Redwood Option is another UK based broker built on the SpotOption platform. It is owned and operated by Red Tulip Consultants with headquarters in Temple Fortune NW11, London UK. The broker has been around for quite a while and has proven itself to be a decent broker. The website is top notch, it contains all the bells&whistles you expect to find with a leading SpotOption based broker, and is supported by video courses, webinars and live trading groups perfect for social trading binary options.
Full Review Of Redwood Options
Redwood is pretty standard, for a leading SpotOption based broker. They make use of all the features available through the platform, allow for withdrawal/deposit by eWallet and include iFollow copy trading. This is a not trusted broker so trade at your own risk.
OK, the platform has all types of trading. The basic high/low style has expiry ranging from 30 seconds out to several months with lots of intraday and super short term options in between. The asset list is pretty good. This platform has one of the largest selections and is well suited to forex, commodity, index or stock traders… as well as for diversified speculation.
Other types of binary options include One Touch, Pairs and Ladders. Once Touch requires one touch of a set strike, if the price of the asset hits that price your option pays out. Pairs are similar to forex but based on non-currency pairs like AMZN/GOOG, your trade is whether one will out perform the other. Ladders are binaries with over/under expiries, a slightly different approach to high/low trading, and a range of strike prices.
I myself like the Ladders as they give a lot of flexibility and come with some pretty high pay-outs, over 200%. Standard pay-out is around 81%. The Option Builder is a feature I want to hit on for just a minute as well. It is an often overlooked feature that allows you to set risk/reward limits and rebate levels on each trade which allows traders to find tune their trading and money management.
Banking With RedWood Option
Banking at Redwood is standard for the industry. You will be required to provide of identity as well as stick to some trading rules and bonus terms. Deposits can be made by credit card, wires and eWallets which is often a deciding factor for me. Minimum deposit is only $200 with minimum trade for standard high/low options of only $10 so it will be easy to stick to good money management rules. Minimum trade is only $5 for 60 seconds trades but goes up to $25 and $50 for Ladders and One Touch. Withdrawals have a minimum of $100 and are free unless you use wire then they cost $25. It will take up to two weeks for each withdrawal to process and post so be patient. Withdrawal to eWallet is much faster and may post in 3 days or less.
Bonuses are available in many forms. First deposit bonuses are in the range of 30%-100% depending on deposit amount ad are matched by additional features including live trading rooms and advanced webinars. Bonus terms include a minimum of 20X, 30X, 40X or 50X the bonus amount depending on which type of bonus you get. Other terms include no trades above 50% of your balance will count towards the minimum, neither will cancelled trades or trades below the Option Builder limit of 55%/30%
Social Trading Binary Options At RedWoodOptions.com
Redwood has what I think is the leading form of copy trading for binary options, iFollow from SpotOption. It is built on the same algorithms as leading forex copy trading platform ZuluTrade which ranks and lists all traders using the broker. Results are listed on a leader board where you can filter them by asset allowing you to pick the top traders for each. Each trader followed can be limited to a set trade size, total allowable loss and maximum amount of trades for total account management. In terms of copy trading I really like this platform and think Redwood is a good place to find it. The only downside is that there is no forum but that is not a deal breaker as there are plenty of forums on the internet you can use in your social trading network.