Algobit- You don’t want to trade without it!

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Thread: Is there a way to trade forex without a broker? (Part 2)

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Is there a way to trade forex without a broker? (Part 2)

It is impossible for anyone to be a part of Forex and trade it without a Forex broker, Broker serves as the main connection point and also the only connection point between the forex trader and the Forex Live Markets. Lets focus on more important things like developing abilities to become profitable in Forex.

Last edited by MT5 bozZdeviL; 04-27-2020 at 09:15 AM . Reason: Add original thread

The Following User Says Thank You to GhostMode For This Useful Post:

When we trade Forex, we have to connect with the Forex server which is connected through all over the world. AS a end user , we can not connect with this systems, we can connect through a broker who have a direction connection with the main servers. So, it is only way to trade Forex through the opening account with any broker.

The Following User Says Thank You to springjet014 For This Useful Post:

yes you can trade in forex without broker if you open your exchange shop at airport of your country where you can exchange currency in a hard shape. but in online trading you can’t trade in the forex market without broker. So please first choose your way than start forex trading.

The Following User Says Thank You to howtooceanfx For This Useful Post:

trade without a broker is obviously possible and it is good for us to trade without brokers because in this way we can save the money that we have to give to the broker as a fix percentage of his services. so try to learn Forex completely and then get the best and possible outcomes and save your money and investment.

The following 2 users say Thank You to Sidraa for this useful post.

i think from where ever we will be buying currencies that will be only through the brokers so fees fees must be paid there so why to be worried and just go and try hard without broker is not the way really so just need to depend on forex brokers so things really going to be trading so this is where i am really loving and enjoying and i can be simply trying hard and i am really going to be trading so things need to be performed well

The following 2 users say Thank You to bestwinner for this useful post.

in online trading you cannot trade forex without signing with a forex broker and this is why you have to choose the forex broker very well as there are some brokers who may cheat on you and steal your money so you have to be careful of them and be aware of cheating in this market

The Following User Says Thank You to The End For This Useful Post:

I don’t see how anyone can trade in the forex market without a forex broker, it means that you have the resources to be your own broker and trust me that is a serious matter, it is essential that we have the middle man who we can trade through to earn profits.

But for me it doesn’t matter and not really important.

The most important thing is a lot of traders including ourselves get profit and be successful.

We shouldn’t waste our energy on something that is quite useless in a condition like this where most of us still fail.

I think that Forex trading is impossible without broker. Because, brokers act as intermediary between trader and the currency market. Currency market indicates some banks or some particular money exchanging establishments. Such kind of trading has been accomplished by online. Therefore, brokers are essential in order to carry on such kinds of trading.

The Following User Says Thank You to giri67y For This Useful Post:

the broker is the middle man between you and the market he is the one who executes your trades in rhe market so without him there is no way that you can be able o access the market so the broker is only paid by you through the spread that they charge

A friend is one who believes in you
even when you have lost hope on yourself.

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Forex Forum mt5.com – Introduction.
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trade.algo-bit.com отзыв

Algobit – псевдо трейдинг

Торговля бинарными опционами – это очень неоднозначный вид заработка. С одной стороны, вроде все по-честному, сделал покупку/продажу, попал в тренд – получил прибыль. А с другой стороны среди брокеров много мошенников, а способов жульничества еще больше. Но сейчас речь о бесплатном советнике для бинарных опционов ALGOBIT , который закрывает 85% сделок с прибылью. На самом ли деле с помощью бесплатно скаченной программы можно зарабатывать миллионы на бирже?

Адрес сайта ALGOBIT

  • trade.algo-bit.com
  • algo.optionbit.com

Внимание! мошенники очень часто меняют адреса своих лохотронов. Поэтому, адрес сайта может быть другим! Если Вы не нашли в списке нужный адрес, но лохотрон очень похож на описанный, пожалуйста свяжитесь с нами или напишите об этом в комментариях!

How to make money online without investing

Reading time: 12 min.

