Race Option Review: User Experience and Scam Test. Is Race Option a Legit Broker?
Binary options are a popular form of online trading that allows traders to predict the outcome of a certain asset within a fixed time frame. There are many brokers that offer binary options trading, but not all of them are reliable and trustworthy.
In this review, we will take a closer look at one of the newer players in the market, Race Option.
What is Race Option?
Race Option is a digital options platform that was created in 2017.
It is owned by Makerun Corp, which also operates the IQCent trading broker. Race Option claims to offer a fast and easy way to trade binary options, CFDs, and cryptocurrencies with payouts of up to 98%.
It also boasts of having 24/7 customer support, multiple deposit and withdrawal methods, copy trading features, and weekly tournaments.
However, Race Option is not regulated by any authority, which means that there is no guarantee of its legitimacy and safety.
It also has some drawbacks such as a large minimum deposit of $50, strict inactivity charges, lack of transparency, and very high withdrawal wagering requirements.
In this review, we will examine the pros and cons of Race Option and see if it is worth your time and money.
Some of the aspects of the Race Option platform that we will cover include: –
- Race option account types
- Platform features
- RaceOption mobile application benefits
- Trading bonuses
- Advantages and Disadvantages of Race Option and more
By the end of this review, you will have a clear idea of what Race Option has to offer and whether it suits your trading needs and preferences. Let’s get started! Shall we?
Race Option Account Types
Race Option offers three types of accounts for its clients: Bronze, Silver, and Gold.
Each account type has different features and benefits, as well as different bonus percentages.
Here is a summary of the main differences between the three account types offered at Race Option:
- Bronze Account: This is the basic account type that requires a minimum deposit of $50.
You will get a 20% bonus when you make a minimum deposit, it has 24/7 live video chat support, withdrawals are availed in 1 hour, and you get a demo account, and a copy trading tool.
This account type is suitable for beginners who want to try out the platform and learn the basics of binary options trading.
- Silver Account: This is the intermediate account type that requires a minimum deposit of $500.
It comes with a 50% bonus, 24/7 live video chat support, withdrawals in 1 hour, a demo account, a copy trading tool, a master class (web session), and the first 3 trades are risk free.
This account type is suitable for traders who have some experience and want to improve their skills and strategies.
- Gold Account: This is the premium account type and it requires a minimum deposit of $3000 to activate.
The Gold account comes with a 100% deposit bonus, 24/7 live video chat support, withdrawals in 1 hour, a demo account, a copy trading tool, and a master class (web session).
Plus, the first 3 trades are risk free, and Gold account holders get a personal success manager.
This account type is suitable for traders who have a lot of experience and want to maximize their profits and benefits.
Which is the best account type in Race Option?
As you can see, Race Option offers different account types to cater to different levels of traders.
However, you should also know that the bonus amounts come with very high wagering requirements that you need to meet before you can withdraw your funds.
For example, if you deposit $250 and get a 20% bonus ($125), you need to trade at least $3000 worth of volume before you can withdraw your money.
This means you need to trade 60 times your deposit amount plus your bonus amount.
This is very risky and may result in losing your entire balance. Therefore, you should be careful when accepting any bonuses from Race Option and read the terms and conditions carefully before you accept any bonus on any account type.
Additional Account Type in Race Option: Demo Account
Another feature that Race Option offers is a demo account.
A demo account is a virtual account that allows you to trade with fake money in real market conditions.
Unfortunately, you can only access the Race Option demo account after you make a deposit of at least $50.
Here are some advantages of using a demo account to trade.
- Risk free trading: You can use the demo account to trade without risking your own money and learn from your mistakes.
You can also test different assets, expiry times, and trading methods to see what works best for you.
- Free trading practice: Using the demo account, you can improve your trading skills and confidence by practicing consistently.
The demo account also allows you to familiarize yourself with the platform features and functions and how to use them effectively.
- No emotional attachment: This being a DEMO account, you can trade without being influenced by your emotions such as fear, greed, or excitement.
Use the demo account to develop a trading discipline and a trading plan that you can follow consistently.
Race Option Features
Race Option platform features are the characteristics and functions of the trading platform that it provides for its clients.
And what is a trading platform you ask?
A trading platform is the software that allows you to access the market, place your trades, monitor your performance, and manage your account.
The trading platform is one of the most important aspects of any broker, as it determines the quality and efficiency of your trading experience.
Race Option offers a web-based trading platform that is compatible with any browser and device. You don’t need to download or install anything to use the platform.
You just need to register an account, log in, and start trading.
The platform has a simple and user-friendly interface that is easy to navigate and customize.
Once you are registered, you can choose from different layouts, colors, and themes to that your preferences.
Here is a brief overview of the Race Option trading platform.
This is a feature that allows you to copy the trades of other successful traders on the platform.
