Redwood Options Broker Review
Redwood Options Broker ReviewMay 2, 2013
Redwood Options is one of the newest Spotoption-powered brokers available online today for any trader wanting to invest in binary options.
Redwood is simply adamant about keeping your information secure and providing a safe as well as professional trading arena. Besides having a 265 bit SSL encryption layer, they are also one of a few select brokers that are PCI compliant, meaning they had to go through a ton of tests and build a compartmentalized and insulated database that electronically stores your credit card information in an external secure facility or data house. The staff can only see the last 4 digits of your card.
When signing up you have to fill out 8 fields. First Name, Last Name, Email, Country, Password (Twice), your preferred currency, and phone number. That’s it! Once your done with that you get a verification email and a phone call. Once your identity is verified you can proceed to the cashier section of the software and make your initial deposit.
Minimum Deposit & Trade
The minimum deposit sum on Redwood is $/€/£ 200 and smallest trade you can execute is $/€/£10.
Redwood offers a welcome bonus deal of up to 50% of your initial deposit depending on your purchase amount. There are also cash back bonuses offered on losing trades.
VIP plans start with a Junior account offering a 20% welcome bonus, and up to 40% with the Executive account. Being a Redwood Options VIP means you get daily and weekly market reviews, a special educational E-book, candlestick charting training, dedicated account manager, academy membership, risk management training, risk-free trades, and trading strategy guidance.
The demo account is exceptionally functional and easy to use. The asset index and contract rates completely match the real money trading account. I felt very comfortable simulating trades and practicing how to execute trades in a risk-free environment.
The asset index presents all the usual assets we all expect to see in the form of stocks, commodities, indices, and Forex pairs (currencies), but more importantly it is presented in a clear and coherent way allowing you to sort through all the options in a very effective fashion and select the one which is best for you very quickly so you can move on to the actual business of trading.
Redwood offers an incredibly easy-to-understand E-book, along with a very strong FAQ and glossary section explaining the in and outs of trading binary options online. There are also free instructional videos, webinars, and tutorials provided as well.
- Digital Options: The standard run-of-the-mill High/Low form of binary options trading. Simply guess the general direction (above or below the resistance line) and if you predict correctly your contract or winning trade will expire in the money.
- Option Builder: Customize your trading as you go. Select the type of contract you want, as well as the expiry time, asset, risk VS profit ratio, and how much you wish to invest. Option builder empowers you by allowing you the type of flexibility only the Spotoption platform can provide.
- One Touch: This feature offers insane payouts of up to 500%. You would have to buy shares that are not at market rates. If the price you select is equal to or above a call option, or alternatively, below on the put option’s sale price, you will have a winning trade and the contract will expire “in the money”. However, if the price you choose does not reach the goal rate then you will lose the trade AKA expire “out of the money”. One touch is not available on Weekends and can only be traded during specific hours during the week.
- 60 Second Options: The classic 60 second trading model allowing you to invest as little or as much as you want and see the trend fluctuate in a 1 minute period.
- Open Platform: This is a tool that allows you to see the whole trading environment is a full screen mode and provides you with immediate and real time access to data based on what other traders are doing. This tool is taking it one step closer to social trading by empowering traders and letting them see what their colleagues are doing.
Simplicity is Key
Redwood is probably one of the most user-friendly brokers I have ever had the pleasure of trading with. The environment is very native and functionality is really as easy as point and click. It’s extremely easy to understand and highly intuitive, you can immediately see that someone invested a lot of time choosing exactly where everything should be.
Customer support is exemplary, with incredibly helpful staff that are not too pushy while at the same time knowing exactly how to assist you and lead you in the right direction. The answers I received were immediate and highly professional.
The platform is Spotoption, there is no need to elaborate here. It’s considered by many to be the absolute best CySec-licensed binary options trading platform available online today.
Personally I prefer trading on my desktop. However tablets, Iphones, and Android devices are becoming more popular with people around me. Redwood Options does not advertise mobile trading however Traderush (one of our recommended brokers) does support mobile and they do have excellent service and a great product.
Redwood accepts all major international credit cards such starting with Visa, Visa Gold, Black, and Platinum, Mastercard, Eurocard, Maestro, Solo/Switch as well as American Express AKA AMEX, and Diners Club. Prepaid credit cards and debit cards such as Visa Electron and Amex Prepaid or gift certificates are also accepted. Available E-wallets are Moneybookers also known as “Skrill”, and CashU which is big with Arab speaking traders. Wire Transfers are also accepted and are used for cashing out and withdrawing funds as well.
Overall Redwood Options is one of the best brokers I have recently had the pleasure of trying out. The software is extremely well built and the whole user experience was amazing. They do accept US traders but there are a few weak points. The first has to do with the fact that the site and software are available in English only. Secondly, I found the asset index to be a bit lacking in terms of variety. On the strong side, the educational center is amazing and has a video academy, video courses, and E-books. I personally invested and made money with Redwood. Cashing out was quick and the service was amazing. Overall score is 9.4/10.