OptionBit is one of the most controversial brokers right now, so we decided to make a thorough investigation and sift through to the truth to finally answer the question, is OptionBit a trustworthy broker? Owned by Novox Capital Ltd, OptionBit was established in 2010 and based in Cyprus. There is a lot of noise on the net about how they are based in Gibraltar with a fake address and fake regulatory license. This is basically because of the many changes the company has made over the last few years that has fueled a loss of confidence with investors and trading clients. It seems ever since the AMF provoked a ban on OptionBit, things have gone from bad to worse.
Most importantly, we have uncovered many complaints regarding their withdrawal process and customer assistance. They may be regulated, but many traders have closed their accounts and opted for other more reliable and honest brokers. Read further into our shocking discoveries to find out why.
The OptionBit website
The OptionBit website seems legit at first glance, but when you start following links you’ll soon realize that there’s not a great deal of content. A lack of valued content is common from Scam sites and dubious brokers who care only about getting your deposit and have no concern as to whether the clients win or lose.
The Trading assistant link offers a glossary that consists of a Scam-Rank record low 18 trading terms that have a very copy/paste feel. There’s an economic calendar showing dated data, and a pointless asset index. The video on demand consists of 30-second videos that look more like a YouTube advert than a tutorial, with simple animation and a voiceover that includes background noises. Just about every link leads to short and pointless text that offers nothing more than basic information that anyone who Googled trading already knows.
OptionBit do have a demo that enables new traders to see if trading is right for them, however, it’s only available after making the initial deposit and with the limitation of just $500 worth of funny money you’ll gain very little experience.
Trading Options with OptionBit
When it comes to offering a wide availability of assets, OptionBit got it right. With a selection of 26 currencies, 40 stocks, 11 commodities, and 13 indices totaling 90 assets there’s something for everyone with OptionBit. Only the very best brokers offer more than 100 assets, most of which have already passed the Scam-Rank’s review, so finally a plus point for OptionBit.
Expirations are not fixed and vary depending on asset and some other factor none of us here can figure out. You’ll find expiry times of 30 seconds going up to weekly. When you select which asset is interesting you’ll see what’s available.
With new brokers opening offices every month and competition higher than ever, experienced traders are less concerned with the smaller things, but prices are something traders of every level realize can make the difference between early success and a crash during takeoff. Depending on accounts, the best brokers offer as standard 83% to 85% going up to the early 90s for higher deposit accounts. OptionBit returns vary depending on the asset but the average levels off at around 80%, which is well below what Scam-ranks recommended brokers are offering.
Optionbit Trading Platform
Optionbit is a broker that offers various trading options along with educational materials to help traders of all levels. According to our traders’ experience of the platform, it seems it has a few more bugs than it should for a broker that has been in existence for so long. Based on our own test run, we placed a trade to expire in 30 seconds, but it stopped at 27 seconds on its own, resulting in a loss. This was not a pleasant experience and according to other ex-client reviews, many traders claims to have placed trades only to fall short of winning.
Optionbit’s web-based trading platform is initially impressive as it is simple and comes with a plethora of tools. The platform includes an auto trading bot, Alogbit, which provides free signals to traders. Although this sounds great, our outcomes were unpleasant as there were delays and contradictions in the signals and trading directions. Some signals were right but 4 out of the 10 were wrong; that’s a relatively low accuracy ratio for such a big company.
Opening an account with OptionBit starts at a deposit minimum of $200. The welcome bonus amount to 30% rising to 50% for deposits of $1000 and 75% for the more serious traders willing to deposit $10,000.
The volume required to withdraw the bonus funds is 30X, which is higher than some of the previous Scam-Rank rated brokers, but not my much. If you want to get services of any great value you’ll have to open with a VIP account with 10K, which does offer two free withdrawals per month, otherwise, you’ll be paying transfer fees for every small money movement. You can deposit via credit cards, wire transfer, or skrill.
Bear in mind that with OptionBit your withdrawal to credit card cannot exceed the amount you deposited. Withdrawal times are around seven business days and cost a ridiculous $30.
Optionbit Deposit & Withdrawal
A serious issue many traders face is the postponement of withdrawing money from their account. Optionbit is known to have delays and unsatisfactory customer support to assist such inconveniences. To validate this claim, we conducted online research only to share that this is indeed true and we have found an immense amount of complaints.
Despite being regulated, OptionBit are facing a high file of complaints to CySEC and negativity in the online trading community.
Optionbit Comments & Complaints
Here’s the real killer for OptionBit. Here at Scam-Rank, we have never seen such a volume of online complaints about a broker like what OptionBit are generating over the last few months. Apart from the obvious (to us) comments made by employees, there is a complaint about OptionBit for every possible issue. There are long lists of traders claiming they are getting the run-around and encountering strange new rules whenever they try to make a withdrawal or close their account.
An occasional buggy refresh flash occurs frequently and gives cause for concern, especially so since whenever this happens PIPS make a massive shift in price. We were skeptical about the claim until we saw it for ourselves.
Reports of accounts being closed without cause or explanation and a total blackout from customer service are also frequent. Despite queries with customer service no issue has been reported resolved. Lots of angry traders are saying the reps either completely denied the issue or blamed the trader for misreading the information.
The Final Verdict
We cannot endorse OptionBit as a reputable broker. Furthermore, we urge you to be extremely cautious when opening an account, and strongly suggest you go with one of the many reputable brokers that past the Scam-Rank investigations with flying colors.
OptionBit may easily impress potential traders, but the trading experience is very disappointing and daunting compared to other regulated brokers. The website is clean but lacking credible content. The trading platform is buggy and the cause of many client comments about price manipulation. While the assets are plentiful, the returns are way too low to be competitive. There is no hard evidence yet to confirm that OptionBit is in fact a scam, but the massive negative presence online tells us something isn’t right. With so many excellent brokers around offering insightful educational materials, easier bug-free trading platforms, and a pristine reputation, we think it’s a no brainer and a no go.
- Customer Support in 9 Languages
- A Decent Number of Assets
- Unresponsive Customer Support
- Low Competitive Payout
- Withdrawal Fee
- Not a Regulated Broker
- Complaints of Manipulative Prices