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Switzerland’s FINMA warns of UBSOption, Brokers Option binary options brokers

 Switzerland’s financial markets and services regulator FINMA has warned against two unlicensed binary options brokers: UBSOption and Brokers Option. In its typical laconic style, the regulator does not provide further information, except that the two companies are not licensed.

UBSOption operates from the site swissbinarytrading.com and claims to be based in Switzerland. According to the fine print at the bottom of the site, however, the company is actually owned by an entity called Cuba Ltd. That has an office in Sofia. What strikes us is the use of “UBS” in the name of the company, which suggests it may be connected with the major Swiss bank UBS. Of course, the two have nothing to do in common, but the use of similar names is often used by scam companies in order to confound their potential clients.

Another thing we noticed is that UBSOption is very insistent to get our name and contact details – the popup window with inspirational quotes from company employees pops up again every time we close it.

Brokers Option claims to have offices in Zurich and London, but is otherwise less conspicuous than UBSOption. This, however, does not mean it may not be a scam.

Generally we advise our readers to be extra careful and avoid investing with unregulated companies like these.



TAGS: finma  switzerland  UBSOption  Brokers Option 
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