RACEOPTION REVIEW 2024: IS IT WORTH IT?
This Trading Platform is available in Ukraine
RaceOption is a worldwide trading company which specializes in forex binary options and copy trading. The broker has three account types and a demo option suitable for all traders. The platform is website-based, meaning no installations are necessary to get started. There are no extra fees. RaceOption does not offer training, but it is available to all traders worldwide, helping users make money actively or passively.
* The amount that will be credited to the account in the case of a successful deal
* General Risk Warning: Your capital might be at risk
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Raceoption is a binary broker based in the Marshall Islands.
On paper, the broker isn’t regulated.
But is that enough to make a decision?
How about I help you out and we answer some key questions together?
Let’s begin with how Raceoption differs from the rest of the brokers.
HOW DOES RACEOPTION STAND OUT?
Clients around the world – the clients of Raceoption are global, with traders from Mexico to Sri Lanka.
Bonuses and promotions – Raceoption gives its customers bonuses from time to time and offers different kinds of referral programs.
Multiple products – Raceoption offers several products and services, including forex, crypto, stocks, indices, and CFDs.
Readily available customer support – the customer service for Raceoption is available 24/7, so traders can contact the team whenever they want.
Different trading accounts – Raceoption has different account types, so users can pick the one that fits their needs and trading requirements.
Let’s now move ahead and find out what Raceoption is.
WHAT IS RACEOPTION?
At this point, I don’t think anyone can pinpoint the number of brokers available online.
Raceoption is yet another one.
If you want to know whether it is worth opening an account here, keep reading.
Hopefully, you will be able to make a decision.
Raceoption is based in the Marshall Islands, but its traders are spread far and wide around the world.
It is essentially a CFDs and binary options broker.
Raceoption homepage
The best part of Raceoption is that it has both mobile and online web-based trading options.
All of this sounds like Raceoption is excellent, but if I were honest with you, this is not the case.
I have used Raceoption, and let me tell you that it is not beginner-friendly.
Yes, it is user-friendly, but not so much for people just starting.
We cannot be sure whether this broker is a scam or not, but we can indeed analyze it further.
So, let’s look at how it works.
HOW DOES RACEOPTION WORK?
Did you know that Raceoption offers more than a hundred trading instruments?
It is always fascinating to know how a broker works.
We need to know how our chosen platform works to understand it fully.
Let’s go through the main details now.
Raceoption has many features and instruments, including forex, shares, indices, and commodities.
Let’s have a look at some of these.
Some of the financial markets you can trade here are as follows:
Forex
These include more than 25 currency pairs, including both major and minor ones. Such as:
- EUR/USD
- GBP/USD
- USD/CAD
- USD/TRY
- USD/RUB
- NZD/USD
- AUD/USD
- GBP/CHF
- AUD/CHF
- CAD/JBP and more!
Stocks
You can trade more than 50 shares and stocks, including
- IBM
- Apple (US)
- Amazon Inc.
- British Petroleum (BP)
- Nike (US)
- Microsoft (US)
- Amazon
- Disney
- Tesco
- Nissan
- Coca-Cola (US) and more!
Commodities and Metals
Some of these include
- Gold
- Silver
- Platinum
- Sugar
- Coffee
- Crude oil etc.
Indices
Raceoption has some of the most popular indices, such as
- S&P 500
- DOW (US)
- MSM 30
- DAX 30
- FTSE 100 and more!
HOW DOES THE RACEOPTION PLATFORM WORK?
Raceoption is a user-friendly broker once you get the hang of it, as I mentioned before.
It was certainly not easy for me in the beginning, but once I got used to it, it was pretty easy to navigate.
But I guess one can get used to anything, and it will become easy.
Let’s look at how the platform works to understand it further.
Raceoption has a web platform which allows you to trade multiple assets.
The benefits of the platform include:
- Drawing tools
- Multiple time frames
- More than 30 technical indicators (more on that in a while)
- An entire trading history
- Charts by TradingView
- Copy-trading tool to mimic other experienced traders
Unlike most brokers, however, Raceoption does not offer a user guide.
Nor does it offer a third-party solution such as MetaTrader 4 and MetaTrader 5.
