Options Trade FX is yet another on a long list of scam brokers, whose website is mostly poorly conceived fiction.
Looking at the misinformation displayed on the broker’s website, they would have clients believe that they are a well-regulated legitimate brokerage that has won a whole host of awards for the outstanding service that they provide.
This is all obviously far from true. Options Trade FX is nothing more than a scam with the sole purpose of separating their clients from their money rather than aiding them in turning a profit from their investments.
Options Trade FX Quick Glance
In the table below, we have compiled some key information that traders should pay attention to when choosing a broker.
It just so happens that this broker displays all of the red flags that traders should be on the lookout for. To start with the majority of key information like the platform that the brokerage uses.
In terms of maximum leverage the claim that the offer is 1:500 but as we will point out later this just is not the case.
This continues to the Ludacris minimum deposit of $1099. There are a lot of legitimate brokers that require minimum deposits as low as $1 and go as far as providing a free demo account so that potential clients can test out the software before committing a single dollar.
Security and Regulation at Options Trade FX
This brokerage is not regulated by any recognized regulatory body. However, they claim that they are regulated by the FSA of Seychelles as well as CySEC, a tier-one regulator. Options Trade FX states that they are regulated by CySEC under the name TopFX Ltd.
The only issue with this is that none of the information about TopFX ltd. on the CySEC website matches any of the information that is provided by Options Trade FX on their website.
This means that the broker is fabricating their regulatory status in an attempt to trick traders that are weary enough to check the brokerage’s status with CySEC.
This alone is enough information to warrant any trader in their right mind to turn the other way and look for a legitimate investment firm.
Additionally, traders should know that this broker has a warning issued against them by the FSA for pretending to be a different broker that is actually regulated by the FSA.
Why Is Trading With Offshore Brokers Risky?
The biggest issue that arises from unregulated brokers is the fact that they are not in compliance with any of the rules that are set by regulatory bodies like ASIC, CySEC, or BaFIN. This means that there is virtually nothing protecting traders from scammers that set up a website that appears to be a brokerage but only serves the purpose of accepting deposits.
Oftentimes these fake brokers do not even have a functional trading platform, which is the case with Options Trade FX.
Offshore Brokers’ Tricks to Get Money
Investment scams like these are usually set up as get-rich-quick schemes that make outlandish promises of untold wealth waiting for you in exchange for a small deposit.
Once the deposit is made, the victim usually finds out that the broker does not have a functional trading platform and this is where the illusion is shattered.
Some scam brokers will go as far as providing a legitimate trading platform but will make making a withdrawal impossible with prohibitively high minimum trade volume requirements or a laundry list of fees that end up eating away the entire sum that could have potentially been available for withdrawal.
False Profit and a 20% Withdrawal Charge
The false profit withdrawal charge is a “technique” often used by scam brokers as a means of squeezing one last bit of money out of their victims.
They do this by convincing the victim that the trades that they have made have yielded a massive profit and that in order for them to withdraw the money, they need to pay an upfront fee which is a percentage of the “profit” that they have made.
These fees can be as high as 20% of some made-up massive sum that is waiting for the victim once they’ve paid. As you can guess once the victim pays they receive nothing as the “profits” were fake all along.
Trading Software Available at Options Trade FX
Options Trade FX, like many investment scams of this type, does not even provide a trading platform at all. During our research for the Options Trade FX review, we have found that this broker has put all their efforts into the fictional writing on their website, making them far too busy to organize a trading platform that allows their clients/victims to well… make trades.
This is all too common with modern-day investment scams, a flashy website with loads of awards well-displayed made to be just convincing enough to get victims to make a deposit. In fact, all that this broker provides once a client logs in is a chart that tracks markets.
Options Trade FX Deposit and Withdrawal Options
When it comes to making a deposit with this scam broker we reach perhaps the biggest red flag, that being that they only accept payment in Bitcoin and Ethereum.
These are virtually untraceable and anonymous cryptocurrencies that provide 0 safety for the person making the payment, unlike credit card and wire transfer payments, which can be subject to a chargeback or a recall.
In true scam broker fashion, this broker does not provide any legal information such as terms of service this conveniently enough for them means that there is also absolutely no information about withdrawals.
This alone should be enough warning that this broker is only set up to take payments and does not intend nor have the logistics in place to allow withdrawals.
The Best Brokers for Forex
In order to make finding a legitimate broker easier we have made the table below. Here you can find a list of 6 regulated brokers on which we have done full reviews in the past.
Each of these brokers has its own strengths and weaknesses that you can read about in their individual broker reviews.
We would like to point out that the minimum deposit available by some of the brokers is as low as $1.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$25||OctaFX.Com|
|FP MarketsBroker||Australia, Cyprus||4.7||$100 AUD||FpMarkets.Com|
|XM Broker||Cyprus, Australia, Belize||4.7||$5||XM.com|
|HFM HF Markets Broker||Cyprus, UK, UAE, South Africa, Kenya||4.3||$5||Hfm.Com|
|FBS Broker||Belize, Cyprus||4.85||$1||FBS.Com|
Options Trade FX Summary
Options Trade FX has put the bare minimum effort into getting victims to pay their astronomically high minimum deposit of $1099.
The website of this investment scam makes a huge fuss about how they are regulated by a tier-one agency (a complete and utter lie) and all of the (made-up) awards that this scam broker has.
In all this rush to make themselves look good enough to be seen as legitimate, they have forgotten to make a functional trading platform available.
Instead, upon logging in there is just a simple market tracking chart which is also available for the low low price of $0 by just googling it.
Another small detail that this brokerage is missing is a method and means to payout the withdrawals that their victims will try to make. By this, we mean they literally do not have a term of service that outlines the requirements that need to be met for a withdrawal.
All this is wrapped up in the bright red flag which is a brokerage that only accepts payments in cryptocurrency. Our advice in terms of this broker is very simple, forget that they exist.
FAQs About Options Trade FX Broker
Is Options Trade FX Trustworthy Broker?
This broker is about as far from trustworthy as a brokerage could be due to all of the reasons listed above.
Is my Money Safe with Options Trade FX?
Your money is not safe with this broker, they are unregulated and only accept payments via untraceable cryptocurrency.
How Long Does it Take to Withdraw From Options Trade FX?
There is no set time that withdrawals from this broker take, as it is unfortunately not possible to make a withdrawal at all.