RaceOption Review
Overview
RaceOption is an offshore CFD and binary options broker. The online trading platform offers 100+ instruments with access to forex, indices, commodities and stocks. Our 2022 RaceOption.com review will cover the maximum leverage available, how to register for a live account, bonus incentives, mobile app features and more.
RaceOption Headlines
RaceOption was established in 2017. It is owned and operated by Makerun Corp, based in the Marshall Islands. The brokerage is currently unregulated though it has positive user reviews and is considered a legitimate binary options brand.
New traders can get started in three straightforward steps and earn up to 95% extra income in just 60 seconds. The company also offers a low-cost copy trading service for account holders.
Products
RaceOption offers 100+ CFD and binary options assets to retail clients. Most popular financial markets are available:
- Forex – Speculate on 25+ currency pairs; majors and minors
- Shares – Trade on 50+ major global companies including IBM, BP and Amazon
- Indices – Speculate on some of the world’s largest markets across global index groups including the S&P 500, DAX 30 and FTSE 100
- Commodities – Access opportunities on soft commodities, energies and precious metals including Coffee, Crude Oil, Gold and Silver
How To Trade
Account holders can start trading RaceOption’s range of binary options and CFDs in a few simple steps:
- Select the asset you’re interested in from the platform’s dropdown menu
- Use the charts to analyse real-time performance alongside historical metrics
- View market sentiment with the % of buyers and sellers displayed on the terminal
- Select your desired expiry time and enter the amount you wish to trade
- Hit Buy if you believe the price will increase and select Sell if you think that it will drop
- Collect your payout in the form of a percentage of your invested amount
Platform
RaceOption offers a proprietary trading terminal. The software is available as a web-based programme with no download requirements. Importantly, the platform is easy to use and features a modern interface. The modest range of charts and graphs will also suit various strategies while the firm’s selection of binaries, including Turbo Options, are available in a few clicks.
Key platform features include:
- Drawing tools
- 60 second trading
- Full trading history
- Multiple timeframes
- 30+ technical indicators
- Charts powered by TradingView
- Market movement and forecasting indicator
- Built-in copy trading tool to mirror experienced investors
On the downside, no platform user guide is offered and there is no third-party solution, such as the industry recognised MT4 or MT5.
Fees
Spreads are variable with market conditions. And while finance details are vague on the broker’s website and platform, trader reviews show they are typically in line with competitors.
Trading unleveraged crypto CFD assets incur a 1-2.5% fee based on the transaction value. Leveraged crypto CFD positions are charged a 5% commission.
It is free to open and maintain an account with RaceOption. However, if clients fail to execute at least one trade per calendar month, a $10 account service fee will apply. Rollover charges are also levied on positions held overnight. Personal taxes are the responsibility of the client.
Leverage
The broker offers leveraged trading on CFDs only. This varies by asset, though rates up to 1:30 are offered on cryptocurrency positions. The maximum leverage ratio offered for other instruments is 1:100. As always, be careful when trading with high leverage as both profits and losses are multiplied.
Mobile App
We were pleased to see the RaceOption platform is available as a free mobile application. Traders can download the app to Apple (iOS) and Android (APK) devices from the relevant Google or Apple app store.
Simply sign in to the platform from your mobile device to access the tools, features and functions found on the web trader terminal. You can view your entire trade history, access live charts and execute trades instantly. Deposits and withdrawals can also be requested and the firm’s full range of binaries are available.
Deposits & Withdrawals
It is free to deposit to a live RaceOption account, however, third-party charges may apply. Minimum deposit requirements start at $250 for the Bronze Account. Available payment methods include credit/debit cards, bank wire transfer, e-wallets, cryptocurrency and altcoins. All solutions provide instant funding pending confirmation from the relevant payment network. Some deposit methods may also have their own minimum thresholds.
Withdrawal methods are similar with no fees charged. The broker also offers a guaranteed withdrawal processing time of one hour after confirmation. Note there is a minimum withdrawal limit of $50 and there are no maximum limits.
Our withdrawal review found a couple of key terms to consider when trading with bonuses:
- Account With Bonus Applied – 300% turnover from deposited amount must be achieved before withdrawal request
- Account With No Bonus Applied – 100% turnover from deposited amount must be achieved before withdrawal request
Demo Account
RaceOption offers a demo account on the proprietary platform. This is standard practice at established brokers and enables traders to apply day trading strategies risk-free and navigate platform features.
Unfortunately, paper trading accounts are only available upon meeting the minimum initial deposit requirements of a live account. Limited flexibility and no free option is disappointing to see vs sites like Pocket Option, IQ Option, Videforex, Binarycent and Nadex, which all offer free demo accounts.
