RaceOption is a relatively new platform that offers traders CFD and Options trading. As a young platform, the broker offers several eye-catching opportunities, including bonuses, commissions, and a simple trading platform. Its major attraction is the minimum trading amount which is $0.01 and the 100% deposit bonus on the first deposit, with payouts up to 98% on any trade.
In the RaceOption review, we want to answer whether the broker is trustworthy for you to commit your trading to, or if it is even a good one. This review will cover much of the important information concerning this broker, including its trading platform, fees, bonuses, and pros and cons.
What is RaceOption?
RaceOption is a growing binary option and CFD trading broker established by Makerun Corp in 2017 and situated in the Marshall Islands. The broker has grown its user base to 1600+, with the majority of its reach being those based in the UK. The broker mostly offers trading of CFDs and binary options, but other tradable instruments are also available on the platform such as cryptocurrencies, forex, socks, and commodities.
On RaceOption, users are presented with a 24/7 trading platform, with a fundamental user platform. The broker is relatively more appealing to newbie options traders on the market. At present, the broker seeks to offer users a fast trading experience with payouts of up to 98% in a 60-second trade.
RaceOption is a highly unregulated platform, providing good customer reviews, but could still be a major red flag to other intending traders. Aside from that, the broker’s safety score isn’t all too high, meaning it can be subjected to manipulations and major hacks.
It is also highly disappointing that the platform does not offer a free demo account for trading. Instead, users are required to deposit into their accounts first, before gaining access to a demo account. This means that users cannot try out their trading skills to become accustomed to the platform if they haven’t funded their accounts. Additionally, the minimum deposit on accounts for RaceOption is $50, which is extremely high when compared to the market standard.
RaceOption signup process is very easy and offers a sign-up bonus ranging from 20% up to 200%. There are also weekly trading contests and prize giveaways. Bonuses are among the platform’s strongest selling points with which it attracts its users.
The broker provides users with 24/7 multilingual support and offers trading even on weekends.
Pros and Cons
| 👍 Pros | 👎 Cons |
|---|---|
| ✅ Simple trading platform suitable for beginners | ❌ $50 minimum deposit |
| ✅ Offers copy trading | ❌ Offers a limited number of assets |
| ✅ Payouts of up to 98% | ❌ Not suitable for expert traders |
| ✅ Allows trading on weekends | ❌ Demo account is not free to use |
| ✅ Multiple bonuses available | |
| ✅ Zero commissions on trades |
RaceOption Regulations
As far as regulated platforms go, RaceOption is unregulated. Although its parent company Makerun Corp, is regulated by the IFMRRC, the broker is yet to receive any formal licensing by a recognized trading platform.
The platform’s lack of regulatory covering makes its potential traders concerned, and in some cases, lacking trust in the security of the platform. Although the broker has received positive reviews on its security, it still can’t be said for sure that the funds of users are entirely secure without any regulatory checks by an agency.
RaceOption Tradable Assets
RaceOption provides users with 100+ tradable assets for binary options and CFD trading selection. Traders can select from popular financial markets such as:
Stock Trading
Users can select from 50+ popular stocks on the markets and analyze them using the charting tools available. The stocks on RaceOption include those from popular companies such as Amazon, Facebook, Google, and IBM.
Forex Trading
RaceOption provides 25+ forex trading pairs for users –both major and minor– with access to 30+ indicators that allow traders to properly speculate price movements, or copy the trades of others with the built-in copy trading platform.
Crypto Trading
Users can also trade popular CFDs for crypto with rich leverage of 1:30, make deposits and withdrawals in some of the more popular crypto tokens such as BTC, ETH, and many altcoins, and enjoy pairing tokens with the USD and CNY as fiat. With crypto trading, users also have access to a 24/7 trading experience.
RaceOption Trading Platform
RaceOption provides a proprietary trading platform for users to access charts and tools as well as real-time market data and price trends. The broker does not integrate the MT4 software into its platform but offers its own simple and user-friendly trading platform.
