The immaculate success of the trade market opens up a whole new door of opportunities for scam brokers and criminals. As the coronavirus entered the world, the chances of the fraud brokers to trick innocent victims side-lined to the online market only. However, the online success of the trade market encouraged the online scammers to continue their activities online. Options Rider is one such broker that we are going to review today.
About Options Rider:
Options Riders was founded in the year of 2013. The credibility of companies is determined through a list of factors that include the time period for which the company has been successfully running its business in the market. With almost 8 years in the market, we would expect Options Rider to be a bit more credible. However, things do not seem to be on track for Options Rider as we are going to discuss in this article. The major red flag that comes up as soon as we go to Options Rider’s website is that they do not reveal any information about the founder of the founders of the business. The company also does not reveal information about who runs the company. The domain registration of the website is set to be private and therefore, making it difficult for the public to access the information about the country. Readers must be aware that all the trade brokers that fall under the regulatory authorities are compelled to have their information accessible to the general public. The information not only helps the readers to understand the working of the company but also helps the traders to save themselves from any kind of possible scam.
The Company claims to be based in Auckland, a city in New Zealand. However, the address provided on their website belongs to another company that sells virtual office space under the name of Regus. Therefore, it is pretty clear that Options Rider is lying about its headquarters in New Zealand. Another major red flag that pushes Options Rider further into the category of scam broker is that the company does not have a license. For any company to operate in the trade market, they must be regulated by the regulatory authorities. Every country that has the trade market running well as a regulatory authority. These regulatory authorities often have a set of strict parameters that makes it difficult for scam brokers to acquire a license. Some of the major regulatory authorities are the Australian Securities and Exchange Commission or the ASIC of Australia, the Financial Conduct Authority or the FCA of the United Kingdom, the Cyprus Securities and Exchange Commission or the CySEC of Cyprus, etc.
Is Options Rider a scam or legit?
Another major red flag is that the company does not provide a demo account. The regulated trading companies are demanded to provide their customers with a demo account so that the new customers can learn. The website also states that withdrawal processing can take up to 10 days. This is a very long time for a withdrawal process. In conclusion, Options Rider is a complete scam and we strongly advise our readers not to trade with this company.