December 30, 2020

Option 500 Review

Overview:

As somebody wisely said, “Modern problems require modern solutions”. This phrase has been supposedly adapted by the robbers as well. As we all know that the internet has been a medium for transactions for the millennial generation due to the ease, robbers have also started taking up their work online in the form of scamming customers. The trading market has been of rising attraction for the public, this has brought an increased rate of scammers into the market in the form of scam brokers. These scam brokers will pretend to be one of the most trusted and credible trading companies in the market and convince you to make a trading account with them. They will coax you into depositing more money each time they call you. They will tell lies like offer period or other lucrative schemes to keep you from stopping the deposits. One should always stay alert and not fall into the traps set by the scam brokers. Today we are going to review another scam broker that goes by the name Option 500. Read the full Option 500 review here.

About Option 500:                                                                      

Option 500 is a binary options trader and offers a wide range of trading assets, namely, currencies, stocks, commodities, and indices. They provide a variety of options for trading such as high/low options, pairs, limits, builder, ladder options, and speed trading with 60 second and 5 minutes options. The language options available are English, Spanish, and Arabic and have a mobile-based app for both Android and ios. One of the common traits of scam brokers is that they offer bonuses. We must keep in mind that no regulated company will offer bonuses as it is risky. Option 500 offers a 50% bonus or risk-free trade which yet again raises a major red flag on the company’s credibility.

The minimum deposit for opening an account is $500 which is pretty expensive. We must note that regulated companies who have a license approved by the regulatory authority of the country will not set such expensive standards as it is against the government’s conditions. Even though these scam brokers offer fake bonuses, they also may have hidden the terms and conditions on another page that customers don’t read usually. This will lead to them depositing the money and realizing they are trapped when they file for a withdrawal. Option 500 offers such fake bonuses and then when we go through their terms and conditions, we realize that the customer must trade 30 times to withdraw the bonus. Trading 30 times is just an excuse for them to get more and more money from the customers.

The main and foremost criterion that a trading company must satisfy is to have a license approved by the regulatory authority of the jurisdiction they are registered in. some of the main regulatory authorities are the ASIC (Australian Security and Investments), FCA (Financial Conduct Authority of the UK), CySec (Cyprus Securities and Exchange Commission), etc. Option 500 does not have a license from any of the regulatory authorities.

Is Option 500 a scam or legit?

Option 500 is an unregulated trading company and does not hold a license. We recommend you to not do any trading with this unregulated company. We suggest that you always research before investing with any company in the trading market.