The trading software is available as a web terminal and requires no downloads to access it. There is no special feature attributed to the trading platform because its interface is simple and applies modern features and tools. Traders can switch between trading CFDs and binary options in a single click. This action is often impossible with many standard brokers.
Users can select from 100+ trading assets including forex pairs, crypto, commodities, and stocks. Assets on RaceOption are paired against four major currencies; USD, GBP, Euro, and RUB. The trading platform cannot be accessed by users without a minimum deposit of $50 into their trading accounts. The minimum trading amount is $0.01 for any user on the broker.
Several indicators, charts, and graph tools aid users in the course of trading on RaceOption. These tools include –but are not limited to– 30+ technical indicators, drawing tools, scaling options, full trading history available to users, multiple timeframes, and a built-in copy trading tool to implement the trades of professionals on the platform.
RaceOption Fees
RaceOption does not take fees on trades for any asset. Much of its fee structure is similar to that of other brokers on the market. Spreads are usually based on market conditions and can range from 1% to 2.5%. Also when using leverage in crypto CFD trading, a commission fee of 5% is charged.
RaceOption does not charge any inactivity fees for dormant accounts. There are also rollover charges on overnight trading, starting at 0.07%.
Getting Started With RaceOption
Getting started on RaceOption is very easy, and will only take up to a minute. To get started with trading on RaceOption, all you have to do is follow these steps:
Open an Account
The first step is to open an account on the platform. To do that, head over to the website and click on Register on the top right side of the screen. You will be asked to fill in your email, password, name, phone number, and the currency you will be making deposits and withdrawals. the selection is between four major fiat currencies, namely USD, GBP, RUB, and EUR.
After opening an account, you will be asked for verification details like a passport and proof of residency.
Choose Your Account Type
The next step to take is to choose your account type. There are three major account types; Bronze, Silver, and Gold.
Fund Your Account
Next, you need to fund your trading account. The minimum funding on RaceOption is $50 to get started.
Select an Asset:
From the RaceOption trading platform, use the Dropdown Menu to choose the asset you’re interested in trading. You can select from various assets like currency pairs, commodities, cryptocurrencies, and more.
Analyze the Charts:
Once you’ve selected an asset, analyze its real-time performance using the asset chart. The chart displays price movements over the selected period. You can assess historical data and identify trends.
Choose Expiry Time:
Decide on your desired expiry time for the trade. Specify when you expect the option or contract to expire. This could be minutes, hours, or days, depending on your strategy.
Enter the Amount You Wish To Trade
Enter the amount you wish to invest in the chosen asset. This is the amount you’re willing to risk on the trade.
Direction Selection:
Click “BUY” if you anticipate that the asset’s price will rise. Click “SELL” if you expect the price to decrease by the time of the option or CFD expiration.
Payout:
The potential profit (payout) is expressed as a percentage of your invested amount. Keep an eye on this to understand your potential returns.
RaceOption Account Types
After opening an account, all users are asked to select their account types. Each account type comes with its benefits. These accounts are Bronze, Silver, and Gold. Let’s take a look at what each of them entails:
Bronze
The bronze account is the lowest account type available on the broker. It is mostly used by entry-level traders and does not possess as many features as the other two account types. Here are some of its major highlights:
- $50 minimum deposit
- Access to a demo account
- 20% deposit bonus available
- Copy trading tool
- 24/7 live video chat support
Silver
The Silver account is the most competitive of the three account types. Here are some of its features:
- 50% deposit bonus
- Master class (web session)
- The first three trades are risk-free
- Demo trading access
- 24/7 live video chat support
- Copy trading tool
Gold
- Personal success manager
- Maser class (web session)
- First three risk-free trades
- +100% deposit bonus
- 24/7 live video chat support
- Copy trading tool
- Access to a demo account
RaceOption Mobile App
The RaceOption Mobile app offers a convenient way for traders to engage in binary options and CFD trading while on the move. With a user-friendly interface, the app provides access to a variety of financial instruments, including currency pairs, commodities, and cryptocurrencies.