Is it possible to make money online without paying anything? You may have no seed capital, but you certainly have access to useful information that’s right here in front of your eyes to shed perspective on effective methods of earning. We’ve prepared a guide on how to earn money online without paying anything.

Ways to make money online

Unfortunately, we live in the world of unequal opportunities. But, the internet has made positive adjustments which give everybody a chance to achieve financial well-being without any investments or useful relationships. Wherever you are, if you have an internet connection, you have the same opportunities as billions of other people around the world. Let’s look through the most credible methods of making money online in 2020:

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  • Binomo
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  1. Content writing
  2. Blogging
  3. Affiliate marketing
  4. YouTube
  5. Trading
  6. Selling photos
  7. Other ways

Next, we’ll tell you how to make money online without investments in terms of those methods, and how to reap the maximum benefits from them to increase your income and make it stable.

Content writing

You see written content every day on the web pages you visit in the form of articles, blog posts, announcements and press releases (event content), technical and other tutorials, guides and descriptions. However, it’s not the same type of writing that you did in school, like compositions, summaries or dictations.

Content writing should be unique and creative enough to immerse users in the essence of the texts and to help them embrace the idea, motivate them for the certain action, convince them of something or provoke certain feelings. In this case, you can succeed and earn money online for free.

How much you can earn

You can make anywhere from $500 up $2,000+ per month writing content for diverse web resources. The exact amount depends on your skills, type of content and the volume of of articles you produce. The rates for top content writers can range from as low as $15 dollars an hour to as high as $80, though most fall in the $30-50 range. The prices depend on markets, the writer’s location and experience, as well as his/her expertise.

How to start

As a rookie, you’ll be looking for a good start. In our digital era, there are plenty of job boards that give good opportunities to beginners. To start, you can use:

You can find short-term tasks or full-time contract work there. Your specialized skills can get you on a cool project team.

Some skills are required to earn money online without paying anything by writing content. Let’s look through some recommendations that would be very helpful for you at an early stage of your new career:

  • Use a task management program (Trello, Google Sheets or others)
  • Use an image editing program and editing apps (Grammarly or Hemingway)
  • Practice writing constantly
  • Create a portfolio
  • Keep track of all your projects
  • Jot down content ideas

Using a job board is not the only way to start your career as a paid content writer (however, it is the fastest and the easiest). You could start a blog that you then can use to showcase your skills. Another approach is to find related communities on social media (Facebook or LinkedIn) to get a job.

How to become an expert

You should keep an eye on the quality of your work and continue to gradually improve your writing up to the highest standards. Here are some common recommendations to make your texts more valuable:

  • Form a killer title and first paragraph
  • Keep it simple, sans exaggeration
  • Edit, read and edit again
  • Deliver value through your content
  • Conclude with a powerful note
  • Pay attention to the critics

To make it easier to get started, and make quick money online for free, you should pick a niche at first. After mastering that niche, then you can try to become a multitasker. Besides, you should learn different writing styles, but finding your own is crucial.

Blogging

Plenty of people have their own blogs, but not everybody seeks to gain benefits from them. However, it is possible and profitable. A blog is a site with mostly written content, where the author writes about a certain topic from his/her own perspective. They then go on to correspond with readers to make direct contact.

Blogging is a hobby and it’s a good way to share your knowledge with the world. The reader’s’ interest and positive comments are just a bonus, but they can bring in a lot of revenue if you want. While your blog is gaining popularity and the number of subscribers increases, you can add products or services on your blog to sell.

The easier approach is to sell your blog space for ads. You shouldn’t need to find advertisers, because your blog will be popular and they will have already started hunting you. You can join Google Adsense or other contextual advertising networks at the beginning.

How much you can earn

Blogging allows you to make money online from home for free, but how much can you get? The payments depend on you as a blogger. Are you independent or are you employed as a blogger for an established company or website? For the last one, the ranges vary from $19,000 to $79,000 a year. Freelancers can get $10,000 or more for just a post!

