Raceoption is a newer broker registered and based in Seychelles. They are operated by Race Projects Ltd., registered number 114612, whose registered office is at 306 Premier Building, Albert Street, Victoria, Mahe, Seychelles, acting on behalf of FGC, a company with a financial services license. cell within the said jurisdiction. This broker is not CySEC or FCA regulated.
Trading platforms
The platform has a familiar feel. There’s nothing to make it stand out from the competition. Regardless, it supports simple binary options as well as forex and CFD trading in a way that is suitable for novices as well as more experienced traders.
Binary options come in 3 types; turbo, short term and long term. Turbo options are where you will find the super short expiry times of 30, 60, and 120 seconds. Short term or intraday is the expiry for that trading session and long term is the expiry for tomorrow, weekend, next week, end of the month, etc.
Demo accounts
Demo accounts are only available after a deposit has been made. This is a shame as it means traders cannot “try before they buy”. Hopefully the brand will offer demo accounts with no deposit required in the future.
Cryptocurrency pairs
The asset list is extensive, but like so many similar listings, only a handful of what you see are actually tradable. However, they have assets in all 4 categories, which is good, including forex, commodities, stocks and indices. The forex list also includes some simple cryptocurrency pairs although the CFD section of the platform is what you want for more extensive cryptocurrency trading.
The platform is simple to use and not cluttered with a lot of frills and add-ons that others use to dazzle traders. On the left is the asset list, in the middle is the chart/screen for trading and on the right is the order area. Simply select call or put, enter the trade amount, select an expiration date and press enter. Easily peasy.
There are a few additional tools for traders including rollover and sell now features. This allows traders to add time to existing trades (for an additional fee) or sell to lock in 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 that serious traders will need. Of course, that doesn’t matter because most binary traders use other charting software like MT4.
Deposits & withdrawals
Deposits are super easy and can be made by credit card, bank transfer, eWallet or even cryptocurrency. The site supports payments in BTC, ETH, LTC, and other commonly traded tokens. Deposits are available almost instantly except in the case of wires which may take up to a week to process.
The minimum withdrawal amount is only $50 and there are no fees. Claims are processed within one hour and paid as quickly as each method allows. E-wallets (Skrill, Neteller, etc.) and cryptocurrency are the fastest methods and can be returned to your account the same day.
Key revenue terms
The downside here is that there are turnover requirements for accounts with and without bonuses. An account without a bonus must trade an amount equal to 100% of the deposit before withdrawing, those with a bonus will need to achieve a turnover of 300% of the deposit to withdraw and profit.