You can choose from a list of top traders who have a high win rate and a proven track record by choosing a trade amount and clicking on the copy button beside their names.
Depending on how risk-tolerant you are, you can follow as many traders as you want and allocate a percentage of your balance to each one.
If the person whose trade you copied wins, you win.
These are weekly tournaments that Race Option organizes for its clients.
You can participate in these contests by paying a small entry fee and competing with other traders for a share of the prize pool.
The prize pool can reach up to $20,000 depending on the number of participants and the entry fee.
These contests have different rules and criteria such as the duration, the minimum trade amount, the number of trades, etc.
You can see the leaderboard and your ranking on the platform and track your progress and performance.
Trading contests are a fun and exciting way to test your skills and win some extra money.
Market analysis tool
This is a tool that is integrated into the platform and provides you with various market data and information.
You can access this tool by clicking on the market analysis icon on the left sidebar of the chart.
The tool will be opened on the screen showing trading signals and market trends for selected assets. For example, if you choose EURUSD the signals will be displayed as Neutral, Sell, Buy, Strong Sell, or Strong buy
One thing to note though, these signals are not 100% accurate as such you should trade them with caution.
This is where you can access various offers and promotions that Race Option provides for its clients.
You can access this section by clicking on the marketplace icon on the left sidebar.
You can see different types of bonuses that you can purchase or activate such as rollover bonuses, compensations, deposit bonuses, etc.
For example, you can buy a $20 deposit bonus on the Race Option marketplace for $5 on the Race Option marketplace.
These are tools that allow you to customize and analyze the charts of different assets on the platform.
You can access these tools on the trading platform.
Some examples of charting tools available in Race Option include – line, bar, candlestick, etc. You can also choose from different time frames ranging from 1 minute to 1 month.
Lest I forget, Race Option also has various technical indicators such as moving averages, Bollinger bands, MACD, RSI, etc. used to identify the market patterns and signals.
You can also use different drawing tools such as trend lines, Fibonacci retracements, support and resistance levels, etc. to mark important areas on the chart.
Race Option Mobile App
Race Option does not have a mobile application that you can download and install on your smartphone or tablet.
I asked them why they had not developed an app and they said, a mobile application that is compatible with both Android and iOS devices and has the same features and functions as the web-based platform is yet to be developed.
When it is ready, you will be able to use the mobile application to trade binary options and CFDs on the go, anytime and anywhere.
Some of the benefits of using a mobile app to trade are:
- Instant execution of trades:
Place your trades with just a few taps on your screen and enjoy fast and smooth execution.
- Live charts of every CFD available on the platform:
View the live charts of every asset available on the platform and use various technical indicators and tools to analyze the market trends and signals.
If the app is well-developed, you can also zoom in and out, switch between different time frames, and customize the chart settings according to your preferences.
Ability to view your entire trade history:
Access your entire trade history on the mobile application and see your past performance, profits, losses, and statistics.
- Same login as the web-based platform:
You don’t need to create a separate account or password for the mobile application.
You can use the same login details as the web-based platform and access your account seamlessly.
The mobile application is a convenient and efficient way to trade with Race Option. It allows you to access the market anytime and anywhere with your mobile device. But until such a time when the app is developed, all traders must make do with the browser.
Advantages of Race Option
Race Option has a customer support team that is based in the UK and operates 24/7.
You can contact them via live chat, phone, or email and get professional and friendly assistance.
You can also access the FAQ section on the website and find answers to common questions and issues.
- CFDs and BO contracts
Race Option offers both binary options and CFD contracts on its platform.
This gives you more flexibility and variety in your trading choices and strategies.
You can trade both short-term and long-term options and CFDs with different expiry times and leverage levels.
Race Option allows you to trade cryptocurrencies such as Bitcoin, Ethereum, Litecoin, etc. on its platform.
You can trade them as CFDs or as binary options with high payouts and low fees.
Race Option offers various promotions and bonuses for its clients such as deposit bonuses, rollover bonuses, trading bonuses, etc.
You can use these bonuses to increase your trading capital and enhance your trading performance.
Intuitive trading platform
Race Option has a web-based trading platform that is easy to use and navigate.
It has a simple and user-friendly interface that is customizable and adaptable to your preferences.
Range of payment methods
Race Option supports a wide range of payment methods for depositing and withdrawing your funds such as Bitcoin, Perfect Money, Neteller, Qiwi, Visa, MasterCard, etc.
You can choose from different currencies such as USD, EUR, GBP, AUD, etc.
The minimum deposit and withdrawal amount is $50 for all methods.
Disadvantages of Race Option
Race Option is not regulated by any authority or agency, which means that there is no guarantee of its legitimacy and safety.
There is no protection or compensation scheme for your funds in case of bankruptcy or fraud.
