Optionsset Review Is Optionsset.com A Legit Binary Broker

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Optionsset Review: Is Optionsset.com A Legit Binary Broker?

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.

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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 Further, the parent company had its license withdrawn by the commission in 2020.

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.

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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.

Support

To contact the team or customer care representative, email at [email protected] or use the WhatsApp number: +1 (845) 731 5080.

Conclusion

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.

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Fortrade

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

OptionsSet Review – is optionsset.com scam or good binary options broker?

Trading Accounts and Conditions

Trading account Min. deposit Min./Max. bet size Payout
Basic $500 N/A 81%
Premium $1 000 N/A N/A
Gold $3 500 N/A N/A
VIP $10 000 N/A N/A
Corp $15 000 N/A N/A

OptionsSet presents itself as a binary options provider and says to offer the 5 account types. As you can guess by the gaps in the above table, the trading conditions remain largely unclear, and we also couldn’t access any platform whatsoever. That being said, we have far more serious concerns regarding this broker – it is not regulated and seems involved in an investment scam scheme. You may read all the details below.

OptionsSet Advantages

Not any significant.

OptionsSet Disadvantages

False claims of regulation, possibly involved in a serial scam

This broker claims to be regulated by the Cyprus Securities and Exchange Commission (CySEC). More specifically, it says to be a trading name of B.O. TradeFinancials. This immediately raises red flags – first, because, binary options trading was prohibited across the EU last year, and second, because a number of scam websites have used the name of this very company recently.

Actually, CySEC has wholly withdrawn the license of B.O. TradeFinancials in June, 2020, and besides, we are not certain that OptionsSet has anything to do with this firm. The Cypriot financial watchdog has issued a series of warnings against websites which falsely claim to be owned and operated by the former Cypriot Investment Firm –33option, SmartOptionFX, and FXTradeOption. There are several other brands which also claim affiliation with B.O. TradeFinancials, which we have exposed as potential scammers – AceTradeOptions, binarycent24, 24TradeRush, to name a few.

Whether OptionsSet is a clone firm or really associated with B.O. TradeFinancials doesn’t matter that much – the broker is clearly not legitimate, and not to be trusted. Furthermore, they deliberately try to mislead investors that they are a regulated broker, which by itself is an indication that we are dealing with scammers.

If it targets EU investors, it does so illegally targets local investors. In the official warnin

Platform unclear, ID verification required after signup

OptionsSet has only disclosed the minimum investment amounts required for the different accounts, the amounts of the bonuses their clients are promised, and some payout percentages. The website doesn’t feature information on the trading platform, the tradeable assets, minimum and maximum bet sizes, etc.

The broker does not offer demo accounts either, so we signed for a live trading account in order to get some more information for the purposes of this review. Even then, we didn’t get access to any trading interface, as the broker requires identity verification.

Remember, never give you ID and personal details to an unregulated broker, because they will use these details against you once you file for a chargeback. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.

High initial investment, payouts promised not that high

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

Besides, the payouts offered by this broker reach 81%, if an option expires in-the-money. Such percentage is actually not that high, as most binary options provider promise at least 83% in payouts on EUR/USD trades.

Conclusion

OptionsSet tries to mislead investors that it is a brand of a CySEC-licensed company using the number and the name of a former Cypriot Investment Firm. As there are a dozen other websites which do the same, we suspect that the broker is involved in a serial scam scheme.

After ESMA banned binary options altogether (as of July 2, 2020), there have remained no reliable regulators in this sector. Previously, most regulated binary options brokers were holding licenses from the Cyprus Securities and Exchange Commission (CySEC). That is why we suggest that investors turn their attention to forex and CFD brokers, whose offering is similar.

Here are, finally, the highlights of our review on OptionsSet:

Pro Cons
None False claims of regulation
Possibly involved in a serial scam scheme
Platform unclear, ID verification required after signup
High initial investment, payouts promised not that high
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

Optionsset Review: Is Optionsset.com A Legit Binary Broker?

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