Warning! OptionsSet is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
OptionsSet might seems like a prominent broker, but one closer look into it and all that you will start seeing are red flags. Read the review of OptionsSet and see all you need to know.
OptionsSet, on top of having a very sloppy and unprofessional website, has alos no mention of any regulation. In the Terms and Conditions it mentions that the company works in accordance to the laws on London, which is an ambiguous statement. Judging by what we just said, all finger point to the conclusive fat that OptionsSet is clearly UNREGULATED, and thus a threat to any investment made within it.
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
After registering, we were not given an option to access a trading platform before submitting any id verification documents, which is actually surprising, and is a good thing. Yet without access we cannot give you any proper leverage and spread values, as well as any current assets. Furthermore, there is no real trade information available anywhere on the website, save for the account type section which doesn’t really give us anything to work with.
The website is made available only in English.
As discussed, the trading platform is out of our reach. We are at a point where we can actually question the existence of a platform. Throughout the website, there are numerous claims that the website is offering a binary options alternative, but again we cannot confirm this.
If this is true, if in fact OptionsSet is a binary options trader, then there would be no need for a leverage and spread.
Interestingly enough, and typically for an illicit broker, there is no id requirement for making a deposit request.
OPTIONSSET MINIMUM DEPOSIT
Before depositing, users must send a deposit request. After that, they will have to fund an account with a minimum of $250, using one of the following methods: Bank Transfer, Credit Card, Western Union, Money Gram, Perfect Money, and crypto.
This unregulated broker should not be trusted with you deposit, hence our vote against making any investments in it. If traders wish to trade in a safe and regulated environment, we recommend any broker that has a license from the FCA/CySEC since these agencies are renowned for their strict law enforcing and protection of clients’ investments and personal information.
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. And even if TitanPro500 does briefly warns to cover the CVV code, we are still prone to advice you to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
OPTIONSSET WITHDRAWAL TIME AND FEES
The minimum withdrawal request amount is $2. However, once we proceeded, we were asked to verify our account before continuing, something that was not asked of us when depositing. This speaks in volume as to the real intentions of OptionsSet.
A withdrawal takes up to 5 days to process after it has been approved.
It is claimed in the Terms and Conditions that all bank transfers are credited with a $30 fee.
ADDITIONAL FEES AND TAXES
There is a bonus scheme that can trap you; withdrawals of bonuses and profits associated with them can be done once a (30 * bonus amount) trading volume is completed.
Further down the legal T/Cs, the classic indemnification clause absolves the broker from any guilt concerned with its clients. This clause almost always speaks for itself as to the level of fraudulence present within the broker.
Unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception, the most popular one being the denial of your withdrawal request. The most common 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.
If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a chargeback. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
The most important thing to note is that this broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advise is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.
HOW TO RECOVER
Filing for a chargeback is the best adviцe we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
Any details you might have shared with the broker, most notably the CVV code, are sure to be used against you, thus you should swiftly cancel your credit card ASAP.
At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you choose to indulge them, they will disappear with the money without a hint of remorse.
The last line of defense 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!
OptionsSet not only looks bad and downright unpleasant, but it also has no intention of ever paying you back. If you value your money, do not invest here. Best stay away!