RACEOPTION Forex Broker provides real users with 1 positive reviews, * neutral reviews and * exposure review!
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I can say that while their customer service is top-notch, there have been some issues with promised bonuses being delayed and withdrawal times taking longer than expected, usually up to an hour. This can be frustrating when you're trying to move your money around quickly. However, their representatives have always been very helpful and communication has never been a problem.
Summary: RaceOption has garnered mixed reviews, with many users expressing dissatisfaction regarding withdrawal processes and regulatory concerns. However, some traders appreciate the platform's user-friendly interface and fast deposit options. Notably, the broker operates without comprehensive regulation, which raises red flags for potential investors.
Note: It's essential to recognize that RaceOption operates under various entities across different jurisdictions, which can impact user experiences. Therefore, a careful approach is warranted when considering this broker.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 5 |
| Tools and Resources | 6 |
| Customer Service and Support | 4 |
| Trading Experience | 5 |
| Trust Level | 3 |
| User Experience | 6 |
| Overall | 4.5 |
How We Rate Brokers: Our ratings are based on extensive analysis of user reviews, expert opinions, and factual data regarding broker operations, fees, and services.
Established in 2017, RaceOption is an offshore broker based in the Marshall Islands, operated by Make Run Corp. The platform offers a proprietary web-based trading interface, which is accessible without the need for third-party software like MT4 or MT5. Traders can engage in binary options and CFD trading across various asset classes, including forex, commodities, stocks, and indices. However, the absence of a robust regulatory framework raises concerns about the safety of client funds.
RaceOption is not regulated by any major financial authority, which is a significant drawback for potential traders. The broker claims to operate under the International Financial Market Relations Regulation Center (IFMRRC), but this does not provide the same level of oversight as more recognized regulators like the FCA or CySEC. As a result, users may face increased risks, including potential fraud or exploitation.
RaceOption supports multiple currencies for deposits and withdrawals, including USD, EUR, GBP, and RUB. The broker also allows transactions in popular cryptocurrencies such as Bitcoin and Ethereum. The minimum deposit required to open an account is $250, which is relatively high compared to other brokers in the industry.
RaceOption offers various bonuses that depend on the deposit amount. For instance, a 20% bonus is available for deposits between $250 and $999, while a 100% bonus is offered for deposits over $3,000. However, users should be aware that bonuses come with strict turnover requirements: accounts with bonus funds must achieve a turnover of 300% before withdrawals can be made.
The broker provides access to over 100 assets for trading, including major and minor currency pairs, various stocks, commodities, and indices. However, the selection is limited compared to other platforms, and there are no options for trading cryptocurrencies directly through the platform.
RaceOption does not charge spreads, which is a plus for traders. However, the broker applies a commission of 1% to 2.5% on unleveraged CFD trades and up to 5% for leveraged positions. Additionally, an inactivity fee of $10 applies if no trades are executed within a month, and rollover charges are incurred for overnight positions.
The maximum leverage offered by RaceOption is up to 1:500 for CFD trading, which can amplify both gains and losses. This high leverage may appeal to experienced traders, but it poses significant risks, particularly for beginners.
RaceOption utilizes a proprietary web platform, which lacks the advanced features of popular trading platforms like MT4 or MT5. While the platform is user-friendly, it may not meet the needs of more experienced traders seeking advanced charting tools and indicators.
RaceOption does not accept clients from the United States, which is a common restriction among offshore brokers. Potential clients should verify their local regulations regarding binary options trading before signing up.
RaceOption offers customer support in multiple languages, including English, Spanish, and others. However, user reviews indicate that the quality of customer support can be inconsistent, with many users reporting long wait times and unhelpful responses.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 5 |
| Tools and Resources | 6 |
| Customer Service and Support | 4 |
| Trading Experience | 5 |
| Trust Level | 3 |
| User Experience | 6 |
| Overall | 4.5 |
In conclusion, RaceOption presents a mixed bag for potential traders. While it offers some attractive features, such as fast deposits and a user-friendly interface, the lack of regulation and numerous negative user experiences raise significant concerns. As always, potential investors should proceed with caution and conduct thorough research before engaging with any broker.
