Fx Option Trade247 Review
Reason to avoid: No License. Clone Firm.
Listed Date: July 14, 2020
Top 3 Forex Brokers
Beware Fx Option Trade247 is a Non-Regulated broker. It is NOT SAFE to trade.
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Is Fx Option Trade247 Scam or Legit Broker?
Fx Option Trade247 is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, was never monitored in terms of its safety, and simply may operate the business in any way it wishes.
- It is not safe to trade with Fx Option Trade247, as it is an offshore broker. Fx Option Trade247 is owned and operated by EXPERT Ltd, located in Seychelles.
- The point is that Seychelles offers an easy process of financial or investment firm establishment, through a very low list of requirements, small budgets and what is more crucial with no strict supervision of the brokers' operation or history. For that reason, offshore zones attract vast non-scrupulous or shady brokerages such as Hugo’s Way, Prime XBT that aim to attract clients, to grab their funds and disappear.
About Fx Option Trade247
| 🗺️ Registered in | Seychelles |
| 🗺️ Type of License | Offshore License |
| 🛡️ Is Fx Option Trade247 safe to trade | No |
| 🗺️ Recommended Licenses | FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺 |
| 🖥 Alternative Broker | GO Markets - licensed by ASIC in Australia |
What is Fx Option Trade247?
Fx Option Trade247 offers a selection of 250 underlying assets from four different classes including Currency Pairs, Commodities, Indices or Treasuries. The broker claims to provide the industry leading platforms along with the advanced charting tools and indicators to help its clients manage the risk and better determine price direction. However, there are a few concerns about the brokers regulation (The Best Brokers for Forex).
- It gets really confusing when it comes to the broker’s regulations. Fx Option Trade247 claims to be regulated by multiple regulators all around the world, however, the registration details state they belong to another broker, BDSwiss, a regulated entity that has no association with Fx Option Trade247.
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As proof to all said above there is a warning from the Cyprus regulator CySEC (Check out the CySEC regulated TriumphFX broker):
“The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform investors that the following websites do not belong to an entity which has been granted an authorization for the provision of investment services and/or the performance of investment activities.”
Fx Option Trade247 in India
Fx Option Trade247 has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.
Fx Option Trade247 in the USA
The United States is one of the countries that is not accepted by Fx Option Trade247. As per the U.S law, brokers regulated by CFTC are the only brokers allowed for the USA traders. So, except for Fx Option Trade247, you are only permitted to trade with the U.S regulated platforms.
Deposits & Withdrawals
Fx Option Trade247 works with a variety of payment service providers to ensure that you can choose from a wide range of deposit methods in your country. You can always make a deposit via credit card or bank transfer.
- Normally the minimum deposit required is 200€/$/£.
- When opening your trading account, you can select your desired currency. You can choose between EUR (€), USD ($), GBP (£), PLN (zł), DKK (kr), SEK (kr), NOK (kr) and CHF (Fr.).
- The minimum withdrawal amount is €10 / $10 / £10. This is in most cases processed free of charge. The following exceptions exist: The customer has not invested (traded) their deposited amount at least once. The customer has more than €100 / $100 / £100 in their trading account and would like to withdraw less than €100 / $100 / £100. In these situations, a withdrawal fee of 5% of the withdrawal amount (minimum €25 / $25 / £25) will be applied.
Demo Account
Fx Option Trade247 does offer a Forex / CFD "Demo Account". Demo account is a great opportunity to practice strategies and become familiar with the platform with their demo account option.
Fx Option Trade247 Review Conclusion
We advise all investors and traders to avoid Fx Option Trade247. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Alpari and FXTM.
- Overall ranking and experience for Fx Option Trade247 is Negative
Fx Option Trade247 Update
Based on our findings, Fx Option Trade247 website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case any proposals.
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This company is terrible, they took all my money and left me with nothing after trusting them and it really shattered me. I thought I had lost it all until I was introduced to skyline-recovery com and they helped me get my money back
I was referred to the “account manager” by a friend in IG (in hindsight, his account was hacked because he has not responded to any of my DM’s).