Your salary will depend on several factors – the frequency of updates, the relevance and quality of your content, the competitiveness in the niche you’ve chosen and the effectiveness of your marketing strategy to build an audience and generate traffic.

How to start

  1. Find a good descriptive blog name that is relevant to your topic
  2. Choose a great domain name and domain extension (.com, .net, .org, etc.)
  3. Employ a blog host and software to get a template
  4. Customize your blog (change the design)
  5. Write several blog posts
  6. Publish the blog
  7. Promote the blog to gain traffic and an audience
  8. Start monetization

To succeed in blogging, you should be passionate about your topic, but also about your long-term business model. Analyze competitors and take into consideration potential challenges. If you need more tips, visit Travelpayouts for valid information.

How to become an expert

Interesting content is paramount and helps grow your income. There are two main ways to monetize – take money for ads or sell something. Other ads may not be as profitable as you want.You allow other people to use your traffic. This means that you may earn money on an ad, but it may not resonate with your audience and cause dissatisfaction. However, such an approach doesn’t demand much of your time and effort, so you can take this route if you don’t care about your “personal space.”

If you are selling a physical or digital product, you should know for sure that your readers need it. Then, you should get your leads’ contact information in exchange for a valid giveaway.You can make a sidebar opt-in box on your site, as well as a popup to encourage users enter their email to win the giveaway.

We’ve prepared a set of useful articles to make your work easier:

Affiliate marketing

If you want to make money online with no money to start, you can join affiliate marketing and become an affiliate. That means you direct your site/blog visitors to the product and get commissions for purchases they make. In this case, you can combine blogging and affiliate marketing to get more revenue.You can trash the blog and use affiliate arbitrage to resell traffic via PPC. For this purpose, you should know more about making money without a website.

How much you can earn

Affiliate rewards usually start at 1% and can reach 10% or even more. The percentage depends on the company’s policy. Additionally, you can get extra promotions and privileges.

Note that you do not get money for clicks, but for real purchases. Moreover, if you get $500 today, it doesn’t mean you’ll earn the same amount tomorrow.

Affiliates are divided into levels according to their income. Low-level affiliates usually earn up to $100/day. The affiliates at the highest level manage to earn a profit of more $10,000/day.

How to start

First, you should find an appropriate affiliate program, taking into consideration the program’s terms and conditions, along with your own preferences. To choose a niche you already like is much better than to start from scratch. You should select an evergreen niche like traveling. You don’t need pay anything to earn via travel, just follow the steps:

  • Join Travelpayouts
  • Get your personal affiliate link to flight tickets, hotels or other travel services
  • Share this link on your blog or even with your friends

You will be rewarded for each purchase that was made through your affiliate link. After you make your first profit, you can re-invest it to create a blog or continue to develop your current project.

Set up your own blog or website and fill it with content related to the product you promote. Then, start development by using relevant keywords – this is not a fast way to make money, but it’s a good way to build your own source of steady income.

Content can be diverse – product reviews for individual products, comparisons, information-based articles, guides, etc. You should use an appropriate set of marketing tools to gain more traffic – PPC, email marketing or SMM, for example.

How to become an expert

Affiliate marketing is not rocket science, but you should acquire some knowledge first, though. Your goal will always be traffic generation to direct users to the merchant’s resource through your affiliate link.

You should care about both free and paid traffic. Utilizing social media marketing is very helpful for getting traffic. Doing videos on social networks is extremely effective today. Don’t forget to use anchor links in order to make them short, friendly and attractive users.

Another crucial skill is copywriting. Note that only a few affiliate programs provide you with ready posts. You will need to prepare articles yourself or hire someone.

We’ve prepared a set of useful articles to make your work easier:

YouTube

It is possible to make money online with YouTube without having millions of subscribers. You can create your channel with a great earning potential depending on the niche you’ve chosen and the level of engagement that you create. If you already have your own blog and a strong subscriber base, you can start making money quickly. You can also earn via video ads, sponsorships and crowdsourcing.

