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Raceoption – Broker Review and Trader Feedback

4.4 / 5

Founded in 2014, Raceoption is a binary trading platform that is owned by the Vanuatu based Finance Group Corp. The platform is however managed by a Scottish management company called Suomen Kerran LP. Although Raceoption operates from the United Kingdom, its operations fall under the regulatory license issued by the Vanuatu Financial Services Commission.

1. General Information

If the name of the company Soumen Kerran LP sounds familiar, this is due to the fact that this company also manages the operations of another binary options trading platform called Videforex. Unknown to most people, the parent company Finance Group Corp is a large company with many diversified interests in online investments.The Videforex and Raceoption brands are part of the Finance Group Corp’s business strategy to diversify their investments to cater to the different demographics around the world.

Regardless of Raceoption’s corporate structure, the trading platform since it first began operations in 2014 is already a relatively known brand among the binary options trading community. The goal of Raceoption has always been to offer its clients a safe and secured environment for traders to trade binaries.

2. Advantages and Disadvantages

Extensive coverage of markets: There are more than 150 different types of underlying assets available for trading with this broker.

High Returns on Investments: Raceoption offers a maximum return of up to 95%. This is higher than the market average of 85%.

Innovative Live Video Chat: Their Live Video Chat service offers a more personalized touch.

Fastest Withdrawal processing Time: Raceoption guaranteed that all withdrawal requests are processed within the hour of the request being submitted.

Demo account restricted to registered clients: All registered clients of Raceoption are able to access the demo account facility.

Withdrawals subjected to minimum amount restriction: The withdrawn amount must at least be $50 before it can be approved.

3. Trading Conditions

With regards to the trading conditions at Raceoption, traders are offered 3 main types of option contracts, Intraday, Turbo and Long Term. These are essentially Call/Put options but with different expiry times. Turbo options have the shortest expiry times while long term options’ expiry times are the longest. As for the return on investments, they typically range from 70% to 90%. However the maximum return can be as high as 95%. Raceoption is also quite flexible with the size of the trades that their traders can make. For example, they can invest with as little as $1 or as much as $1500 in a single trade.

4. Underlying Assets

In terms of market coverage, there is an extensive range of underlying assets at Raceoption to choose from. The underlying assets are all chosen from major asset classes such as currency pairs, commodities, equities and market indices. For currencies, there is a choice of 15 pairs. As for commodities, traders at Raceoption have 9 types to choose. Next, there are 35 indices to trade with. For stocks, traders have a choice of 80 international stocks to select from. A master list of showing all the available underlying assets can be found on Raceoption’s website.

5. Trading Platform

The trading platform that can be found on Raceoption’s website is the same platform that is used by all the brands under the FGC Group. A web based proprietary platform which is accessible through any web browser, the trading platform is easy to use and is well designed in terms of navigational interface. The available assets are prominently displayed on the left side on the trading screen. In the middle of the trading screen, you get a large price chart. Prices are updated in real time and you can easily follow the performance of the asset. The trading parameters can be set through the tabs found on the right side of the trading screen.

While simple when compared to the trading platforms used by other binary options brokers in the industry, the FGC Group has designed their trading platform well in order to meet the trading needs of their clientele. It has one innovative feature that is not found on any other trading platforms found in the industry which is the live video chat system. The live video chat is not only innovative but also helps to provide Raceoption’s traders with a more personal touch.

6. Mobile Trading

Apart from making their trading easily accessible though a web browser, Raceoption has also provided their trading platform for mobile usage. Designed for iOS and Android powered devices, the mobile trader offers Raceoption’s traders greater mobility by letting them trade straight from their smartphones or tablet computers. The mobile apps are built around the desktop platform and provide superb market access as well. Apart from enabling traders to access the Raceoption trading platform with the apps, Raceoption has also made their website mobile friendly. This means that smartphone users can also access the web based trading platform directly without having to rely on the mobile trading apps.

7. Demo Account

While Raceoption does provide a demo account facility, unfortunately it is only accessible to verified traders that have already funded their trading account. We find this odd as the whole purpose of a demo account is to let potential clients test out the trading platform first before they commit to signing up for a live trading account with Raceoption. Nonetheless, the fact that Raceoption does offer a demo account is still better than the majority of the brokers in the industry that do not provide such a facility.

8. Account Types

Trading accounts at Raceoption are categorized into 3 types, Bronze account, Silver account and Gold account. The minimum deposit for the Bronze account is a mere $250. This account is targeted towards beginner traders who are not confident enough to risk a large sum of money until they are more familiar with trading binaries online. With the Bronze account, traders are also given a 20% deposit bonus and access to the demo account for them to practice with.

For the Silver trading account, a minimum deposit of $1000 is required. Geared towards traders with more online trading experience, this account offers a 50% deposit bonus as well as access to a Master class. It also comes with a “First 3 Risk Free trades” bonus.

Among all the trading accounts provided, the Gold account is the highest level trading account. It requires a minimum deposit of $3000 to open. Benefits of this account include a 100% deposit bonus, all the benefits found in the silver account and access to a personal account manager. Gold account holders are also given a Swiss prepaid card to facilitate their withdrawals.

9. Opening an Account

To open an account at Raceoption, simply go to Raceoption’s homepage and click on the “How to Start” tab to drop down the sub menu. On the sub menu, click on the “Open an Account” tab in order to access the registration form. Simply complete the form and submit it to open your trading account.

10. Funds Withdrawal

Withdrawal of funds or profits at Raceoption can be done through credit cards, eWallets or bank wire transfer. All major credit cards such as VISA or MasterCard are accepted by Raceoption for funds withdrawals. For eWallets, the supported methods include PayPal, Neteller, WebMoney, OKPay and QIWI. Bank wire transfer withdrawals are also supported apart from credit cards and eWallets.

However Raceoption has a requirement that the withdrawn amount must be at least $50 before the withdrawal request can be processed. In addition, the first withdrawal can only be initiated when the trader has achieved 10% turnover of their deposited funds. For example, if the deposit amount is $1000, then the trader must ensure that his trading volume has reached $1000 as well. If he has received a bonus, then the required turnover volume will be 300%. Despite these requirements, one of the major plus points about Raceoption is their withdrawal processing time. The broker has guaranteed that all qualified withdrawal requests will be processed within the hour.

11. Trader Training

As for the educational resources at Raceoption, the tutorials offered are pretty basic. While the information offered is sufficient to get a novice trader started, it will still require many more hours of training before we can say if a person is adequately trained.

12. Should I Trade With Raceoption?

Overall, we were quite satisfied with the quality of Raceoption’s services. While there are certain areas where their services can be improved upon, Raceoption has managed to make up for those deficiencies by introducing a more personalized approach with their customer support. For the first time in the industry, traders are able to see who they are dealing with as opposed to talking to a faceless entity behind the computer screen. In addition, their pledge to process all withdrawal requests within an hour is also the first for the binary options trading industry. These initiatives demonstrate the fact that Raceoption is serious about establishing a reputation as a leading binary options broker in the industry and is worth a tryout.

Reviews on Raceoption

Comments about Raceoption
( 1 )
User rating: 4.3 / 5

1 comment:

  1. avatar
    Richard Ohlmann

    Do you work with any binary options robots that are available to u.s investors?

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