Full Review of OptionBit Binary Options Education
Last night was my first night in a bed after sleeping two nights in a tent, away from computers and charts. What an enjoyable time that was, just hearing “Let’s open another beer” instead of “Go short now, NOW…no, wait, go long, I said LONG…now!” Yes, that’s how my boss sounds like…well, at least one of them. So if you only have one boss, be thankful. If you have no boss, maybe you are a full time trader and you will probably be interested in my OptionBit review.
OptionBit – First Impressions
First thing I saw on OptionBit home page is a nice lady holding some paper, clenching her fist with joy and looking up (at the stars maybe?). This was pretty confusing for me…hmm, did she just won a good trade and she thanks the Binary Gods Callinius and Putioux? Or is she an OptionBit employee, looking up at the next floor, where her boss is, and saying:”Boss, I just received a dozen new clients today…that free E-Book educational material is really attractive to customers!”Time to find out what their material brings to the table.
OptionBit Education Basic Level – Yeah, really basic
The first educational material I’ve seen was OptionBit Glossary and I must say I found a clear and pretty complete piece of information, with no bull…. (you can figure out the missing word, but I can tell you it is not “market”). I was glad I found something a new trader can use, but I couldn’t help thinking how much I wanted them to explain more terms, maybe the Greeks. Then it would really be a 10+ Glossary.
At the bottom of the home page, I found a section called “Learn Binary”. Let’s see what we can find here. Well, 193 words about binary options and the rest of the page is about their unique features, “Close now” and “Roll Over” which by the way, are not so unique. Let’s keep an open mind and see what those 193 words have to offer: they talk about the three important parts of a binary option trade – the underlying asset, the options contract and the prediction and do a decent job at it. They don’t fill my head with bull (“market”) and dreams about my new Malibu house, but I want more, give me more information, don’t be so mean. On my quest for more educational material, I landed into the “Binary tutorial”. Here, I found seven steps to opening a binary trade, taking me briefly from opening an account to placing a trade and watching it expire. I really found no educational value here other than getting familiar with their platform or learning what type of options they offer. It’s starting to get a bit frustrating, because they seem like a dog chasing its tail. Guys, give me something I can use. Immediately after writing this, I slapped myself on the forehead: step four talks about the analysis you must do before entering a trade and about how they can help me predict direction by giving me an eBook…ok, now I’m drooling over the eBook. Give it!
OptionBit Education Medium Level – The infamous eBook
When I clicked on the eBook, a message appeared informing me that I needed to register to download it for free and that it contained “professional trading advice” and “insider tips”. Well, I’m allergic to the word “insider” because it makes me think about “insider trading” which is, of course, illegal in some of its forms. Don’t believe me? Then check it out: http://en.wikipedia.org/wiki/Insider_trading. Nonetheless, I registered to get my free eBook and I clicked it again…but the same message appeared. With a little difference, though: where it previously said I need to register, it now said I need to change my account to a real account. What?!? You want me to deposit money when you just told me the eBook is free? And then I understand it all: the eBook is still free, because depositing money in my new account doesn’t mean I paid for it. I’ve been defeated by an eBook. Me – 0, eBook – 1. I could not help noticing that OptionBit gave me misleading information, but not false so I can never say they lied to me. This means I am dealing with a high level, intelligent adversary.
Ok, round 2 – let’s chat. I asked the nice lady from Customer support if they have any free education. She replied “No, we don’t”. Then, we started a back and forth discussion and I tried to explain her that their first page stated it is free and she explained me what I already knew: it’s free if you invest with them. When I complained about the misleading factor, she apologized, confirming me they are doing this on purpose, to get you to invest. She even told me that if I invest 500$ I get some education from one of their experts. No thanks! I think I’m starting to understand what the lady on the first page is all about.
The Disappointing conclusion
All I got from OptionBit in terms of education was a good Glossary, some yapping about the parts of an option trade and a nice attempt at convincing me to reach down my pocket and cough up some money to invest with them and receive the magic “free eBook”. I am sorry, but all I feel is disappointment, not even anger. They really showed potential with the Glossary and I liked they didn’t tell me I would be rich by the end of the week. No, they did not go down that path, but somehow, they found a way to trick traders into investing…or is it called marketing these days… The image of the girl on the first page comes to my mind and I think to myself: Ha, at least you missed you target by one today.
We also have OptionBit Full Review by Martin Kay