Trusted Options stands out as one of the most dangerous brokers in the industry. While their scammy trading and payment conditions are concerning, it’s the website design that is the biggest red flag.
The website serves as the gateway to the entire scheme, and the design screams deception. It’s worthwhile to read our Trusted Options review to learn why this broker is nothing more than a common broker scam. If you value your funds, it’s best to avoid investing and read on.
|Headquarters||Saint Vincent and the Grenadines|
|Broker Type||Binary Options|
License and Funds Security at Trusted Options
One of the first indications that Trusted Options is not a legitimate entity was their reluctance to grant us access to their user area. Despite completing the registration process, they stopped us from entering the client portal. Essentially, they didn’t want us in.
While we couldn’t access the client portal, we still took a closer look at their website and content. However, we remain highly skeptical of anything associated with Trusted Options. It’s worth noting that Trusted Options is a binary options trader, not a forex or CFD broker. Binary options traders don’t typically offer spreads, tradeable assets, or leverage, which is concerning.
The broker claims to be registered in Saint Vincent and the Grenadines and also regulated by ASIC and CySEC, and IFMRRC, but it’s not true. Saint Vincent and the Grenadines is a place that does not have an official FX regulatory authority. Moreover, ASIC and CySEC don’t regulate Trusted Options, and IFMRRC is a fake regulator. It’s clear that Trusted Options is completely unregulated and a scam.
Trading Platform Overview
Upon our review of Trusted Options as a binary options trader, we were disappointed to find that it lacked the typical characteristics of such firms. Most binary option trading platforms lack regulation and are offshore, often involving the use of some type of software.
However, Trusted Options did not provide any software, which is essential for this type of trading platform. This absence is bewildering, as it goes against what Trusted Options supposedly represents.
MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are powerful and popular trading venues used by millions of traders worldwide. These offer a wide range of innovative tools that can help traders analyze the market, execute trades, and manage their portfolios effectively.
The broker does not have clear data on its trading accounts. This lack of transparency can be concerning for traders who rely on up-to-date information to make informed trading decisions.
Without clear data on trading accounts, traders may not have any understanding of their positions, profits, and losses. This can lead to confusion and frustration, potentially resulting in financial losses. Brokers need to maintain clear and transparent data on trading accounts to ensure that people can trade with confidence.
Deposit and Withdrawal
The company provides various options to fund an account, yet each one is linked to distinct crypto tokens. Being compelled to pay a broker using only crypto usually signifies a scam, as it makes it easier for the broker to abscond with your funds. Such deposits are hard to trace.
Trusted Options sets a minimum deposit threshold of $50 for opening an account. This amount is relatively steep, given that trustworthy brokers typically offer micro-accounts with a minimum deposit requirement of $10. As a deceitful broker, Trusted Options aims to extract as much money as possible from unsuspecting customers.
Trusted Options has strict rules for withdrawing bonuses. This is a fact! One of the rules is that withdrawals must meet a high turnover requirement of 300% for accounts that receive a bonus. This is aimed at making it harder for customers to access their money. The broker’s high turnover requirements should be a warning not to work with them.
How Does This Scam Work?
Scam brokers are becoming increasingly common nowadays. They prey on unsuspecting investors with fraudulent schemes that promise high returns. However, they all lead to significant financial losses. These brokers operate by using various tactics to deceive their clients into investing money, including false advertising, high-pressure sales tactics, and promises of guaranteed returns.
One of the most common tactics used by scam brokers is to offer bonuses to entice people to deposit funds into their accounts. However, these bonuses are often subject to strict terms and conditions that make it difficult for clients to withdraw their funds. For example, a broker may require clients to meet a high turnover requirement before they can withdraw their bonus, effectively locking them into their account and preventing them from accessing their money.
The Best Foreign Exchange Brokers
With so many forex brokers to choose from, it can be difficult to know which ones are trustworthy and provide the best services. To help make your decision easier, we’ve compiled a list of some of the best forex brokers that are available in the market today.
These brokers have been selected based on various factors such as reputation, regulation, trading platforms, fees, customer service, and trading conditions. This list can serve as a useful starting point for those who are looking for a broker that meets their needs and preferences. So without further ado, let’s take a closer look!
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
This is a broker that has been flagged for fraudulent activities. The broker imposes a high minimum deposit requirement of $50, which is largely above the industry average.
Besides, withdrawing bonuses from Trusted Options is subject to a high turnover requirement of 300%, making it difficult for traders to access their funds. All in all, traders should exercise caution when considering Trusted Options as a potential broker, and it is best to research and choose a more reliable option.
Is my Money Safe with Trusted Options?
Trusted Options has a questionable reputation and may not be a safe broker to entrust your funds to.
Does Trusted Options Offer a Demo Account?
There is no evidence that Trusted Options offers a demo account, indicating that the broker may not be transparent in its operations.
How Secure Is Trusted Options?
Given the broker’s lack of transparency, the security of your funds and personal information with Trusted Options cannot be guaranteed.