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FastTradeOptions Review - is it scam or safe?

FastTradeOptions review - Is fasttradeoptions.com scam or good forex broker?

RATING: 1 / 2 REVIEWS ForexBrokerz FastTradeOptions
FastTradeOptions is an offshore broker. Your money is not safe.

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FastTradeOptions says to be a U.S. regulated broker offering binary options and CFDs on over 100 assets with a choice of three account types and a web based trading platform. 

 

Account type Min. deposit Max. leverage Spreads/ Payout
Bronze Account $300

n/a

n/a
Silver Account $1000 n/a n/a
Gold Account $3000 n/a n/a

 

As attractive as all of this may sound, our investigation shows that FastTradeOptions is not regulated as they claim, and most probably are involved in scam. Before depositing any funds with them be sure to read the following review.

 

FastTradeOptions Advantages:

 

Non that we can think of.

 

FastTradeOptions Disadvantages:

 

Falsely claims to be regulated in the US

 

A U.S. forex license is a serious business. In order to obtain such license a broker should be licensed as a Retail Foreign Exchange Dealer (RFED) and a Futures Commission Merchant (FCM) by the Commodity Futures Trading Commission (CFTC) and to be a member of the National Futures Association.

 

But even more demanding are the financial requirements of the license – a broker should hold a minimum operational capital of no less than 20 000 000 USD – the same amount as required for the Swiss banks by the regulatory authorities in Switzerland . Besides that explains why only a handful of brokers are authorized to offer  their services to U.S. citizens. 

 

But let us return to our broker. FastTradeOptions is operated by Algobit Ltd., a company supposedly based in California on behalf of Finance Group Corp., which on its part is based offshore in Vanuatu. Non of the above mentioned companies however were to be found in the NFA registers, so basically FastTradeOptions is yet another unregulated, offshore broker, which deliberately tries to mislead its customers.

 

Unusual withdraw conditions

 

As it turned out, in order to let you withdraw anything FastTradeOptions requires you to reach a certain minimum trade volume, and that is not something a legit broker would ever do. Bear in mind that with legit brokers withdraws are unconditional – e.g. you should always be able to withdraw your funds. See for yourself:

 

 

Trading bonuses

 

The practice to offer welcome or trade bonuses has always been highly controversial. So it is not a surprise that all such promotions are altogether banned on regulated markets like the European Union. Bear in mind that trading bonuses always come with additional withdraw conditions – some minimum trade volume requirement, which quite too often scammers use as a pretext to cancel your withdraw requests. (Even if you reach the above mentioned minimum trade volume, scammers usually reserve the right to change their requirements on the move, so basically you will never be eligible to make a withdraw.)

 

Skrill not accepted as payment method

 

Although FastTradeOptions assures us that you can start trading with just 300 USD, when we proceeded with our registration it turned out the only option is to deposit at least 5000 USD. Also payment methods were limited to bank wire transfers and several crypto coins like Bitcoin and Ethereum. 

 

The option to pay with Skrill for instance was not available, although Skrill was among the payment options advertised on the FastTradeOptions homepage. And this is notable because of the new anti scam policy of the money transfer company. According it Skrill partners only with licensed brokers, and as we already established  FastTradeOptions is not a regulated broker. Here you may check our list of brokers, where you can make a deposit with Skrill:

 

>>Brokers accepting Skrill<<

 

No demo account available

 

And that is why we can not comment on the FastTradeOptions trading conditions. In any case here you may always check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

MetaTrader4 not supported

 

FastTradeOptions offers some sort of a unproven, web based trading platform, which we were not able to check, because they would not let us open a demo account. In any case we do miss the MetaTrader4 – a classical trading solution, which has become something like an industry standard. It features well over 50 customizable market indicators and also customizable trading robots with the help one can easily run algorithmic trading sessions. On top of that the platform comes with an excellent set of advanced charting tools, so here you may check as well our list of brokers offering MT4:

 

>>MT4 Brokers<<

 

Conclusion:

 

FastTradeOptions deliberately attempts to mislead their customers by claiming to be regulated in the U.S., while actually they are just a low credibility, offshore broker, which most probably is involved in scam. So our best advice here is to avoid such websites at all cost and trade only with properly regulated brokers, like the ones, licensed and authorized by the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC) – the three most popular regulatory destinations in the industry.

 

What is more, if you chose to trade with a FCA regulated broker for example, your money will be protected by a client compensation fund, basically insuring your trading account for up to 85 000 GBP. Here you may check our list of brokers, licensed and authorized by the FCA in the UK:

 

>>FCA Regulated Forex Brokers<< 

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Traders` reviews for FastTradeOptions

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

They making impossible for me to get my profit generated.

They keep on making surprises on fees like eg
1.withdrawal permit amount
2.broker permit amount
3.tax amount
4.anty money laundering amount document
5.interbank transfer fees
6. Interbank transfer code
I have paid over R100 000 on fees and haven't recieved my profit

Ernest Jabulane Hlatshwayo 12/09/2019
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