RaceOption is an online broker offering Binary Options and Contracts for Difference (CFDs). With this broker, you can speculate on the movements of stocks, stock indices, commodity prices, forex, and cryptocurrencies.
- The minimum first deposit is $250.
- A turnover requirement will apply even if you do not accept any bonus money.
- You can not use the Demo Acount until you have made your first deposit.
Just like many other brokers who still offer binary options to retail traders, RaceOption is based in the Seychelles, a small island nation in the Indian ocean, east of the African mainland.
Important: A turnover requirement will apply even if you do not accept any bonus money
It is common practise for bonus money to come with a trading requirement. The broker does not want you to sign up, get a $$$ bonus, immediately withdraw all the money and be gone.
However, RaceOption has made the decision to put a trading requirement (turover requirement) even on your deposited money and even if you turn down the bonus offers. Even if you do not accept any bonus money, you must still trade an amount equal to 100% of the deposit before you can make a withdrawal. Combine this with the fact that your first deposit must be no smaller than $250 and it is easy to see why many traders prefer other brokers over this one.
A Demo Account is only available AFTER your first deposit
RaceOption do offer a Demo Account, but it only becomes available after your first deposit. This is a strange decision by RaceOption, since one of the main reasons to get a Demo Account is to try out the platform before committing any money.
Important: If you make a deposit to get access to the demo account and then realize you do not like the platform, you can not simply withdraw the money you have left in your account, since RaceOption impose a trading requirement on deposited money and this trading requirement must be fullfilled before you can withdraw funds.
The welcome bonus is a 100% match bonus on your first deposit.
An accunt that has accepted the 100% welcome bonus must trade an amount equal to 300% of the deposited amount before withdrawing funds and profits.
The trading platform
The trading platform is sleek and easy to use. It is not cluttered, which is a plus, especially for beginners.
It includes features such as rollover and sell-now. With the rollover, you add time to the lifetime of an active option (for a fee). With the sell-now feature, you can end the option early to lock in a profit or cut losses (conditions apply).
Charts are available, but they are not very advanced. If you are used to more advanced platforms such as MetaTrader 4, MetaTrader 5 or cTrader, you might feel that the RaceOption platform is a bit too basic – especially if you are into technical analysis and want access to a variety of tools and indicators.
Mobile apps are available for iOS and Android devices.
Instruments and underlyings
RaceOption offers Binary Options and Contracts for Difference (CFDs).
High/Low Binary Options and Ladder Binary Options are available, but not Boundary Binary Options.
The minimum trade is $0.01.
The maximum payout is 95%.
The binary option are divided into three categories based on lifespan:
- Turbo binary options. This category contains 30-second options, 60-second options (1 minute) and 120-second options (2 minutes).
- Short-term binary options. These have a longer lifespan than the turbo options, but are still intraday options suitable for daytraders.
- Long-term binary options. These are options for traders who do not close all their positions before the end of each trading day. The long-term options at RaceOption can be bought to expire the next trading day, later in the week, next week, at the end of the month, or even further into the future.
Underlying assets and products
- Forex (25+ different currency pairs)
- Commodities, such as coffee, gold, silver, and crude oil
- Company shares
- Indices, such as FTSE 100 and DAX GER 40
For the widest assortment of cryptocurrencies, use Contracts for Difference (CFDs).
The largest possible CFD leverage with this broker is 1:500.
Does this platform support Copy Trading?
Yes it does.
Does this platform support Social Trading?
Yes it does.
Deposits and withdrawals
RaceOption accepts several different transaction types, including credit cards, e-wallets, wire transfers, and cryptocurrency transfers.
When it comes to cryptocurrency transdfers, deposits can be made using several different cryptocurrencies, including BTC, LTC and ETH.
Most deposit methods are processed right away, but wire transfers are a notable exception and can take up to a week to process.
The minimum withdrawal is $50. RaceOption does not charge any withdrawal fees, and they are known to process withdrawal requests quickly – often within an hour. The fastest methods are usually e-wallets and cryptocurrency transfers.
Important: You can not make a withdrawal until you have fulfilled the turnover requirement.
- An accunt that has accepted a bonus must trade an amount equal to 300% of the deposited amount before withdrawing funds and profits.
- An accunt that has not accepted a bonus must trade an amount equal to 100% f the deposited amount before withdrawing funds and profits.
Examples of accepted transaction methods:
The available account currencies are USD, EUR, GBP, RUB, and AUD.
Ownership and regulation
RaceOption is operated by Race Projects Ltd, a company based in the Republic of the Seychelles, a small island nation in the Indian ocean.
Company registration number: 11 46 12
Company address: 306 Premier Building, Albert Street, Victoria, Mahe, Seychelles
Race Projects Ltd operates on behalf of FGC, a company holding an umbrella financial service license from the Republic of the Seychelles.
The Republic of the Seychelles is not considered a strict regulator of online brokers. They still permit the sale of binary options to retail clients, they do not impose a low ceiling for leverage and they do not require brokers to give retail clients Negative Account Balance Protection.
Questions and answers?
Can I use any third-party platform with my RaceOption account?
No, you can only use the proprietary RaceOption platform. You can not use any of the third-party platforms, e.g. MetaTrader4, MetaTrader5 or cTrader.
Are speciality accounts available?
No, speciality accounts are not available.
- You can not open an Islamic / Muslim / Sharia / Halal Account with RaceOption.
- RaceOption does not offer Indian Demat Accounts.
- Speciality accounts such as STP, ECN, DMA, MAM, LAMM, or PAMM are not available here.
Will I have Negative Balance Protection?
No, you do not have Negative Account Balance Protection when using leverage at RaceOption.
Does RaceOption arrange trading competitions?
Yes, RaceOption arranges trading tournaments.
Does this broker offer VPS hosting?