Online binary options trading website StartOptions is not regulated and is currently implementing an email marketing campaign in France and in the United Kingdom. The broker has been stealing clients’ funds for almost 2 years but no financial regulator had been able to close its website yet. We explain you why in the below article.
StartOptions is not regulated
The biggest problem is that while StartOptions pretends to be headquartered in Cyprus, the holding company behind the StartOptions brand is actually registered in a tax haven. The broker is thus not regulated and represents a real threat for binary option traders. Since the holding company is not regulated and registered in a tax haven (Virgin islands for instance), European regulators are powerless and will not be able to help you if you face any problem. Multiple client complaints on specialized forums alerted us and motivated us to have a closer look at StartOptions.
StartOptions uses all the traditional scam methods
The broker seems to use exactly the same methods used for ages by binary option scams. StartOptions promises huge welcome bonuses and adverts unachievable performances. At the beginning, everything seems legit. You can see your funds as well as your bonus on your binary trading account. You can even make some money if you follow their so-called advices and binary signals. Nevertheless, everything goes wrong when you want to withdraw the funds of your binary options trading account. The broker ceases the communication and there is no way for you to recover your cash.
These are scam technics aimed at traders with no previous experiences and this is why we felt the necessity to alert as many people as possible with this article. We hope that the potential victims will be wise enough to consult this article before they deposit with StartOptions. Remember to always check if your binary options broker is regulated before you deposit any cash on your account.
StartOptions in on the AMF blacklist for some time
Another useful advice to avoid binary option scams is to always have a look at the different broker blacklists from multiple European financial regulators. The most famous one is the AMF broker blacklist but you can also have a look at the alerts released by the FCA in the United Kingdom, the CONSOB in Italy and the FINMA in Switzerland.
If you really want to avoid all the above-mentioned problems, just stick to our list of recommended and regulated binary option brokers. They are all regulated and authorized by almost all the European financial regulators. Do not hesitate to have a look at our detailed reviews for further information.