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Is EMPIREOPTION a scam broker?

Overview:

The EMPIREOPTION is Saint Vincent and Grenadines based forex broker. It offers five types of trading accounts namely Micro, Classic, Plus, Premium, and VIP. The website looks catchy but the legality of this broker is at the question. In this scam broker review, we will shed light on all the aspects of EMPIREOPTION to find out its authenticity.

About EMPIREOPTIONS:

This broker is established in the year 2011 and offers a variety of trading options and instruments. The trading options range from Classic Binary, Long-Term (1 week to 1 year), Short-Term(within seconds), One Touch (provides all the information correctly for certain time frames for certain assets), Couples (forecasting profitability of any two asset pair), and CFDs. The trading instruments consist of shares, indexes, FX pairs, stocks, and commodities.

The minimum deposit for a basic account is $200 and is acceptable. The minimum trade price is $5. Leverage offered is up to 1:300. The offered leverage is slightly higher in comparison with the average market level. The withdrawal and payment methods provided by EMPIREOPTION are diverse and include cards, bank transfer, Payza, Amex, Skrill, and Neteller. The trading platform of EMPIREOPTION is self-developed and called SpotOption. This platform is web-browser-based and does not require any download. While testing the platform we encountered several problems. The customer support provided by this broker includes live chat and email-based. 

The broker’s website misses on the FAQ section. It also refuses to provide a demo account. The real concern of genuineness of this broker is answered badly. The French financial authority AMF has nominated EMPIREOPTION as an unauthorized and potential scam broker. Also, the FPA Traders Court issued a guilty verdict for this broker. The Baumann and Kraus Enterprise LTD situated in SVG is the owner of the EMPIREOPTION. Furthermore, SVG based offshore nature is uncredible. The withdrawal procedure differs according to account types. For the Micro account, the withdrawal limit is capped in between $200-$500 and requires twenty trading volumes to avail withdrawal. Also, Plus and VIP accounts require a trading volume of 10 and 5 respectively to be eligible for the withdrawal. The procedure may take up to ten working days. It also provides bonuses but trading bonuses are banned in regulated markets.

Is EMPIREOPTION scam or legit?

The potential scam broker warring issued against this broker by AMF is evident to decide the legitimacy of this broker. The overall performance of EMPIREOPTION in this scam broker review is exactly like a potential scam broker. We recommend traders to avoid this broker and advise them to invest in other regulated brokers.