Raceoption is a binary options trading platform that has actively been offering services in 50+ countries since 2017. Alongside making a good presence in its half-decade operations, the platform has also garnered several controversies, be it in terms of withdrawal or regulations. Well, our Raceoption Review 2024 will assess the broker from several aspects to determine whether these controversies are true or are just an odd marketing tactic by its competitor.
At a glance, the trading conditions of the Raceoption broker seemed to be tailored for both beginner & professional traders alike. Along with this, it would not be wrong to say that the copy trading feature is one of the platform’s standout features.
That’s not all! Our detailed review has included many other features and flaws of the platform that will help you make a more informed decision.
In this Raceoption Review 2024, we have assessed the broker & rate it based on its services, fees, withdrawal conditions, trading account types and ease of use.
How Does RaceOption Work?
Raceoption is a dynamic online trading platform that provides access to binary options trading and CFD trading on all major financial markets. At its core, the platform claims to empower traders with the tools, resources, and expertise they need to succeed in today’s fast-paced and highly competitive online trading environment.
What sets RaceOption apart from other binary options trading platforms is its innovative approach to financial markets. Additionally, the broker claims to offer a safe and secure trading environment with a wide range of deposit and withdrawal options and competitive trading fees.
However, the broker’s user reviews from various online forums & communities don’t seem to support all these claims. Well! The next section of Raceoption Review 2024 will discuss the platform’s legitimacy.
Is RaceOption Scam Or Safe Broker?
Raceoption can be considered a scam broker because of its unregulated status & offshore presence. Its unofficial regulations from FFMRRC also indicate it to be a scam. The broker operates under Makerun Corp, a financial firm registered in the Marshall Islands.
At the same time, the broker’s user reviews indicate it to be a scammer, with most traders complaining about its withdrawal policy.
Many users claimed the platform seized their withdrawals without prior notice. So, the platform’s so-called ‘Guaranteed 60-Minute Withdrawal’ feature is nothing more than a hoax.
As an unregulated platform, Raceoption is not subject to the same level of oversight as regulated brokers. This can increase the risk of fraud or other forms of exploitation, so it’s important to exercise caution when using the platform.
RaceOption Trading Instruments
The platform’s limited asset offering is another factor adding to its ever-declining retail clients. At the same time, it fails to offer Crypto trading.
Meanwhile, the list of available trading assets is limited to just 100 financial instruments across
- Forex trading – All major & minor currency pairs
- Stocks
- Commodities
- Indices
As per our Raceoption Review 2024, the broker’s product offering left us perplexed in every way. It lacks many popular financial markets. Anyway, it is a common practice carried out by many offshore brokers as they don’t bother about offering good trading conditions. All they look at is their own profit.
Raceoption Fees & Commission Charges
The broker charges a commission of 1% – 2.5% on unleveraged CFD assets, while the charge goes up by 5% for leveraged trading positions. Meanwhile, there is a 5% commission charge for leveraged Crypto CFD positions. At the same time, it doesn’t charge spreads, which gives it the upper hand over other brokers.
Also, there are no trading account opening and maintenance charges. However, the inactivity fee of $10 will hit you if you go a month without executing a single trade. Additionally, there are rollover charges for positions held overnight.
Overall, our findings from Raceoption Review 2024 revealed the broker’s fee structure is comparatively higher than its competitors, such as InvestFW.
RaceOption Review: Leverage Offering
The maximum leverage offered by the RaceOption platform is set at 1:100, which is slightly lower compared to other CFD brokers. At the same time, the margin requirements are also high, making it highly unfit for beginner traders.
Overall, we suggest broker should increase the leverage ratio to upto 1:500 at least. And our advice to the traders is that if you think you can manage to trade with 1:100 leverage, you can go with it.
Raceoption’s Trading Platform & Technology
The broker lacks offering the advanced MetaTrader4 & MetaTrader5 platforms. However, RaceOption offers a proprietary web platform and a dedicated mobile application to cover up the loss.
Talking about the user interface, the website & the mobile application are both super friendly. Every option is readily available, and drop-down menu sections are well-responsive.
