OptionBit is considered to be one of the leaders in the binary options trading industry. With a platform that's said to be designed for beginners and experts alike, as well as an authority brand in the industry, the company is definitely one of the most popular brokers in the market today. However, popular doesn't always equate to best. So today, we'll take a look at several factors associated with quality binary options brokers to see how well OptionBit stacks up.
The first thing I noticed about the OptionBit trading platform is that it seemed like it would be fun to use. I'm not sure if it was the vibrant colors or unique layout that gave me that feeling, but overall I was incredibly impressed by the design. Beyond design factors, I found that the platform is incredibly easy to navigate and use. Using this platform, you can trade by 4 different types of options contracts: digital, range, touch and turbo. Also, keeping the goal of appealing to beginners and experts alike in mind, I think OptionBit hit the nail on the head with their platform. While the platform is based in simplicity, making it easy for beginners to understand, it also includes all of the tools and features that expert binary options traders have come to expect from a quality broker. All in all, I was incredibly impressed with the trading platform they offered.
Deposits & Withdrawals
- Minimum Deposit – Minimum deposits are the primary hindrance when it comes to beginners getting started. At $200, OptionBit's minimum deposit isn't the highest I've seen, but it's not the lowest either. Nonetheless, it's comes in below the industry average of $250. The maximum deposit is $5000.
- Deposit & Withdrawal Options – When it comes to deposit and withdrawal options, OptionBit offers one of the largest arrays of options in the industry. Traders can use credit cards, Qiwi, Yandex, WebMoney, PaySafeCard, Neteller, and Skrill to deposit and withdrawal funds. While deposits are always free, withdrawals will come with a fee. The first withdrawal of the month is free no matter what method you choose. However, subsequent withdrawals will come with a $30 withdrawal fee. It's also important to mention that withdrawals are processed relatively quickly; something I like to see from binary options brokers.
Customer Support And Education
When choosing a binary options broker, two of the most important factors you should look into are customer support and education. Here's how OptionBit stacks up in these areas.
- Customer Support – One of the first things I noticed was that support is available 24 hours a day, 7 days a week; that's hard to come by in the world of finance. Customers can contact OptionBit via phone, email or live chat. Customer service teams are available 24 hours a day and 6 days a week. When speaking with a representative through their live chat, I found that the team receives quality training and is incredibly knowledgeable with regard to binary options trading. All in all, I was impressed with the customer support I received.
- Educational Resources – Unfortunately, I was far less than impressed when it came to education. As a matter of fact, I wasn't able to find an education center at all. While I was able to find a blog, I think that OptionBit really dropped the ball by not providing educational materials for beginner traders.
The two unique features I found at OptionBit were definitely useful when it comes to risk management and the ability to maximize returns. They include the “extend” feature and the “close now” feature. With the extend feature, traders have the ability to extend their expiry period when the value of the asset is taking longer than expected to reach the strike price. With the close now feature, traders can close a trade in the money before the expiry period ends; giving them the peace of mind in knowing that the option won't fall out of the money before they have the opportunity to cash in.
Overall, I liked what I saw from OptionBit. However, I would not advise that beginners use this platform. The reality is that beginners should only trade with brokers that offer strong educational resources that are designed to turn the beginner trader into a pro. Unfortunately, OptionBit doesn't offer such resources. On the other hand, I found that the platform is incredibly compelling and offers all of the tools and resources experts would need in order to be successful.