There is also no oversight or supervision of its operations or practices. If you choose to trade on Race Option, you will be trading at your own risk.
Strict inactivity charges
Race Option charges a hefty fee of $20 per month for accounts that are inactive for more than 6 months.
This means that if you don’t trade or log in to your account for more than half a year, you will have to pay this fee every month until you resume your activity or close your account.
This is a very high and unfair charge that can deplete your balance quickly.
Large minimum deposit:
Race Option requires a minimum deposit of $50 for all account types except for Bitcoin.
This is a relatively large amount compared to other brokers that offer lower or no minimum deposits.
This may limit your access to the platform if you have a small budget or want to start with a low investment.
Lack of transparency
Race Option does not provide much information about its background, location, regulation, etc. on its website or platform.
It also does not disclose its terms and conditions clearly or prominently.
You may have difficulty in finding out the details or the fine print of its services or policies. This may create confusion or misunderstanding when you trade with them and have a bone to chew.
Very high withdrawal wagering requirements:
Race Option imposes very high wagering requirements for withdrawing your funds if you accept any bonuses from them.
For example, if you deposit $50 and get a 20% bonus ($10), you need to trade at least $3000 worth of volume before you can withdraw your money.
This means that you need to trade 60 times your deposit amount plus your bonus amount.
This is very risky and unrealistic and may result in losing your entire balance.
How to Register and Start Trading on Race Option
If you want to get started on Race Option, here are some simple steps that you can follow:
- Step 1: Visit the Race Option website and click on the “Sign Up” button on the top right corner of the screen.
You will be redirected to a registration form where you need to fill in your personal details such as your name, email, and phone number.
You also need to create a password and agree to the terms and conditions.
After you complete the form, click on the “Sign Up” button and you will receive a confirmation email with a verification link.
Click on the link to activate your account.
- Step 2: Log in to your account and choose your preferred account type: Bronze, Silver, or Gold.
You will see the features and benefits of each account type on the website when you click on the add funds button.
The minimum deposit is $50 and that activates the bronze account.
Depending on where your money is, you can choose to fund your account with Bitcoin, Perfect Money, Neteller, Qiwi, Visa, MasterCard, etc.
The deposit process is fast and easy and usually takes a few minutes to complete.
- Step 3: Access the trading platform and start trading binary options and CFDs on various assets such as currencies, commodities, stocks, and indices.
You can choose from different expiry times ranging from 5 seconds to 30 minutes.
Once you have chosen the trade time, you will need to adjust the investment amount, payout percentage, and strike price according to your risk appetite and strategy.
You can view the live charts of every CFD available on the platform and use various technical indicators and tools to analyze the market trends and signals.
The best part?
Traders can see the current prices, payouts, and expiry times of all the available options on the right side of the screen.
- Step 4: Monitor your performance and manage your account.
You can access your entire trade history on the platform and see your past performance, profits, losses, and statistics by clicking the trading stats button on the left sidebar.
You can also filter your trade history by date, asset, type, amount, etc.
When you want to withdraw, just tap the withdraw button to reveal various methods such as Bitcoin, Perfect Money, Neteller, Qiwi, Visa, MasterCard, etc.
The minimum withdrawal amount is $50 for all methods.
My verdict is that Race Option is a scam broker that should be avoided by anyone who values their money and security.
Here are some of the reasons why I think so:
- Race Option is not regulated by any authority or agency, which means that there is no guarantee of its legitimacy and safety.
Other than that, there is no protection or compensation scheme for your funds in case of bankruptcy or fraud.
- Race Option has a lot of negative reviews and complaints from its clients on various platforms such as SiteJabber, Trustpilot, Forex Peace Army, etc.
Many clients have reported that they have been unable to withdraw their funds from Race Option, even after meeting the high wagering requirements.
They have also claimed that Race Option has blocked their accounts, canceled their withdrawal requests, ignored their emails and calls, and provided false excuses and lies.
Some clients have even accused Race Option of manipulating the prices and payouts to make them lose their trades.
Race Option has some suspicious and unethical practices and policies that raise red flags.
For example, it charges a hefty fee of $10 per month for accounts that are inactive.
It also imposes very high wagering requirements for withdrawing funds.
- Race Option does not provide much information about its background, ownership, location, regulation, etc. on its website or platform.
These are some of the reasons why I think Race Option is a scam broker that should be avoided by anyone who values their money and security.
I do not recommend trading with Race Option as it is very likely that you will lose your money and face a lot of problems and frustrations.
There are many other brokers that are more reliable, trustworthy, and reputable than Race Option.
However, this is just my opinion based on the information I have gathered and analyzed.
You should do your own research and due diligence before you sign up with any broker.
You should also be aware of the risks and challenges involved in binary options and CFD trading and only trade with money that you can afford to lose.