The Italian financial regulator CONSOB just issued a warning against binary option trading signal provider Bestocopy. In an official statement released two days ago on the CONSOB website, the regulator informed European investors that Bestocopy is not authorised to operate in Italy. The binary trading social platform was even added to the warning list of the regulator that includes all the fraudulent brokers that offer their services to European investors without the necessary authorisations. The CONSOB provided no additional reason behind the warning but one could think that the regulator only started to investigate on the broker after multiple complaints from Italian traders. We thus recommend you to avoid Bestocopy before further clarifications are made on the situation.
Avoid Bestocopy – it looks like a scam
We never reviewed Bestocopy and to be honest we never heard about this broker before today but when we looked closer at the broker website we were alerted by multiple red flags. First of all, you cannot access the general terms and conditions of the broker without providing your name and mail address. This kind of behaviour is prevented by European financial regulators. The absence of general terms and conditions also makes it impossible to identify the holding behind the brand as well as its address that would allow us to find the regulator that would be responsible for this holding. We cannot be certain that Bestocopy is a HYIP (High Yield Investment Program) but we would no risk our money with this company.
We are not big fans of social trading. We believe that if you want to become a binary options trader, you have to work for it and learn from your mistakes like any other professional activity. Most brokers will let you train with a binary options demo account once you have completed your first deposit. You will thus be able to improve your skills without any risk on your capital. You can also use the extended educative literature of our website to learn more about binary option and trading in order to build successful strategies.
There exist regulated and reliable brokers out there that offer similar social trading services and that are much more respected than Bestocopy. Anyoption for instance, which is one of the oldest binary option brokers in Europe still in activity and that was the first one to obtain the CySEC trading license, recently launched its own binary social trading service Copyop. Copyop is a multi-device platform that will allow traders to copy and imitate the binary options trading strategies of the most successful traders on the network. Like on social forex trading networks, traders who generate the biggest and steadiest returns with binary options trading will be rewarded, as other traders and especially beginners can gain from their experience by analysing and copying their trading strategies.