A new face in the binary options market, RaceOption has risen in the broker ranks since its conception in 2014. Based in London, RaceOption offers traders and investors across the globe a user-friendly trading platform with plenty of perks.
They have a vast selection of assets and accept plenty of currencies, which means you'll never have to worry about not being able to make your deposits or withdrawals. With advanced technology, impressive bonuses, and a guided trading facility, RaceOption made a name for itself in the binary options market in a short time.
In this review, we'll fill you in on their trading platform, regulations, account types, and more, so you can make an informed decision about whether RaceOption is the binary options broker for you.
|RaceOption is widely known as a reputable broker with a convenient platform. The company shows that they value their traders, and they offer bonuses to prove it.|
Table of Contents
The RaceOption trading platform is one of the most intuitive and easy to use in the binary options market. Everything is laid out in front of you on their web-based interface, so no matter what aspect of your trading experience you want to see, you have it at your fingertips.
RaceOption uses a platform similar to the SpotOption platform, though they've changed it up a little. RaceOption's platform makes the trade interface even simpler by giving you access to everything you need all in the same space, without a convoluted layout.
You'll see how much you've invested in the top right corner of your screen. Right below it, you can add to that amount, see how much time you have left in your timed trade, and as you predict the market outcome, when it comes time to invest, you can't miss the bright call and put buttons near the bottom.
On the left side of the screen, you'll see which assets you're trading as you watch the trends on the chart in the center of the platform. This accessibility makes RaceOption's platform excellent for both beginner traders and experienced investors who want to make some easy trades, without worrying about in-depth statistics.
However, if your goal is to have all of those extra features, RaceOption's platform may not satisfy you. Even the best trading platforms don't suit everyone's needs, so make sure you know yours if you're thinking of trying a new broker.
Like many binary options brokers, RaceOption offers tiered accounts. Each one gives traders access to different features, and the one you choose decides how extensively you can use the RaceOptions platform and which features you can take advantage of.
RaceOptions gives you a choice between three account types:
A Bronze RaceOption account is the most basic level, and it's the one many beginners start with. With a minimum initial deposit of $250, you get access to standard features like:
- 20% bonus
- 24/7 live video chat
- Copy Trading Tool
- Withdrawals within an hour
- Demo account
Although Bronze is the lowest tier, you can still use some of their educational materials, including a book and a video that walk you through the trading process, if you're not familiar with it. Plus, you still get access to RaceOption's other bonuses, which we'll talk about later.
RaceOption's Silver tier is also their most popular one. It requires a much higher initial deposit of $1,000, but you get almost twice the features you'll see with a Bronze account. If you've already spent some time in the binary options market, the Silver tier allows you to take the next step with more advanced materials.
With this account, you'll get all the standard features you'd find in the Bronze tier, plus:
- A master class web session
- Individual account manager
- 50% bonus or higher
- First three trades are risk-free
The master class web session gives you the educational materials you'd expect to see for a trader who has reached at least the intermediate level. We'll get into risk-free trades when we talk about bonuses and promotions.
The Gold account is RaceOption's highest tier. Along with your minimum $3,000 deposit, you'll get the maximum number of features and perks. This tier is best for experienced traders who have gone past the basics and are ready to go all out with binary options.
With the Gold account, you'll get everything in both the Bronze and Silver accounts plus other features like:
- Integrated technical analysis
- 100% bonus on your initial deposit
At first glance, it may not look like much more than the Silver account, but integrated technical analysis can help you make the best trades and improve your trading technique. In other words, this higher deposit may mean you get a higher payout as you learn and develop your own personal trading methods.
RaceOption offers several trade types, all of which you can do from their web-based platform with the touch of a button.
- High/Low options: High/Low options is one of the most widely used types of binary options trade because it's also the simplest. RaceOption's platform shows call and put options at the bottom of their trading platform, so you can easily choose one or the other. All you have to do is click one to predict whether the market will be higher or lower than it was when you began your trade and then get your payout if you're right.
- 60-second options: With these trades, you only have one minute to make your trade. If you do it at the right moment, you'll get a payout.
- Ladder/pair options: Ladder/Pair options allow for more payouts, even if they're not as high as the previous two types. If you trade anywhere within the price points provided, you'll get a payout.
- One-touch options: One-Touch options aren't about making trades based on the touch of a button. Instead, your goal is to predict a price point that the asset price will touch by the end of the time limit. If it does, you get a payout.
- Long-term options: Long-term options are the opposite of 60-second options. With this trade type, you're playing the long game, waiting up to a week as you predict where the asset price will fall over several days instead of seconds.
RaceOption has an impressive number of assets—over 150. The incredible variety has the potential to appeal to investors from all over the world, which helps RaceOption cater to more demographics. You have your pick between:
You may have noticed one conspicuous discrepancy in this list, cryptocurrency. While RaceOption could add cryptos like Bitcoin, Ethereum, and Litecoin to its repertoire, it has yet to do so. That can make it more challenging to reach traders who are either younger or more technologically invested than others.
However, despite the lack of crypto, RaceOption still manages to be an attractive broker for many traders, as they have just about every other type of asset you'll find with most binary options brokers.
Payouts and trading conditions
RaceOption payouts start as low as 60% and can reach as high as 90%. It's not as high as the 100%, or even 200%, payouts you see elsewhere, but it is comparable to the market overall.
The CFD market works a little differently. Instead of sticking between those percentages, your payout depends on your investment and the general market direction. Binary options carry a higher risk, as the markets change more rapidly, and whether you get a payout at all has less to do with the amount you've invested.
Whenever you invest with RaceOption, you must put in a minimum of $1, although you can't go over their $1,500 limit per trade. RaceOption also has a sell-out feature. This feature allows you to close your trade before the end of the allotted time limit and gives you a partial refund, depending on how much time you have left.
