Updated on April 15, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding PlusOption due to the issues we've identified.
Is PlusOption Scam or Legit Broker? ▲
Trading with PlusOption poses a significant risk to investors' funds due to the absence of a reputable regulatory license. Despite its UK presence, PlusOption fails to possess a license from the Financial Conduct Authority (FCA), a critical oversight for any financial service provider in the country. This lack of regulatory oversight means there's no assurance of the safety of traders' investments, making it an unsafe choice for trading.
Registration Status: Unregistered
Licensing: None
Safety of Trading with PlusOption: Unsafe
Suggested Regulatory Bodies: FCA (UK) & ASIC (Australia)
PlusOption, a trading platform specializing in CFDs, boasts a user-friendly experience and robust support, claiming a large base of over 23,000 active traders and numerous accolades. Located in London, the company presents itself as a significant player in the trading world. However, its lack of authorization from the FCA, a crucial requirement for UK-based financial investment firms, casts a shadow over its legitimacy. Unregulated brokers like PlusOption often lure traders with attractive offerings, only to leave them without recourse when funds disappear. The absence of regulatory oversight means PlusOption operates without accountability, a situation flagged by international regulators, including ASIC, which has issued warnings against the company.
Location: London, UK
Claim of Engaged Traders: 23,000+
Regulatory Authorization: Lacking
To safeguard your trading investments, it is paramount to engage with brokers regulated by reputable authorities such as the FCA or ASIC. Unregulated entities like PlusOption present undue risks, evidenced by their lack of licensure and negative trader reviews. Our comprehensive analysis, part of a broader review of over 1000 brokers, underscores the importance of regulatory compliance in ensuring a safe trading environment. Therefore, we strongly advise against trading with PlusOption and suggest seeking alternatives among well-regulated brokers for a secure trading experience. Despite PlusOption's current inactivity, as indicated by their silent website, it remains crucial to stay vigilant against any emerging proposals from them or similarly unlicensed entities.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
PlusOption Review 2024