How much you can earn

Nobody can say exactly how much you’ll earn, because of many factors influence the result – CPM (cost per million), views, CPC (cost per click), watch time, CTR (click through rate), user retention, traffic source, traffic region and video category all play a role. You only start earning money after 4,000 watch hours for the previous year, plus 1,000 subscribers.

You can forecast your result using the Youtube Money Calculator that was developed to calculate the estimated income from your videos or channel. The calculations are based on the factors listed above. For example, if your daily video views equal 20,000 views/day, you can get from $28.50 up to $47.50 dollars a day.

You can combine different income sources to earn more. Read about how you can earn from a YouTube channel. This interview with a channel owner may also be useful for you.

How to start

First, build your channel and then add keywords in the settings to allow people to see your channel in the YouTube SERP according to their requirements. The second step is to add high-quality, yet brief content. Note that uploads must be on a regular schedule and you should track the results of each one.

Your next task is to build an audience to increase monetization and that starts with allowing YouTube to place ads in your videos. Then, you should set up Google AdSense to let the service send you money per click or per view.

How to become an expert

To grow as a YouTuber and to improve your content, you should always check your analytics to see how your strategy is performing. Here are some additional tips:

  • Don’t use YouTube exclusively for placing videos. Share them wherever possible – social media sites, blogs, etc
  • Join YouTube as a partner to get access to more content creation tools
  • Use services to create free quizzes and polls to encourage people to answer your questions. In this case, you get paid for visitors and you get audience feedback at the same time
  • Improve your content by using various high-quality equipment like software, cameras, tripods, etc
  • Make eye-catching descriptions

Don’t view your subscribers as traffic. They are real people and that’s why you should always try to respond to them. Answer their questions and discuss their comments. Your loyalty and readiness for communication is an effective tool to build an audience.

Trading

Another way to make money online for free without scams is trading. That essentially means exchanging one thing for another. You could buy and sell plenty of things – currencies, shares, oil, crypto or anything else. You don’t need to be the owner of the product, but you can deposit and trade on a special platform that takes commissions from payouts. However, financial trading carries risks with it:

  • Marketability – the possible decrease in the liquidity of your investments
  • Currency translation – when the value of your currency falls against another currency
  • Hidden transaction costs
  • The price you expect may differ from the price you really get
  • An opening stock opening is different from its last close

You should actively avoid frauds in this niche. The most credible platforms are Ally Invest. It’s the best for cheap trading. E*TRADE is mostly a good fit for beginners. Be very carefully though.

Warning: Trading without knowledge and skill can be dangerous and we do not recommend using this method without both. Learn through this demo-account using fake money.

How much you can earn

Your income is determined by your level of risk aversion – the riskier you are per trade, the more you get. On average, if you invest $1,000, you can make around $100-150 per year what is 10-15% p.a. Your revenue depends on the strategy you choose. It usually consists of many components and its profitability can be measured according to its win-rate and risk/reward ratio.

How to start

First, you should learn the stock market. That will help you understand the value of the company and its shares. Then, you should consider your means and assess the risks properly. The next step is to find out which platform relates the most closely to your purposes. It should be reliable and honest, provide you with a set of tools for research and offer low commissions.

Warning: Practicing before depositing is crucial in trading. That’s why it’s best to choose the broker with a demo mode to use to study. Before trading, you should choose your strategy and constantly check its effectiveness.

How to become an expert

To achieve success, you should steady your income and grow your benefits regularly. If you choose small or medium-sized stocks, you can win a jackpot, but suffer heavy losses. Trading on large platforms allows you to enjoy stability.

If you are rapidly losing money, get out of the market and don’t try to get revenge.You should identify your point of failure. Don’t be greedy and buy more, because the price hike is a result of market manipulations and not company efforts. One more tip is to only trade at your own expense and remain calm despite market conditions.

Sell photos

If your main goal is to earn money online without investing, and you’re a creative person at the same time, you can earn revenue through stock photography. Stock photos are licensed pictures used by businesses, web-designers, marketing agencies and media companies. How do they work? You take photos and then sell them to global companies like Shutterstock or Fotolia.

