Is Stern Options a scam broker?
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There are many different opinions about ownership of Stern Options and its location. It is not possible to verify because Stern Options official website www sternoptions.com is not opening. It gives an error message that they are in process of improving security features of the site and the domain is not assessable.
According to one of the site Stern Options is owned and operated by BP1 LP but its address is not mentioned on site. According to some sources it is Landmark Building Sofia Bulgaria.
Another site sources claim that the company is owned by GUM Ltd, Commonwealth of Dominica. Some website lists the owning company at Glasgow Scotland. With so many addresses it is near impossible to rely on anyone. In short, the company neither falls under UK, Bulgaria nor Dominica.
This is warning bell for investors and because of shady addresses, Stern Options is a scam broker. They have continuously changed their office address from New Zealand to Glasgow to Edinburgh. Last two seem virtual offices. It is better not to trust unregulated company and that too which has only virtual offices. It is claimed that now it is working under new name Stern Markets.
Stern Options website claims that they have the world’s most acclaimed trading environment. Also, they have the most experienced group of professionals from the industry. Trading options available are all the standard call/put, 60 second, pairs, long-term, one touch, spot follow, ladder and limits. And assets on offer are currencies, commodities stock, and indices. The payout for binary options is 70 to 85 percent.
Deposit and withdrawal methods include debit/credit cards like Visa, MasterCard, Delta etc, wire transfer and e-wallet Skrill. Those depositing through wire transfer the amount starts with $500. They do not have a bonus offer.
Further investigation showed unclear information of ownership of the company, unregulated brokerage, new on the horizon, and using the SpotOption platform. All these points towards Stern Options scam. About 70 percent of brokerages firms use SpotOption platform, though SpotOption platform in itself is not bad, people behind it can be corrupt.
Though the minimum deposit is $ 250, yet the information about accounts is confusing and even perks in each account type are not clear. Account types are not mentioned on the site. They insist on the opening account first and later they will let you know what accounts types are available. It is like putting the carriage before the horse, very absurd.
As far as educating investors it has a binary e-book, advanced binary e-book, and platform e-book. There is a demo tour that is apparently like a sitemap which helps navigate the website easily.
They have been issued the warning by New Zealand’s financial regulatory because of cold calling. FMA has also issued a warning.
Stern Options is a scam broker as there are many bad and negative reviews. It is blacklisted by FCA. In case you have been scammed by Stern Options or Stern Markets you can take help of MyChargeBack to recover your invested money. They will guide you step by step throughout the process. In case you have lost money in any financial or online fraud you can take services of MyChargeBack to obtain your money back which you may consider already lost.