OptionBit

There are lots of binary options brokers flooding the internet today, but few are as sophisticated and polished as OptionBit, a top binary options broker whose user-friendly platform, multiple trading options and low minimum position enable traders to customize their trading experience from the get-go.  Read our full OptionBit review to determine if this is the best binary options broker for you. 

General Information

Founded in: 2009

Headquarters: Cyprus

Minimum Deposit: $100

Minimum Trade Amount: $10

Maximum Per Option: $3000

Languages available: English, German, Spanish, French, Russian, Turkish, Arabic, Korean, Portuguese, Italian, Chinese, Romanian

Trading Platform

Anyone who has seen other binary options trading platforms will recognize immediately that OptionBit’s platform is more developed in many ways than those of most of its competitors.  One thing that sets OptionBit’s trading platform apart is that it focuses on one asset at a time, instead of offering all of the options in a dizzying display that might confuse traders.  Another thing that we thought was fantastic was the easy way traders can store their favorites so that they’ll have their frequently traded assets easily available.

One thing that was unusual is that OptionBit requires you to choose from one of their provided expiry times, whereas other top binary options brokers allow you to choose your own expiry time.  While this shouldn’t necessarily constitute as a deterrent, it is something to consider if you’re a more experienced trader and you’re accustomed to choosing very specific expiry times. 

Finally, OptionBit offers digital trading, one-touch trading and range trading, all of which are clearly explained in the company’s user manuals.  Experienced traders will find these options welcome, though we encourage new binary options traders to stick with digital trading until they’re comfortable with the way the trading system works.  

Features

OptionBit has a team of market analysts who are available to help traders looking for some additional insights into the market.  In addition, the brokerage offers excellent bonuses for both new and veteran traders.  Deposits of $500 are eligible for a 20% bonus, while higher deposits can earn up to 40% bonus. 

OptionBit also offers several trading features that are worth mentioning, including a rollover option which allows you to extend the option if it isn’t set to expire in the money.  In contrast, OptionBit’s ‘close now’ option allows you to close a trade before its scheduled expiry time if you’re in the money but don’t want to  wait until expiry time, lest the trade change directions. 

Though all of the best binary options brokers claim to have the highest payouts, OptionBit really seems to make good on this claim, by offering payouts as much as 181%.  This alone may be a good reason to try out this binary options broker. 

Customer Support

You can contact OptionBit via phone, email or chat.  Chat service is available for about 17 hours/day, from about 2am EST to 7pm EST.  Phone support is available locally in France, the US, UK and Spain.  Email inquiries can be submitted via on-site form submission, or by traditional email.  

We chatted with OptionBit’s customer support team during our OptionBit review and found their representatives to be helpful, friendly and prompt, especially as compared with some other binary brokers whose chat support left us on hold indefinitely.  

Ease of Use

OptionBit has the most impressive binary options resource center we’ve seen, with a live (and active) user forum, extensive user guides, tutorials, market analysis and trading strategy suggestions.  What was noticeably missing was a video tutorial and a demo account which could give traders a real sense of how to implement trades.  The company does offer an ebook, but accounts must be funded in order to access this offering. 

Deposits can be made on-site via credit card or wire transfer.  You can also choose to deposit via Western Union, but this deposit method is available only by phone once you’ve opened an account with OptionBit.  The company promises to process all withdrawals in 3-5 days, which is a perfectly acceptable time frame as compared with other binary options and Forex brokers. 

All in all, we found OptionBit pretty easy to use throughout our OptionBit review, and we were able to quickly clarify any questions thanks to the company’s accessible chat support.

Final Thoughts

Binary options trading as an industry is only about 2 years old, and there’s no doubt that OptionBit is among the oldest and most established brokers in the field.  We could tell from our research that OptionBit is a broker that is constantly evolving, and striving to improve its services on a regular basis.  Still, we were wholly impressed during our OptionBit review, and have very few suggestions for improvement.  That being said, we look forward to seeing what this broker will roll out next.