Redwood Options Review: A Comprehensive Look at This Binary Options Broker
Redwood Options is a binary options broker that was founded in 2013 and is owned by Azurepearl Capital. The broker is not regulated, but they do not accept traders from the United States. Redwood Options offers trading on over 180 assets including stocks, currencies, commodities, and indices using the SpotOption trading platform.
Trading Platform and Assets
Redwood Options uses the SpotOption trading platform which is easy to use and suitable for beginner traders. The platform provides access to over 180 tradable assets across stocks, currencies, commodities, and indices. Some of the major assets available include Apple, Google, EUR/USD, Gold, and the S&P 500.
The platform provides access to several binary options trade types including High/Low, One Touch, Short Term, Option Builder, and Open Platform. The minimum investment amount per trade is $10 and the maximum is $5000. The Option Builder feature allows traders to customize each element of their trade including asset, expiry time, risk/reward ratio, and investment amount.
Overall, the trading platform provides a good selection of assets and advanced features that will appeal to novice and experienced traders. The customization available with the Option Builder provides flexibility for traders.
Account Types and Bonuses
Redwood Options offers three account types:
- Mini Account: Requires a minimum deposit of $250 to $999 and includes a 30% welcome bonus.
- Standard Account: Requires a minimum deposit of $1000 to $4999 and includes a 50% welcome bonus.
- Executive Account: Requires a minimum deposit of $5000+ and includes a 100% welcome bonus.
The welcome bonus amounts are generous, but traders should read the terms and conditions carefully before accepting a bonus. There are turnover requirements that must be met before any bonus funds can be withdrawn.
The maximum payout offered by Redwood Options is 81% which is in line with the industry average for offshore brokers. There are some high yield one touch options that offer payouts up to 550%.
Banking and Security
Redwood Options offers a selection of banking methods including credit/debit cards, wire transfer, and online wallets like CashU. The minimum deposit amount is only $200 which makes the broker accessible even for beginner traders on a budget.
The company takes security seriously and uses secure socket layer (SSL) encryption technology to protect all financial transactions and personal data. Account verification is required when opening an account and making the first deposit.
Overall, Broker offers a good selection of banking options. The low minimum deposit and focus on security provides confidence for traders.
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Redwood Options Customer Support
Redwood Options provides customer support through live chat, email, and telephone. Support is available 24/7 for all traders. The company also assigns each trader an account manager to provide personalized trading guidance and education.
Education and Resources
Redwood Options offers an extensive range of educational resources suitable for novice and experienced traders. These resources include:
- Video Academy: Provides video tutorials covering all aspects of binary options trading.
- eBook Library: Offers access to 50+ page trading guide covering strategies, money management, technical analysis, and more.
- Webinars: Live and recorded webinars available on key trading topics.
- One-on-One Training: Personalized coaching from account manager on trading skills.
The combination of videos, eBooks, webinars, and personalized training provides traders with all the resources they need to improve their trading skills. The education offering sets Redwood Options apart from many other brokers.
Pros of Redwood Options
- User-friendly SpotOption trading platform
- 180+ tradable assets across major markets
- Account types suit all trader budgets
- Generous welcome bonus up to 100%
- Payouts up to 81% plus high yield options
- Low minimum deposit of only $200
- Focus on security with SSL encryption
- 24/7 customer support via live chat, phone, and email
- Extensive educational resources for novice traders
- Dedicated account manager provides guidance
Cons of Redwood Options
- Company is not regulated which may deter some traders
- Withdrawal delays reported by some traders
- Limited payment methods – no e-wallets offered
- High bonus turnover requirements
Redwood Options Conclusion
Redwood Options is a reputable binary options broker that provides a user-friendly trading platform, broad asset index, competitive payouts, and extensive educational resources. The company has built a positive reputation since launching in 2013 by offering a quality trading experience.
While Broker is not regulated, they are backed by a known group which provides reassurance. The lack of e-wallet banking options and high bonus turnover requirements are disadvantages. However, overall the broker offers a good service for novice and experienced traders alike.
Redwood Options delivers a polished trading platform, flexible account options, and responsive customer support. For traders seeking a reliable offshore broker, Redwood Options is certainly an option worth considering.