Optionbit is known as one of the grandfathers in the binary options industry, as it has been in business since 2010. It is managed by an investment firm, Novox Capital Ltd., and is a regulated broker by CySEC with a License No. #223/14.
Although Optionbit has been around for quite awhile their reputation as a trusted broker is going downhill. 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.
Optionbit Trading Platform
Optionbit is a broker that offers various trading options along with educational materials to help traders of all levels. The platform 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-clients, many traders have placed trades only to fall short of winning. We find this very suspicious on the broker’s end.
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, the 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.
Optionbit Deposit & Withdrawal
To open an account with Optionbit, you will need to make a $200 minimum deposit to access the platform and begin trading. Traders can use a Credit/Debit card or e-Wallet services for their transactions. Optionbit’s trading options begin at a minimum of $10 and go all way up to $3000 per option.
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, this binary options broker is facing a high file of complaints to CySEC and negativity in the online trading community.
Optionbit Comments & Complaints
After rigorous research on Optionbit, we can confirm that we did find genuine complaints regarding their services and platform. Based on our data that we gathered, this broker has caused many traders to lose profits due to their buggy platform and inaccurate indicators. Moreover, traders have accused Optionbit of false promises such as an account manager when they deposited their funds, only to find out this was bogus. Clients were told they would be contacted by the broker’s account manager, yet it never happened.
Furthermore, their customer support is lacking the proper support as our team attempted to contact them via email and telephone, and failed to find assistance. We further examined this incident and found the same complaint amongst other traders; Optionbit’s customer support delays tremendously and if you get a response you’re lucky.
Optionbit License & Regulation
Optionbit does meets the criteria to be a regulated and license broker, but its reputation is losing credibility. It use to offer one of the best services a couple years ago, but now their quality is taking a deep plunge. There is also worthy evidence of fraudulent activities performed by Optionbit due to traders not receiving their withdrawals, false promises of account managers, and an absent customer support system.
No trader wants to risk losing their investment due to scammers promoting false claims. Luckily, we were able to catch these suspicious activities from Optionbit, and advise you to look the other way even though it’s regulated by CySEC.
Our team cannot confirm that Optionbit is a safe and trusted broker to fellow traders. As this broker can easily impress potential traders, the trading experience is very disappointing and daunting compared to other regulated brokers.
We do not advise you open an account here, as you are at high risk due to an inadequate customer support system and you cannot be guaranteed a withdrawal. Additionally, their trading platform needs improvement and their signals tool needs to be more accurate. We recommend you go with a more reputable broker with better reviews.
- Customer Support in 9 Languages
- Unresponsive Customer Support
- Not a Regulated Broker
- Delays With Withrawal