RaceOption Review

Category: Reviews | Author: Trading Brokers | Date: September 21, 2023

If you’ve ventured into the world of online trading, chances are you’ve encountered RaceOption, a platform that touts fast and hassle-free trading, generous payouts, and top-notch customer support. But how does RaceOption truly measure up as an online broker? What unique features and advantages does it bring to the table? Equally important, what potential risks and drawbacks should you be aware of when considering RaceOption for your trading needs? In this comprehensive article, we’ll dissect RaceOption across essential criteria that should guide your choice of an online broker, including regulation, available platforms and tools, educational resources, market accessibility, account options, and funding methods. Our aim is to equip you with the insights and guidance you need to make an informed decision about whether RaceOption aligns with your trading objectives and preferences.

Pros & Cons

  • Fast and easy trading on a proprietary platform
  • A wide range of funding methods, including cryptocurrencies
  • A copy trading feature that allows you to follow and copy the trades of the most successful users
  • Not regulated by any known financial authority or regulator
  • Based in the Marshall Islands, an offshore jurisdiction that does not have strict regulation or oversight
  • No legal recourse for clients if they encounter any issues or problems with the broker

Summary

Raceoption Review

Raceoption Review

Raceoption emerges as an online broker with a specialization in both binary options and CFD broker that offers a range of trading instruments, including forex, cryptocurrencies, stocks, commodities, and indices. Operating from the Marshall Islands, an offshore jurisdiction known for its limited regulatory oversight, Raceoption boasts a global clientele exceeding 1,500 traders. It prides itself on delivering swift and user-friendly trading experiences, coupled with the allure of high payouts and responsive customer support.

Distinguishing features include copy trading and opportunities to win weekly prizes. Traders gain access to a diverse portfolio of over 100 assets spanning stocks, currencies, commodities, and indices, all facilitated through Raceoption’s proprietary platform, compatible across desktop and mobile devices. The entry threshold for an account stands at a minimum deposit of $250, with the convenience of low-value trades starting from just $1. The platform offers multiple deposit and withdrawal methods, encompassing credit cards, cryptocurrencies, and e-wallets.

AvaTrade Logo

Our #1 Broker 2023

AvaTrade is an award-winning and multi-regulated broker offering a great selection of trading instruments including Forex, Cryptos, Stocks and Commodities. You can trade on all of your devices via user-friendly platforms with excellent trading conditions and no commission fees.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

Regulation

Regulation stands as a pivotal factor in the evaluation of any online broker, offering a crucial layer of protection and accountability for clients. Unfortunately, Raceoption departs from this norm as it operates without regulation by any recognized financial authority or regulator. Under the administration of Makerun Corp, a company registered in the Marshall Islands—an offshore broker jurisdiction with notably lax oversight—Raceoption is not bound by regulatory obligations such as segregating client funds, providing negative balance protection, or participating in compensation schemes. This leaves clients without legal recourse should they encounter issues or complications with the broker. Additionally, Raceoption refrains from accepting clients from the United States, in alignment with its unregulated status, although it does offer support numbers for U.S. clients, a somewhat perplexing and contradictory stance. Please see a list of regulated brokers for some alternative options

Platforms & Tools

Raceoption distinguishes itself by providing a proprietary platform accessible across all devices, including desktop, web, and mobile, ensuring flexibility and ease of use. The platform boasts a user-friendly interface facilitating asset selection, chart analysis, expiry time setting, trade amount determination, and trade direction.

Raceoption-Platform

Raceoption-Platform

Notably, it includes a “trader’s choice” feature that reveals the percentage of buyers and sellers for each asset, aiding decision-making. The platform extends advanced functionalities such as rollover, double-up, and sell options, empowering traders to manage risk and explore profit potential. Additionally, RaceOption introduces a copy trading feature, allowing users to replicate the trades of accomplished traders, a valuable avenue for learning and skill enhancement.

Education

The educational resources provided by an online broker can significantly impact your trading knowledge and skills. Raceoption recognizes the importance of education and offers a range of valuable resources on its website. Traders can access informative video tutorials covering essential topics like CFDs, platform usage, and tool utilization. Additionally, the FAQ section addresses common queries about the broker and its platform, ensuring clarity for users. A comprehensive glossary demystifies key trading terms and concepts, aiding traders in navigating the markets effectively. Moreover, Raceoption takes education a step further with a dedicated trading course led by professional trader Abe Cofnas. This course comprises two integral parts: the theoretical segment, which delves into market analysis, risk management, trading psychology, and strategies; and the practical component, featuring masterclass web conferences conducted by Abe Cofnas himself. To access these master class lessons, traders can open a Silver or Gold account and send a request to master@Raceoption.com.