Through this detailed Raceoption Review 2024, let’s take a look at the specification of each of the RaceOption trading platform.
Web Trading Platform
- Supports regular options/CFD trading
- 60 seconds trading
- Easy Account funding
- Easy access to trade binary options and CFD
- Hassle-free funds withdrawal
- Access to trading history
Raceoption App
- Instant execution of trades
- Live charts
- Access to the entire trade history
- Same login as the web-based platform
- 60 seconds trading
- Advanced trading tools
- Easy access to trade binary options and CFD
- Access to advanced trading strategy
- Easy Account funding
- One-click trading process
- Trading hours
- Hassle-free funds withdrawal
- Access to trading history
Pros & Cons Of Trading With RaceOption
| Pros | Cons |
| CFD & BO Contract Trading Available | Unregulated |
| Lucrative Promotions & Bonuses | High Initial Deposit Requirements |
| Convenient Payment Methods Available | Lack Of Transparency |
| Intuitive Trading Platform | No Negative Balance Protection |
| Live Video Chat Support | |
| Competitive Leverage Rates |
RaceOption Account Types Reviewed
RaceOption offers reasonable account options to cater to both beginner & experienced traders. There are three account types: Bronze, Silver and Gold, and a free demo account.
At the same time, the minimum deposit requirements of each account vary, as with their features. So, let’s have a look at each account’s specifications, alongside their minimum deposit requirements, through this detailed Raceoption Review 2024.
Bronze Account
- Minimum Deposit – $250
- 24/7 live video chat support
- Withdrawals in 1 hour
- Bonus +20%
- Access to RaceOption Demo account
- Copy Trading tool
Silver Account
- Minimum Deposit – $1,000
- 24/7 live video chat support
- Withdrawals in 1 hour
- Bonus +50%
- Access to RaceOption Demo account & trading strategies
- Copy Trading tool
- Master class (web session)
- First 3 risk-free trades *
Gold Account
- Minimum Deposit – $3,000
- 24/7 live video chat support
- Withdrawals in 1 hour
- Bonus +100%
- Access to RaceOption practice trading account
- Copy Trading tool
- Master class (web session)
- First 3 risk-free trades *
- Personal success manager
Honestly speaking, the broker’s account offering is the only aspect that impresses us. However, the broker’s high minimum deposit requirements may make beginners less eager to open an account with it.
So Should You Open An Account With Raceoption?
As far as this Raceoption Review 2024 is concerned, we advise investors to exercise caution before opening an account or trading with this broker. Firstly, it lacks regulations, and secondly, it has a below-the-average reputation among its users, with many of them even calling it a scam.
Most importantly, if the broker scams you in any way, there are meagre chances of recovering your money as no liable regulatory watchdog is overnighting the broker’s operations.
Raceoption Sign-Up Process
Opening an account with Raceoption is relatively easy, but getting it verified is the most challenging part. When we tried opening an account, it took over five days to complete the verification process.
Here’s a detailed sign-up process:
- Visit the official RaceOption website and click on the “Register” button.
- Now, enter your email, password, name, phone number and referral code (If any).
- Read all the terms & conditions and click on the next button.
- Your account will be activated; however, you can start trading only after fund deposits.
Note that you’ll need to complete the verification process to request withdrawals.
Raceoption Deposit & Withdrawal Conditions
The deposit and withdrawal conditions of this binary options trading platform are not what it claims. In fact, these unfavourable conditions are probably the biggest reason behind the majority of complaints.
While the platform claims to offer guaranteed 60-minute withdrawal, in reality, it doesn’t work this way. The request gets processed within the stipulated time, but it takes 3-5 days for the money to reflect in your account. At the same time, there are several complaints noting the platform restricting withdrawals without any notice.
Talking about the deposits, the platform takes upto 24 hours to deposit funds into your account. At the same time, the minimum deposit requirements are also slightly higher than usual.
The available deposit & withdrawal methods lack e-wallets like Perfect Money and are limited to
- Bank/Wire Transfers
- Credit/Debit Cards
- Bitcoin
- Ethereum
- Altcoins
Raceoption Bonuses, Trading Contests & Referral Program
The platform runs regular trading contests, deposit bonus and giveaways to please new users. We were quite unhappy with how this scam broker entices new users to sign up through its tricky marketing tactics.
