While Redwood does not appear to offer any welcome bonuses, it does have a VIP program for high level traders as well as a refer a friend promotion. The site’s software is cutting edge, but user friendly enough for a complete beginner to understand while their range of options is extremely impressive, coming to almost 200 underlying assets. The one area which lets this broker down is its customer support centre which is only open for limited hours.
Redwood Options is one of the top binary options brokers online today, offering its clients high payouts of up to 81%. Using cutting edge technology, the Redwood Options trading platform is entirely web based for a smooth and hassle free experience, and their user friendly interface ensures that even beginners can easily get to grips with trading. With plenty of educational resources and an enormous selection of assets, this broker even returns 10% of the trader’s invested amount, even if their options expires out of the money.
Redwood Options is operated and owned by a company called Azurepearl Capital which has its base in St Lucia in the Caribbean. This broker does not appear to be regulated or licensed by any recognised authority or body, however it is a company that is run by a team of skilled professionals with plenty of experience in the financial industry, including those with a background in Forex, risk management, legislation and payment processing. Unfortunately, American citizens cannot trade through this broker due to CFTC regulations.
Redwood offers around 190 assets for traders to select from.
Their list of assets includes:
Bonuses & VIP Programs
Although Redwood does not appear to offer any type of welcome bonus for clients, existing traders are able to benefit from their refer a friend program which allows existing users to receive a $50 cash bonus direct into their trading account when they recommend a friend who goes on to make a deposit of at least $200. Any number of friends can be referred, making this a very lucrative bonus. Another interesting feature of this broker is that, should an option expire out of the money, the trader’s account is automatically credited with a percentage of their original investment, the proportion of which will vary depending on the type of option. With several different account types available to choose from, the highest level traders can also benefit from a VIP trading account which comes with a host of perks including a dedicated account manager, access to VIP webinars, unlimited academy sessions, an interest account and 5% extra payouts.
As expected from most of today’s binary options brokers, Redwood Options has recognised the need for clients to check their assets and to carry out their trades while they are on the go. They are aware that traders do not want to be tied to their laptop or PC and, with the knowledge that downloading and installing memory intensive software slows down transactions by causing problems with computer memory, Redwood have therefore developed a trading interface which is entirely internet based. This enables trade executions to be carried out more swiftly from anywhere worldwide and at any hour of the night or day using a tablet, iPad or Android smartphone as long as it has a functional internet connection. As well as having a mobile-optimised website, Redwood also has a free mobile application which makes it even easier to trade from a mobile device. It is easy to download this mobile app from the Google Play Store, Apple Store or even from the broker’s website.
Deposits and Withdrawals
Redwood only offers a couple of payment methods
- Credit Card and Debit cards – Visa, MasterCard, Visa Electron,
- Bank wire transfer
The maximum amount which can be withdrawn from an account is $20,000 using a credit card and there is a minimum deposit amount in the sum of 200 Euros/ USD/ CAD/ AUD/ GBP or 20,000 JPY. The maximum deposit is in the sum of 20,000 USD for credit card deposits, although an unlimited amount of money can be deposited using bank transfer. There is a minimum withdrawal amount of 100 USD/ EUR and the maximum amount which can be withdrawn during a single week is 2,000 USD/ EUR.
Accounts can be opened in 6 different currencies including:
- US Dollar
- Pound Sterling
- Australian Dollar
- Canadian Dollar
- Japanese Yen
Once you have chosen a base currency you are not permitted to switch to another one at a later date.
There are several methods through which clients can contact the Redwood customer support centre. These include:
- Email – there are 2 email addresses, one for technical services and one for customer support services
- Live Chat
- Web form
- FAQs page for fast responses to the most common questions
The customer support team are only available from Monday to Friday between 5 am and 8 pm GMT which is quite disappointing.
Extra Features and Resources
Redwood has some education resources available for clients, although the amount of access which is granted to the resource centre depends on the level of account that has been opened. There are live webinars available to help clients to widen their knowledge of trading as well as a free ebook to help newcomers to trading to learn the basics. There is also a helpful glossary so that new traders can become familiar with the essential terms.
Overall, Redwood Options has quite a lot to offer its potential clients, however it is also important to bear in mind that there are several negative points too.
- Cutting edge trading software that is suitable for use by both experienced and novice traders
- 100% online trading interface requiring no installations or downloads
- Mobile trading apps for iPhone and Android
- Choice of customer service contact methods including instant live chat
- 81% returns
- Strong SSL encryption site wide
- Choice of base account currencies
- Free educational resources
- Choice of account types
- VIP programs
- Refer a friend reward scheme
- Cashback even when option expires out of the money
- Huge choice of assets
- There appear to be no welcome bonuses
- Educational resources are limited for lower level account holders
- No USA clients are accepted
- Not registered or licensed broker
- Limited banking options with no e-wallets
- Short customer service centre opening hours with no weekend service
Which currencies can be used as a base account currency with Redwood?
Redwood accept accounts opened in one of six different currencies:
- US Dollars
- Pounds Sterling
- Canadian Dollars
- Australian Dollars
- Japanese Yen
Your base currency is unable to be changed once you have made a final decision.
Is there a registration fee payable to Redwood?
Clients do not need to pay any registration fee when they open a live trading account with this broker.
Which option types are available through Redwood?
There are several option types available so that clients can enjoy the best possible variety of trading experience. The instrument types on offer include:
- One Touch
- 60 Second Trades
- Long Term
Will I need to install any software to my computer?
Traders are not required to install or download any trading software to their computer and can simply use any regular PC as long as it has a working internet connection. The Redwood trading software is compatible with all main browsers including Internet Explorer, FireFox and Google Chrome and uses cutting edge technology so traders can enjoy a fast and smooth trading experience.
What are the account types available?
Redwood offers several different account types to suit the needs of both new and advanced traders:
Beginner Account – requires a deposit of between $200 and $5000. Beginners can benefit from free educational videos, weekly market reviews, 1 month of account manager services and starter webinar access.
Semi Educational Account – requires a deposit of between $5000 and $25,00. As well as all of the benefits of the Beginner account, account holders can benefit from 3 months of an account manager’s service, access to strategy webinars, 2 academy sessions, 50% extra trading capital and 25% trading incurance.
Full Educational Account – requires a deposit of between $25,000 and $50,000. As well as all of the above benefits, account holders can enjoy 6 months of account manager assistance, access to VIP webinars, 5 academy sessions, 75% extra trading capital and 50% trading incurance.
Semi Advanced Account – requires a deposit of between $50,000 and $100,000. As well as all of the above benefits, account holders enjoy 1 year of account manager assistance, 10 academy sessions, 100% extra trading capital, 75% trading incurance and 3% extra payout on binary as well as an interest account.
Full Advanced Account – requires a deposit of over $100,000. As well as all of the above benefits, account holders enjoy a lifetime of account manager assistance, unlimited academy sessions, 100% trading incurance and 5% extra payouts on binary.