When it comes to finding a good broker for trading, one often has to play detective and do a lot of research. But we, as usual, did the entire job for you. Today, our radar is focused on Raceoption Broker. Read our review to know whether you should trust this company a penny.
Raceoption is a broker that offers Forex, binary option and cryptocurrency trading from a single platform. For this reason, some users call Raceoption a next-generation brokerage.
The brand belongs to Race Projects Ltd, whose office is registered at 306 Premier Building, Albert Street, Victoria, Mahe, Seychelles under the registration number 114612. The company runs on behalf of FGC (Finance Group Corp). Customer support is delivered via online chat, email, and several phone numbers.
It is not fair to call Raceoption a fraud company because reviews on its name are mixed (just like it is with any other broker). However, there are some red flags that give pause for thought. These suspicious moments include:
Customers have a choice of four accounts (Standard, Bronze, Silver, Gold) with a minimum deposit of $250 for a standard account. Whatever type of account you pick, you will be granted a bonus (you may refuse it, if you want). The bonus size depends on the account type. Bonuses are used only as an additional margin to increase the order volume and as leverage and cannot be withdrawn.
The catalog of trading assets available is really extensive:
Raceoption has an in-house web-based trading platform. Interestingly that the company states they have the same-name mobile applications for Android and iOS, but in Google Play Market, there is no Raceoption app (another red flag?).
The trading terminal has a simple design, and users can easily switch between Forex/CFD and Binary interfaces. The charts are supplied by TradingView, and all the features that are loaded with it: technical analysis, economic/holiday calendars, and more.
When it comes to banking methods, Raceoption is hard-to-beat:
Pay attention that credit card payouts come with a 5% commission and those by international wire transfers – $50.
As an offshore brokerage supporting both Forex and binary options trading, Raceoption may not be suggested as the first line dealer. Although it does offer a broad array of trading assets including crypto and provides a simple, yet comprehensive, trading platform, the operator is still weak in reliability which stems from solid compliance with authoritative financial regulators.