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RaceOption Review - is it scam or safe?

RaceOption Review - is raceoption.com scam or good forex broker?

RATING: 1 / 3 REVIEWS RaceOption
RaceOption is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts & Conditions

 

Account type Minimum deposit Maximum leverage Spread Bonus
Standard $250 1:100 Fixed at 2.0 pips No
Bronze $1 000 1:100 Fixed at 2.0 pips 20%
Silver $3 000 1:100 Fixed at 2.0 pips 50%
Gold $50 000   1:100 Fixed at 2.0 pips 100%

 

RaceOption is a belongs to a new generations of brokers offering trading in both forex and binary options on one and the same platform. It also focuses on the hottest assets on financial markets, cryptocurrencies, such as Bitcoin, Ethereum, Ripple, etc.

 

The broker offers the above account types and it appears that the higher initial deposit only means a higher on-deposit bonus, instead of better trading conditions. Overall, the leverage ratios RaceOption provides are reasonable and its spreads are in line with the industry’s averages.

 

In the present review we will focus on the CFD trading aspect of RaceOption.

 

 

RaceOption Advantages

  

Web platform with good charting

RaceOption offers its clients a web-based platform that slightly resembles SpotOption. It is simple to use, and traders can easily switch from the Forex/CFD to Binary interface and vice versa. What makes this trading interface seem nice is the great charting provided by TradingView, and all the perks that come with it – technical analysis, economic calendar, etc. Here is a preview:

 

 

RaceOption' Forex/binary options web platform. Click on the image to zoom in.

 

Besides, mobile apps and copy trading service are also available, which is also a plus.

 

 

Many tradeable instruments

Apart from offering both forex and binary options trading, this broker covers a lot of asset classes, including many currency pairs and wide range of crypto CFDs, as well as silver & gold. That being said, you can trade in Bitcoin with leverage up to 1:5.

 

Wide range of deposit and withdrawal methods

Clients of RaceOption are able to use many payment methods, including credit/debit cards, Skrill, Neteller, PerfectMoney, as well as Bitcoin, Ethereum and several other altcoins. On top of that, RaceOption promises to process withdrawals within 1 hour, which sounds really good.

 

Keep in mind that credit card withdrawals are charged with 5% fee, and those by international wire transfer -  $50.

 

 

RaceOption Disadvantages

 

Registered offshore, part of FGC

According to the information on its website, RaceOption is operated by Race Projects Ltd., a company registered in the Seychelles, which acts as an agent of another offshore entity - Finance Group Corp. The latter is registered with the Vanuatu Financial Services Commission (VSFC). Don’t be fooled by what is often referred to by dubious brokers as a Vanuatu “license” – this is just a shiny piece of paper anyone with $2,000 in his pocket can get.

 

 

That being said, we have reviewd several other brokers affiliated to Finance Group Corp (FGC) and they are all unregulated BinaryCent, BinaryMate, binary options robot Ackman Capital, and others.

 

Trading with brokers registered offshore is very risky, because they are not licensed, nor monitored by any governmental agency. Besides, as most of you probably know, large percentage of them are scammers who hunt for gullible investors.

  

MetaTrader 4 platform not supported

Many brokers support the MT4, even if they have developed a platform of their own. The reason for this is that many traders are used to the advanced features of this software and love it. This, however, is not the case with RaceOption.

 

 

>> Prefer trading on the MT4? <<

 

 

Relatively high initial deposit required

In order to open an account with RaceOption, one has to deposit at least $250. Such initial investment required is slightly high, considering that this broker is not properly regulated. By comparison, you can start trading with easyMarkets by depositing just $100.

 

 

Conclusion

 

An offshore broker offering trading in both forex and CFDs, as well as binary options, RaceOption is not the best option on financial markets. Although it offers trading in many asset classes, including cryptocurrencies, and has some good charting, what RaceOption lacks most is reliability. And reliability comes with solid financial regulation, and years of experience that have lead to good reputation.

 

If you are tempted by RaceOption;s crypto offering, here is a list of licensed forex brokers who also offer Bitcoin CFDs.

 

 

>> Regulated forex brokers offering Bitcoin trading<<

 

 

In case you are an inexperienced investor and would rather copy someone else's strategy, there are properly regulated alternatives like Tradency's RoboX, or eToro, the largest social trading network .

 

Now, let’s sum up the strong and weak sides of RaceOption:

 

Pros Cons
Web platform with good charting Offshore broker, part of the FGC group
Many tradeable instruments Relatively high initial deposit required
A lot of payment methods MT4 not suported
  High withdrawal fees

 

Latest news about RaceOption
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Traders` reviews for RaceOption

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

Pros

Cons

 

 

They are a scam!!!

I have requested my withdrawal a week ago and I'm yet to receive it. When I contact support they say I'm in queue. Now I log on and it says their chat support has an error. Do not do it!!

Marcele Vieira 08/30/2019

They stolen my money

Scam! They stolen my money. Please dont join
They act in video call.

bharath 02/14/2019

RaceOption - Scam Broker

I deposited the money to try their demo. I did not like it and asked to withdraw my money. They said they would charge me 20% penalty. Having protested, I agreed to it. They wouldn't release my money saying that the Legal dept is looking into it. Then they said it was approved for withdrawal. Still no money. Now they said there is a Internal investigation!! It's been over a two weeks nad nothing. They are a scam broker. DO NOT DEAL WITH THEM !!

Salim 10/24/2018
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