Another broker I would like to bring to your attention is OptionsXO. We already talked about regulation. But what if a broker has not obtained a license yet? How can you know if it’s the real deal or just a scam that will rip you off? Well, the process of trial and error is the surest way to check but that would involve investing funds in something that might turn out to be a shady scheme.
The other choice is conducting a thorough investigation. But let’s be honest here. Not many of you have the time or the willingness to do it. But you should do it. The Forex forums are full of user testimonials and feedback. These two things can form a pretty detailed picture about almost any broker you can think of. And if you have a reviewer you trust, you can act based on their review.
In the following short overview of the OptionsXO broker, I will discuss its reliability. After undergoing thorough investigation, I can tell you that it is not going to be a good choice for your investments.
OptionsXO Broker – Scam or Not?
OptionsXO is not a regulated broker. Of course, this is not always a clear sign that a given broker is scam. Unfortunately, OptionsXO has had multiple privacy issues. Users have complained of blocked withdrawals and issues with their personal bank information.
Review Verdict: OptionsXO Is Scam
As a whole, my investigation shows that OptionsXO is not going to be a reliable partner in your trading endeavors.
OptionsXO – Does It Offer Opportunities?
What is one of the first things you check when you are considering opening an account with a certain broker? Next, to regulation and account types, you want to know what assets said broker has to offer. Some traders even specialize in a given category and search for variety in it. Some of the biggest and most reputable brokers enable you to execute trades with a huge amount of assets. The range varies somewhere between 150 and 200 or more assets. Compared to such platforms, smaller brokers have to find other ways of giving you a satisfying user experience.
But offering too few trading opportunities is just one of the disadvantages of OptionsXO. It offers you the chance to trade only on 50 assets. It doesn’t provide you with a wide variety of Forex trading styles, to compensate, and a lot of assets are only available for trading under Hyper options, which have the shortest term and the highest risk.
Options XO – Can It Educate You?
Providing traders with a comprehensive training center is a great strategy for Forex brokers who fall behind in other aspects. Extensive and FREE educational materials could be considered a proof of reliability. A scam broker would not want you to gain knowledge because this way it would be harder for the scammer to trick you and “relieve” you of your funds.
What is the case with OptionsXO then? While browsing through the training academy, I noticed that it is quite poor. It is also full of spelling mistakes and nonsensical statements. This could even harm your investments. If you don’t have a reliable knowledge foundation, you would be prone to losing investments. And a scam broker wants exactly that.
Overview of OptionsXO
To sum it up, OptionsXO is not a broker that can provide you with profitable opportunities. It also lacks a secure trading environment. The absence of a license and regulation so long after Options XO has been established is a worrying sign. There are much better brokerage choices available, I suggest you consider a more reliable alternative.
Review Verdict: OptionsXO Is Scam