The London Option Exchange is a Fixed Return Options. It is a subsidiary of Trident Group LTD. Following, we are going to review this broker and discuss its several issues.
- About London Option Exchange
- What Does It Offer?
- Blacklisted by FCA
- Blocks Payment
- Good First Impression
- Poor Customer Service
The London Option Exchange is a binary options broker. The registered address Euronax LTD 10 Bloomsbury Way, London. There are 200 different financial assets, and the minimum deposit is $250.
This broker is allegedly based in the United Kingdom, but it has no authorization from the Financial Conduct Authority.
London Option Exchange is a Tradologic Binary Options Trading software. It deals in all forex and minor pairs. It offers several digital high and low binary options with Turbo. The platform offers 30 seconds, 45 seconds, 1 minute, and 5 minutes options.
The minimum trading amount is $10 LE. London Option Exchange is only available in English.
We are going to point out the issues we found in London Option Exchange. These issues are the red flags you should look for when finding a reliable forex broker.
The Financial Conduct Authority advises everyone to stay away from London Option Exchange. Given the name, we are surprised this broker isn’t licensed by the most prestigious fiancé authority of United Kingdom.
FCA further explains that London Option Exchange has been operating without a license. The authority is wary of how the broker works.
A reliable broker always offers a quick way to deposit and withdrawal funds. It doesn’t matter how you want to handle the transaction; you should still have a seamless experience. The fact is, there is no reason a broker can deny you withdrawal.
Yes, it could ask you for more paperwork. It helps to protect the user against money laundering and other illegal practices. But there is no way a broke can refuse to process your withdrawal request. London Option Exchange does that, and it calls for suspicion.
We would like to commend London Option Exchange for the initial good impression. However, it doesn’t last long as the quality of service starts to water down shortly after you register. Customer support is important for any business, and you want the broker to answer your queries anything you want. But if the broker fails to do so, it implies he is going to cheat you.
Moreover, if you find any suspicious activity related to your money or trader, and the broker can’t explain, then you better leave while you can.
There is a fine line between poor customer support, and hiring grunts to deal with your clients. Yes, the support team of London Option Exchange is paid for one thing only, extort money from traders. It uses cold calling, and warns you that your account will be closed if you don’t comply.
London Option Exchange is a scam. FCA blacklists the broker, it forces you to put more money into your account and blocks your payment. This clearly shows it wants to rip off its user base.