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Is PlusOption a scam broker?
The offshore FX broker PlusOption deals with cryptocurrency brokerage and provides trading options of more than 190 assets. The trading conditions are also reasonable. Along with all this, the broker also educates its customers on trading. It also features a self-designed trading platform named the SpotOption.
At first, this broker looks legit and confident. While further dwelling we came across several concerns of this broker and we will try to discuss them thoroughly.
The offerings of PlusOption’s are different account types with the minimum deposits are in the range of $250 to $ 50000.
The company allegedly established in 2015 and features three different companies. Redfield Markets Ltd registered in the UK; operational address in Bulgaria and client support provided address in Romania. It also features a virtual office on the Marshall Islands. The customer support number is UK based. All these facts are of great concern because none of the financial regulator authority mentions PlusOption on their registry.
In the Europian Union, crypto-brokers have a bad reputation because of their nonregulated nature. Most of them turn out to be scammers. Hence, we try to educate traders about these scam brokers. Also, advise traders to deal with reputable brokers.
The trading options provided are many such as short term for merely 60 seconds also long terms for several days. Assets provided range from cryptos, FX, shares, indexes, and commodities.
The payout promised by PlusOption is more than 80%. This payout is very much low compared to the market situation.
As mentioned above, PlusOption has its own trading platform named SpotOption. This platform is specifically designed to trade with binary options. The platform is web-based and user-friendly.
This broker offers a 100% bonus on initial deposits but on the contrary, these kinds of bonuses are banned in regulated markets. To avail of these bonuses traders must achieve a minimum of 20 % of bonus volume.
The traders of PlusOptions are provided with many deposit and withdrawal methods like cards, WU, Skrill, Neteller and many more. The minimum amount of withdrawal is capped at 100 dollars with added withdrawal charge of $25 specifically for wire transfer.
Is PlusOption scam or legit?
The major concern of the legality of this broker is worrisome. The original owner of PlusOption is not known. Trading conditions are hidden dramatically. The withdrawal process is charged heavily. No one really oversees the operation of this broker and investments of traders poses high risk of loss. It is advisable to avoid this potential scam broker.