Traders can analyze real-time charts, monitor market sentiment, and execute trades seamlessly. The app’s intuitive design allows for easy navigation, making it suitable for both beginners and experienced traders.
The RaceOption mobile app is available on all mobile devices, including Android and iOS devices. Simply download the app, log in, and retrieve your entire trading history, and you’re good to go.
RaceOption Demo Account
The demo account on RaceOption is not free. The platform prevents its users from accessing a demo account until their accounts have been funded. The platform’s demo account is unlike other traditional brokers which can be accessed at any time without necessarily opening a real account.
Users are unable to get a feel of the platform’s trading interface without committing their funds to their accounts. The demo account should be improved upon, as it is a major setback to the platform’s user experience.
Deposits and Withdrawals
RaceOption offers several payment method choices for users to access, including bank transfers and debit card deposits. There are no fees for deposits and withdrawals, but some charges may apply to either action based on the method used.
Deposits
The process for making deposits on RaceOption is easy, although there have been several complaints of lagging in the process. Deposit methods include direct bank transfers, credit/debit card payments, and Crypto payments in BTC, ETH, and other altcoins. Deposits are reflected instantly, but could also linger at other times. There are no fees for making deposits on the broker, but direct bank transfers may incur a $50 fee.
Additionally, there are also deposit bonuses on first deposits ranging from 20% up to 200% on the broker. The bonus is a good way to double income on deposits.
Withdrawals
Withdrawals on RaceOption are similar to the deposit methods. The withdrawal is easy to navigate for anyone on the platform. The supported withdrawal methods are done via Visa/Mastercard, BTC, ETH, and Altcoins. All withdrawals are processed within an hour but may be delayed sometimes based on the payment method used. There are no withdrawal fees for making withdrawals using cryptocurrencies. However, withdrawals with Visa or Mastercard will attract a 5% fee.
RaceOption Bonuses and Contests
Bonuses
The bonus amount depends on the size of the funds deposited. Traders can receive a bonus of up to 100% of their initial deposit. Here’s how it works:
- Deposit $50: Get a +20% bonus, totaling $60.
- Deposit $1000: Receive a +50% bonus, amounting to $1500.
- For a substantial deposit of $3000, enjoy a +100% bonus, escalating your trading deposit to $6000.
Contests
RaceOption encourages competitions, and rewards users for participating in online prize contests
- Weekly Trading Contest:
- Prize Fund: A whopping $20,000 is up for grabs every week!
- Eligibility: Both experienced traders and beginners can participate.
- Automatic Participation: All trading accounts are automatically entered into the contest.
- How It Works:
- Trade as much as you can during the contest week.
- All your trades count, regardless of the trading result.
- Winners are selected based on the number of trades carried out.
- Additional Prizes:
- Giveaways: RaceOption periodically offers exciting giveaways, including:
- iPad Pro: Trade from anywhere in the world.
- iPhone 15 Pro: Stay connected while on the move.
- iMac 27”: Comfortable trading at home.
- Giveaways: RaceOption periodically offers exciting giveaways, including:
- Fast Withdrawals
- Winners can withdraw their earnings and prizes within one hour.
RaceOption Alternatives
Not every trader may find RaceOption to be the ideal broker for their trading career. For this reason, we want to offer a few alternatives to this broker, just in case you’d prefer something else for your professional career.
Here are a few alternatives to RaceOption:
- Quotex
- Pocket Option
Quotex
Quotex is an offshore options trading broker that offers high output on trades, a user-friendly platform, and multiple assets to trade. The platform offers more than 400 tradable assets for users to select from, and instruments ranging from Stocks to crypto, Commodities, and even fiat currency trades with high payouts of up to 98%.
Quotex is licensed by IFMRRC, a regulatory body that is not commonly recognized, which makes its regulations to be highly scrutinized. If you are an Options trader based in the US, Canada, or Hong Kong, then you cannot access this broker.
