Raceoption is a newer broker registered and headquartered in the Seychelles. They are operated by Race Projects Ltd., registration number 114612, having its registered office at 306 Premier Building, Albert Street, Victoria, Mahe, Seychelles, which operates on behalf of FGC, a company holding an umbrella financial services license in said jurisdiction. This broker is not CySEC or FCA regulated.
Key Facts :
Minimum Deposit $250
Payout : 85%
Demo : Yes
Regulated : Seychelles
Bonus : Yes
The platform has a familiar feel. There is nothing to make it stand out from rivals. Regardless, it supports binary options trading as well as simple forex and CFD’s in a manner suitable for newbies as well as more experienced traders.
The binary options come in 3 types; turbo, short term and long term. The turbo options are where you will find the super short 30, 60 and 120 second expiries. The short term or intraday are expiries for that trading session and the long term are expiries for tomorrow, later in the week, next week, end of the month and so on.
The demo account only becomes available after a deposit has been made. This is a shame as it means traders cannot “try before they buy”. Hopefully the brand will make demo accounts available with no deposit in the future.
The asset list is extensive but like so many with similar listings only a handful of what you see is actually tradable. They do have assets in all 4 categories though, which is good, including forex, commodities, stocks and indices. The forex listings also include some simple cryptocurrency pairings although the CFD portion of the platform is what you want for more extensive crypto trading.
The platform is very simple to use and is not cluttered with a lot of the frills and add-ons other’s use to dazzle traders. To the left is the asset listings, in the middle is the chart/screen for trading and to the right is the order area. Simply pick call or put, enter the trade amount, pick the expiry and hit enter. Easy peasy.
There are a couple of additional tools for traders including the rollover and sell now features. These allow traders to add time to existing trades (for an additional fee) or sell out to lock profits/cut losses. The only downside is how simple the platform is. The charts are not what I would call advanced and do not come with the tools and indicators serious traders will need. Of course, that doesn’t matter because most binary traders use other charting software like MT4.
Deposits And Withdrawals
Deposits are super easy and can be made by credit card, wire transfer, eWallet or even cryptocurrency. The site supports payments in BTC, ETH, LTC and other commonly traded tokens. Deposits are available nearly instantly except in the case of wires which may take up to a week to process.
The minimum withdrawal is only $50 and has no fees. The requests are processed within an hour and paid out as quickly as each method allows. Ewallets (Skrill, Neteller etc) and cryptocurrency are the fastest methods and may be returned to your account same day.
Important Turnover Terms
The downside here is that there are turnover requirements for accounts with and without a bonus. An account that does not take a bonus must trade an amount equal to 100% of the deposit before making withdrawal, those with bonus will need to reach a turnover of 300% of the deposited amount in order to withdraw funds and profits.