RaceOption Review

RaceOption was founded in 2014, which signifies its entry into the online trading arena nearly a decade ago.

• 2014: RaceOption is founded with a focus on binary options and CFD trading.
• Launch of a proprietary trading platform that allows clients to open positions with a minimum of $0.01.

Account Types

RaceOption offers three primary account types, each featuring distinct advantages. All accounts facilitate binary options and CFD trading, and are available in a variety of currencies, including USD, EUR, GBP, AUD, and RUB. Below is a brief overview of the account tiers available:

• Bronze Account
  • Minimum deposit: $250
  • Access to a demo account
  • Withdrawal processing time: 1 hour
  • Deposit bonus: 20%
  • Access to copy trading tools
  • 24/7 live video chat support
• Silver Account
  • Minimum deposit: $1,000
  • Access to a demo account
  • First 3 trades risk-free
  • Withdrawal processing time: 1 hour
  • Web masterclass access
  • Deposit bonus: 50%
  • Access to copy trading tools
  • 24/7 live video chat support
• Gold Account
  • Minimum deposit: $3,000
  • Access to a demo account
  • First 3 trades risk-free
  • Withdrawal processing time: 1 hour
  • Web masterclass access
  • Personal success manager
  • Deposit bonus: 100%
  • Access to copy trading tools
  • 24/7 live video chat support

All account types come with access to a demo account funded with $10,000 in virtual money, allowing users to practice trading before investing real funds.

Banking Options and Platform Features

RaceOption boasts efficient deposit and withdrawal procedures, available through the account dashboard. Withdrawals are typically executed within one hour for verified users, although specific payment methods are not disclosed. Each account tier has its own deposit prerequisites, as mentioned above.

Other banking-related features include:

• Rollover service: Extend positions by 100% of the chosen timeframe with the initial rollover, and up to 30% for subsequent applications (some fees may apply, but certain rollovers might be free based on the account type).
• Deposit bonuses that increase with higher tier accounts (from 20% to 100% on the deposit).
• Rapid withdrawal times (generally 1 hour).

Trading Account Options

In addition to standard real-money accounts, RaceOption provides both real and demo accounts on its trading platform. Traders can effortlessly toggle between the two, allowing for practice and live trading from a single interface.

In conclusion, RaceOption accommodates various traders with three distinct account tiers, swift withdrawal processing, and a diverse set of trading and banking features suitable for both novices and experienced professionals.

Leverage

RaceOption presents several leverage options based on the asset being traded, particularly for Contracts for Difference (CFDs). Here are the main leverage levels currently offered:

• CFD Trading Leverage: The general maximum leverage for most CFD instruments is up to 1:500, enabling traders to control substantial positions with minor capital investments.
• Cryptocurrency CFDs: The leverage for cryptocurrency CFD trading is lower, capped at 1:30, reflecting the higher volatility associated with digital assets.
• Potential Higher Leverage: Some information suggests that leverage on specific products or account types may reach as high as 1:2000, although the typical maximum for most traders remains at 1:500. The highest leverage is usually offered to seasoned traders or those qualifying under particular account categories.

Leverage provisions can vary by asset class and may change depending on market fluctuations or account type. RaceOption’s CFD trading supports a wide spectrum of instruments (including forex, commodities, indices, and cryptocurrencies), each subject to its leverage limits.

Note: Binary options trading on RaceOption does not involve leverage, as the outcomes of contracts are fixed and not margin-based. Leverage applies specifically to their CFD and forex offerings.

Asset Types

RaceOption provides a wide array of assets and markets for trading. Here’s a summary of the asset types available on their platform:

• Forex: Trade over 50 currency pairs, consisting of major, minor, and exotic pairs like USD, EUR, GBP, JPY, CAD, and AUD. These pairs can be traded against each other, offering extensive forex trading opportunities.
• Cryptocurrencies: You can trade CFDs on leading cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple. This allows for speculation on price changes without owning the actual asset, permitting both long and short positions.
• Stocks: The platform accommodates trading in well-known global stocks, encompassing companies like Tesco and Nike, among others.
• Commodities: RaceOption grants access to commodity markets, enabling trading of assets such as oil, gold, and other raw materials.
• Indices: Major market indices such as the Dow, DAX, and CAC are available for trading, providing exposure to wider market shifts.