Raceoption platform page
You know what Raceoption is, but how does the platform work?
Let’s go through some general steps to kick-start the process.
These are pretty simple, so I am sure you will understand them upon the first read.
- Select the asset you want to trade. Go through the dropdown menu for these
- Use the charts to analyze real-time performance as well as the previous trading history
- View market conditions, showing the percentage of buyers and sellers
- Select a suitable expiry time and enter the amount that you want to trade
- Click on the Buy option if you believe the price will increase. Otherwise, click on the Sell option if you believe that it will drop
- That’s it! All you have to do now is collect your payout as a percentage of your invested amount.
Raceoption is available on both Android and iOS.
Mobile applications will allow you to access your trades instantly, anywhere.
Raceoption platform page
WHAT TRADING INDICATORS ARE AVAILABLE?
As a trader, I am sure you know how indicators work.
If not, let me tell you that technical indicators provide signals traders use to predict future price movements.
They play a big role in technical analysis.
Some of the essential indicators available on Raceoption are:
- Bollinger bands
- Moving average convergence divergence (MACD)
- Simple moving average (SMA)
- Relative strength index (RSI)
- Commodity channel index (CCI)
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WHAT ARE RACEOPTION’S TRADING ACCOUNTS?
Raceoption, like many other brokers, allows you multiple account types.
As I mentioned earlier, I chose the bronze account.
My experience was satisfactory overall.
Let’s take a look at the bronze and other account types.
1. BRONZE ACCOUNT
The account requires a minimum deposit of $250.
You can get a 20% bonus with a bronze account.
You have the option of a copy trading tool.
I used it and it was fine.
I was able to copy trades and execute them without any hassle.
2. SILVER ACCOUNT
A silver account requires a minimum deposit of $1000, with a 50% bonus opportunity.
The withdrawal time here is about an hour.
You also get three risk-free trades at the beginning and a masterclass on trading.
3. GOLD ACCOUNT
A gold account requires a minimum deposit of $3000 and a 100% bonus opportunity.
You also get three risk-free trades here as well as a masterclass that is web-based.
The gold account also includes a personal success manager.
Raceoptiton accounts page
All three accounts have the following standard features:
- Live video chat
- Copy-trading tool
- Demo account
More details on the bonuses mentioned above are given in the following sections.
DOES RACEOPTION OFFER A DEMO ACCOUNT?
Demo accounts in Raceoption are available for all three account types.
But these are not for free.
Nonetheless, the benefits of this broker’s demo account are:
The demo account, no doubt, provides clients with real-time experience.
You must deposit the initial amount before accessing the demo account.
Yes, it is very confusing and kind of defeats the purpose of a demo account, but at least you will get some experience.
I would say that their demo account is not practical.
HOW SAFE IS RACEOPTION?
It is entirely normal to question the safety of this broker.
After all, it is on the internet, so how secure can it be?
Is Raceoption regulated?
If so, then by whom?
Unfortunately, Raceoption is not regulated by any official authority.
Ideally, you want your broker to be regulated.
But Raceoption is not regulated.
I did not like this aspect of the broker.
If you are looking for a regulated broker, see Pocket Option.
WHERE IS RACEOPTION LOCATED?
It is essential to understand where the broker is located.
The reason for this is that it adds to the security of the broker.
Furthermore, this plays a part in satisfying the user who knows the broker’s legitimacy.
Let’s find out where this broker is located.
Raceoption is registered to a location in the Marshall Islands.
WHO OWNS RACEOPTION?
I am sure you are wondering who owns Raceoption.
Instead of a name, let me tell you the exact company that runs Raceoption.
I did some digging into it.
Let me take out my glasses!
Raceoption is operated in particular by Makerun Corp.
Their headquarters are based in the Marshall Islands.
HOW TO DEPOSIT/WITHDRAW FUNDS IN A RACEOPTION ACCOUNT
Raceoption offers different deposit and withdrawal methods for its users.
The good thing is that Raceoption does not charge any transfer fee.
However, some third parties may charge a fee.
Let’s go through these quickly.
The funding time is instant, which is a plus.
I did find it good because I need to fund my account quickly to start with the broker.
