touch – Whether the trade ‘touches’ the preset price. The option will finish ‘in the money’ as soon as the price is touched – generally it will be a ‘High’ touch value and a ‘Low’ touch value. Payouts for these trades are often larger than traditional High/Low options, as a higher price move is required to settle ‘in the money’.
• Turbo – Same as ‘digital’ trading but more short time (from 30 seconds to 5 minutes).

This is a complete set of binary trading types, which caters to all popular trading styles.

In terms of assets, Optionbit offers options on forex, commodities, and selected stocks and indices. Optionbit’s main strength tends to be currency trading. Away from Forex the firm offers more popular commodities and indices but Forex is the deepest market network, followed by a good list of stocks. The wide variety of trades, combined with a strong list of assets, means traders have plenty of trading options.

Mobile App

OptionBit offers a mobile app on both android (2.3 and above) and iOS (version 7.0 and later). The application has been carefully developed – with the charts in particular given the same attention as on the full website.

A wide selection of options and asset types are available through the mobile app, as are full account management options. The app responds quickly and is well laid out – some time and effort has gone into the design, which is not always the case with some other mobile trading platforms. Reviews to date have come back positive, which supports our feeling that Bit Options has put together a very useful mobile app that delivers what traders want, and need. (illustrated iOS screenshot)

 

 

Payment

OptionBit usually offers a maximum return of 85% on options. This rate can change depending on the asset and the time of expiry. A ‘Touch’ binary option will often pay slightly higher, due to the larger price change required to settle ‘in the money’. Payouts of 220% for Touch options are common. This is an area where Bit Options continues to improve, and progress in recent months has been good, now they are very competitive on payouts.

Withdrawal and deposit options

OptionBit offers a variety of deposit and withdrawal options. The main deposit method will be via debit or credit card, but a full list of ‘  e-payment  ‘ options are also available, from Skrill and Neteller to WebMoney and Yandex. There are no fees charged for deposits, but the minimum deposit is now £200 with OptionBit.

Due to money laundering guidelines, withdrawals can only be made when the merchant has fully verified their account. This involves additional proof of identity measures including;

• Latest utility bill as proof of address
• Copy of credit card front and back (if applicable)
• ID (eg passport)

These steps are common across all brokers, but can be a source of frustration for traders who don’t know them before needing to make a withdrawal. It is wise to settle these checks as soon as possible after opening the account – this minimizes any delays and reduces the chance of any disputes. Withdrawals are one of the main causes of complaints among merchants and delays in payments as verifications definitely contribute to the problem – so the advice is to complete verifications as soon as possible.

 

 

One withdrawal per month is free on Bit Options, additional withdrawals will cost $30 (£17). Withdrawals made by credit card can only be paid up to the same amount as has been deposited on the card – additional funds must be withdrawn using a bank transfer. WebMoney and Yanex deposits cannot be withdrawn through the same method, so any withdrawals must also go through the bank. Bit Option explains all their deposit and withdrawal details clearly on their FAQ page (available under ‘ Help ‘ at the foot of the page) – not all brokers make things clear, so Bit Option should be commended for making all options clear to potential traders.

Other features

OptionBit can provide the following features and benefits:

• Algobit – Algobit locates new trends, and signals traders when it is the right time to enter a trade. It is a product exclusive to Optionbit, and is written in-house.
• Option Options Tool – Option bit provides facility for traders to ‘close’, ‘extend’ and ‘Autotrade’. This option gives traders the advantage of flexibility, as well as the option of automating some or all of their trades.
• Mobile Platform – The Optionbit application allows traders to manage their accounts as well as manage their trades and portfolios on the go.
• Email Alerts – Traders can set up email trade alerts directly to their inbox
• Advanced Charts – Charts on Bit Options are now a real strength, with charts delivered by third parties that specialize in detailed, feature-rich charts. Traders looking to use technical analysis to make their trading choices should consider investigating the charting tool on Bit Options.

Bit Options represents a good “all-round” binary options broker, providing a good depth of trading and asset types, as well as some unique features such as the AlgoBit service and advanced charts. The firm also operates tournaments, which are generally popular among traders and provide a powerful mobile application. So they are brokers who deliver across the board – especially now that payouts are more competitive.