ExpertOption Review (2023)

Is ExpertOption a scam or a legit broker?

ExpertOption has been suspected as a scam broker. It is an offshore registered entity with no proper regulation. In addition, there are negative reviews mostly about payouts one the trading amounts are increased. However, since the company is not registered in the EU it does not provide or target clients from the jurisdiction, therefore didn’t receive any official claims or warnings.

What is ExpertOption?

ExpertOption claims to be the leader in the online trading industry through its offering to trade binary options with a trust of more than 8 000 000 clients at their background.  This broker has been around since 2014 and has over 55 million accounts opened since that time. Since it is an international platform, the website is available in 15 different languages for a better convenience. Expert Option offers a wide range of assets to trade including stocks, forex, commodities, and cryptocurrency.

Licenses and Regulation

Is ExpertOption regulated?

ExpertOption is owned by EOLabs LLC., which is an offshore company registered in St. Vincent and the Grenadine.

However, the fact is that St. Vincent and the Grenadines is an offshore zone, which does register the financial investment firm, but provides very poor if none requirements to the company operation. That means, the broker is not regulated, not overseen and does not comply with strict international rules that provide protective measures to the traders. 

Therefore, it became an offshore zone for shady forex brokers such as CVC Markets, AAG Markets and more. Read more about St. Vincent and the Grenadines regulation by the link.

Apart from the fact that St. Vincent and the Grenadines is a very liberal jurisdiction, which does not oversee the financial investment firms and their activity, the broker also claims to hold the activity with supervision by the FMRRC organization (Financial Market Relation Regulation Center). Although FMRRC is an independent self-regulatory agency which was created to provide a level of regulation for derivative dealers and brokers. It has no connection with the Central Bank of Russia, the official regulatory body in Russia, and has very few legal powers with regards to regulating FMRRC regulated brokers.

Is ExpertOption a scam?

Nevertheless, the above mentioned regulations roughly deliver a strong base to perform a reliable operation for their licensors. 

The markets, which are targeted by the broker include those who mainly work with initially low deposits since the company limits deposit till maximum 3,000$. The potential clients include Russian ones, as the website also uses .ru domain, and the India region clients since the customer services also include Hindi speaking support.

In any case, we never advise trading with an offshore or non-licensed broker, since the financial investment service they deliver is not trustable. The reason is simple, the broker may promise the most ever competitive trading conditions or the trading environment, yet the trader has no guarantee from the official entities that oversee the Forex industry. Thus the engagement to trading with such companies means the trader will believe only on the broker’s words, and of course, it is a high risk.

ExpertOption in India

Expert Option is legal in India (Find out top forex brokers in India). There is no mention of any possible legal issues between Indian traders and the broker.

ExpertOption in the USA

The company doesn’t provide services to citizens and residents of the USA, Canada, European Economic Area, Switzerland, Israel, New Zealand, Australia, North Korea, Puerto Rico, Singapore, Bangladesh, Indonesia, Russia, Iran and Yemen.

Deposit & Withdrawal

ExpertOption has a minimum deposit of just $10 on their Micro account. This type of account is usually used for beginners (Trading Platforms for Beginners), for those who just started getting to know the world of online trading. As to the minimum investment amount on the platform, it is as low as $1.

ExpertOption offers many different payment methods including all major credit cards (including Visa and Mastercard), cryptocurrency, and most major e-wallets including UnionPay, WebMoney, Skrill, Neteller, Perfect Money, Yandex Money, Fasapay, and QIWI.

The minimum withdrawal amount on the platform is also quite low, only 10 USD. The broker usually processes the withdrawals within 2 business days. To withdraw money, ExpertOption offers the same payment methods that are used for deposits such as credit cards, E-Wallets, cryptocurrency, etc.

Apps

The ExpertOption platform is accessible via mobile and desktop apps. Its mobile app is available in iOS and Android and can be downloaded at the Google Play Store or Apple Store. The desktop app is compatible with Windows or Mac.   

Demo Account

ExpertOption offers traders the opportunity to practice strategies and become familiar with the platform with their demo account option. Traders can use this demo account with the balance of $10 000 virtual money in order to be able to evaluate the benefits of the trading platform.

Conclusion

Overall, it is advised to avoid trading with ExpertOption due to its unregulated services and the high-risk operation which targets numerous clients to their rows without a necessary level of protection or performance. Dealing with an offshore broker most often carries a significant chance to fall under the scam operation. 

Therefore, it is better to choose among the brokers that are complied with the industry leading authorities and governmental entities that are backed with customer protection and the provision of the legitimate financial services. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Pepperstone and TMGM.

You can also share your trading experience with ExpertOption by commenting on this review.