The deposit methods are:
- Bank transfer – Visa, MasterCard
- Bitcoin
- Ethereum
- Other altcoins
Ideally, the processing time is instant, but any holidays or long weekends can cause a delay in processing.
It will not be an issue if you time your deposits correctly.
The withdrawal methods are also quite simple and convenient.
The withdrawal methods are the same as for a deposit, i.e., you can use a credit or debit card.
There is no withdrawal fee either.
The withdrawal process takes up to an hour.
However, it took six hours for my withdrawals to come through.
Raceoption funding and withdrawal page
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HOW TO CONTACT RACEOPTION
Raceoption’s customer service is available at any time of the day.
Alternatively, you can leave your details, including your email, name, phone number, and query. This is done using an online form, which I found straightforward.
The team will then contact you.
You can either:
- Call
- Fill out the web form
You can contact five numbers:
- +18299476393 (US)
- +442080685335 (United Kingdom)
- 3-395-0396
- 081-855-7055
- +7-499-7033774
Lastly, you can email them at [email protected].
DOES RACEOPTION OFFER PROMO CODES?
Raceoption frequently conducts competitions and contests that result in the winners receiving rewards.
These are usually monetary rewards.
Let’s take a look!
Looking at the recent contests held, I found out that 40 winners were eligible to receive a prize from a fund of $20,000.
Remember to keep a lookout for such contests.
Who knows, you might win!
Not every broker offers promotional packages, so we can say this is a plus point for Raceoption.
Raceoption special offers page
DOES RACEOPTION OFFER BONUSES?
Many brokers offer their users bonuses.
It is an excellent way of giving back to their traders and a smart way of loyalty reinforcement.
Raceoption also does this.
Let’s look at some ways you can get a bonus.
After registering for an account, the first benefit is that the trader receives a gift.
Currently, this amounts to four training videos.
Deposits of funds between $250 and $999 will get a 20 percent bonus.
Deposits of funds from $1,000 to $2,999 will get a 50 percent bonus.
Deposits of funds from $3,000 to $50,000 will get a 100 percent bonus.
Raceoption special offers page
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DOES RACEOPTION CHARGE TAX ON PROFITS?
It is common practice for brokers not to charge their clients any tax on profits.
The reason for this is that each country has different tax rules.
So, does Raceoption go through all the hassle and charge taxes?
Let’s find out!
If you think about it, a broker can’t enforce different tax policies for all the countries in which its traders live.
Raceoption does not mention anything about its tax policy on its website.
HOW DO I MAKE MONEY WITH RACEOPTION?
I opened an account with Raceoption out of curiosity.
After visiting its website, I knew the broker wasn’t regulated.
But I wanted to give it a shot to experience the overall trading conditions.
I opened a bronze account.
There are plenty of assets available for trading.
However, the platforms and the trading tools are basic.
Customer support was the only thing I would give five stars.
Surprisingly, they do have an office in the US but don’t provide trading in US territory.
They do provide a copy-trading tool, though.
I used the tool, and the overall performance was acceptable.
One of the major problems was withdrawals.
It took me six hours to get a withdrawal, even though the website says within one hour.
So, I think the broker is between the good and the bad.
Let’s see what others have to say about Raceoption.
FAQs
Does Raceoption have a rollover?
The rollover and sell now features are two more tools available to traders. These allow traders to extend current trades or sell out to lock in profits/cut losses.
Can you use Raceoption in the US?
Raceoption is neither licensed nor approved by US regulators, preventing the firm from providing its services to US traders.
What is Double Up in Raceoption?
The Double-up feature allows you to double your investment in your preferred option. When you double up on a trade, you will obtain a copy position with the same asset, direction, and expiration time but a different open price. The current market price will open new positions.
Final thoughts
There you have it.
A thorough review of Raceoption.
We discussed everything from the unique features of Raceoption to the indicators it uses, the products it offers, how the platform works, and a lot more.
In my opinion, Raceoption has several positive features. However, they should all be taken with a grain of salt.
After all, safety is traders’ first concern, and no official authority regulates this broker. Quotex is another unregulated binary options brokers to consider.
Food for thought!
I hope this has helped you make your decision.
Feel free to go over the review again before deciding.
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