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RaceOption is the ideal broker for those looking to break into binary options and CFD trading. Their software, accounts, assets, website layout and video customer service agents, have been carefully selected to provide novice traders with a smooth, yet exciting introduction to the world of online trading.
New to the scene, RaceOption was launched in 2017 by Race Projects Ltd.,(reg. no. 114612), who have a registered office at 306 Premier Building, Albert Street, Victoria, Mahe, in the Seychelles. Despite displaying a ‘Regulated’ emblem, RaceOption is in fact considered an offshore company; adhering to the laws and guidelines set out by their local jurisdiction, and not by any single authoritative body. In order to reassure potential clients, RaceOption maintains an accessible User Agreement and Confidentiality Policy, with banking clear banking directives, and secured trading facilities (which include data protection). The broker is also able to offer its services to those trading out of ALL REGIONS.
The broker’s most impressive qualities include 1 hour processing for withdrawals across a rich selection of banking services, and the option to trade on a variety of CFDs, commodities, indices, stocks, currencies, and even cryptocurrencies. Its free to register and accounts can be funded with just $250.
The RaceOption platform is as simple as they come. Once registered, traders can login through their client portal online and begin trading. The software used by RaceOption doesn’t require downloading, and is suited to any desktop, laptop, or mobile device, with a decent internet connection and a smooth running browser.
The platform has been designed for functionality and is uncluttered by additional features, adverts or gimmicks that might otherwise plague a binary options terminal. A trader selects from their choice of instruments from a drop-down menu on the left, of assets across four class categories – currencies, cryptocurrencies, stocks and commodities. Next to each asset is the possible payout percentage if trade is successful. In the center, the chart for the selected instrument is displayed in realtime, with an accurate trader sentiment bar, which reflects the overall actions of RaceOption’s traders. This chart can be viewed in ticks or candles, and always shows a countdown to signify how long a trader has to place their order.
At this point, along the right of the chart, a trader may choose from several dropdown options, in order to specify their trade. Option types include Turbo (1 to 6 minute expiries), Intraday (hourly up to 6 hours in the future), and Long Term (with expiries ranging from a day to one month). A Put or Call option can then be placed after the investment amount has been determined (from $10 per trade). Traders are always shown a guide profit amount on a successful return.
Along the top of the RaceOption platform is a news bar, providing quick links to separate analysis charts, Fundamental Analysis news, Trade Pattern Ideas, Market News, Technical Analysis and the Economic Calendar. Two further buttons provide shortcuts to RaceOption’s client Contests and copy trading facility (coming soon). Trade history is archived at the bottom of the terminal page, and there are no extra features included in the RaceOption platform to help reduce trading risks.
RaceOption can be customised to mobile view. Apps coming soon.
Getting started with RaceOption is a fast, easy process. Account registration simply involves sharing some basic information, before choosing a base currency: USD, EUR, RUB, or GBP. A trader will then be invited to view the platform ahead of selecting a live account type to begin trading through.
Live Account Packages
RaceOption’s live account packages have been devised to represent the needs and preferences of traders with varying degrees of experience. The minimum deposit for opening a live account is a modest $250.
From what we can tell, there really is little to be gained through opting for a Silver over a Bronze account. Payouts always range from 60 – 90% (depending on expiry and asset selected). We always advise traders to approach their investment decisions with a personalised money management plan, prepared to lose whatever balance they have set aside for use in their account. With the minimum trade requirement bar set at $10 per option, even a novice trader can try their luck at successful binary options trading when armed with an intelligent use of analysis, news, varying expiry times, and just $250.
Bonuses aren’t strictly offered with RaceOption, but at the account manager’s discretion, a trader may qualify for an undisclosed sum.
RaceOption runs a series of contests, with prize funds up to $20,000, suited to both beginner and experienced traders. Registration is FREE and automatic for all RaceOption traders with funded accounts, who must then follow the rules and requirements as outlined for the contest each week. The winners are determined based on number of trades.
RaceOption really ups its game when it comes to international banking options and the deposit / withdrawal process in general. Suited to international clientele, RaceOption ensures that it is capable of supporting traders from all regions, and even allows for payments in cryptocurrencies. Banking is verified by Visa, SSL Certified and otherwise secure.
Deposits
The minimum deposit is $250 (payable in USD, EUR, GBP or RUB). Payment options include: Visa and Mastercard (credit or debit with a transfer fee of 5%), Bitcoin, Altcoins, Ethereum, Perfect Money, and Neteller or Skrill (unavailable for traders based out of Germany, United Kingdom, Belgium, France, Spain, China, Hong Kong, Israel, Macao, Singapore, United Arab Emirates, Canada, Turkey, USA and Japan). Transfers should be instantaneous, up to 1 hour.
Withdrawals
The minimum withdrawal amount is set at $50. The same banking methods for deposit (including regional restriction) are suited for withdrawals, but conversion fees will apply. Withdrawals are extremely fast through RaceOption, with most traders receiving their funds within 1 hour of requesting payout. However, in certain scenarios a client may encounter delays of up to 6 working hours. The 5% fee still applies to traders using Visa or Mastercard, but otherwise transactions are free of charge.
Every withdrawal requires a trader to have traded 100% turnover from their initial deposited amount. If any bonuses were accepted during a trader’s time on the platform, this will have to reach a 300% turnover before withdrawal is permitted.
Note: All traders must verify their account through their client portal ahead of trading or requesting payouts. In order to complete this step, RaceOption will require a copy of your Passport and a signed copy of the contract agreement. This evidence can be uploaded to the client account portal, afterwhich verification takes 1 – 2 working days to complete.
There is an Education page listed in the menu bar of RaceOption’s website. Selecting this will open out into the broker’s FAQ page, with subheadings: Offers, My Account, How to Begin, Trading, and Safety. My Account covers all the niggling questions most first-time traders have when setting up accounts, and clarifies many of the terms of use that are discussed at length in the contract. Total novices will then find How to Begin? and Trading a handy introduction to the basic whos-who of CFD and binary options. Beyond this point, RaceOption’s educational resources are incredibly limited, and further reading is advised to those who are starting out in this industry.
Video support is RaceOption’s unique take on face-to-face assistance. The video chat agents work to take on trader’s concerns either through group chat, or private one-to-one sessions. At this stage, we found the support agents to be lacking substance. The average response time to any of our queries was around 10 minutes, and the answers we received were very basic, and occasionally missed the point. In such early days, we feel that brokers’ deserve the benefit of the doubt, and assume that this is a teething problem and not a representation of overall future standards. RaceOptions alternative contact options showed that the broker has local phone lines and offices based around the world. Line agents are prepared to offer assistance in English, Russian, French and Spanish.
RaceOption is the perfect choice for beginners who may have already set aside a small, but substantial sum for investing in binary options markets, or those looking to trade with cryptocurrencies. Anyone looking to embark on trading through RaceOption will need to be prepared to visit the platform frequently, trading enough to turn over their initial deposit sum by 100% if they hope to qualify for a withdrawal. This shouldn’t be an issue however, as the list of amenable assets is long and diverse, and even includes a rich selection of cryptocurrency pairs.
RaceOption is a new broker, already moving with the times. Traders who want to place options on trending instruments and modern altcoin pairs can do so with ease, through RaceOption’s user-friendly platform. The terminal is equipped to assist a trader at all stages of the investment process, never over-complicating the trading room. When ready, withdrawals are approved within 6 hours of request, and credited across numerous banking methods – excellently suited to the modern, international trader.
With a little room for improvement, but plenty of potential, we are happy to recommend RaceOption to our traders, rating them 4 out of 5 for their services at this time.