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, never monitored in terms of its safety and simply may operate the business in any way it wishes.
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).
About Fx Option Trade247
🗺️ Registered in
🗺️ Type of License
🛡️ Is Fx Option Trade247 safe to trade
🗺️ Recommended Licenses
FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative Broker
GO Markets - licensed by ASIC in Australia
Licenses & Regulation
Is Fx Option Trade247 regulated?
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.
There are a lot of offshore-registered brokers out there claiming that offshore registration is a legit thing that allows them to do business in the financial market. However, most of them are simply registered, and not licensed, nor monitored by any governmental agency, which makes those firms the most dangerous places for investing.
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.
Is Fx Option Trade247 a scam?
According to the website, Fx Option Trade247 LLC is authorised and registered with the U.S. National Futures Association NFA ID: 0486419; Fx Option Trade247 Holding PLC is authorised and licensed by CYSEC (EU) (License No. 199/13) and it is only some of the fake credentials that the broker placed on its website. In reality, the broker acts just like another clone firm that steals a company’s identity in order to delude potential investors.
Clone firms use some or all of the details of a genuine entity, aiming to convince investors they are indeed the authorized company or that they work with them. Fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called. They may use the name of the genuine firm, the ‘firm reference number’ (FRN) we have given the authorised firm or other details. Such companies should be avoided at all costs.
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.
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.
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.
You can also share your trading experience with Fx Option Trade247 by commenting on this review.
At: 1 year ago
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