- There is a referral program that promises to offer a 20% commission for referring using the unique referral link.
- Meanwhile, there is a weekly trading contest going on with a prize fund of $20000. The registrations are free for all traders.
- The giveaway section of the broker promises to give a 100% deposit bonus, along with a chance to win prizes like Apple iPhone 12, Apple Watch, and iMac from trading contests.
Customer Support
RaceOption claims to offer 24×7 customer service, but it fails to deliver quality. Contacting the broker’s customer support is no less than a hassle.
There is a live video chat option, which will make you think it’s the best platform. However, it is the trickiest part. The video chat support has a familiar feel as Videforex.
The same customer support executives can be found assisting on Videforex and Iqcent. So, there’s nothing special that makes it stand out from other brokers.
Here’s how you can contact Raceoption Customer Support:
- Customer Support Helplines: +18299476393, +44-2080685335, 3-395-0396, 081-855-7055, +7-499-7033774.
Final Words On Raceoption Review 2024
After deeply analyzing this detailed Raceoption broker review 2024, we conclude it is a high-risk binary options trading platform. It lacks regulations, doesn’t support MT4 & MT5 platforms, and the verification process is tricky and lengthy.
At the same time, the users’ complaints over its withdrawal policy are the most crucial aspect to look at before dealing with it. Overall, the whole findings indicate the broker not to be not suitable for trading binary options. Instead, you should opt for a more reliable brokerage platform like InvestFw. The broker is well-regulated and offers favourable trading conditions.
FAQs
Is RaceOption Regulated?
No, it is not a regulated binary broker and is registered in an offshore location. At the same time, the broker’s user reviews indicate it to be a scammer, with most traders complaining about its withdrawal policy and manipulation in a binary options trade.
How To Deposit Funds Into Raceoption Account?
To deposit funds into your account, log in to the platform and go to the “Deposit” section. Then, choose your preferred payment method and follow the instructions to complete the deposit process.
How To Withdraw Funds From Raceoption?
To withdraw funds from Raceoption, log in to the platform and go to the “Withdrawal” section. Then, choose your preferred payment method and follow the instructions to complete the withdrawal process. Note that withdrawals may be subject to certain conditions and fees.
What Is Raceoption Minimum Deposit?
The minimum Deposit to start trading on the platform vary depending on the account type. For instance, Bronze Account – $250, Silver Account – $1,000 and Gold Account – $5,000.
What Is Raceoption Withdrawal Processing Time?
The platform claims to process withdrawal requests in 60 minutes.
How To Delete Raceoption Account?
Email your account deletion request to [email protected]. Once processed, you will receive a notification confirming the completion of this request.
How Does Raceoption Copy Trading Work?
Here’s how RaceOption clients can start copy trading on the platform:
- Choose one or several successful traders from the trader’s list.
- Monitor your outcome
- Request your payout in your wallet.
Has Raceoption Scam Anyone Before?
Yes, the broker has scammed many users by freezing their withdrawals and deposits. At the same time, it also restricts its users from withdrawing their deposited amount.
During our research for Raceoption Review 2024, we found several users fell victim to the Raceoption scam. That could be the reason why the broker’s Trustpilot rating of 1.9/5 didn’t surprise us.
How To Avoid Scam Binary Options Brokers Like Raceoption?
To avoid broker scams like Raceoption, follow these tips:
- Check The Broker’s Regulation: Ensure that the binary options broker you are dealing with is regulated by top-tier financial authorities, such as the FCA or CySEC. One such exception is InvestFw broker.
- Read Reviews: Look for reviews and feedback from other traders to better understand their experiences.
- Know The Warning Signs: Be cautious of promises of quick, high profits and pressure to deposit large amounts of money.
- Use Demo Accounts: Try the broker’s platform using a demo account to get a feel for their services and assess their reliability.
- Withdrawal Policy: Check the broker’s policy on withdrawals to ensure they are fair and transparent.
