Another Scam from SVG?
This is yet another trader we will review from St. Vincent and the Grenadines. The country has produced some of the best brokers, but it got a bad name due to some bad apples. Anyways we will be reviewing Option Field and see if it’s trustworthy or not!
About Option Field
Option Field is a St. Vincent and The Grenadines based company. It deals in both forex and binary options, but without MetaTrader 4. The company is basically a binary option with a high payout rate of 85%. It is a subsidiary of Option Field Limited.
What Does it Offer?
The company offers many initiatives, and perhaps that’s why it’s very attractive to traders. The minimum deposit amount is $100. The company is offering three different accounts, to begin with, Classic, Pro and Elite, following are the details.
There are many payment options to assure the user doesn’t have withdrawal issues, kudos for that!
- Off-Shore Company
Options field is not based in the United Kingdom, United State, or France, countries with strict regulations. Instead, the company hails from SVG, St. Vincent and the Grenadines. We are not saying the country is a haven for scamsters, but SVG lacks the tough regulations that the UK and the US have.
This leaves the trader vulnerable to scam, and they have to watch out for themselves.
- No Metatrader
OptionField ditches the trusted MetaTrader platforms for a relatively unknown trading platform. The company brings forth a web-based trading solution. This web trading software lacks several layers of security like MetaTrader. We can’t pinpoint why the company chooses to use an inferior trading platform over a tried and tested software.
- High Withdrawal Fee
The company is going prolific, and there is no concrete evidence suggesting it’s a fraud or something. But one thing we can’t overlook is that the company has insanely high withdrawal charges. The company charges around 1% of the transaction amounts.
This is not how companies operate; there is a fixed small fee charged for transaction amounts. This is perhaps the first time we have seen something like this.
Is Option Field Legit or a Scam?
OptionField may seem attractive for its initiative, but we will advise you to stay away from it. While we are not strictly saying this company is a fraud, we will advise a word of caution because we have covered some negatives about it.
The company is potential, but it’s not geared towards the user