Raceoption review
Rating:
- Up to 90% Payout (Amount is credited to account in case of successful investment)
- Free Demo Account
- $250 Min Deposit
General risk warning: your capital is at risk
Raceoption is starting to gain strong popularity in the binary option and CFD industry. With this advantageous bonus and the 3 types of binary option available, this broker is attracting more and more traders. However, you should know some details and functions of this broker. In this article we will take a tour of all the information you should know before opening an account with this broker.
Table of Contents
RaceOption overview
Raceoption is a new binary option and CFD contract broker. This online broker is registered and based in the Marshall Islands. They operate under the name Makerun Corp. which is a company having its registered office at the Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro. It is an offshore binary option and CFD broker that is not regulated by strong regulators like CySEC or FCA.
Raceoption Trading Platform
The RaceOption trading platform is classic and has many similarities to other brokers. Their platform does not really distinguish it from its competitors. However, this broker allows you to trade binary options, forex and CFDs with a platform and functions very suitable for novice traders as well as for trader with more experience in online trading.
The trading platform is very minimalist, clear and intuitive and it focuses on the essentials. There are no options and add-ons that could confuse or disrupt your trading experience.
You will find on the left of your screen the list of assets, the chart / trading screen and placed in the center of your screen and on the right is the order area. To trade you just have to enter the amount of the transaction, choose the expiration and click on the Call button or the Put button.
You would also find some additional functions there, like the immediate sale function. these features give you the option to add time to pending trades (for an additional fee) or sell before expiration time to take your profits or reduce your losses.
The overly simplicity of RaceOption’s trading platform can be seen as a drawback for some traders. There is really little option when it comes to charts and it doesn’t have the tools and indicators that most brokers provide. That said, some trader do not see any importance and use other chartism tools like those provided by popular trading platforms like the MetaTrader 4 platform developed by MetaQuotes Software.
You have the possibility to Trade 3 types of binary options at RaceOption; Turbo options, short term options and long term options. Turbos options are binary options contracts with very short expiration times ranging from 30 to 120 seconds. Short-term options are expired contracts for Intra-day sessions and long-term contracts are option contracts with expirations over the medium to long term.
Raceoption Demo account
This is one of the most negative points of this broker, The demo account is only available to traders who have made a deposit. For us this is a negative point because unlike the other broker, traders on RaceOption do not have the opportunity to try the platform before making a deposit. We hope this broker will take this detail into account and offer no deposit demo accounts in the future.
Available assets
The list of assets to be traded is quite exhaustive, you can trade stocks, commodities, indices from around the world and forex currency pairs via Binary Option and CFDs. You also have the option of trading cryptocurrencies, such as Bitcoin, Litecoin and Ethereum as well as other less popular crypto currencies. The list of available assets is wider here if you trade via CFDs compared to binary options.
Deposits and withdrawals on Raceoption
On Raceoption, you can easily make your deposits and withdrawals via many payment methods such as credit card, by bank transfer, a large game of electronic wallet as well as with cryptocurrency. The site allows you to make quick deposits and withdrawals in BTC, ETH, LTC and many other popular cryptocurrencies. Deposits and withdrawals are very fast, with the exception of classic bank transfers because the processing of transfers can take up to a week, depending on your bank and their intermediaries.
Raceoption minimum deposit is $ 250 and the minimum withdrawal is only $ 50 with no fees. To trade with this broker, electronic wallets and cryptocurrency payments are the fastest payment methods to make your deposits and withdrawals. With these methods, you can expect to get your money into your account the same day you request your payments.
Pay attention to the important turnover conditions
One of the biggest drawbacks of this broker is the inability to withdraw your earnings without having traded a specific amount required by the platform. Before opening an account, you should take into consideration that RaceOption requires a certain turnover before you can withdraw your funds, and this, even if you use a bonus or trade without a bonus. To be able to withdraw your money you must first trade an amount equal to or greater than 100% of the deposit. If you trade without a bonus you will get 300% turnover if you have accepted a deposit bonus. We advise you to carefully read their conditions of use in order to avoid any confusion or disappointment.
Raceoption review conclusion
Raceoption is a serious broker and is not a scam but has some drawbacks which may not be suitable for some traders. The inability to open a demo account for free without deposit and the condition of imposed turnover are the main drawbacks that could put off most traders to trade with this broker. Avoid this broker if you don’t like these conditions and read our other broker reviews. There are many other binary options brokers that allow you to open a free demo account with no deposit and that does not impose restrictions on withdrawals.