The CySEC alerted investors against Option500 as the binary options firm was stating deceptive claims on its website. Now, the Kong Securities and Futures Commission (SFC) also blacklists the brokerage. Is Option500 a scam?
October 21, AtoZForex – The Hong Kong Securities and Futures Commission (SFC) has added another brokerage to its alert list. The blacklisted entity is a Binary Options brokerage Option500 which appears to be targeting Hong Kong and abroad investors without being licensed by the regulator.
Is Option500 a scam?
Option500 claims to offer trading binary options in currencies, stocks, commodities and other instruments. The binary options broker also advertises its education center which incorporates video tutorials, glossary, economic calendar and blog section. The company runs its operations through the www.option500.com website. Also, Option500 claims to be located at Blue Square 272 Bath St, Glasgow G2 4JR, United Kingdom. There is no information regarding the regulation authorities that supervise the brokerage. According to the SFC, the brokerage is found to be targeting Hong Kong and overseas investors without being licensed.
The Alert List created by the Hong Kong watchdog indicates the businesses and individuals that are unlicensed in Hong Kong and have been soliciting to Hong Kong investors or state to be associated with Hong Kong.
The CySEC's warning against the binary options firm
A year ago, the Cyprus Securities and Exchange Commission (CySEC) warned investors against using services of Option500. The alert was issued due to the deceptive claims stated on the website. In particular, the brokerage mentioned that it was regulated by the Cypriot watchdog for more than 10 years. However, it didn’t indicate the license number or any postal email address. Hence, the CySEC informed investors that the claims were false and that the brokerage had never been unauthorized to perform any services in Cyprus.
All in all, it is essential to be thoughtful and cautious while choosing with which Forex Broker to commit your funds. Hence, we advise checking the list of AtoZ Approved Forex Brokers that were thoroughly examined by our experts and team of shadow traders.
Think we missed something? Let us know in the comments section below.