Optionbit Spreads, leverage, minimum deposit Revealed

WikiFX | 2022-11-11 17:39

Abstract：Optionbit is allegedly a forex broker registered in Cyprus that claims to provide its clients with various tradable financial instruments on a web-based trading platform.

　　Risk Warning

　　Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

　　General Information & Regulation

Feature	Detail
Regulation	No Regulation
Market Instrument	5 commodities, 11 currency pairs, 7 indices and 10 stocks
Account Type	N/A
Demo Account	N/A
Maximum Leverage	N/A
Spread	N/A
Commission	N/A
Trading Platform	web
Minimum Deposit	$50
Deposit & Withdrawal Method	credit cards, e-wallets, Ukash, and wire transfers

　　Optionbit is allegedly a forex broker registered in Cyprus that claims to provide its clients with various tradable financial instruments on a web-based trading platform. Here is the home page of this brokers official site:

　　As this brokerage's website cannot be accessed, we were unable to obtain further details about its leverage, spreads, etc.

　　As for regulation, it has been verified that Optionbit currently has no valid regulation. That is why its regulatory status on WikiFX is listed as “No License” and receives a relatively low score of 1.24/10. Please be aware of the risk.

　　Market Instruments

　　Optionbits website advertises that the broker offers 5 commodities, 11 currency pairs, 7 indices and 10 stocks.

　　Trading Platform Available

　　Instead of the world's most advanced and popularly-used MT4 and MT5 platforms, Optionbit gives traders a web-based trading platform. Anyway, you had better choose brokers who offer the leading MT4 and MT5, which are highly praised by traders and brokers alike due to their ease of use and great functionality, offering top-notch charting and flexible customization options. They are especially popular for their automated trading bots, a.k.a. Expert Advisors.

　　Deposit & Withdrawal

　　Optionbit says that the payment options are very flexible with credit cards, e-wallets, Ukash, and wire transfers. The minimum deposit to start trading with is as low as $50. While the lowest amount that you can trade with is $10.

　　Bonuses

　　Optionbit also claims that you can get a bonus also if you deposit more than $500 into your account. In any case, you should be very cautious if you receive a bonus. Bonuses aren't client funds, they're company funds, and fulfilling the heavy requirements that are usually attached to them can prove a very daunting and difficult task. Note that brokers are prohibited from using bonuses and promotions by all leading regulators.

　　Customer Support

　　Optionbits customer support can be reached by telephone: +44 20.31500934, email: support@optionbit-trading.com. Company address: DC DIGITAL PROCESSING 2 LTD Arch. Makariou III, 95 Agios Antonios Nicosia, Cyprus Cyprus.

　　Pros & Cons

Pros	Cons
• Multiple assets and payment options offered	• No regulation
• Low minimum deposit requirement ($50)	• Lack of information on the trading condition

　　Frequently Asked Questions (FAQs)

Q 1:	Is Optionbit regulated？
A 1:	No. It has been verified that Optionbit currently has no valid regulation.

Q 2:	Does Optionbit offer the industry-standard MT4 & MT5？
A 2:	No. Instead, Optionbit offers a web-based trading platform.

Q 3:	What is the minimum deposit for Optionbit？
A 3:	The minimum initial deposit with Optionbit is $50.

Q 4:	Is Optionbit a good broker for beginners？
A 4:	No. Optionbit is not a good choice for beginners. Not only because of its unregulated condition, but also because of its lack of transparency.