One of the newest brokers to launch on the market is Redwood Options. This a broker with big ambitions and it is already cementing itself as the choice of many traders.
Launched in 2013 a strong team sit behind this company which explains the strong feature-set provided at launch. The supplied trading platform is based upon the highly popular SpotOption software engine.
It is fair to say that the solution provided is solid and has started off on a good footing. This broker is looking to expand quickly. Therefore it will pay to keep a good watch out for new features and developments.
Telephone: +1-800-986-6750, 0-800 530-0936 (UK Toll Free)
Email: [email protected]
Trading Platform: SpotOption
Demo Account: Yes
Minimum Opening Deposit: 200 USD/EUR
Minimum Trade Amount: $24
Profitability / Rebate: Up to 89% / 10%
Account Holding Currency: USD, EUR
Accepts US Traders: No
As has already been noted, Redwood Options is a new kid on the block and therefore it would perhaps be somewhat wrong to expect it to meet the standards set by some of the more established names immediately.
Having said that it offers an attractive trading proposition for the trader, with its core system built upon the reliable SpotOption platform. This offers a fully web based trading solution which provides a wide range of different contracts. A good range of solid payouts are also available.
A good feature is that all options purchased payout a rebate of 10% if a contract ends ‘out of the money’. New traders will like this feature in particular, as it helps to cushion the blow of any losses when you first start out trading.
Another area where this broker scores highly is in terms of the wide range of education resources it offers. In addition to eBooks and video instruction, traders can also access daily analysis reports of the major markets on the website.
Contract Types Offered
As you would expect from a broker making use of the SpotOption dealing platform, you get a wide choice of different contracts and expiry times. Note the maximum investment amount on any one contract is $5,000.
The full range of binary contracts offered are:
- Call/Put - A wide range of classic Call/ Put contracts with payouts of typically in the 70%+ range, going up to 81%.
- Option Builder - As the name suggest you can build you own contracts by specifying both the market, expiry time and profit levels.
- One Touch- Earn the highest payouts by predicting the precise level that a market will touch before the expiry time.
- 60 Seconds - The fastest way to earn a payout from the markets. Earn a payout in as little as 60 seconds with these contracts by picking higher or lower price outcomes.
- Ladder - Use Ladder options to earn high returns up to 1500%!
- iFollow - Full social trading. Follow other traders and share in their performance.
Currently dedicated mobile trading apps are not available from this broker. However these are expected to be available in the near future.
As is the case with many brokers these days, a variety of different account types are offered to new clients. These offer different features and privileges depending on the account type that is opened. Each account tier is defined by the amount of initial deposit.
As well as offering additional features and benefits, such as additional risk free traders and personal account management, the level of initial bonus also increases with each account type. The account types are as follows:
- Mini - Deposit required - 200-499 - Receive up to 30% bonus
- Executive - 1000- 4999 Receive up to 70% bonus
- Gold - 5000-10,000 Receive up to 100% bonus
You can deposit funds into your trading account with all the most popular funding methods. These include credit or debit card and bank wire transfer. Deposits made via wire transfer that are under $500 (or equivalent) attract a $25 processing fee.
Additional deposit methods on offer include Cash U and eWallet.
When you have made your profits you can withdraw your funds from your account by either debit/ credit card or bank wire transfer. Wire transfer withdrawal requests are charged at $30, while debit/credit card withdrawals are processed for free.
Note that request for withdrawal can take up to five business days to process, depending upon the method used.
Support is quick to respond and is currently provided in English only. You can contact the broker via a dedicated support email address, telephone (UK number is Toll Free) or via online chat.
Redwood Options offer three different levels of bonus which are dependent upon the account type you open. The more you deposit the higher level of bonus you will earn. You can check out the bonus level for each account under Account types above.
It is important to remember that just because a bonus is on offer you don’t have to take it. If you prefer to sidestep any promotional offers you can do. This will help you to sidestep any terms and conditions that can tie down your account.
FTSE100, DAX 30, Dow Jones, NASDAQ, IBEX-35, CAC 40, S&P 500, Nikkei 225, TOPIX, Straits Times, Tel Aviv 25, KL Future, Hang Seng Future, SSE180, Retuers, DUBAI, TADAWAL, Tata Motores, MSM 30 (OMAN), RTS (Russian), ISE 30 (Istanbul), Bombay SE, Kuwait
EUR/USD, GBP/USD, EUR/JPY, USD/JPY, GBP/JPY, GBP/EUR, EUR/GBP, USD/RUB, USD/CAD, EUR/TRY, USD/CHF, USD/TRY, AUD/USD
Gold, Silver, Platinum, Oil, Wheat, Sugar, Coffee
Apple, BP, BAE Systems, Citi, Coca Cola, Gazprom, HSBC, IBM, Lukoil, Microsoft, Nike, Nissan, Petrobas, Reuters, Rolls Royce, Tata Motors, Teva Pharma, Tesco, Turkcell, SBERBANK
Redwood Options Verdict
- Good package from a broker that is keen to grow
- A solid base on the SpotOption platform - fast execution and a wide range of different expiry times (60 seconds, 15mins, 30mins, hourly)
- 10% Rebate on all contracts that end ‘out of the money’
- Needs to expand its offering to catch up with the very best