How much you can earn

Your profit is determined by your own skills, authenticity and creativity. It is important to note that some companies have strict rules and won’t pay you until they sell your photo. However, there are some sites that work on a pay-per-download basis, in which case you have a chance to increase your commission.

Your income also depends on the number of photos that have been approved. You may earn more for one photo that has been downloaded several times than for several photos that have only been downloaded once.

How to start

There are many of stock photography websites. First, you should sign up on the stock photography website you decide to go with. One of the most popular ones is Shutterstock. Here are some simple steps to get started:

  • Sign up on the website
  • Download high-quality images
  • Upload content with their platform to get tips for success
  • Earn a fee every time your image is downloaded

Note that you will need an account at submit.shutterstock.com. You’ll have to provide personal information and verify your email. You can provide some photos, illustrations or videos for your debuted submission debut.

How to become an expert

Choose a single topic to sell more – business, everyday life, medical or education, for example. Take everything that happens every day in to consideration to help catch a moment and make your photo extremely natural. You should always look at what is happening on TV and in normal life.You can draw graphics as well, with the aid of drawing tablets (they make digital art easier and faster).

Most of the large stocks want you to shoot authentic people and things that inspire you. At the same time, some contributors track hits and competitor sales and want similar photos. Therefore, to become an expert you should focus on both your own preferences and the company’s policy.

Other ways to make money online without paying anything

If you still have questions about how to earn money online quickly and easily without investment, here are a few ideas.

  1. Client work through digital marketing to sell websites and other tools for promotion online. For example, you can create logos or business cards if you are a designer. If you are keen on copywriting and SEO, you can fill websites with relevant content.
  2. Complete small surveys providing your feedback and opinions which can earn from $1 up to $20 per one survey.
  3. Join a PTC websites to click and read the apps. It takes just up to 30 seconds to view one ad and be paid for it.
  4. You can become a captcha solver who reads captcha images and types the related symbols. It only takes two hours a day and lets you put $2 for every thousand captchas in your pocket.

Indeed, there are plenty of other ways to raise money without any investments. These great possibilities made possible via the internet are giving equal chances for everybody to make a good living sitting in the comfort of their home.

OptionBit

Broker Name: OptionBit
Platform: Tradologic
Founded: 2020
Bonus: Case Basis
Return/Refund: 70-85%/0%
No. Of Assets: 100+
Regulated: CySEC
Demo Account: No
Minimum Deposit: 250
US Traders: Not Accepted

OptionBit Review

Launched on May 2020, OptionBit was formerly owned by Novox Capital Ltd. which used to be regulated by CySEC. Today, it is under new management. The new company is Top Volume Solutions Limited and provides a fake address: office at Suite 4, 1st Floor, 23 Engineer Lane, providence industrial estate. They claim to be regulated in Gibraltar by the “Gibraltar Securities and Exchange Commission” (does not exist) with the following Company number: 109085. The real Gibraltar regulator is Gibraltar Financial Services Commission that strictly warns against engaging with Top Volume Solutions Limited! The company, Top Volume Solutions, is not regulated by the Cyprus Securities and Exchange Commission (CySEC) nor the Gibraltar FSC. Furthermore, OptionBit.com is also in the French regulator’s (AMF) warning list.

Update March 2020: This brokerage continues to puzzle us: a recent visit showed that OptionBit is owned by Novox Capital Ltd… again. Now there’s no trace of Top Volume Solutions Limited and we don’t know what the story behind this new change is. We cannot confirm if the domain/brokerage was sold back to the initial owners (Novox) or what exactly happened and all this looks like a tangled spider web, with back and forth changes.

What we know is that CySEC’s website lists optionbit.eu as an approved domain of Novox Capital Ltd, which is a regulated Cypriot Investment Firm (CIF) under licence number 224/14 and a listed address at 4 Michael Georgalla Street, 2409 Engomi, Cyprus. A big fine was recently dished out by the Cypriot watchdog but I’ll give you more information about it in the Regulatory Warnings and Announcements section below.