Trading Instruments: RaceOption supports both binary options and CFDs (Contracts for Difference) across these asset classes, enabling a versatile mixture of trading strategies.

In total, the platform offers access to over 140 tradable assets, catering to both beginners and experienced traders looking for diversification.

Platforms

RaceOption offers a proprietary web-based trading platform that can be accessed from any device, including desktops and mobile phones. The platform is designed for both binary options and CFD trading, covering a wide variety of assets such as forex, cryptocurrencies, stocks, commodities, and indices. Here’s an overview of the key features and tools accessible to RaceOption users:

• Web-based platform (no downloads necessary)
• Mobile platform (Android and iPhone) featuring instant trade execution, live charts for all CFDs, and full trading history
• Same login credentials for both web and mobile platforms

Trading Features and Tools

• Asset Variety: Trade over 100 instruments across forex, crypto, stocks, commodities, and indices.
• Option Contracts:
  • Turbo (5 to 30 minutes expiry)
  • Intraday (up to 24 hours expiry)
  • Long Term (up to 1 month expiry)
• Chart Types:
  • Tick chart
  • Candlestick chart
  • TradingView chart
• Technical Analysis Tools:
  • Over 30 technical indicators, including RSI, MACD, and CCI
  • Multiple timeframes available
  • Scaling options for charting
  • Drawing tools for market analysis
• Special Trading Features:
  • Copy trading feature to replicate trades of accomplished investors
  • Functions for rollover, double up, and sell, offering flexibility
  • Options for 5-second, 60-second, and other short-term trades for binaries
  • Take Profit, Stop Loss, and “IF” order buttons for CFD trading
• Market Sentiment:
  • Displays the percentage of buyers (“bulls”) and sellers (“bears”) for each asset
• Trading Account Management:
  • Real and demo accounts (demo with $10,000 virtual funds)
  • Easy switching between binary options and Forex/CFD accounts
  • Integrated management of funds deposit and withdrawal
• Trading History: Access to a complete history of past trades for record-keeping and analysis.
• Profit Display: Real-time calculation and display of potential payout/profit per trade.

Platform Limitations

• No compatibility with third-party trading platforms like MetaTrader 4 (MT4) or MetaTrader 5 (MT5).
• No detailed user guide provided for the platform.

RaceOption’s platform is designed for traders looking for a simple, all-inclusive trading environment with built-in analysis tools, accessible on multiple devices, and a diverse selection of assets, but it lacks support for external trading platforms like MT4 or MT5.

Fees

Users engaged in trading on RaceOption should be mindful of several fees and charges that could affect their overall profitability. Below is a thorough summary based on the available information:

Trading Fees

• Unleveraged Crypto CFD Trading: A fee ranging from 1% to 2.5% is applied to the transaction value when trading unleveraged crypto CFDs.
• Leveraged Crypto CFD Trading: Leveraged positions in crypto CFDs incur a 5% commission.
• General CFD Positions: Opening a CFD trading position involves a commission of 1% to 2.5% of the transaction amount.
• Binary Options Trades: There is no clear documentation of direct commission fees for binary options trades, as RaceOption does not impose trading commission fees on these.
• Spreads: Spreads vary according to market conditions and asset class, with minimum values typically commencing from $10 per trade.

Account and Service Fees

• Account Opening and Maintenance: Opening and maintaining an account with RaceOption is free as long as at least one trade is executed each calendar month.
• Inactivity Fee: A fee of $10 per month will be charged if no trades are conducted within a 30-day timeframe.
• Overnight (Swap) Fees: Maintaining trading positions overnight incurs a rollover (swap) fee of 0.07% of the position value.

Deposit and Withdrawal Fees

• Deposits: Most deposit methods are free; however, deposits via VISA might incur a 5% fee.
• Withdrawals: Withdrawals to VISA are subject to a 5% commission, while other methods may be free.

Other Considerations

• Minimum deposit requirements differ; generally, the minimum account balance is $250, but can be as low as $500, while the minimum trade order size is $0.01.
• Individual tax responsibilities on profits fall upon the trader.

