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TradeOption Review - is it scam or safe?

TradeOption review - Is tradeoption.online scam or good forex broker?

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

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TradeOption is presented as a leading forex and CFD broker, binary options broker, and provider of crypto currency investment solutions. And they say to offer a whole range of trading instruments from currency pairs and commodities to stocks and indices, all of which with a choice of five account types and a web based platform.

 

Account type Min. deposit Max. leverage Spreads/ Payout
Starter Account $500

n/a

n/a
Bronze Account $1000 n/a n/a
Silver Account $2500 n/a n/a
Gold $5000 n/a n/a
VIP $10 000 n/a n/a

 

Also, TradeOption says to operate offices in New Your, Texas and the UK and to be licensed by the Isle of Man Gambling Supervision Commission. Unfortunately such a license, even if genuine, does not give TradeOption the right to offer any kind of financial services on regulated markets like the U.S., the UK or the broader European Union. So if you consider whether to invest your money with  TradeOption, better read the following review.

 

TradeOption Advantages:

 

We usually try to list any possible advantages a broker might offer its customers in the beginning of our reviews, but here with TradeOption we have no choice but to leave this section empty.

 

TradeOption Disadvantages:

 

Not regulated, anonymous website

 

TradeOption says to be owned and operated by a British company called TRADEOPTION LTD. Unfortunately we were not able to confirm this. There is no corporate information in their presentation and apart from two U.S. addresses – one in New York and one in Texas, the website is almost completely anonymous – there is not even a phone number.

 

In any case if a broker wants to offers forex and CFDs in the U.S. or the UK it should be licensed by the relevant financial authorities – in the UK by the Financial Conduct Authority (FCA) and in the US by the Commodity Futures Trading Commission (CFTC), which  should certify the broker as a Retail Foreign Exchange Dealer (RFED) and a Futures Commission Merchant (FCM). 

 

On top of that in the U.S. a broker should become a member of the National Futures Association (NFA) and should be holding a minimum operational capital of no less than 20 000 000 USD.

 

As we already noted TradeOption is not licensed to provide any kind of financial services whatsoever.

 

No payments with Skrill, VISA or MasterCard

 

On its homepage TradeOption displays the logos of various payment companies including Neteller and Skrill. In reality however, when we proceeded with our registration, as it turned out the only payment methods accepted were Bitcoin, MoneyGram, Western Union and  Perfect Money.

 

 

The problem here is that if you pay with bitcoins or money transfer services like MoneyGram and Western Union, the transaction can not be reversed, while if you pay with VISA or MasterCard you can always file for a charge back with your bank, in case you realize you have been scammed.

 

And the absence of Skrill is notable as well. A year ago Skrill adopted a new anti scam policy according which it  partners only with regulated brokers. And as we already discussed  TradeOption does not have a legit forex license. Here you may check our list of brokers, where you can pay with Skrill:

 

>>Brokers accepting Skrill<<

 

MetaTrader4 not supported

 

TradeOption offers its customers some oversimplified binary options platform, which you can see here.

 

 

Legit brokers on the other hand support reliable trading solutions like the MetaTrader4, for example – by far the mots popular trading platform on the market, featuring well over 60 modifiable market indicators and trading bots, with the help of which  one can easily run algorithmic trading sessions. And the platform also comes with a set of advanced charting tools, so here you may check as well our list of brokers, supporting the MT4:

 

>>MT4 Brokers<<

 

High minimum deposit requirement

 

You will need at least 500 USD to start trading with TradeOption, while with most other brokers you will need just 250 USD. Also, bear in mind that with some big and well established companies like FBS and IG you can open a trading account with just 5 USD or even less.

 

Conclusion:

 

TradeOption is unregulated, low credibility binary options broker, which we can not recommend. And because proper regulation is of utmost importance for the safety of your funds, our general advise here is to trade only with brokers, licensed and authorized official financial regulators such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).  

 

And besides, because with a FCA company you will even get an insurance of up to 85 000 GBP, here you may check as well our list of UK regulated brokers:

 

>>FCA Regulated Forex Brokers<< 

Latest news about TradeOption
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Traders` reviews for TradeOption

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