Is OptionBit Scam?

OptionBit certainly posses a scam threat and if you ask me I would look elsewhere. Both the French and Gibraltar financial authorities have issued warnings against dealing with OptionBit and the new owner, Top Volume Solutions Limited that claims to be regulated in Gibraltar. Due to this change of management, OptionBit is no longer regulated by CySEC either. Furthermore, since we did the review, the number of complaints on OptionBit has increased regarding withdrawals, price manipulations and more.

The FSC says this about Top Volume Solutions: “The FSC has received information about websites operated in the name of these companies*, for which the company secretary has resigned and also filed a ‘Notice that the company does not have authority to use the address it has registered’ at Companies House. References are made on these websites to the companies’ former registered office addresses in Gibraltar, as if this was where the websites were operating from. The FSC has received complaints from customers, where they describe having been unable to withdraw funds placed into trading accounts operated by these websites or otherwise experienced difficulties when attempting to obtain monies owed to them. None of these companies are or were regulated by the FSC, nor licensed under the Financial Services (Markets in Financial Instruments) Act 2006, to carry on investment business in or from within Gibraltar.” *Company = Top Volume Solutions and a few others.

Please read more here below, under “OptionBit Complaints” on how to proceed in case you are already involved with OptionBit.

Update March 2020: The new change of owning company makes things even shadier and makes us trust them even less. Now the brokerage changed hands again and is owned by the previous company Novox Capital Ltd. So as far as we know, OptionBit was owned by Novox, Capital then by Top Volume Solutions and now by Novox Capital again. Be extra careful if dealing with this brokerage but maybe it’s better to stay away completely.

As far as web traffic is concerned, OptionBit is having troubles: during the last 6 months, their highest visit count (on optionbit.eu) was 55K (in October 2020), which is very thin, considering that the big brokerages easily surpass the 1 million mark. Ever more worrying is that in January 2020, they only had a little over 10K visits, which is almost a sign of a brokerage’s “last breath”. Not sure what’s happening, but it can’t be good. The website optionbit.com is doing better, with over 100K visits in January 2020.

As a special note, I have to warn against OptionDot (optiondot.com) because this brokerage shows the name OptionBit all over their website. I have no idea what type of relation the two websites have, but both are a bad choice if you ask me.

Editor’s Note – Why does OptionBit Suck in 50 Words?

OptionBit sucks because they went from being a CySEC regulated broker to an unregulated broker with new ownership. They were acting unfavourably towards their clients even under the CySEC regulation and are now fully unauthorized. What’s even more alarming is the fact that the new company claims to be regulated in Gibraltar and that’s an outright lie!

Update March 2020: OptionBit is again under the ownership of the previous company and thus regulated by the CySEC. But all this back and forth business covered in uncertainty makes them suck even more. Why did they change from Novox to Top Volume Solutions and then back? I don’t know, but this lack of information and transparency sucks big time.

Why OptionBit doesn’t Suck?

Despite a few interesting platform features and decent candlestick charts, they are operating illegally and therefore, there are no good reasons for why you should trade with this broker. What good is a nice looking trading platform and website if you can’t even withdraw?

Should I Open an Account with OptionBit?

Like most new Binary Options Brokers platforms, OptionBit platform is 100% web based (available on 9 different languages) and does not require any software to be downloaded. OptionBit trades on TradoLogic, and is protected by Godaddy SSL. OptionBit trading platform is based on the most advanced Binary Options trading systems in the industry, equipped with many efficient tools such as Range, Touch and Digital trade or other In-Trade tools like Close Now and Extend options. You can see multiple charts by clicking on the “Multi” button in the upper right corner of the chart. Update March 2020: OptionBit offers Advanced Charts powered by TradingView.

OptionBit offers a variety of VIP accounts each with different services and perks. The best perk here is the 2 free withdrawals per month but the deposit amount of 10,000$ is way too high. There are other brokers that offer completely free withdrawals with much smaller deposits and even higher returns! Update March 2020: They’ve introduced a new account called Diamond, which requires a minimum investment of 50,000$. We recommend you stay away from such an account or better yet, from this brokerage.