Pros

• Fast Withdrawals: RaceOption guarantees withdrawal processing within 1 hour, allowing users rapid access to funds compared to rival platforms.
• Non-Stop Trading: The platform enables trading 24/7, including weekends, which is not the case with many brokers.
• Diverse Deposit and Withdrawal Methods: Users can deposit or withdraw via numerous options, including cards and cryptocurrencies, generally with no fees and near-instant deposits.
• Advanced Platform Features: RaceOption’s proprietary web-based trading terminal requires no downloads, is user-friendly, and includes features such as:
  • Built-in copy trading for duplicating the trades of seasoned investors
  • A wide array of technical indicators (30+)
  • Multiple timeframes and drawing tools
  • Turbo options and short-term trading (as quick as 60 seconds)
  • Regular updates to enhance platform usability
• Copy and Social Trading: Beginners can profit by mirroring trades from experienced investors, with a live trading feed available to follow active traders in real-time.
• High Leverage: Industry-leading leverage up to 1:500 is available, allowing traders to control larger positions with lower capital outlay.
• Variety of Trading Instruments: A broad spectrum of assets is covered, consisting of forex, CFDs, binary options, stocks, commodities, and indices.
• Account Variety and Accessibility: Multiple account types cater to different experience levels and funding capabilities; quick registration and demo accounts are available for practice.
• 24/7 Multilingual Customer Support: Support is available around the clock and in various languages, providing valuable assistance for traders globally.
• Bonuses, Contests, and Promotions: RaceOption conducts regular contests, bonuses, risk-free trading, and other promotions which can enhance value for active traders.
• Security: The platform assures 100% secure trading with full data protection.

These features render RaceOption appealing to both novice and seasoned traders seeking flexibility, rapid fund accessibility, and enhanced trading tools.

Cons

While RaceOption provides benefits like various deposit methods, worldwide access, and quick account setup, it also has several notable shortcomings that traders should consider:

• Unregulated Status: RaceOption operates without oversight from any recognized financial regulatory body. This implies no investor protection, no negative balance safeguard, and no legal recourse in case of account or withdrawal issues. The absence of regulatory supervision heightens the risk for traders in comparison to regulated brokers.
• Lack of Demo Account: The platform does not offer a demo account, hindering new users from practicing or familiarizing themselves with the trading environment without risking real funds. This is a serious concern for novices who require a chance to learn before deploying capital.
• High Minimum Deposit: The minimum initial deposit to create a live account is $250, which is steeper than many competitors, making it less accessible for those with limited starting capital.
• Fees and Commissions:
  • A 5% commission applies to money transfers via VISA cards.
  • Crypto CFD trades incur fees ranging from 1% to 2.5% for unleveraged trades and up to 5% for leveraged trades. However, the platform lacks transparency about exact spreads and commissions in CFD markets.
  • An inactivity fee of $10/month is charged on accounts without trades in a calendar month, with no grace period before this fee is enforced.
• Lack of Educational Resources: RaceOption offers minimal educational materials, making it less suitable for novice traders needing support or instruction.
• Strict Withdrawal and Wagering Policies: The broker enforces rigid withdrawal wagering requirements, complicating and restricting access to your funds more than many other brokers.
• Lack of Transparency: Concerns persist regarding the overall transparency of RaceOption, particularly concerning its fee structure and business practices. This ambiguity may be unsettling for users requiring clarity before investing.

Customer Support

RaceOption provides various customer support services to meet the diverse needs of its users. Here’s a recap of their support availability, communication channels, responsiveness, and the languages supported.

Communication Channels

• 24/7 Live Chat: RaceOption offers a 24/7 live chat option, enabling users to receive immediate help at any time.
• Email Support: Users can also reach out to the support team via email at support@raceoption.com.
• Phone Support: Contact numbers are available for different regions, such as the USA, UK, Hong Kong, Thailand, and Russia. For instance:
  • USA: +18299476393
  • UK: +442080685335 or +442038088047
  • Hong Kong: 3-395-0396
  • Thailand: 081-855-7055
  • Russia: +7-499-7033774