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SiamOption Review - is it scam or safe?

SiamOption Review - is siamoption.com scam or good binary options broker?

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

Trading Accounts & Conditions

 

Minimum deposit Min. bet size Payout % Platform Regulation
400 THB 50 THB Up to 90% proprietary No

 

SiamOption is a binary options broker that targets mainly traders based in Thailand and across South East Asia.

Its website is available in English and Thai and it claims to be provide financial services since 2013. However, SiamOption is not regulated and seems quite shady. Read on before you decide to deposit with SiamOption.

 

Also, note that The financial services offered by this broker are not available to residents of the following countries: USA, Canada, European Economic Area, Switzerland, Israel, New Zealand, Australia, Japan, North Korea, Puerto Rico, Sudan, Iran, Liberia, Pakistan, and Syria.

 

 

SiamOption Advantages

 

High payouts

The payouts promised by SiamOption are quite high, reaching 90% on EUR/USD and other popular pairs. Most binary options broker offerя payout percentages in the range 81% - 86%, so the offer of SiamOption might seem attractive.

 

Nonetheless, keep in mind that most frequently those companies promising high , quick and easy profits turn out to be scams.

 

Nice web platform

SiamOption uses its in-house web-based platform, which is quite nice actually. Its charting is nice, with various layouts offered and numerous technical analysis indicators. This is quite rare among binary options providers, most of whom provide very basic trading interfaces, with no analytics whatsoever.

 

 

SiamOption’s web platform. Click to zoom in.

 

Many tradeable instruments

Clients of SiamOption are offered bets on wide range of tradeable assets, including currencies, cryptocurrencies, indices, commodities, and stocks. Although this broker offers trading in three of the most popular coins – BTC, ETH, and LTC – we would advise those of you who are into cryptos to choose among reliable forex brokers who also offer trading in such.

 

 

>> Well-regulated brokers that offer Bitcoin trading <<

 

 

Low initial deposit, free demo account

The minimum deposit amount needed for a live trading accounts with this broker is 400 Thai Baht (which is around $12). The smallest trade size is 50 Thai Baht around (1.5 US dollars). Lower initial investments and bet sizes are always preferable, because you risk less.

 

 

SiamOption Disadvantages

 

Not regulated and involved in scam 

SiamOption is allegedly owned by Barrtoli Management S.A., a company registered offshore, on the Seychelles. Its office, on the other hand, is located in Nicosia, Cyprus. We have clarified the risks of trading with offshore brokers numerous times and will not go into detail now, but overall, SiamOption is a very dubious broker.

 

 
>> Why trading with an offshore broker is so risky? <<

 

 

Several sources suggest that previously it claimed to be operated by Iron Trade and Investment Limited, a company that was registered in another offshore zone, Vanuatu.

 

What is worse, SiamOption is believed to play a critical part in a $22 million investment scam in Thailand, as recently reported by the local media Phuket News. More than 1.4 million Thai people have been scammed out of their money with about 100,000 new accounts being opened each month, overall generating a total monthly income of about 20 million Baht, Thai Police reported.

 

No long-term options

SiamOption offers trading in options with expiration times from thirty seconds 30 to 4 hours. Most traders will do better if they start out with longer term options which last a few hours or days, and then work their way up to 30/60 seconds.

 

Withdrawal limits apply

Potential clients of the brokerage may deposit or withdraw via Visa and Mastercard, which is a bit limiting, since more such companies allow transfers via bank wire and various e-payment systems. What is more, we founf that certain withdrawal limits apply according to SiamOption’s terms & conditions uploaded on the website:

 

 

 

Conclusion

 

No matter how many tradeable instruments SiamOption offers, nor how high its payouts may seem, it is not recommended. This unregulated binary options provider is very shady and involved in fraudulent activities, so you’d better stay away from it.

 

Thailand’s financial market is still in its infancy, so if you are looking for a reliable broker operating legally in the country, you’d better choose among some of the forex companies licensed by reputable agencies in Europe who have their websites available in Thai language and also maintain a Thai customer help desk.

 

 

>> Reliable forex brokers in Thailand <<

 

 

Here is a summary of everything you need to know about SiamOption:

 

Pros Cons
High payout Not regulated and involved in scam 
Nice web platform No long-term options
Many tradeable instruments Withdrawal limits apply
Low initial deposit, free demo account  

 

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Traders` reviews for SiamOption

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