Not long ago, OptionBit introduced Algobit which is a software that enables you to trade manually or you can let the Algobit follow the signals it produces. I am not a big fan of robots and software as they usually just blow the account. Based on what we have found (see Is OptionBit a scam & OptionBit Complaints below) we can be certain the Algobit is another method for wiping trader’s accounts.

You can trade Binary Options, Short Term, One Touch and Range on the platform and the asset’s index is pretty good, offering 90 assets. You can select a refund in advance on expired options or get to prolong your expiry by using the ‘Extend’ tool or close your position before it expires by using the ‘Close’ tool. The AutoTrade is a new feature that makes it easier for you to execute continuous trades in a trending market. This feature uses the winning Martingale system which is actually a good thing since it will only invest the winning sum each time it reopens a new trade. The trades will stop if a trade results in a loss.

Choosing a Binary Options Broker is not easy at all. Much research has to be done and every potential trader has to do his own Cons and Pros list to draw a certain conclusion. OptionBit still has its disadvantages. But the biggest disadvantages are the serious complaints that have increased and because of the warnings issued by FSC and AMF, we now know which way OptionBit has decided to go – the wrong way. Better to avoid this broker!

OptionBit Complaints

Apparently, OptionBit can and will close your account if they don’t like your trading. Binary options brokers don’t really like traders who win and recently there have been a few complaints about this matter in our Comments section below. We are not sure what is considered abusive trading by OptionBit and what are the exact conditions that can get your account closed. However, more has come to our attention as of December 2020.

There are serious complaints regarding price manipulations where people have recorded evidence of their trades. You don’t have to go far to find these complaints, just scroll down and check out our comment section here below. A couple Google searches will also lead you to hundreds of further complaints on OptionBit. In many cases the account managers have either placed losing trades or manipulated customers to execute losing trades when they have requested for a withdrawal. This is a typical technique scam brokers use to avoid paying out. Extremely delayed withdrawals are a common practice too but the soon as you start doing “well” the payouts stop coming and price manipulation becomes a fact.

More complaints on OptionBit other than in our own comment section can be found here:
Tradecomplaint.com
Complaintsboard.com
BinaryOptionsEdge.com
BinaryOptionsPost.com

Update March 2020: Complaints about OptionBit are flooding the Internet, ranging from unauthorised deposits (money is taken from clients’ CC and sent to their binary account) to price manipulation and to unauthorised trades done by OptionBit representatives on clients’ accounts. On one of the largest forums for complaints and much more (forexpeacearmy.com), OptionBit was given a “Guilty” verdict on a case opened by a client (Source: FPA Moraks vs. OptionBit). Over the years, ForexPeaceArmy’s Court has become a very well respected venue and a Guilty verdict there is kind of a big deal, which just goes to show that our reticence about this brokerage is not unfounded.

OptionBit Regulatory Warnings and Announcements

15.02.2020: CySEC announced that on 05/12/2020 imposed a fine of 175,000 Euro on Novox Capital Ltd (which is the current owner of OptionBit). The biggest portion of the fine (70,000 Euro) was given for providing investment advice and portfolio management services without having the appropriate authorization. The CySEC also noted that Novox Capital failed to act fairly and in the best interest of their clients. Source: CySEC Board Decision.

In the Promotions section, OptionBit informs us that the bonus is 30% for a $200 investment, 50% for an investment of $1000 and 75% if you deposit $10 000, while the wager is 30 times the deposit.

Update March 2020: According to their Promotions page, for a $200 deposit you will receive a 30% bonus, for a $500 deposit the bonus is 40% and finally for a $1,000 deposit you will receive a 50% bonus. According to their Accounts page, they now feature a Welcome Bonus and a Loyalty Bonus but no other info is provided here. According to their Terms and Conditions, they do not offer any type of bonuses. If this is confusing to you, then you are not alone because it’s confusing to me as well. However, they state that some benefits may be offered, in line with CySEC’s circular C168.

