Optionsset.com Review: this is the website of a binary broker that claims to be located in Cyprus. Is Optionsset a scam? Read this review to find out important details revealed about this broker.
The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
Optionsset discloses that it is a Cyprus based company owned by B.O. TradeFinancials. Though Forex trading in this region is regulated by the Cyprus Securities and Exchange Commission (CySEC), Binary Options is banned in Europe. So, the company is not properly regulated, making it unsafe to trade with this broker. Further, the parent company had its license withdrawn by the commission in 2018.
Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.
Advantages of Optionsset
Trading with this company will give traders access to use most of the popular currencies in the markets. Their information is also safe with high-security measures. It is common for brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
Optionsset Trading Platform
We do not find any information on the trading platform provided to clients of Optionsset. However, we advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.
Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are only currencies. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
The maximum bet size offered to clients is not mentioned and while some may seem generous, it is not advisable. High bet size can lead to a huge loss of funds as well.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on Optionsset
The means that traders are to use to make deposits and withdrawals are VISA, MasterCard, bank wire transfer, and bitcoin. The absence of e-wallet options is disturbing.
This is because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.
A minimum deposit of $500 is required which is more than the obtainable average of $100 to $250 that is common among legit brokers. It gives 81% payout. Trading bonuses are offered but the accounts will be subjected to many withdrawal conditions. See this image:
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is Optionsset Licensed?
No. Optionsset offers binary options trading which is prohibited in Europe and thus cannot be a licensed broker. It mentions that it is owned by B.O. TradeFinancials which had its license withdrawn by the CySEC.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To contact the team or customer care representative, email at email@example.com or use the WhatsApp number: +1 (845) 731 5080.
Optionsset is an unlicensed and unregulated broker offering European banned trading binary options. Trading conditions are unclear. Further, transaction methods are limited. Deposit requirements are high and it has no popularity in the market. If you have anything to say about this broker, do so in the comment section.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
To recover your money from Scam Forex, Binary Options, and Cryptocurrency brokerage or signals. Fill the form below to get help
- No License
- Limited transaction options
- High Deposit Minimum
- Unclear Trading Conditions