OptionBit was founded in 2010 in Cyprus. Since Cyprus is a EU member, OptionBit have some slight oversight by CySEC. That doesn’t mean they are a regulated broker, just that CySEC keep an eye on them, nothing else. OptionBit makes use of the Tradologic platform, which is perhaps not the most common but still frequently used. The payout is in line with brokers using the same platform, i.e 81%. That’s neither bad nor particularly good. The better the payout the more money end up in your pockets instead of the brokers. One thing that might make OptionBit attractive is the Boundary or Range Binary options they make available, not all brokers have them. The minimum deposit is $100, which is as low as its gets in the Binary Options Industry. They claim they offer a demo account, but we have not been able to confirm that. The support is below average and that’s disappointing for a broker that has been around longer than most other brokers. Read all the review below to get the inside story on OptionBit.

Market Diversity

One common denominator for the majority of brokers using the Tradologic platform is the limited selection of underlying assets. Most other brokers have gone to great lengths to add new assets in order to cater to as many aspiring traders as possible, but not OptionBit. With the small selection of 35 assets, some traders with special interests and desires will be left out. Even if you don’t know when you start trading what assets will suit your trading style the best, a wide range of assets will not limit you. Perhaps OptionBit doesn’t have an asset that would be the perfect companion to your strategy. You will then lose out on a fantastic opportunity to make money. One unique asset OptionBit offers is the Bund Bond, a German bond heavily traded on the EUREX exchange. It has a lot of liquidity and thus a fine underlying asset for Binary Options trading.  Since the assets are so limited, they regions they cover is also limited. There is not a single asset from Asia or Middle East. OptionBit at least offer Forex so it is not entirely bad, but on the other hand so do every other Binary Options broker on the planet.

Reliability

We can find no fault with OptionBit or the Tradologic trading platform from a reliability point of view. It has been well tested by other brokers and from what we have seen trouble free. There is the unavoidable delay in order confirmation, which is a part of all trading platforms including professional. We recommend you use a browser that is dedicated to trading. Chrome seems to work very well.

Charting

OptionBit does not offer the best charting to their customers. Since the charts are the only way we have to make a decision about the direction of the trend, limiting the charts features in not very smart if you care about your customers. Other brokers usually have some more information to give the trader. Some provides extra history, others a larger chart – not vastly different but still something. OptionBit has nothing else than these tiny charts. Anyone have been trading for a while know how difficult it can be at times to make a profit. We don’t need extra hurdles to success. The broker should help all of us become better traders by supplying better tools. If you decide to use OptionBit as your broker, then try to take advantage of free charts that you can easily find on the web.

OptionBit Chart

User Friendliness

The OptionBit user interface is fairly easy to work with, nothing fancy though. It’s simple and intuitive. Sometimes though simplicity can be too good a thing to have when it comes to design of a trading interface. More tools is better, except of course when it makes the user interface cluttered and difficult to navigate. That’s not the case here. As a trader I want to see a favorite function where I can quickly access my preferable assets, the assets that I have lots of experience trading and know how to make money from. Sometimes entry signals can come from many assets at the same time and I want to be able to trade them all, to squeeze out that last ounce of profit. OptionBit offers a demo account but that is still unconfirmed due to support issues. Depositing and withdrawal is easy as pie with many different ways of both depositing and withdrawing, even Western Union is available.

Support

On their website, there are several ways of getting support, or so we thought. The Live Chat crashes when you want to send a message. We tried several times a different times of the day and couldn’t get it to work. Email has been disappointing as well. No answer there either. This might have changed recently so if you have decided for OptionBit, please check first. OptionBit do have a eCourse that you can access if you have registered for an account. Otherwise the trading library is lacking a video series to complement it.

General Information

• Headquarters: Nicosia, Cyprus (for exact location see map below)
• Founded: 2010
• Domicile: Cyprus
• Minimum Deposit: $100
• Minimum Transaction: $10
• Maximum Transaction: $1000
• Markets: Forex, Stocks, Indices, Commodities
• Number of Assets: 35
• Max In-The-Money Return: 81%
• Max Out-Of-The-Money Return: 10%
• Lock-Out Period Duration: 5 minutes
• Option Frequency: Every 30 minutes
• Early Closure: 
• Roll Over:
• High/Low Binary Options:
• One Touch Binary Options:
• Boundary Binary Options:
• Binary Options Builder:
• Sell Options:
• Long Term Binary Options:
• 60 Second Trades:
• Metacharts:
• Option +:
• Deposit Currency: US Dollar, British Pound, Euro
• Account Funding: Credit Card, MoneyBookers (Skrill) or Wire Transfer
• Accepts Clients From: All nationalities, except Cyprus, Nigeria, Bulgaria and Israel
• Demo Account:
• Deposit Bonus: , 20%-40%
• Regulated: