RaceOption is an offshore CFD and binary options broker. This online trading platform offers over 100 products, including access to Forex, Indices, Commodities, and Stocks.
Our RaceOption review covers the maximum leverage available, how to register a live account, bonus incentives, mobile app features,s and more.
What can I trade at RaceOption?
RaceOption is a binary options broker. These are basically a few types of financial derivatives that the trader predicts whether the price direction of a given asset will be higher or lower than the strike price after the expiration time.
Think of these as regular options. They are very short-term and the outcome can only be up or down.
The high-risk nature of these assets offers huge profit potential. However, binary options are always backed by existing assets.
In the case of raceoption, these assets include stock indices, commodities, currency pairs, and more.
Why should I trade at RaceOption?
RaceOption is the perfect choice for beginners who already have a small but significant amount set aside to invest in the binary options market or for those who want to trade cryptocurrencies.
Anyone looking to start trading with RaceOption will need to visit the platform often enough to trade enough to roll over 100% of their initial deposit in order to qualify for a withdrawal.
However, this shouldn’t be a problem, as the list of accepted assets is long and varied, and includes a variety of cryptocurrency pairs.
Account Types
There are three types of accounts available at RaceOption, and this broker review wouldn’t be complete without looking at them. Here are the types:
Bronze Account: This is the most basic account type at RaceOption. It requires a minimum deposit of $250 to open, but you get 24/7 customer support, copy trading, a demo account with virtual currency, and of course, the RaceOption 20% bonus.
Silver Account: The Silver Account is the intermediate account. It accepts clients from all over the world and offers all the perks of the Bronze Account, but it also offers a 50% deposit bonus, a binary trading master class, and 3 risk-free trades. The minimum deposit amount is $1,000.
Gold Account: This is the most advanced account for binary traders looking to start trading stock indices, commodities, and other assets.
It offers all the perks of the above two accounts but with three key differences. First, it provides a Success Manager to help you with your account. Second, the minimum deposit is $3,000 and third, it offers a 100% welcome bonus.
Regulation
RaceOption is not regulated by any reputable financial institution. The broker is operated by Makerun Corp, registered in the Marshall Islands.
Unfortunately, during our review, we found various warnings and concerns about the legitimacy of some of its services.
We found publications about illegal financial services operations across Europe, including from the French AMF and the Portuguese CMVM.
Unregulated brokers generally do not offer the same level of protection as established bodies like the FCA or CySEC.
In the event of a business failure, you will not benefit from negative balance protection or access to compensation schemes.
Additional Features
The RaceOption website lacks educational content and additional tools. There are no daily trading instructions or full asset details, which would be especially helpful for beginners.
It would be nice if there were platform tutorials or YouTube instructions published in the future.
In our review, we were pleased to see the introduction of a copy trading platform that offers the option to execute trades based on existing clients’ investments.
Simply select from a list of successful traders and the platform will automatically copy their positions. No manual orders are required and you can request withdrawals at any time.
You can also choose alternative trading conditions, including double-up or fixed-time investments.
Withdrawal Options and Fees
Raceoption offers two main withdrawal and deposit options. These include credit cards and cryptocurrencies.
If you decide to withdraw or deposit money using a card, you will be charged a 5% fee on the amount you decide to deposit or withdraw.
If you do not withdraw or deposit money using dollars, you may be charged a currency conversion fee. The good thing is that card transactions are available in all jurisdictions.
Finally, you can also withdraw and deposit using Bitcoin or Ethereum.
There are no fees here, but there are restrictions in terms of jurisdiction.
Additionally, you will need to have a verified cryptocurrency wallet to use Bitcoin or Ethereum for withdrawals. However, this is still a good option for those who want to avoid huge fees.
Security
RaceOption is not regulated by any official body, but they have taken steps to promote a safe and secure trading environment.
The broker encrypts transactions using Secure Socket Layer (SSL) technology. Other security features include 3D Secure and segregated client funds. 2-factor authentication is not available at this time.
Customer Support
RaceOption offers 24/7 customer support. This includes international phone numbers, live chat, and an online contact form.
Live chat is accessible throughout the website and is available in over 20 languages. A self-help FAQ section is also available.
Topics include demo account login, deposit method not working, and why the service is temporarily unavailable.
The broker is also present on social media channels, including Twitter, but posts and news are not updated regularly.
Conclusion
Raceoption may be attractive to novice traders as it offers a user-friendly platform with a wide range of tradable assets and copy trading features. RaceOption secureda 4.0 rating on Trustpilot.
However, the lack of regulation poses significant risks for investors, including potential fraud and loss of funds.
Additionally, the limited educational resources and lack of popular trading platforms such as MetaTrader 4/5 may be a disadvantage for experienced traders.
FAQs
How do I open an account with Raceoption?
To create an account, visit the Raceoption website and fill out the online registration form by entering your personal details.
Are there different account types available?
Yes, Raceoption offers several account tiers that offer different features and benefits.
Does RaceOption have a demo account?
Yes, RaceOption does offer a demo account, but a minimum initial deposit requirement applies. Traders must open a real account and deposit money to access it.
Does RaceOption have an iPhone app?
Yes, the RaceOption proprietary platform is available for mobile traders. The app is compatible with iOS and Android devices. Simply log in and access all the features of the web trader terminal.
Does RaceOption have rollovers?
Tools available to RaceOption clients include Sell Now and Rollover. This allows clients to build on their existing strategies by adding time to their trades or selling to lock in profits or reduce losses to protect their account net balance.
Is RaceOption regulated?
No, RaceOption operates with limited regulatory oversight. Please be aware that you may not receive protection and support when investing your personal capital.
Who owns RaceOption?
RaceOption is owned and operated by Makerun Corp, which is registered in the Marshall Islands.
Is RaceOption legal in the US?
RaceOption is not currently regulated in the US. Binary options trading is legal in the US, but you must trade on a regulated US exchange.
Is Raceoption available in the US?
No, the company does not accept US traders.
What payment methods does Raceoption accept?
Raceoption supports a variety of deposit and withdrawal methods, including credit/debit cards and cryptocurrencies.
What trading instruments are available at Raceoption?
Raceoption offers binary options and CFDs on Forex, Stocks, Commodities, Indices and Cryptocurrencies.
What is the minimum deposit at Raceoption?
The minimum deposit for a Bronze account is $250.