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Options Dealers Review - is it scam or safe?

Options Dealers review - Is optionsdealers.com scam or good forex broker?

RATING: 1 / 0 REVIEWS Options Dealers
Options Dealers is not regulated. We cannot guarantee your money is safe.

Options Dealers is a binary options broker, which claims to be based and regulated in the United States. Unfortunately this is not true – at least the part of being a regulated, so if you are considering investing your funds with them be sure to read this review first.

 

Trading account  Min. deposit Max. leverage Spread

Basic Account

$1000

n/a n/a
Silver Account $5000 n/a n/a
Gold Account $10 000 n/a n/a
Platinum Account $20 000 n/a n/a

 

Options Dealers Advantages:

 

Non

 

We always start our reviews with all possible advantages about the broker we investigate. But as hard as we tried, we were not able to come with anything positive about Options Dealers.

 

Options Dealers Advantages:

 

Falsely claims to be authorized and regulated in the United States

 

The website is owned and operated by a company called Options dealers Limited, supposedly based in the U.S. All payments, however, are processed by another company - Wonderbridge Services Limited, about which we were not able to find any additional information.

 

Options Dealers claims to be authorized and regulated by an entity called “International Financial Services Commission of Washington DC” to offer financial services “within  the European Economic Area and Switzerland as well as in certain other jurisdictions such as the USA, British Columbia, Canada and some other regions.”

 

First, there is no such official financial regulatory institution like the “International Financial Services Commission of Washington DC” - the financial market in the Unite States is strictly regulated and any broker, which wants to target US customers should be authorized and licensed by the U.S. Securities and Exchange Commission (SEC) and the National Futures Association (NFA), where it should have the status of a Forex Dealer Member and a Futures Commission Merchant.

 

Options Dealers is not registered neither with  SEC nor with NFA and their operations on the US market are totally illegal. 

 

Bear in mind that just a handful of brokers actually have US licenses, because of the restrictively high minimum operational capital requirement – 20 000 000 million USD - basically the same as the operational capital requirement for the banks in Switzerland. 

 

The same applies for Canada and the European Economic Area – the 28 European Union countries plus Switzerland, Norway and Island  –  if a broker wants to target customers there, it should be regulated by an official local regulatory authority such as the Financial Conduct Authority (FCA) in the UK or BaFin in Germany.

 

On to of that the European Securities and Markets Authority (ESMA) – the pan- European regulator, banned all binary options bets on the European market since July 2018.

 

All that makes us believe that Options Dealers is not a legit broke, but a scam website.

 

VISA and MasterCard not accepted as payment options

 

Although on Options Dealers website you can see the logos of VISA and MasterCard, the broker actually accepts payments only with Money Gram, Western Union, Perfect Money and bitcoins – basically the most anonymous ways you can transfer or receive money. 

 

Besides if you make a payment with VISA or MasterCard, according to the new anti – scam policies of the two companies, you will be able to file for a charge back within 540 days. Obviously Options Dealers are not happy with that and they prefer payment methods like Money Gram, Western Union and bitcoins. In any case, if you like the idea of paying with bitcoins, you may also check our list of brokers, accepting the crypto currency:

 

>>Forex Brokers Accepting Bitcoin<<

 

MetaTader4 unavailable 

 

In their presentation Options Dealers say to be offering MetaTrader4 – one of the best known and most widely used platforms on the market. However, it turned out that instead of MT4, they have some web based charts, which we can not even call a platform. See for yourself:

 

 

MT4 on the other hand is definitely the platform of choice both for professional and beginner traders alike. It features numerous market indicators, an excellent set of advanced charting tools and the option to run automated trading sessions with the help of specially designed trading robots, called Expert Advisors. So here you may also check our list of brokers, supporting the MetaTrader4:

 

>>MT4 Brokers<<

 

Unacceptable minimum deposit requirement

 

 

For its Basic Account Options Dealers require an investment of a least 1000 USD and that is absurdly high. Bear in mind that most brokers require an initial deposit of about 250 USD, while some big well established companies like FBS and IG will let you start trading with just a few dollars or so. 


Conclusion:

 

Options Dealers is a binary options broker, that falsely claims to be authorized and regulated in the United States. And actually, because we are 100% convinced that this is a scam, here we will repeat our usual advise to trade only with brokers holding legit licenses by well known financial watchdogs, such as FCA in the UK, the Australian Securities and Investments Commission (ASIC) or CySEC in Cyprus. Here for example, you may check our list of brokers, regulated in the UK:

 

>>FCA Regulated Forex Brokers<<

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Traders` reviews for Options Dealers

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