Redwood Demo Account
Weve been trading at Redwood Options for just under a year and what we found during this short period time will make want to open an account immediately . If youve used Traderush in the past, youll feel right at home at Redwood. Nowadays you have so many binary broker options its up to you to find the one that works for your trading style. As you read through this review, youll learn all the components they offer and how you can get started. If youve read enough, you can Click Here to open a free no deposit demo. All you have to do is create an account and contact their support staff using the Instant Chat feature. Tell them you have a Promo Code BOT411 . More about this below.
Features and Software
The first thing that comes to mind when visiting Redwood Options is its simplicity. Once you have an account, you are now ready to learn about all the features inside . Trading binary options is fairly easy to do. Its coming up with methods to make the trades you take win . The first thing you see is the web based trading screen. This allows you to pick an asset and trade it within seconds. You enter the expiry time, the asset and the direction you think it will go. Once you have the direction, the amount you want to trade needs to be entered. This can range from the minimum of $10 all the way up to $1000. The image below will show you exactly what youll see. They do have a feature that is called Popularity. This tells you which direction most traders are picking at that period of time. We recommend you avoid this as a guide and come up with your own strategy .
Option Builder
This feature is pretty neat. It allows you to create the option you desire . The great thing about this is the payout potentioal. At Redwood you can get a maximum of 85%. This also includes 0% insurance. If you lose the trade of say $100, you will get nothing back in return. They allow you several options which include trades of 85% profit to 60% losing insurance. You can even take a 30% winning percentage to a 60% losing insurance. We havent found a strategy where this is highly useful . but it is there if you can think of a method.
Besides the normal method of taking directional binary trades, you have the ability to play One Touch options. This part of the platform allows you to invest in units. Each unit is valued at $50. A lot of the one touch trades are for long term. You will see potential payouts of 500% . In some cases you can see a trade that will last all week. For example, if Apple was closed at $525 on Friday, you can see a one touch option of $554 a share. Should the price hit this level by the end of the trading expiry, you will win. When Trends are strong you can risk a trade here or there, but dont get stuck in slow market conditions.
60 Second Options
Probably the most sought after method of trading, the 60 second binary options trade has taken off like no other option . It allows a trader to open a trade by picking a direction and hoping the price moves in their favor in exactly 60 seconds. An important thing to remember is that the payout on average is pretty low. You will most likely get around 70% per trade. A lot of touting services have popped up telling people they have the holy grail of 60 second trading. Weve found that trading in this short period of time is very risky . If you can come up with a solid strategy, Redwood Options will let you trade them. In the image below you can see what the trading screen looks like.
Open Platform
The open platform is for those that have a great feel of the market. Its a simplified trading screen that looks at one asset at a time. You can then watch the tick chart and enter the trade on the same chart. It has the capabilities to get in trades quicker. If you take the main screen on the home page and give it a boost, that is what the open platform is all about. After using it a couple of times youll most likely trade with it going forward.
Assets to Trade
Like most binary brokers you have more than enough assets to trade. You can see the whole list on the website, but well go over a few favorites. When it comes to Forex binary trading, you have all the main currency pairs . The EURUSD and the USDCHF payout the most around 81%-83%. Depending on the time of day will make the payout rate go up or down. The more action in the markets the better the payrate. Depending on when certain stock markets are open, you will have access to several assets within those trading exchanges. Stocks we like to watch are Apple, Google, IBM and Microsoft . Each of these can be traded during the times of the New Stock Exchange. Again, youll have plenty of choices, so be sure to go through the whole list on the Redwood website.
Demo Account and Bonus Promo Code
This is something we mentioned above. If you are new to binary options it is imperative to start with a demo account. This will allow you to learn the platform and execute a couple of trades. Most brokers have you deposit money into your trading account before they will give you a demo. However, the Redwood demo account is given to those who ask . All you have to do is open an account right here and then request the demo. They will most likely put a time limit on the length of the demo. If you ask politely and give them enough reason for them to keep it open, youll end up getting a much longer time period on the demo. When chatting tell them you have a Redwood Options Promo Code and give them this code BOT411. This will tell them you are coming from a respected website and they will be comfortable opening a no deposit account for you. If you have any questions about this you can use our contact page.
Deposits and Withdrawals
When it comes to deposits youll have multiple methods available. This will also depend on the country you are located in. Methods such as Credit Card, Wire Transfer and other e-payment services will allow you to get the live account open quickly . With really high limits on deposit you shouldnt have a problem. If using a credit card you will be limited to the max of $5500. On the other side, if you want to withdrawal, youll need at least a minimum of $100. Remember the minimum deposit amount is $250. If you request the bonus, you can get a matching amount listed to the left. This will give you a nice starting cushion, plus you will receive other great incentive such as a dedicated account manager, trading strategies and money management training.
Customer Service
To bring things together, we feel Redwood options is one of the fastest growing binary options brokers for many reasons. From the review on this page you should have a good grasp of what they are all about. Even if you trade at another broker, its okay to have more than one trading account. A lot of traders ask us where they should trade. We like to think Redwood Options is at the top.