Fake Crypto Broker in London
Crypto Options Trader as the name, suggests deals dominantly in cryptocurrencies. We are going to review this London based broker and see whether you should invest with it or not. So, stick around to the end of our review. It will help you make a well-informed decision.
About Crypto Options Trader
Crypto Binary Option is a binary broker that keeps its focus on the blockchain technology. The company uses different currency pairs including USD, Euro, and trade them with cryptocurrency. The given address is One Canada Square, Canary Wharf, London E14 5DV. The company is also very open about its contact details.
What Does it Offer?
Crypto Options Trader is a Binary Options broker. It mainly serves the cryptocurrency market. The company does a great job of dealing in crypto coins. It offers a standard account with no minimum deposit or maximum leverage. There are no spreads!
- Blacklisted by FCA
The Financial Conduct Authority of United Kingdom has blacklisted Crypto Options Trader. The regulator went ahead and explained this broker is guilty of engaging in unethical business practices. The financial regular goes ahead and says Crypto Options has been providing its services and products in British Soil without any authorization at all.
- No MetaTrader 4
MetaTrader 4 is perhaps the most reliable trading software using in the forex market. But Crypto Options Trader didn’t find it to their likening and ditched it for sub-par trading software. The company relies on a web-based solution to trade. The software is not secure and is prone to crashing. If this broker wants to survive, it better changes the trading software.
- Poor Payout Rate
The payout rate of Crypto Options Trader is very poor. The general payout rate is 80% in the forex market. But this is not the case with this company, it goes way beyond, and offers a 40% payout rate. Yes, the rate gets higher and goes to 80%.
But this is still insufficient as compared to the market’s standards. The company needs to revise its payout infrastructure.
Is Crypto Options Trader Legit or a Scam?
Crypto Options Trader is a full-blown scam. We did found some negative aspects of it during our research; the FCA ban is only the icing on the cake. We were going to conclude it as a fraud anyway, but the Ban further strengthened our position.
We believe you shouldn’t trust this broker!