- Nicely designed, easy to use trading platform
- Strong range of tradable assets, particularly in equities and indices
- Variety of different binary options trading formats + CFDs
- Deposits and withdrawals can be made via cryptocurrencies
- Not regulated
- Lack of company information, background or physical office address made available
- 5% charge on withdrawals to debit or credit card
Raceoption is a brand new binary options, forex and CFDs broker that came to the market in 2017. The broker’s fresh history is mirrored by a fresh, modern looking website and trading platform that promises traders and highly contemporary trading experience. Raceoption’s trading platform is also a proprietary product developed inhouse rather than a white label version of one of the handful of popular third-party binary options trading platforms. It supports both binary options trading and CFDs and forex trading.
There isn’t a great deal of information available on the company’s owners and background but the Raceoption brand is owned by Seychelles-registered Race Projects Ltd. The broker’s user agreement also provides the further information that Race Projects operates on behalf of a holding company FGC, which holds a Seychelles-registered financial services license.
As already mentioned, the Raceoption trading platform is a proprietary product rather than a white label. If this broker excels on one thing it is certainly fresh, uncrowded design and simple usability. This is apparent from the broker’s website and runs through to the trading platform. The Raceoption trading platform is available in both desktop web version through a browser and in mobile app formats for Android and iOS smartphones and tablets.
The main web-based platform is very nicely designed and intuitive to use.
Beginners will have no problems getting to grips with the Raceoption platform and it offers a strong range of different trading formats across both binary options and CFDs. Super short-term turbo binary options are available for traders who enjoy fast-paced expiry times of between 30 seconds and an hour. Standard intraday binaries are of course available and have expiry times of between an hour and the end of the trading day. Long term binary options with expiry dates of between a week and several months are also a feature for traders who prefer to rely on longer term fundamental develops rather than the more technical drivers that influence shorter term price movements in underlying assets.
One Touch binary options are additional feature to the trading platform. These work in a slightly different way to the traditional binary options format. Rather than the price at the option’s expiry being crucial, One Touch options trading only need’s the underlying asset’s price to ‘touch’ the target price at any point before expiry in order to finish in the money. At that point the option is considered closed and finishes out of the money if the target price is not touched prior to expiry.
CFDs, which offer leverage and are popular with more experienced and professional financial markets traders are a further option. Many beginner traders like to start trading the simple binary options format and subsequently graduate to CFDs, which while slightly more complex and potentially risky due to the leverage factor offer greater flexibility.
The Raceoption platform is also available in an equally nicely designed mobile version available in both Android and iOS formats. Web and mobile app versions of the trading platform are synchronized if the trader is logged in. This means trades can be opened on either a mobile or desktop device and subsequently managed from another device.
Raceoption traders have a strong range of tradable assets to choose from. There are 35 different forex choices available. These cover the major currency pairs as well as pairs that include emerging market currencies as well as cryptocurrencies and forex futures.
A particular strength of Raceoption is the range of individual equities available. These total around 80 and include major listed companies from across the world. The likes of Tesco and Barclays from the London Stock Exchange are available as are most of the big U.S.-listed companies such as Facebook, Salesforce and Alphabet. Asian companies such as Nissan (Japan, Baidu(China) and Tata Steel (India) mean that there is very strong geographical diversity to the list of equity options.
There are also 37 indices available to trade. These cover all of the major equities benchmark indices such as the FTSE 100, DAX 30, S&P 500, Dow Jones, Nikkei and Hang Seng. Less well known indices from around the world such as from the Middle East, Asia and smaller European indices are also included as is the U.S. dollar index.
Nine different commodities including precious metals, energy commodities and agricultural commodities such as sugar are also included.
Customer support is available over the phone with numbers from a number of geographies available. These include the UK, US, Russia, Malaysia and Singapore. No physical office addresses are made available however. Enquiries can also be made through a contact form available on the Raceoption website.
Security and Fairness
Once concern around Raceoption is that no physical office address is provided anywhere, other than the registered company address and structure, which is provided in the user agreement document. The broker also boasts a ‘regulated’ badge prominently on the website, though is not regulated by any established national financial regulator. The holding company holds a Seychelles financial services license. Marketing itself as regulated when it doesn’t actually fall under any recognised regulatory regime is a concern around Raceoption.
Deposits and withdrawals can be made through a range of options including wire transfer, Visa and Mastercard debit and credit cards and a very good selection of epayment providers including Neteller and Skrill. Bitcoin and several other cryptocurrencies can also be used to fund accounts. One drawback is that debit and credit card withdrawals are subject to a 5% charge.
A major plus is that Raceoption guarantee 1-hour withdrawals.