OptionBit Withdrawal

Here at Bots.com we care about withdrawal, even more then we care about depositing. At OptionBit, the maximum withdrawal for C.C cannot exceed the initial deposit amount (there’s a limit), same as many other brokers. OptionBit claims that a withdrawal should only take 7 business days if all of the required documents are sent and verified. Every account gets one free withdrawal per month. VIP (10K+) gets two free withdrawals per month. Any other withdrawals cost $30. 2020 Edit: Withdrawals are dilatory and can at times take over a month. If you are doing well with your trading, expect your withdrawal days to be over.

Update March 2020: Only one withdrawal per month is free and VIP account holders now benefit from speedy withdrawals that take 3-5 working days, not the usual 7. However, given all the problems mentioned so far in this review, we believe that withdrawals may take much longer than that.

OptionBit Ratings

User Friendly 16/20

OptionBit website offers 100% based Tradologic trading platform. The platform isn’t the most user friendly trading experience but nevertheless, the site is nicely organized, clean and switching between asset categories is easy, especially since the recent improvements they did. Another downside is the OptionBit trading tutorial which is unattractive and not easy at all to read. Site is available in 9 languages.

No. of Assets and Expiry time 16/20

Total of 100+ assets: 28 currency pairs, 9 commodities, 23 Indices and 128 stocks. The fastest expiry is 60 seconds as Super Turbo (15 and 30 seconds) is not available anymore.

Commissions, Support and Effective return 14/20

The OptionBit Effective return adds up to 80%, which is between average to high compared to other Binary Options Brokers, but they do not offer any refund in case of Out-Of-Money. The OptionBit support is available via 4 international numbers in the US, UK, France and Spain, by email, call back request (international and multi-lingual) and the live chat which is extremely effective and answered within very few minutes.

Although they are quick to answer, the live chat is only available from 8:00 AM to 6:00 PM Monday to Friday. Also, at the moment of writing this review, they still haven’t solved the T & C issue as they promised. I never got to read it and if you can’t read it either, you should find another broker because knowing what you are signing up on is very important!!

Update March 2020: Only one monthly withdrawal is free and the rest carry a fee of $30. Their Live Chat is not available. I tried to contact them in the middle of a working day (GMT time) and all I got was a message to email them.

Deposit, Payment and Bonus 14/20

Depositing is only available via credit cars or wire transfer or skrill. The minimum deposit is average compared to Binary Options Brokers- 250$ and the minimum trade amount is 10-20$$. OptionBit Bonus adds up to 500$ from the very first deposit, and the investor can purchase options for as much as 5000$ per option which is very competitive in the industry. Payment is available by credit cards. The bonus is up to 75%.

Update March 2020: They’ve introduced new methods for deposits/withdrawals, among which: Webmoney, Yandex and Qiwi. OptionBit does not offer any bonus according to their T&C’s but according to the website they do. The turnover is not specified anywhere.

Website Extra’s 10/20

A good extra feature is the Extend and Close now options, which allows investors to extend or close a trade before the expiry time. OptionBit demo is available and enables amateurs to trade with virtual cash before they make real trades, however, it’s only available after the initial deposit. The best extra feature, added after the website update is the Advanced Chart feature which allows you to actually conduct technical analysis. Their newest feature is the AutoTrader and the Algobit software. With Algobit you can trade either manually by following signals that it generates or simply letting the software itself trade for you.There are two new recent features added to the platform. Dynamic Payout; where traders can in advance select their profit-to-loss ratio from 0% up to 20% with 5% increments. And finally, Super Turbo; trade within 15, 30 and 45 seconds expiries.

Update March 2020: The following features are now gone or sent to a dark corner where I couldn’t find them: Demo account, AlgoBit, Dynamic Payout and Super Turbo.

OptionBit Overall Score + Regulated +3 = 73/100

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    The Best Binary Options Broker 2020!
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  • Binomo
    Binomo

    Good Broker For Experienced Traders!

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