September 21, 2023 RaceOption offers Binary Options and Contracts for Difference (CFDs) on their own proprietary trading platform. Examples of available underlying asset types are forex, cryptocurrency, commodities, stocks, and stock indices. For crypto speculation, the CFD category is larger than the Binary Options category.With RaceOption, all trading takes place on the proprietary RaceOption trading platform. You will not get access to any third-party platform, such as MetaTrader 4 (MT4), MetaTrader 5 (MT5) or cTrader. Mobile apps are available for both iOS and Android.Regrettably, it is not possible to visit and explore the proprietary RaceOption platform without first making a deposit. This is unusual in the business; most of RaceOption´s competitors in the field will happily let you sign up for a free Demo Account and fill it with play-money for you before you have made any first deposit. After all, one of them main reasons to get a Demo Account is to see if the trading platform is good and if you like the interface before you decide if you want to commit by making a deposit.What makes the situation even more problematic is that RaceOption requires a first deposit of no less than $250. So, you do not have the option of making a small (e.g. $10) deposit to get access to the Demo Account and explore the platform. You must make a very substantial first deposit and hope you will like what RaceOption has to offer.Important: Making a $250 deposit, getting the Demo Account and then withdraw your deposit if you do not like the platform is not possible. As soon as you have made a first deposit, it is subject to a trading requirement – even if you decline the welcome bonus. The trading requirement is 100% of the deposited amount if you decline the bonus. (It will be 300% of the deposited amount if you accept the bonus.)These three things are not standard practice in the business:Requiring a first deposit to access the Demo Account.Requiring a first deposit of no less than $250.Placing a trading requirement on the first deposit even when the trader opt-out of the welcome bonus.Understandably, many Australian traders prefer seek to out other brokers online and not take their chances with RaceOption.There are many brokers that will give you better terms and conditions than this. There are plenty of brokers that will let you sign-up for a Demo Account by simply giving them your email, no first deposit required. It is also not difficult to find binary option brokers where the minimum deposit is in the $5 – $50 range, and where there will be no trading requirement if you do not accept any bonus money. Notably, there are also quite a few brokers that will give you access to both their own proprietary platform and at least one well-known third-party platform, so you can utilize the third-party platform if you dislike the proprietary one.Is RaceOption licensed by the Australian Securities & Investments Commission (ASIC)?No, this broker is not licensed by the Australian Securities & Investments Commission (ASIC).ASIC does not license any broker that issues and distributes binary options to retail clients.Since May 2021, an ASIC product intervention has been in place, prohibiting the issue and distribution of binary options to retail clients. Retail clients themselves are not banned from buying binary options, since the ban concerns the issuing and distribution of binary options to retail clients.The product intervention is not permanent and needs to be actively extended to stay in effect. In September 2022, ASIC announced that the intervention had been extended until 1 October 2031, with approval from the Honourable Stephen Jones MP, Assistant Treasurer and Minister for Financial Services.Ownership and regulationRaceOption is operated by the company Race Projects Ltd.Company registration number: 11 46 12Company address: 306 Premier Building, Albert Street, Victoria, Mahe, SeychellesRaceProjects Ltd operates on behalf of FGC, a company holding an umbrella financial service license from the Republic of the Seychelles.The issuing and distribution of binary options to retail clients is not banned in the Republic of the Seychelles.The trading platformInterfaceThe RaceOption trading platform is sleek and minimalist, which can be a plus for novice traders who might be overwhelmed by a more complex platform.Mobile tradingMobile apps are available for both iOS and Android.Copy tradingThe RaceOption platform supports copy trading.Technical analysisTools for technical analysis are included in the platform. You will get access to both charts and indicators. The assortment is basic, but sufficient for beginners.Can I try out the RaceOption platform using a Demo Account?Yes, you can, but keep this in mind:You can not access the Demo Account without making your first deposit.The first deposit can not be smaller than $250.The deposit is subjected to a trading requirement, even if you decline the welcome bonus.Can I have the Australian dollar as my account currency?Yes, the Australian dollar (AUD) is one of the accepted account currencies with this broker. The other currencies are USD, EUR, GBP, and RUB.It is common among Australian traders to prefer having the Australian dollar as their account currency in broker accounts, as to avoid that type of currency risk.Trading at RaceOptionInstrumentsRaceOption offers Binary Options and Contracts for Difference (CFDs). Both High/Low Binary Options and Ladder Binary Options are available.Underlying assets and productsAround 25 different currency pairs (forex).Cryptocurrency. The assortment is bigger for CFD trading than for Binary Options, so if it is crypto speculation you are looking for, you should definitely not miss taking a look at the CFD section.StocksStock indicesCommodities, including the categories agricultural commodities, metal commodities and energy commodities.Minimum tradeThe minimum trade is $0.01.Maximum payout on Binary OptionsThe maximum payout is 95%.Maximum leverage for CFD tradingThe maximum CFD leverage is 1:500.You will not have Negative Account Balance Protection.Binary Options lifespansTurbo options are available with the timespans 30 seconds, 1 minute and 2 minutes.Short-term options are available with longer timespans than the turbos, but non of them will last beyond the end of the trading day.Longer-term options are available for longer speculation. You can for instance purchase binary options that will expire the next trading day, later in the week, next week, at the end of the month, or even longer into the future.You can impact the lifespan of an active binary option by using the feature “Rollover” or the feature “Sell Now”. By using Rollover, you will (for a fee) extend the lifespan of the option beyond the original expiry point. By using Sell Now, you will immediately end the lifespan of the option, even though it is earlier than its original expiry time. Conditions apply.Account typesTiered accountsRaceOption do not use a system with tiered trading accounts. They are all at the same level.Speciality accountsSpeciality accounts are not available with this broker.Islamic / Halala / Sharia / Muslim Account: Not availableIndian Demat Account: Not availableDMA Account: Not availableECN Account: Not availableLAMM Account: Not availableMAM Account: Not availablePAMM Account: Not availableSTP Account: Not availableDeposits & WithdrawalsThe minimum deposit is $250 which is high compared to most other binary options brokers.The minium withdrawal is $50. RaceOption does not charge fees to process withdrawals.Are cryptocurrency deposits and withdrawals accepted?Yes, BTC, LTC and ETH.Examples of accepted transaction methods at RaceOptionBitcoin transferEthereum (Ether) transferLitecoin transferVISAMasterCardNetellerSkrillPerfect MoneyWire transfer (but it can take up to a week to process a wire transfers)Withdrawal processing timeRaceOption has a good reputation for processing withdrawal requests promptly, for most methods. For withdrawals through crypto transfer or an e-wallet such as Neteller, you can expect your withdrawal request to be handled within an hour.
