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I had to write this Raceoption review after many followers of mine asked me. I tried to be as objective as possible. You can read the main traders’ complaints later on this post.
I express my opinion in this post. You may draw your own conclusions.
Introduction of the Race option review
RaceOption is a binary options broker established in 2017. They are a trading name for Financial Group Corp.
However, RaceOption has not been the best broker, with a string of mixed reviews on their name.
As a matter of fact, the first red flag is the absence of a real, land-based office in any country (except Vanuatu). Therefore, their business is entirely conducted online.
Regulation of Raceoption
On their website, they indicate that they are regulated. However, they don’t say which regulatory body regulates them. Another red flag?
Well, I did my due diligence, only to find that they are not regulated by any top players, like CySEC and FTA.
This is the main reason I decided to write this Raceoption review. The same reason I made my Binarycent review.
You can visit here my guide of the best regulated binary options brokers.
Trading Platform, Minimum Trade, Minimum deposit, Trading Assets, & Expiry Times
RaceOption offers an in-house trading platform. The trading platform is completely web-based, and no additional download is necessary. The trading platform has a modest arrangement that makes trading and navigation simple.
However, the trading platform is not the best. Trades are not executed fast enough. Plus, the price quotes are somehow different from the ones from Thompson Reuters. And that’s where they purport to get their quotes from!
Their assets catalogue is well-populated with a wide array of assets. At RaceOption, I could trade on currencies, stock indices, stocks, and commodities. They also offer a number CFDs. The assets available can be traded with options such as 60 seconds, call/put, ladder, and touch options. To add to that, they allow diverse expiry times: short-term, long-term, and medium-term.
The minimum trade that you can place at RaceOption is $1. In addition, their payouts are average compared to other brokers. In-the-money outcomes can attract payouts as low as 60% and sometimes as high as 80%.
Lets continue with the Raceoption review.
Raceoption apps
I tried to find any mobile app on the official stores but no app anywhere!
I contacted support and they replied: “At the moment Raceoption apps are being updated and are not available, but our website has its mobile version, so you can easily use it on your smartphone through the browser.”
Promo code
You will get a promo code popup after you submit the registration form. Here is the raceoption registration page.
Accepted USA, Canada,EU residents?
Since there is no regulation all traders can register from any country in the world.
However, on the registration page you have to check “I confirm, this service is provided to me outside USA territory”.
Raceoption Withdrawal review and Deposits
In terms of banking, RaceOption is definitely among the best brokers. They gave me many options to make my first deposit. They include credit/debit card, wire transfer, Ethereum, Altcoin, Litecoin, Perfect Money, NETELLER, and Skrill. Deposits are processed fairly fast, and they attract bonuses depending on the amount deposited.
Unfortunately, making a withdrawal is so bureaucratic that it is simply unattainable. At sign-up, they clearly state that all withdrawals are processed in an hour. However, that’s not the case. It can take up to a week or forever for a withdrawal request to be accepted or denied, which is unacceptable.
Fees
Apart from standard conversion fees, RaceOption does not levy any hidden fees on trading positions.
Race option Demo Account
At RaceOption, you can sharpen your trading skills with their demo account. However, to use the demo account, you have to be a member of any account type. In that, you have to commit financially to enjoy demo trading. The only upside of the demo account is the fact that you can replenish trading credits when depleted.
Complaints about Raceoption
A Google search returns hundreds of results that poke holes in RaceOption’s credibility. To tell the truth, gauging from my experience, RaceOption is not that good of a broker. Here are some of the complaints I got from the web.
Complicated Withdrawals
Most of the complaints available online are on RaceOption’s complicated withdrawals. That is part of the modus operandi of most financial scam brokers. Here is a complaint from a real trader.
“I read other reviews and it seemed positive so I decided to invest in it. When I asked to withdraw my money, I got an email from their finance department refusing to give me my funds.
I believe all the positive reviews are written by the company representatives. All doctored!”
This has got to hurt!!
And here’s another one:
“I traded on RaceOption platform since July 2017. started making profit and I made 3 profit requests within two weeks. they processed my initial deposits via CC and a partial profit via bitcoin, they still owe me $795. several emails and phone calls made, but no response from finance department or my success manager. So I lost confidence in RaceOption. When u start making profit, they play game on you. Be careful with them.”
The most important complaint was on ripoffreport.com. Here’s what he had to say:
“THE WEBSITE LOOKS LEGIT BUT ITS NOT !!!!!! Bonus, deposit and trade… right? WRONG… I have traded on professional platforms before.. and this NOT a broker, it is boiler room scam operation – to steal your money. Its like a casino game – but a game where you can profit on the trades, and when its time to collect – the attendant is no where to be found. These are criminals They are not brokers They LIE about everything They do not have 1 hour withdrawal They have no awards They do yield profits STAY AWAY, AND TRADE WITH A REPUTABLE BROKERAGE – CALL YOUR COUNTY OFFICE OF FINANCIAL REGULATION TO FIND A REAL TRADING FIRM!!!!”
Summary of the RaceOption review and Your reviews
This broker is not one of my favorites. You can click here for the list of the best binary options brokers.
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This was my review of the Raceoption broker. Leave your reviews above and your comments below!
I got scammed many times .I’m in debt because of this kind of investment of bitcoins especially in telegram app.please everyone avoid investing to any person whose offering investment and in big returns.All of their proof of payouts there are false.they use other people’s identity to convince the investors.
RaceOption??? They are SCAMMERS!! STAY AWAY FROM THEM
I was scammed by Raceoption, a binary option trading broker. Raceoption provides binary option trading at raceoption.com. I will describe below 3 main issues I had with Raceoption: they charged 18% of my deposit for the deposit, they save fake expiring prices to make you believe you lost the contracts even when you won them. They don’t process the withdrawals
1) They took about 185 £ from my deposit. They said “there was an 18% commission” for the deposit. However, the website does not say anything about the deposit commission, and I got this first surprise after my first deposit. So, I made a deposit of 1000£ on the 16th April 2020 with the visa debit card but then it said that the transaction failed and told me that I had to go to a third party website https://payments.changelly.com to buy 1000£ in bitcoin and sent this money to this bitcoin address: 3CwU4rUoeEmVdFAtmPD9SmbHPebuUJ4vEa. Then, after about 10 min I got only 814 £ in my raceoption account. So, they took away already about 185£ from my 1000£ deposit.
2) they used software cheats to steal the payout of 4 of my trades. I made 4 trades totalling 398.11 £. I won at the expiring time. So, I should get a 190% payout (100% of the invested money (398.11) + 90% profit of the invested money (358.30)) which was 756.41 £ (398.11 £ + 358.30 £ = 756.41 £). However, they saved in trade history a fake expiring price to make me believe I lost the trades and give me 0 £ instead of 756.41 £. I am sure the price was different than one they saved because I was looking at the price at the end of the trades. It happened 4 times in a row so I am positive they were using software cheats to steal my payout of 756.41 £. I tried to complain about that but they do not respond to my emails and calls.
3) on the 19th April 2020, I asked for a withdrawal of net balance which is 1044.97£. They said that it would be processed within one 1 hour, but it hasn’t been processed yet. Now they called me and said they will need 3 days (Wednesday). Then, in the same call, I started complaining about the stolen payout (explained above) and he closed the phone. Today 26th April, it’s been a week and after all these lies they have been told me, I believe there will never going to see the withdrawal.