Like RaceOption, Quotex has a very fast signup process, and registration can be done in only a matter of seconds. All you need to do is input your email, confirm your country of residence, and apply a strong password.
Quotex provides new users with a live account for practice, including $10,000 of virtual funds. Traders can use the demo account to learn the rudiments of the platform’s trading interface before committing actual funds to their accounts.
The trading platform for Quotex is a highly intuitive one that provides a great user experience. It consists of chart styles, trading indicators, and daily trading signals. Users can begin trading with as little as $1, and the minimum deposit for trades is $10.
Pocket Option
Pocket Option is one of the market’s top options trading brokers, providing its global users with services for nearly a decade. It offers traders 100+ assets in multiple trading instruments, like Forex, cryptocurrencies, commodities, and stocks.
Pocket Option offers a user-friendly platform that is easy to navigate. It offers an intuitive trading platform that integrates the MT5 software, with tools and indicators built to help in analyzing the markets. With the Pocket Option trading platform, users can make returns of up to 98% on trades.
Furthermore, Pocket Option provides a demo trading account that comes with $50,000 of virtual funds for new and existing traders to practice with, whether they have funded their accounts or not. This is one of the highest among brokers for demo accounts.
The broker also offers a social trading platform where traders can connect with other traders and share ideas and analyses, to better their trading outcomes.
RaceOption Security
RaceOption claims to be a highly secure options broker where users can trust the safety of their funds. Although the broker is unregulated, here are some of the security measures put in place to help safety on the platform.
- Encryption and Data Protection:
- SSL Encryption: RaceOption uses Secure Socket Layer (SSL) technology to encrypt all transactions. This ensures that sensitive data, such as personal information and financial details, remains confidential during transmission.
- Client Fund Segregation:
- RaceOption segregates client funds from its operational funds. This means that user deposits are kept separate from the company’s finances, reducing the risk of misuse or mismanagement.
- Transparent Operations:
- RaceOption processes withdrawals promptly, with an average withdrawal processing time of 60 minutes.
- The platform operates 24/7, including weekends, ensuring continuous monitoring and support.
RaceOption Customer Support
RaceOption offers a great customer support system for users to reach out for complaints or to better understand how things work. The customer support includes access to a 24/7 video live chat, email support, and a direct line for users to call directly. Customer support is available to all users 24/7, including a FAQ section where further information to commonly asked questions has already been answered. This information includes topics on withdrawal delays, how to trade on a Demo account, how to fund a trading account, and many more.
Bottom Line
RaceOption is an options broker that offers some good features for users around the world. Among many other things, the trading platform is quite good, and its bonuses are great for new users. However, the minimum deposit fee is $50, which is higher than the market standard. Aside from this, the demo account is not free, and users have to first fund their accounts before gaining access.
This review has highlighted many of the pros and cons of the broker to aid your choice in taking your trading career to the broker. We hope that you have made a choice that is satisfactory to your career.
FAQs
How do I Begin?
To start trading on RaceOption, follow these steps:
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- Register: Visit the RaceOption registration page and complete the form.
- Deposit: Fund your account with a minimum deposit of $50
- Choose Assets: Select the asset you want to trade (e.g., currency pairs, commodities, cryptocurrencies).
- Analyze Charts: Study real-time charts to make informed decisions.
- Execute Trades: Buy or sell based on your analysis.
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What Are the Conditions for Trading Bonus?
RaceOption offers deposit bonuses based on the size of your initial deposit. Bonuses can range from 20% to 200% of your deposit amount.
What Does “First 3 Risk-Free Trades” Mean?
New traders receive the benefit of their first three trades being risk-free. If these trades result in losses, RaceOption refunds the invested amount. It’s a great way to start trading without risking your capital.
Are There Overnight Fees For Trades?
RaceOption takes fees for holding trades overnight, starting from 0.07% of the funds. The fees can be higher depending on the trading instrument.
