Visitors from the optionFair review note Optionbit offers most of the same trading products as optionFair
the principal difference being that Optionbit accepts US residents as clients
We have been invited by binary option broker Optionbit to review their site, policies, and offerings in order to inform the investing public about their trading site. I have to say Optionbit really does have some good strengths to offer, most notably their unique approach to binary options trading. Like some of the other brokers who offer unique binary trading solutions to their customers, their asset list is a little on the short side. On the other hand what they lack in number of securities they more than make up for in trading products offered. Take a look.
Things to Like about Binary Option Broker Optionbit
In a word: action. Optionbit allows the best opportunity for trading profitably in binary options. They offer a great variety of exotic contracts – call them what you will – barrier options / bounded options / range options, etc. They’re terrific products for the trader who does not wish to open a naked position, but still wishes the fixed yield of binary trading.
What’s Your Choice? Extend or Close Early?
What makes their binary options offering so special? The ability to either extend or close or go double or nothing on positions held. Now there are costs in terms of yield on making these additional plays (except the double or nothing autotrade – which we’ll get to later), but the point is you CAN choose your exit point on a contract. Only one other broker I know of allows that sort of early close option – and they don’t offer contract extensions (AND they don’t accept US residents… a MAJOR drag for us in the New World!). Based on my reading of their website rules these extend and early close alternatives are offered ONLY on binary currency options. I’ll try to get more clarity from customer service on that and append this post with a comment later.
See the Binary Options Trading Activity as Trades Accumulate
Simple. Contract extensions are a unique offering for Optionbit. Traders have up til 10 minutes before close (at least on standard contracts) to buy an extension. Extensions cost between 5-50% premium, depending on how far out of the money your options contract is. Again, best I can tell extensions and early close are available on digital (binary) options only. These do not appear to be available on non-forex contracts or any of the hybrid contracts (range options or one-touch / no touch options).
Autotrading Software for Binary Options
This is a neat feature (to my knowledge) only available at Optionbit. This feature allows traders to automatically rollover winning positions completely into the same asset and contract for the next expiration period. This can allow a trader to seriously ride the momentum of a winning trade without having to sit at the terminal and re-up every hour.
Banking / Funding Policies
Just a Quick Note: As a result of the Dodd-Frank financial reform bill Optionbit is not currently able to offer Forex and Commodity binary options to US Residents (though they are will work to gain compliance once the new rules have been established). US Traders wishing to trade forex binary options today would be better served by GlobalOption – however it is likely they will also shut down their access to trading on Non-stock based binary options for US clients as well until new US rules are established.
Optionbit has the standard / to be expected funding policies typical of foreign financial institutions (a necessary evil made necessary by US Banking laws). Expect some delays in fund remittance, as international bank transfers simply take longer than normal domestic transfers. First withdrawal of the month is free, fees apply on subsequent withdrawals. Be prepared to present identification in order to receive funds – in compliance with US money laundering laws.
Traders may open accounts with a credit card and choose to operate in either USD, EUR, or GBP, standard for the industry. Bonuses are available on the INITIAL deposit if greater than $500. They do not recommend trading with less than $500, and their minimum investment amount is $100.
Securities Offered:
Commodities
Crude, Gold
Currencies
AUD/USD, GBP/JPY, GBP/USD, EUR/GBP, EUR/JPY, EUR/USD, NZD/USD, USD/CAD, USD/JPY, USD/CHF
Indices
Dow Jones, Nasdaq, S&P 500
Stocks
Apple, Boeing, Coca Cola, Exxon Mobil, Google, Microsoft, Nike
Optionbit is taking new clients right now, INCLUDING US RESIDENTS!
Visit Optionbit Today!
Hi, I’ve sent emails to Optionbit twice now and no response-I don’t get it??? Are they accepting US traders? Carl
Hi Carl-
Passed your problem on to tech-support. They may be contacting you directly.
Webmaster
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