Warning! Block Option is an offshore company! Your deposit may be at risk.
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Block Option (blockoption.io) features a very limited site, with close to no information concerning its services and trading conditions. Read the review to find out more about this one.
Here we are with another broker that does not have any legal documents, no regulatory information, no nothing. The whole website is just a home page and a user dashboard. Undoubtedly, the website is aimed at more novice users who do not know what to look for in a broker, thus being easily manipulated into depositing.
We have on choice but to label this one UNREGULATED, meaning that it is a risk to all investors!
We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimised clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
Block Option is in fact a binary options trader, as revealed by the main terminal in the client dashboard. This means that there are no trading conditions like spreads or a leverage. The terminal offers binary options trading in bitcoin, some forex pairs, a couple of stocks.
Languages English, Vietnamese, Cambodian, and Thai.
BLOCK OPTION LOGIN
The binary options trading platform allows users to bet if a given asset’s price will go up or down. That is the just of it. However, the charts provided are by a third party provider, making the whole terminal ambiguous, and in the worst case, totally useless.
BLOCK OPTION MINIMUM DEPOSIT
Users can only deposit via crypto, which is the most common payment way used by fraudulent brokers because crypto payments are untraceable. We were unable to deduce a minimum deposit amount. We assume that we, as a registered user, are suspicious to the broker, and thus it does not allow us to dig further into their scheme.
Due to he broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These software allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
BLOCK OPTION WITHDRAWAL TIME AND FEES
As we mentioned there are no legal documents to speak of, so there are no solid withdrawal terms to speak of. Furthermore, the payment section on the client area only reveals that withdrawals are done via a cryptocurrency of a client’s choice, after which the withdrawal request is send, never to be received by anyone.
ADDITIONAL FEES AND TAXES
Since there are no legal documents, there are no clauses to speak of.
Heed our words. Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
Filing for a charge back is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defence for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
Block Option is as fraudulent as scams get. Do not deposit here if you cherish you money. Stay away!