OptionBit was launched in May 2010. As with all binary option trading platforms, they are 100% web based so do not require software to be downloaded. They offer binary options on 37 underlying assets in the US, Europe and Asia.
OptionBit‘s return on in-the-money options is competitive in the industry at 65-81%. However they do not offer a return for out-of-the-money options which is a downside of the site. For the non English speaker, the fact that the site is also displayed in Turkish, Spanish, Russian and German, makes it a highly beneficial and appealing platform for trading.
OptionBit trades on TradoLogic, a trading platform provider. A trader’s funds are protected by godaddy SSL and held in a separate account by the billing company.
Their site has 3 types of trades available: regular above/below binary options; Touch trading where a trader must predict if an asset will touch a set strike any time before the time of expiration; and Range where a trader predicts if an asset will expire within a predetermined range.
There is no company information available on the OptionBit website about who owns the company. We only know that they are based in Cyprus.
65-81% return rate on in-the-money options
3 types of binary options available
Website in 5 languages
Extend and Close Now features
‘My trades’ box showing current open trades
Established: May 2010
Tel: 00357 22 030205
OptionBit rating – 67 stars out of 100
Usability – 7 stars
OptionBit is a refreshingly new site, nicely laid out and easy to navigate around. Registration is simple and free and there is a helpful demo explaining how to use the site.
The glossary is useful, explaining the different terms associated with binary options trading. However the binary options tutorial is long and unattractive, making it difficult to read.
On the homepage, traders can easily view their open trades by clicking on the question mark.
As usual, no software download is needed, as the OptionBit platform is 100% web-based. This ensures a smoother buying experience as no software updates are needed and purchasing can be made from any computer.
An investor can purchase an option for as much as $5000 per option which is very high and competitive in the industry.
A first time buyer will find the site easy to use and enjoyable.
No. of assets – 5 stars
OptionBit offers options on the following underlying assets: 14 currency pairs (forex), 5 commodities, 12 stocks and 6 indices, totaling 37 assets for purchase. The site lacks any detailed information about any of the assets.
Expiry range of options – 4 stars
The expiry range of binary options on offer is not specified. Our research showed us that their expiry times start from a few minutes to the end of the nearest hour.
Effective return – 7 stars
The effective return is the total percentage of return offered on an option. On the OptionBit website this is 65-81%, solely based on in the money options since they do not offer refunds for out of the money options.
Languages – 9 stars
A full version of the OptionBit website is available in English, German, Spanish, Russian and Turkish.
Website extras – 8 stars
OptionBit has a few interesting features, setting it apart from the rest. There are 3 types of trades available – regular Above/Below (high/low) binary options, Touch trading and Range.
In touch trading, a trader must predict if an asset will touch a set strike any time before the time of expiration. If they predict correctly, and the price of the asset touches the strike price before the time of expiration, they will be in-the-money and receive a pre-determined payout, usually between 75%-81%.
Range is a type of binary option where traders predict if an asset will expire within a predetermined range. In range options, to be in-the-money a trader must accurately predict whether the price of a specific asset will expire in or out of a predetermined range.
Additionally, there are two other interesting features, currently only available on anyoption. Close Now enables traders to buy an option before the time of expiration. This is helpful if a trade is not performing as expected. Extend is OptionBit’s roll over feature that enables traders to extend the expiration date of an option.
Fees/commissions – 7 stars
OptionBit does not take any fee or commission from its buyers when they purchase binary options. They are free to place, for free, as many options as they desire. They do not specify if they do or do not charge for withdrawing money from an account.
Loyalty offers – 7 stars
Currently OptionBit offers a 30% bonus (up to $500) on a trader’s first deposit.
Payment methods – 5 stars
Deposits can be made via credit card, bank wire transfer and PayPal. This is quite a limited choice. Payments can be made in USD only.
Support quality – 8 stars
The OptionBit Customer Service team are available by email, live chat and a trader can request a call back. They can be contacted on 4 international phone numbers. OptionBit’s customer service team is polite and well informed.