Is Option League a scam broker?
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Option League is owned by Lorya Media Ltd. located in the Republic of Dominica. It has offices at USA, UK, and Austria. They are new binary options broker who started their operations in 2017 and claim to offer the ultimate trading experience by providing a superior platform.
It has on offer nearly 20 assets (commodities and currency pairs) and the payout is 80 percent (quite high by general standards) Minimum deposit is $ 250. It does not have a demo account. Assets can be traded on mobile and web.
It runs on O-System platform which is there since the beginning of binary options trading. It has only high/low trade option which is just the basic type. No charts and technical tools. Nothing like price trending hence becomes hard to predict asset direction. The website is visually not too appealing. Nothing on the site shows anything about bonus or account types. It does not have anything for investors or traders education and there is hardly any product information.
Few features available on Option League sites are social trading (which allows traders to share signals with clients), Japanese candlestick graph display, personalized color choice, and quick options so that traders can trade any expiry time between 1 and 4 minutes. The long-term option is for a year time. One feature “buy more time” allows traders to extend the expiring open position by 10, 20, or 30 minutes.
Payment and withdrawal methods are bank wire transfer, credit/debit that is issued by MasterCard, Visa, and Discovery. E-wallets like Skrill, Netteller, Qiwi, and WebMoney are featured on the site.
The site claims itself to be professionally run, one can trade comfortably, secured payment and withdrawals system and stable in operation.
Option League is a scam broker because it is not regulated or licensed by any known or major regulating authority. Like Australia’s ASIC, America’s CFTC, Britain’s FCA, or Cyprus’s CySEC etc.
They started their operations in 2017 and have no reliable history or track record. Track record usually inspires trader’s confidence.
There is not much information available on internet or business magazines or periodicals and hence not worth taking the risk.
Terms and conditions do not mention anything about minimum and the maximum amount that can be deposited. There is also no information on the web regarding withdrawals terms and conditions.
Their website and phone numbers are down most of the time and traders/investors cannot follow up their pending amount with the company. Start from beginning they is a problem of fund withdrawal. You can see investor/traders negative review on many sites. Maximum complaints are regarding withdrawal and non-communication with company’s officials.
They do not provide services in the US. If anyone has any problem they can report to actionfraudpolice or FCA. Many governments are feed up with these online scammers and are taking very stringent action by coordinating with different countries and sharing information. If you are able to provide screenshots and other documents as proof your case will be on solid footing. Investors and traders who are searching the account managers on the internet by name, seems very absurd proposal. What is the guarantee that they are using their real name? Naturally, their name can be a fake one.
Option League is a scam broker and many people have lost money. If you are also a victim of fraud you can approach MyChargeBack to retrieve your lost money. As online trading brokerages can be ruthless in their greed and corruption and if not put to stop they will keep on expanding their net. Let us come together and kill the demon before it destroys us.