1xBit binary options review

Updated Apr 27, 2019
Overall score 50%
Trading platform 4/10
Payout 8/10
Range of options 1/10
Transactions 5/10
Customer service 4/10
Privacy and security 8/10
Established
2015
Located
Russia
Min trade
0.05 m฿
Max trade
4 m฿
Currencies:
Bitcoin Cash BCHBytecoin BCNBitcoin BTCBitcoin Gold BTGBitShares BTSDash DASHDigiByte DGBDogecoin DOGEEthereum Classic ETCEthereum ETHGameCredits GAMELitecoin LTCQTUM QTUMSibcoin SIBStratis STRATTron TRXNEM XEMMonero XMRRipple XRPVerge XVGZcash ZEC

1xBit first ran a government currency broker, 1xbet. Instead of just adding bitcoin transactions like a lot of government currency brokers have, they took the right choice and made a stand-alone end-to-end crypto site.

There is a lot going on here

  • Binary options and financials.
  • Sports betting and live betting including a betting exchange, horse racing, trots, greyhound racing and cockfighting (review)!
  • Casino including live casino, XXX games and games like rock-paper-scissors and Russian roulette (review).
  • Poker room (review).
  • Dice game (review).

The sports betting is decent, everything else is bad.

Trading Platform

1xBit have an interesting forex options trading platform where you can make limit orders and have stop losses rather than just binary options. The platform does not operate on the weekend!

It’s annoying that you have to transfer funds between your main balance and a separate binary options trading balance for no good reason.

Payout

There is no set payout amount because that will be determined by the parameters you set when you make the option. Generally the payouts are very good, with a smaller commission in 1xBit’s than most brokers.

Range of options

1xBit used to have 10 currency pairs, which is how they got into this website. However for the moment those are not available and there is only a random tracker with option durations of 5 minutes or 1 hour.

User experience

The website is cluttered and clunky, trying to cram too many things into 1 place. There are too many options and they don’t always work as expected.

We did not like it at first but it grows on you as you use it. The forex trading is confusing at first but after placing a few trades you get used to it.

Transactions

Unique deposit addresses: Not available.

Confirmations before trade: 6 for casino games, 1 for everything else.

Withdrawal time: Not instant but less than 1 hour.

Player to player transfer: Not available.

The minimum withdrawal is way to high, at 5 m฿! There is no withdrawal fee so this policy may have came about when bitcoin transaction fees were very high.

1xBit supports a huge rang of 18 different cryptos!

Customer service

Customer service channels available: Live chat and email.

Speed of replies: Live chat usually reply instantly but are slow to actually help, or sometimes they just forget about you. Emails are quickly replied to.

Accuracy of replies: Okay if you are asking a question about 1xBits trading platform and rules. Bad for anything else. They are not knowledgeable about crypto and they are useless if you have a bug or issues. Live chat will waste your time getting nowhere then ask you to email support instead.

Real life customer service test

Question:

Is there a reason the financials/forex section is not working? Is it only open at certain times?
How many confirmations does a bitcoin deposit need before it can be used to bet?

Answer:
It does not work on weekends, unfortunately. Deposit via Bitcoin may take up to 24 hours depending on the priority you have chosen. There is no confirmation limit however.

Notes: It took multiple followups over about an hour to get the exact times for the first question. The answer to the second question is incorrect and shows a lack of understanding about bitcoin transactions. After I tried to explain the number of confirmations is not a limit but rather a requirement they will have set, probably between 1 and 6, the customer service staff would still not get the correct information.

Privacy and security

Information required at signup: Email address.

2 factor authentication: Available.

1xBit has the same thing up at multiple URLs. The main one is 1xbit.com but they also use and will link you to things like 1x-bit.com and 1xcrypto.com where you login is preserved. This is confusing and insecure.

1xBit has the equal best privacy and security of all brokers.

Geo-targeting

Bonuses

100% first deposit bonus up to 1000 m฿. The funds go into your account gradually as you trade and you can easily opt-out.

There are several different bonuses and special offers depending on your interests. It’s nice that the terms and conditions are explained fully and clearly.

Overall

1xBit’s binary options are below par. The range is poor and the platform is not intuitive to use. Give it a shot if you want a binary options site that also has a sportsbook, casino and poker room.

Visit 1xBit

Broker walk-through

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1 comment

  1. RalphH

    I hope that it’s alright that I write about this with a few of
    my clients, it will help their comprehension of binary options considerably.

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