- Official URL: www.RedwoodOptions.com/
- USA Traders are allowed
- Low minimum deposit ($200)
- Low minimum trade amount ($5)
- Phone – USA/Canada: 800-986-6750
Powered by the flexible SpotOption trading platform, Redwood Options, one of the latest entrants into the binary options space, has been gaining a lot of fans lately. Lots of folks who are tired of getting the runaround from their binary options brokers are migrating to this new broker. For that reason, we’ve decided to dig in and take an exhaustive look at it. What follows is an unbiased Redwood Options review. We’ll cover the broker’s good points, not-so-good points, and explain how to take advantage of its best features. If you’re looking for a place to trade binary options, you’re going to like what you find on this page. We’re adding Redwood to our list of legitimate binary options brokers that we’ve had positive experiences with. Having said that, we strongly encourage you to test drive Redwood yourself. Redwood Options Review At A Glance The following review will take some time to go through. If you’re in a hurry, bookmark this page so you can come back to it later. Then, take a moment to glance at some of the high points below. Pros
- Open to U.S. binary options traders
- Low deposit minimum (only $200)
- Low minimum trading amount (only $5)
- 60 second options
- 10% rebate on out-of-the-money trades
- Up to 100% bonus on deposits
- No demo account currently offered
- 30x rollover requirement on bonus (not horrible, but not great either)
Step 1: How To Create Your Account
Creating an account at Redwood Options is simple. The process is very straightforward. The “Open Account” page asks you to provide basic information about yourself, such as your name, email address, and phone number. Pretty standard fare. You’ll also need to choose a password and select your currency (U.S. dollars is selected by default).
As a side note, we suggest creating an email account specifically for trading at Redwood (a simple Gmail account works perfectly). That way, you’ll have everything in one place without running the risk of important details falling through the cracks. Next, check the box that signifies that you accept the terms and conditions. Then, type in the confirmation code and hit the “Submit” button. You’ll then be asked to choose from one of three account types. The type you choose is dictated by how much you want to deposit. The more you deposit, the higher your bonus match. Here’s the current breakdown: Mini account: $250 to $999 deposit with a 30% bonus match. Executive account: $1,000 to $4,999 deposit with a 70% bonus match. Gold account: $5,000 to $10,000 deposit with a 1000% bonus match. Just hit the “Select” button under the account type you want. Quick and painless.
Step 2: How To Fund Your Account
Redwood Options has made it very easy to deposit funds into your account. You can use your credit card (Visa, MasterCard, or American Express), debit card, or make a deposit via bank wire transfer. If you want to fund your account with a credit card or debit card, you’ll need to provide the card type, account number, expiration, and CCW (the 3-digit code on the back of the card). You’ll also be asked to provide your address for verification. Redwood has posted the information you’ll need in the event you want to wire funds from your bank. Click on the “Wire Transfer” tab, and you’ll see Redwood’s account name, bank name, SWIFT code, and IBAN (International Bank Account Number). You’ll also see a tab titled “CashU.” It’s a funding option available to folks living in the Middle East and North Africa. If you live in the U.S., you won’t be able to use it. Your account will be created as soon as you hit the “Deposit” button. If you use a credit card to make the deposit, you can expect to see the money in your account within 30 minutes. If you wire the money from your bank, it may take a few days to clear. The entire process can be completed within a few minutes. You can dive in and start placing trades almost immediately after creating and funding your account.
A Quick Walk-Through Of Redwood Options Features
The SpotOption trading platform that lies beneath the Redwood Options site displays everything in an intuitive, simple-to-use format. You can switch between the site’s features – for example, from 60 second binary options to Option Builder – by choosing tabs near the top of the home page.
We’d prefer that there was a way to monitor open trades from the same screen, similar to 24Option.com. Unfortunately, that’s not how the Redwood site is currently designed. But there’s a handy link at the top right of the screen titled “Open Platform” that takes you to a page showing your active trades. It’s not perfect, but still very simple. Notice the “Open Platform” tab near the top of the screen (to the right of the “60 Second Option” tab)? Selecting that tab will display a real-time graph showing the aggregate trading activity of the other traders. It gives you a great bird’s-eye view of the open trades.
High / Low Binary Options
When the “Binary Options” tab is selected, you’ll see a list of high/low options displayed. (A second-level menu of tabs allows you to display trades on commodities, currency pairs, stocks, and indices.) High-low options are the simplest type of trades to execute. You essentially predict whether the price of the underlying asset will move up or down. For that reason, they’re sometimes called up-or-down options. Executing the trade is as simple as clicking the “Up” or “Down” arrows to the right of the trade’s price graph, and entering the amount you want to wager.
As you can see from the screen shot above, the second tab from the left is titled “Option Builder.” This is a feature that allows you to customize your trades. Not only can you choose the underlying asset, but you can also tailor the trade’s expiry time and level of risk. It’s flexible and incredibly easy to use. A lot of binary options traders experiment with the feature only to find they prefer using it to executing trades over which they have less control. Our advice? Try it out. Customize a few trades and see if you enjoy the experience.
One Touch Binary Options
One touch binary options – sometimes called “touch or no touch” options – are almost as simple as high/low trades. Here, you predict whether the price of the underlying asset will hit a certain level before the trade expires. It’s not enough to call the direction of the price; you also need to forecast whether it’ll reach the trade’s target price. You’ll notice that the potential payouts for one touch binary options are substantial. Redwood Options offers returns that climb to 550% on your investment. Given that returns on high/low trades max out at just above 80%, the one-touch payouts are pretty impressive. Of course, there’s considerably more risk, too.
60 Second Binary Options
This type of trade is arguably one of the hottest trends in binary trading. 60-second options expire 60 seconds after they are executed. They’re not for the faint of heart. Nor are they for ultra-conservative traders. One minute binary options are ideal for traders who enjoy a fast pace and the chance to make a quick profit. If you’re a novice trader who is just beginning to learn the ins and outs of binary options trading, we recommend that you hold off on placing trades with 60-second expiries. Get some experience under your belt first. 60-second trades are fun and exciting, and can definitely be profitable, but more often than not, folks lose money on them. Learn more about 60 second trades here. Don’t say we didn’t warn you.
Does Redwood Binary Options Offer A Demo Account?
At this time, Redwood Options does not provide a demo account for its customers. That’s unfortunate since a demo would allow you to test drive the site’s trading platform without risking any of your own money. Having said that, our experience at Redwood has been so positive thus far that the lack of a demo account isn’t that big of an issue. It would be nice to have, but its absence certainly isn’t a deal breaker.
Is Redwood Binary Options A Legitimate BO Broker?
The bottom line on Redwood Options is that it is definitely a legitimate binary options broker. It is upfront about what it offers and what it doesn’t. Moreover, the site shies away from making outrageous promises. That’s a refreshing trait in the binary options space. It’s worth noting that Redwood has not only managed to gain favor with a huge number of traders, but its customers tend to stick around. That tells us the broker is definitely doing a lot of things right. We’ve also noticed that Redwood prioritizes customer support. That’s a major plus in our mind. You can contact them via live chat, email, phone (toll-free), or by using an online contact form. So, should you do the majority of your binary options trading at Redwood Options? You’re the only one who can answer that question. We suggest that you create an account, make a small deposit, and place a few trades. If you’re like us, you’ll love what you find there.