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SmartOptionFX Review - is it scam or safe?

SmartOptionFX Review - is smartoptionfx.com scam or good binary options broker?

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

 

Trading Accounts and Conditions

 

Trading account Min. deposit   Min. bet size  Payout
Basic  $500 N/A N/A
Premium  $1 000 N/A N/A
Gold  $3500 N/A N/A
VIP  $10 000 N/A N/A
Corp  $15 000 N/A N/A

 

SmartOptionFX presents itself as a binary options broker and allegedly offers 5 account types. However, the trading conditions on these accounts remain largely unclear. Apart from their account type and trading conditions, we have serious concerns about this broker and the details will be highlighted below in this review.

 

 

SmartOptionFX Advantages

 

None.

 

 

SmartOptionFX Disadvantages

 

False claims of regulation

On their website SmartOptionFX provide an address in Miami, Florida, USA. In spite of this, the broker claims to be regulated in Europe, and more specifically, by the Cyprus Securities and Exchange Commission (CySEC).

 

As most of you probably know, binary options trading was prohibited across the EU last year, and ESMA keeps renewing the temporary ban ever since. Lately, most national financial authorities of EU Member States mirror ESMA’s product intervention measures and make them permanent on a national level.

 

So, we weren’t surprised that our check in CySEC’s online register showed that the company behind SmartOptionFX, B.O. TradeFinancials, is no longer licensed.

 

Here we should note that investing with unregulated brokers is associated with significant risk of losing your money to scammers. Unregulated brokers are not accountable of how they handle your money and quite often traders, dealing with such brokers, have problems withdrawing their funds.

 

Blacklisted by CySEC, possibly related to other shady brokers

Furthermore, we discovered that CySEC has actually blacklisted SmartOptionFX, as its website does not belong to an entity authorized for provision of investment services and/or the performance of investment activities in the country. Obviously, the broker illegally targets local investors. In the official warning, the regulator also states that it has wholly withdrawn the license of B.O. TradeFinancials in June, 2018.

 

 

Actually, we came across many shady websites, all of which claim to be operated by former CySEC licensee B.O. TradeFinancials - 33option, AceTradeOptions, binarycent24, FXTradeOption, and more (some of these websites are no longer accesible). CySEC has issued warnings against some of them, in some cases even pointing out that the license number and contact details of B.O. Tradefinancials Ltd. were used illegally and without its authorization

 

Zero clarity on trading conditions 

As we mentioned in the beginning, the offer of SmartOptionFX is utterly unclear. The broker has only disclosed the minimum investment amounts required for the different accounts, and the amounts of the bonuses their clients are promised, and has not specified any payouts, minimum bet sizes, etc. It is even not clear which trading platform they use.  The broker does not offer demo accounts, and we couldn’t get access to any platform even after registering a live account (without depositing any money)

 

 

The only thing that we came across on SmartOptionFX’s website that may be indicative of their offer is a screenshot of SpotOption platform. We are not sure whether the broker actually supports this platform and offers payouts of 81% on EUR/USD High/Low options, or just uses the image to explain the nature of trading binaries.

 

Comparatively high initial deposit required

In order to open an account with SmartOptionFX, one has to deposit at least $500. Such initial investment required is at least twice higher than what most brokers require as a start.

 

 

Conclusion

 

SmartOptionFX is a shady binary options broker that tries to mislead investors that it is a brand of a CySEC-licensed company. Not only that this is impossible in the current day and time, but CySEC has actually issued a warning against this broker. Considering that SmartOptionFX has not clarified its trading conditions and does not offer access to any platform whatsoever, we can safely conclude that it has all the trappings of a scam.

 

Unfortunately, the financial markets are plagued with fraudsters trying to rip off investors in every possible way. So, the only way to stay safe is to deal only with well-established and regulated brokers, and always check carefully whether the companies are (really) licensed.

 

 

>> Trade forex with the best CyPriot brokers <<

 

 

To sum up our review on SmartOptionFX:

 

Pros Cons
None Misleading information on regulation
  CySEC warning, possibly related to other shady brokers
  Trading conditions and platform unclear
  High initial deposit

 

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Traders` reviews for SmartOptionFX

Spread

Pros

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Stop them

My opinion is to ensure that they have to be stopped before is too late coz they keep on scamming people .

Matebello Motlokoa 07/13/2019
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