Promotions
Access to RaceOption bonus incentives varies by account registration location. At the time of writing, the broker offered various financial enticements and promo code discounts. All new account registrations are entitled to reward features. Importantly, promo funds must be used for trading and associated turnover thresholds apply (3x deposit and bonus turnover) that must be met within three months of bonus acceptance.
Ensure you understand the rules and minimum policy requirements before signing up. Alternatively, any new registrations have three days to contact the broker’s customer support to opt-out.
Historical offers have included a $250/£200 promo code incentive for any new accounts opened. Other incentives have included a weekly trading contest and prize giveaways. The RaceOption referral programme also enables 20% deposit paybacks based on the new client’s initial deposit.
Regulation
RaceOption is not regulated by any reputable financial body. The broker is operated by Makerun Corp, registered in the Marshall Islands. Unfortunately, our review came across various warnings and concerns around the legitimacy of some services. Publications of illegal financial service operations being offered across Europe were found, including those from the French AMF and the Portuguese CMVM.
Unregulated brokers do not generally offer the same levels of protection as established agencies such as the FCA or CySEC. You may not benefit from negative balance protection or have access to a compensation scheme in the case of business insolvency.
Note, binary options are banned in the UK and Australia.
Additional Features
Educational content and additional tools are lacking on the RaceOption website. There is no day trading guidance or full asset details provided, which would be particularly helpful for beginners. It would also be good to see some platform tutorials or YouTube guidance posted in the future.
Our review was pleased to see a copy trading platform has recently been introduced, providing an option to execute trades based on the investments of existing clients. Simply choose from a list of top-performing traders and the platform will automatically copy their positions. Manual orders aren’t required and you can request a withdrawal at any time. Alternative trading conditions can also be selected including double-up or fixed time investments.
Accounts
RaceOption offers three account types; Bronze, Silver and Gold. All accounts provide access to the full range of binary options and CFDs and are denominated in four major currencies; USD, RUB, EUR and GBP.
It is quick and easy to sign up and open a new live trading account. Traders simply need to complete the online registration form and upload identity verification documents such as a passport and proof of residency. Once details have been approved, you can start trading immediately. Clients can also switch between the demo and live account types via the platform navigation bar.
Below we have outlined the key features of each account:
Bronze Account
- Demo account access
- 20% deposit bonus available
- Access to the copy trading tool
- $250 minimum deposit requirement
Silver Account
- Demo account access
- First 3 risk-free trades
- Web masterclass access
- 50% deposit bonus available
- Access to the copy trading tool
- $1000 minimum deposit requirement
Gold Account
- Demo account access
- First 3 risk-free trades
- Web masterclass access
- Personal success manager
- 100% deposit bonus available
- Access to the copy trading tool
- $3000 minimum deposit requirement
Note, risk-free trades are compensated in the form of a bonus in the case of negative trading results.
Advantages
Reasons to sign up for a RaceOption account include:
- Mobile app
- Live chat option
- Copy trader tool
- Up to 90% binary payouts
- Various account funding methods
- Guaranteed 1 hour withdrawal processing time
- First three trades risk-free with Silver and Gold accounts
Disadvantages
Downsides to trading with RaceOption include:
- Unregulated
- Limited educational content
- Withdrawal thresholds apply
- No free demo account option
- High initial minimum deposit requirement
Trading Hours
Opening hours vary by instrument. Typically you can trade currencies, commodities, stocks and indices 24 hours per day between Sunday to Friday. Trading hours by market can be found within Instrument Profiles.
Note, the RaceOption platform follows a GMT zone. Unfortunately, a session timetable is not available on the broker’s website to stay up to date with upcoming public holidays, daily break sessions and market closures.
Customer Support
RaceOption offers 24-hour customer service. This includes international phone numbers, live chat and an online contact form. Live chat can be accessed across the website and is available in 20+ languages. A self-help FAQ section is also available. Topics include demo account logins, deposit methods not working, plus reasons why the service may be temporarily unavailable. The broker is also present on social media channels including Twitter, however, posts and news are not regularly updated.
Note, there is no email address contact option.
Security
Although RaceOption is not regulated by an official authority, it has taken steps to promote a safe and secure trading environment. The broker uses Secure Socket Layer (SSL) technology to encrypt transactions. Other security features include 3D secure and segregated client funds. Two-factor authentication is not currently available.
RaceOption Verdict
Our review has highlighted some of the pros and cons of trading with RaceOption. We were pleased with the fast deposit and withdrawal options, multiple customer service channels and easy-access copy trading tool. Product selection is quite limited but there is still a generous choice of leveraged CFDs and binary options. Sign up to start trading today.
Accepted Countries
RaceOption accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use RaceOption from United States.