Markets

Raceoption presents a choice of two primary market types: binary options and CFD. Binary options entail contracts that hinge on predicting whether the price of an underlying asset will rise or fall compared to a predefined level within a specified timeframe. Concurrently, Raceoption facilitates CFD trading. Within these markets, Raceoption grants access to a broad spectrum of over 100 assets, encompassing:

  • Stocks: With a portfolio featuring more than 50 stocks spanning diverse sectors and global regions, Raceoption offers trading opportunities in iconic companies like Apple, Amazon, Facebook, Tesla, Coca-Cola, and many more.
  • Currencies: Traders can delve into the world of Forex with over 25 currency pairs at their disposal, including major, minor, and exotic pairings such as USD/EUR, GBP/JPY, AUD/NZD, and beyond.
  • Commodities: Raceoption opens doors to trading in four key commodities: gold, silver, oil, and natural gas, enabling exposure to the dynamics of these crucial markets.
  • Indices: A selection of six indices reflects the broader movements of the underlying markets they track, featuring stalwarts like Dow Jones, S&P 500, FTSE 100, DAX 30, and more.
  • Cryptocurrencies: In the rapidly evolving realm of digital currencies, Raceoption introduces opportunities to trade six prominent cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, Dash, and Monero.

Accounts

At RaceOption, traders can explore three distinct account tiers: Bronze, Silver, and Gold, each offering unique features and advantages:

  • Bronze: Designed as the foundational account, Bronze entails a minimum deposit of $250. It extends 24/7 live video chat support, swift 1-hour withdrawals, a 20% bonus, access to a demo account for practice, and a valuable copy trading tool.
  • Silver: Positioned as the most sought-after choice, the Silver account requires a minimum deposit of $1000. Building upon the Bronze features, it elevates the bonus to 50%, grants entry to exclusive master class web sessions, and introduces the added benefit of the first three risk-free trades.
  • Gold: Catering to the premium segment of traders, the Gold account necessitates a minimum deposit of $3000. In addition to all the perks found in the Silver account, Gold members enjoy a generous 100% bonus and the personalized support of a dedicated success manager.

Notably, RaceOption sets a minimum order size of only $0.01, an accommodating feature particularly beneficial for beginners.

Funding

RaceOption offers traders an extensive array of funding methods, granting them the flexibility to select their preferred channels for deposits and withdrawals. Notably, Raceoption refrains from imposing transfer fees, although it’s essential to be mindful of possible third-party charges. Typically, deposits are processed promptly, with minor delays potentially occurring during weekends and public holidays. Similarly, withdrawals are expedited with remarkable efficiency, often taking no more than 1 hour post-confirmation. The minimum deposit required for opening an account stands at $250, accompanied by a corresponding minimum withdrawal threshold of $50. Raceoption’s comprehensive roster of funding methods encompasses:

  • Wire Transfer: This method facilitates the seamless transfer of funds from your bank account to your trading account. While processing times may extend up to 5 days, it’s crucial to note that additional fees may be imposed by your bank or intermediaries.
  • E-Wallets: E-wallets provide a convenient avenue for both deposits and withdrawals, leveraging online payment services like Perfect Money, Neteller, and Skrill. While this method prioritizes speed and convenience, fees may apply depending on the selected service provider.
  • Payment Cards: Raceoption extends the utility of Visa and MasterCard credit and debit cards, accommodating transactions for both deposits and withdrawals. This method seamlessly melds ease and swiftness, albeit potential fees may materialize contingent on your card issuer.
  • Cryptocurrencies: Embracing the ascendancy of digital currencies, Raceoption enables transactions through various cryptocurrencies, including Bitcoin, Ethereum, Litecoin, ZCash, Bitcoin Cash, and more. This option emphasizes security and anonymity, albeit fees may arise due to network congestion.

Conclusion

In summary, RaceOption offers a platform for binary options and CFD trading, with a range of assets and enticing features. However, its offshore registration in the Marshall Islands, coupled with a lack of robust regulatory oversight, raises concerns about client protection and dispute resolution. Educational resources are somewhat limited, primarily consisting of a trading course. While the platform’s accessibility and diversity of assets are appealing, traders must carefully consider their risk tolerance and objectives when choosing RaceOption as their broker. It’s worth noting that while RaceOption offers strong features, there are other brokers with longer track records that might be worth considering as alternative options. For additional choices, we encourage you to explore our trading IQCents reviews.

Raceoption Logo

$250

Raceoption is a binary options and CFD broker that offers a range of trading instruments, including forex, cryptocurrencies, stocks, commodities, and indices. The broker requires a minimum deposit of $250 and offers trading with a maximum leverage of 1:500. However, Race Option is not regulated by any known financial authority or regulator. It is based in the Marshall Islands, an offshore jurisdiction that does not have strict regulations or oversight.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.


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