I contacted the account manager and told her my situation, single parent, one income and I have health issues. This extra money would help. She spoke of intelligence and explained the great ROI and how much profit it is to invest I’m BTC. I asked if there are any additional fees. She said no. For every $1k, the return is $10,500. I invested $2k. I got a profit of $21,800. I decided to cash out. The account manager told me to contact support. I contacted support and they told me I had to pay $3,650 for a withdraw pin and I had to contact my account manager. I contacted my account manager and she said it’s a one time fee and I will get that money back with my investment. I was upset, but decided to borrow $3,650 to withdraw the profit. I asked her, are there any hidden fees or fees. She said no. The account manager asked do you want to invest. I was hesitant but she said well you made a profit of $21,800 this investment. I invested another $1k. I saw the profit went up from $21,800 to $45,800. I decided to cash out, the account manager had me send $1,500 BTC via CashApp and $2,200 BTC via Bitcoin. In total every was $3,700 not $3,650. All transactions including investments were done through CashApp & Bitcoin.com and the funds had to be converted to BTC. I got the withdraw pin, but my request was pending. The account manager told to me to contact support again. Support sent the account manager instructions for the withdraw request (here is where it gets tricky). I was told to delete my personal e-mail from my IG account. Turn off my two way authentication, and send screen shots of my backup codes IG assigned me, then wait for a while. After 30 mins or so, I was told to update my IG account with my personal email, which I did. After support confirmed what they needed (not sure what from IG), I was sent a message to upgrade my account because of SEC issues and I made such a huge profit in such a short amount of time. My upgrade would have been between $10,500 and $12,400. I contacted the account manager and was clearly upset. I told her I don’t have the funds. I told her she lied to me about not having any fees. At first she told me to ask my boyfriend to borrow money and I can pay him back. I told her no, I’m not paying the upgrade and she lied. The account manager was pushy in her message to me. It was harassment in my eyes, asking me to pay the $12,400 for the account upgrade. I was stressing, my significant other hopped on my account and explained to her my situation and gave her facts about what the account manager told me. The account manager went silent, no response. I waited a few hours for her response. In the mean time trying to figure out what happened and I got scammed of $6,700. I just had to cut my losses. I didn’t want to deal with the excuses. I quickly went to my settings in IG, turned on my two way authentication, and changed the backup codes. Took screen shots of trusted devices in IG, deleted one of the trusted devices located in New York (I am in CA). Then I deactivated my IG account.
I logged back on to grab screen shots and conversations from who recommended me to invest to all conversations with the account manager. I received a voice message in regards to paying the upgrade amount of $12,400.
On 2/16 at 12 am and 2 am I got a notification with a private code to access my IG account. Then on 2/17 at 3 pm got another notification from IG with a private code to access my account.
I was tired of this and contacted support and asked them to leave me alone (repeatedly). I told them it is now harassment. I cut my losses stop trying to hack my IG account. Their response was we don’t hack accounts. I was thinking of course you don’t, you have my personal email address, my backup codes to IG, of course you don’t- that’s why your team asked me to send back up codes and enter your email address. And I get notifications of private codes to access my IG account. I was told to contact my account manager, I told them no, she had been harassing me for the account upgrade of $12,400. Then support proceed to tell me they never had a complaint from any customers. That’s great, go scam them.
I am sick and I am tired, I invested $3k and paid $3,700 ($1,500 + $2,200) for a withdraw pin. I lost a total of $6,700. I don’t want to do business with those who withhold the truth and keep insisting on more money from their victims.
I hope my story does not fall of deaf ears and people please use my experience as an example, if it is too good – it probably is.
I don’t want anyone to be victims of these types of investments scams just for a quick buck. Especially those who are on a fixed income and the elderly.
I have screen shots and receipts of all transactions and conversations from every little detail.
In hindsight, my friend on IG who referred me to this account manager, I believe his account was hacked and those who work with the account manager sent me a DM through IG and that is what got the ball rolling.
I started with a small amount, same story, had to pay more to upgrade my account before i can withdraw my profits.
Ones the investment grew to over $10000 USD i had to upgrade my account again with an additional $820, ones paid i go a letter almost immediately stating that i now have to pay a signal fee of $460 before i can withraw.
Do not do business with these peaople, i am out of Almost R20000 now
did you guys get any of your money back?
FXE Option: They never told me about any fees until they cut off the investment. Then it was 10% upfront out of pocket. After paying them $820 us I then was told to pay $350 for a signal boost, then I had to pay $250 for legal fees, then $310 for WA withdrawal address for my wallet. Then 5% to my trader. That’s when I cut them off. I’m out $2k US dollars now.
I was surprised to see how much profit my associate made from a small investment ($15000 to $500,000) and didn’t believe it at first. I should have stuck with my first impression. When I asked to withdraw the funds on his behalf, I was asked to pay $2840 out of my own pocket to “encrypt and activate” the account and transfer the funds. Since I don’t have that kind of money, I was able to say no and then did my research here. Wow what a scam 🙁
This guy told me to transfer crypto currency to the trading platform fx option sand showed me that it start to generate profit but after few hours they email me and advise my account has been suspended and I need to upgrade it and pay$1000 to be able to continue with trading and be able to withdrawing my profit.
The person stated they use a bot amd all was well at first. When asking about withdrawing my money they told me i have to pay the 20% profit that they earn out of my own pocket first. And that ot wasn’t taken out of the profit that fx option trade 247 told or showed me I had made.
When confronting them, the broker stated they would reduce the fee to 10% as they forgot to state this to me at the beginning.
DO NOT DO BUSINESS WITH FX OPTION TRADE 247 THEY ARE SCAMMERS
Did you get any of your profits/money?