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FinaCom warns of 247Options Trade binary options broker

Aug 11 2017
By
Jonathan Smith ,

 The Financial Commission (FinaCom), the independent external dispute resolution (EDR), whose members include forex, CFD and binary options brokers has added the binary options broker 247Options Trade to its warning list.

 

The black list maintained by the organization is to inform of companies that FinaCom does not recommend to trade with, after numerous reports and complaints of fraud, wrongdoing, etc., filed by customers. It was created earlier this year.

 

The companies on it could be involved in:

 

  • Ponzi scheme, Pyramid Scheme, or a High-Yield Investment Program

  • Theft or misappropriation of funds

  • Fraudulent or unlicensed offering

  • False or misleading statements about a company

  • Other fraudulent conduct

 

Currently the list is not very long, but contains notorious brokerages like RBOptions, Iron FX and Trade12.

 

247Options Trade appears to be a new binary options broker, and a very dubious one, at that. It claims it is regulated by the Cyprus Securities and Exchange Commission and even has posted a “true translation” of a “Cyprus Investment Authorisation”. At first sight it appears real enough, but our check in the registries of CySEC did not find such company.

 

Click for larger view

 

Then, the broker also claims to be also regulated by “American Financial Services Commission (FSC)” and has posted a picture of a license from Mauritius. Last time we checked, Mauritius is an island nation in the Indian Ocean.

 

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There is also a membership certificate from FinaCom, but obviously the company is not a member of the organization.

 

Last but not least, 247 gives a contact address in New York city, which does not exist. On the other hand, the area dialling code of the phone number is actually in California.

 

Click for larger view

 

It is highly advisable that this company be avoided at all costs, as it makes unsubstantiated claims, particularly regarding its regulation status. This is always a big red flag that the company may be up to no good and is most likely a scam.

 

FinaCom is a non-government organization whose members include forex and binary options brokers and fintech companies providing services for the industry. It is based in Hong Kong and serves as a dispute resolution organization. It can also provide compensation for clients of its members.

 

Among its members are Alpari, Amarkets, Grand Capital, RoboForex, Mtrading, Olymp Trade, Forex Club, FXOpen, etc.

 

 

TAGS: finacom  warning  247options trade 
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Cyprus, SVG CySEC MT5, Web,
cTrader
$100 Review Website
Australia, Cyprus ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

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