Despite the risk that poses a big barrier in the investment market, people are still drawn to this trading market due to the profits achieved here. With the profits also come some negative sides to this profit-making market – the fraud brokers. These fraud brokers hide cleverly in between the legitimate and regulated trading companies, waiting for that perfect moment to attack the customers wandering there. Worried about falling into the trap of these cruel brokers? We are here to help you out. We will review the scam brokers one by one and will provide our readers with tips and tricks to identify these scam brokers out there. Options XO is a broker based in the United Kingdom. Founded in 2012, the company, like any other fraud broker, claims to be one of the best in the market. Read the full review of Options XO here.
About Options XO:
Options XO is an online binary options trading broker that provides a variety of trading options for the customers to choose from such as Stock Options, Index Options, Forex Options, and Commodity Options. With the 4 different types of accounts they provide their customers with to choose from, they also provide an array of instrument options, namely, touch, 60 seconds, high and low. These instruments can be used to trade Commodities, currencies, shares, and indexes. The four account types that they offer are mini account, silver account, gold account, and platinum account.
The mini account gives the customers full access to the trading platform and is absolutely free. After saying that, they have also stated that the minimum investment is only 200 dollars. The silver account is also claimed to be commission-free and yet requires a whopping total of 2000 dollars to activate. The minimum deposit requirement for the gold account is 5000 dollars and 10000 dollars for the platinum accounts. The company further states that the gold and platinum account members have special access to VIP privileges. They also provide a variety of options for money transactions such as credit cards, debit cards, wire transfers, Money Bookers, CashU, and Ukash.
Options XO promises up to a 100% bonus. This is the fault that often happens with most of the trade brokers. Any regulated company would not offer this much bonus or for that fact, they would not offer bonuses at all. This is because the regulatory authorities often put up terms and conditions that are in favor of the customers in case they incur a loss. Due to this fact, the regulated broker companies that have a license approved by the regulatory authorities would not promise bonuses as that would incur a loss of the company.
The Final Verdict:
Companies like the trading and investment companies are judged on the basis of the years they have been active in the market and the growth they have experienced in that time period. Been in the market since 2012, Options XO is relatively new to the trading market and hence loses the brownie points for being an established company. Moreover, the major point that will help us decide whether Options XO is a scam or not in possession of a license. Options XO does not have a license issued from any of the regulatory authorities and thus, it is an unregulated trade broker. The company has been blacklisted by the FPA and the ASIC. We recommend our readers to not invest or trade with this company.