RaceOption is part of the Finance Group Corp (FGC) and Suomen Kerren, LP. Both are registered in Vanuatu, though RaceOption itself is based in London. While these companies don't offer quite the same level of protection as regulatory bodies like FCA or CySEC, there haven't been many problems with them or RaceOption.
Because of the minimal regulations, RaceOption can offer more assets, more trade types, and allows traders from more areas to participate in binary options trading. For example, while many brokers prohibit investors from the United States, RaceOption is one of the few that doesn't. That also means you can trade more currency types if you decide to try forex trading.
The biggest problem with the lack of regulation is how unclear certain policies become. While RaceOption supports US traders, regulatory bodies in the US don't support RaceOption. Fewer regulations can also create a less reputable company, although, in RaceOption's case, many traders have had positive experiences.
Bonuses and promotions
Earlier, we mentioned several RaceOption bonuses and promotions, and this is one area where the lack of regulation plays to your advantage. You can get some bonuses just by signing up for an account—even at the Bronze level—while others take time and require you to participate in trades.
A lot of the possible bonuses depend on the type of account you start with, and the more you invest, the higher your bonus. With a Bronze account, you get a 20% initial bonus for investing $250 to $999. A Silver account gets you a 50% bonus with $1,000 to $2,999, and a Gold account gives you the most, with a 100% bonus after you invest at least $3,000. With a maximum initial investment of $50,000, you could end up with $100,000 in your account right off the bat.
With the Silver and Gold tiers, you also get three risk-free trades. These trades prevent you from losing money if you make an unsuccessful trade, and you get funds in the form of a trading bonus instead.
You also have the option to participate in RaceOption's trading contests. Each month, RaceOption holds a competition where traders see who earned the most from their trades. The company offers $20,000 worth of prizes, ranging from $10,000 to the top spot to $100 bonuses to other winners. They pick 40 of them, so if you're a skilled trader, you can land a spot on their winning chart.
In addition to its web trading platform, RaceOption offers an even more convenient mode of trading with its mobile platform. While older binary options brokers created their mobile apps later, RaceOption entered the scene with theirs.
You can download the mobile app for both Android and iOS with all of the same benefits you'll find on the web platform. You still get CFD trading, 60-second, and One-touch trading, and you can manage your account and portfolio wherever you go.
The app is free, so you don't have to worry about extra fees. Plus, with only one login, your information and funds are secure. You can even view your account history and see live CFD charts, so you know what's happening in the market at all times.
RaceOption offers a demo account for any new traders. That doesn't mean you have to be new to binary options trading; you can use your demo account to explore RaceOption's platform to see how you like it.
Demo accounts are unfortunately only available if you open an account, but that doesn't mean you need to start trading with your actual funds right away. If you're just learning how to trade, their demo account will let you practice trading on the RaceOption platform without the risk of losing your funds right away.
RaceOption isn't clear about how much virtual money you get with your demo account, just that you have to request the account because it isn't an immediately available option. You also have to deposit money into your account before you get the demo, even though you're not using your funds for it.
However, if you decide after testing the platform with your demo account that you don't like RaceOption's services, you can withdraw your funds without penalty.
RaceOption has a high minimum deposit at $250 for their lowest tiered account. Still, they offer an efficient deposit service, allowing for payment methods that other brokers may not.
RaceOption accepts the following methods of deposit:
- Credit card (including VISA and Mastercard)
- Debit card
- Bank wire transfer
- Cryptocurrency (including Bitcoin, Ethereum and several altcoins)
RaceOption also accepts PayPal, which makes their services more available to traders and more secure. RaceOption does not charge a service or transfer fee, except 5% for credit cards. They do warn you to be wary of fees charged by a third party, including your bank.
With credit card options, your funds will appear in your account immediately, although all other methods take up to an hour to process.
RaceOption's withdrawal process is unique. Whereas most other binary options brokers say your withdrawal will process in one to three days, RaceOption does it in an hour, regardless of your withdrawal method. It's the same with a credit card as it is with cryptocurrency or e-wallets.
You can use all the same payment methods as you can to deposit funds, too. While this fast service may make the company seem suspicious, traders have not reported any problems with their processing, whether with speed or security.
RaceOption makes it easy to contact them through plenty of channels. Besides support by email and phone, a chat window pops up when you visit the site.
While it stays off to the side at the bottom of the screen, its blinking green light reminds you that someone is always there to help if you have a problem. RaceOption also makes all other methods of contact visible, with their phone number at the top of each page. If you don't need immediate assistance, you can also use the contact form on their website.
You can contact RaceOption by:
- Phone: +1-829-947-6392
- Email: email@example.com
- Address: Finance Group Corp, 2nd Floor, Transpacific Haus, Lini Highway, Vanuatu
You can also find them on social media channels like Instagram, Facebook, and Twitter.
RaceOption offers plenty of advantages to both new and experienced traders. We've gathered them here so you can decide whether RaceOption is the best broker for your binary options trading experience.
- User-friendly trading platform
- Lots of bonuses and contest opportunities
- Available all over the world
- Over 150 assets
- Fast deposit and withdrawal processing times
- 24/7 customer support
While RaceOption may look attractive after seeing what it has to offer, each broker has its downsides, too. Here are some of RaceOption's to help you make a more informed decision about this broker and their platform.
- Not regulated by FCA or CySEC
- Demo account not readily available before the initial deposit
- High initial deposits
- No cryptocurrency trading
While a binary options broker with few regulations can send up a red flag, RaceOption is widely known as a reputable broker with a convenient platform. The company shows that they value their traders, and they offer bonuses to prove it.
If you want to proceed with caution (which you always should when investing), test out the platform with their demo account. You can always withdraw your funds and move on to the next broker.