OptionFM Review-OptionFM Scam Complaint
OptionFM is an offshore binary options broker based in St. Vincent & the Grenadines. The broker is based in the region where already many scam brokers are based. Moreover OptionFM is not regulated by any prime regulating authority and that is a big red flag. Let us read the detailed review of OptionFM to understand whether this broker is a scam or legit.
The broker seems to operate in different locations like United Kingdom, South Africa, Australia and others as they have mentioned the phone numbers associated to these countries. One of the biggest proof of this broker being scam is the warning from Australian regulator ASIC. This warning indicates that no traders should deal with the OptionFM broker as their funds are not safe with them.
The payment processor is also offshore for OptionFM which is Artemisia Services Limited based in Bulgaria.
Option FM offers a trial account which is a good feature in order to enable the traders to learn their platform. There are 3 types of accounts offered by OptionFM which are Boutique, Executive and Imperial account. But the minimum deposits required are really high when compared to other brokers. Boutique account requires a minimum deposit of $1000, executive requires a minimum deposit of $10000 and Imperial account has a minimum deposit of $50,000. They have devised many attractions to lure traders to join their high priced account types.
According to the warning of ASIC in 2015, ASIC said that Option FM/Option Financial Markets could be involved in a scam. They advised all the Australians not to deal with the OptionFM scam broker as it is unlicensed in Australia.
Further they say that this business has made unsolicited calls or they sent unsolicited emails about investing and financial assets. The company does not hold a current Australian Financial service license (AFS) or Australian Credit license which is provided by ASIC.
There are many negative reviews about Option FM. One says that Option FM sent an email to a person with the signature of Banc De Binary who is another broker. One said that he invested 22k and was not able to make a withdraw. Another trader said that Option FM first build an account of the trader by calling him and then provide him with some good trades to build the confidence. They also tell the customer that his trades are protected. But when you lose money they never answer or reply.
Is OptionFM scam or legit?
How can one trust a broker when the broker has such negative reviews by the real traders? The broker has got serious warnings from ASIC and is not regulated. Moreover the promises made by OptionFM have been false and the traders got scammed. The website of company is down and there is no signs of it present in the web. Thus we can say that OptionFM is a scam broker and your money is not safe with them.
If you were scammed by OptionFM in Australia or anywhere, you have the right to get your funds back. File a complaint against this broker with Forex Scams Australia and get help to retrieve your lost money