Is Stern Options a Scam

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SternOptions

Broker Name: SternOptions
Platform: SpotOption
Founded: 2020
Bonus: 100%
Return/Refund: 75-85% / 0%
No. Of Assets: 60
Regulated: No
Demo Account: No
Minimum Deposit: 250
US Traders: Not Accepted

SternOptions Review

The information about SternOptions is mixed and rather uncertain. According to their website and Terms & Conditions, Stern Options is owned and operated by BP1 LP, but we couldn’t find an address on their website. According to other sources, they are located on 5th and 6th Floors, Landmark Building, 14 Tsar Osvoboditel Blvd., Sofia, 1000, Bulgaria.

According to yet another source, the owning company of Stern Options is GUM Ltd., with address: 3rd floor C & H Towers, Corner of Great Marlborough and Great George Streets, Roseau, Commonwealth of Dominica. Some websites list the owning company as BP1 LP, with address 272 Bath Street, Glasgow, G2 4JR, Scotland. I have no idea which address is the real one.

Is SternOptions A Scam?

There are warning bells all over here. What I do know is that Stern Options has no outstanding regulation. Their Terms and Conditions say they are owned and operated by BP1 LP, but no address is listed. According to the British Companies House, their address has changed from 272 bath street, Glasgow, G2 4JR to Suite 2 5 St Vincent Street, Edinburgh, Scotland, Uk, EH3 6SW. I have to mention that upon a Google search, I’ve found out that both these addresses are most likely virtual offices, so if you choose to trust an unregulated company, with a virtual office address… well, you are an adult and responsible for your actions.

Editor’s Note – Why Doesn’t Stern Options Suck in 50 Words

I’m trying guys, I’m trying… they don’t suck because… ah no, that’s not it. The colors of the website are nice… no, that can’t be it either. They say they are the “World’s most acclaimed trading environment” and “the most experienced group of professionals in the industry”. Yes! That’s it! They don’t suck because they say they are the best and I have no choice but to believe them… or maybe I suck at seeing why they don’t suck.

Why Does Stern Options Suck in 50 Words

Unregulated brokerage, new on the scene, unclear information regarding the owning company and address… sorry but that doesn’t sound too reliable to me. Also, they are using the SpotOption platform and although this is not a bad platform by itself, it shows that Stern Options are just going with the herd (about 70% of brokerages are using the Spot platform) and are not willing to take a risk and build their own platform.

Should I Open An Account With Stern Options?

Right from the start I could tell that Stern Options is a broker with the same characteristics of most SpotOption operators: they are the best, they have the most advanced platform, their employees are the most professional and experienced. If I were to list them I should end my review here and conclude they are the best brokerage on the planet. Obviously, I am not going to do that!

Even if they say they’re the best, I beg to differ. I haven’t seen anything that can make me consider them more than mediocre: the FAQ section answers some of the questions a new trader may have, but obviously, not all, the education section is composed of some tutorials and an e-book (the same one that can be found on most SpotOption brokers). The minimum deposit is 250 EUR/USD/GBP/AUD but I couldn’t get any information about the accounts or the perks of each account type. I asked a live support representative to direct me to a page that contains the details of each account type and… Surprise: I was asked if I have an account with them. Well, No! If I am asking about what types of accounts you offer, there’s a huge chance that I don’t have an account. Ok, then she asked me my full name, email address and phone number. All of this just to know what are my account choices. But I went with it and I gave her my [phony] information and I was expecting an answer to my question… finally. But, surprise again: she told me she is just technical support and cannot help me but instructed me to open an account, telling me that after I do that, I will get the information I need. So it’s basically like this: Client – “I want to order lunch. Show me the Menu please” Support/Waiter – “Order first, then you get the Menu. ” Oh, my, the professionalism…

So let’s answer the initial question: should you open an account with Stern Options? I honestly don’t think so. For now, they don’t offer anything that stands out and I believe there are better choices of brokerage. As long as the big, well respected and regulated brokerages still accept new clients, why would you go for a newly launched one, that doesn’t offer a lot of certainty for the moment? Maybe in the future, I will change my answer but for that to happen, Stern Options need to put in a lot of work.

SternOptions Complaints

The internet is going crazy with complaints about Stern Options (you can also find tons of them in our Comments section below this review). The reasons are various but the biggest problems are the inability to withdraw and the fact that account managers are blowing accounts left and right.

One client lost about 42,000 Pounds due to bad trades made by his account manager (according to the client, the manager got one trade right in 12) and then he was asked to loan 20K more to make the money back. I really hope he didn’t add more money but this just goes to show one more time that you shouldn’t trust the broker’s employee to trade your money… especially if he’s working for Stern Options.

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SternOptions Regulatory Warnings and Announcements

02/06/2020: The British Financial Conduct Authority warned that Stern Options has been providing financial services or products in the UK without their authorization The FCA also mentioned that some unauthorized firms knowingly run investment scams and warned people to stay away. Source: FCA Warning.

11/07/2020: The New Zealand Financial Market Authority issued a similar warning. They also mentioned that Stern Options representatives are cold calling New Zealand residents. Source: FMA Warning.

SternOptions Bonus

The exact amount of the bonus is not specified but their Terms and Conditions stipulate that you will have to reach a turnover of 27 times the bonus before you can withdraw. Why 27 times and not 30 or 25? Your guess is as good as mine…

SternOptions Withdrawals

There is no minimum withdrawal amount and the methods are credit cards, wire transfers, and Skrill. The duration of withdrawals is usually 7 business days and some identification documents are required, in order to comply with Anti-Money Laundering rules.

SternOptions Extras

They have an Economic Calendar. This can hardly be considered an Extra feature but it’s the closest thing and I don’t want to leave this section empty.

Trading Bitcoin With SternOptions

The SpotOption platform supports a lot of cryptocurrencies and SternOptions are taking full advantage of that, offering CFDs on Bitcoin, Bitcoin Cash Litecoin, Ethereum, Ripple, Bitcoin Gold, Dash and others. Cryptocurrency pairs are also available: Bitcoin vs Dash (BTC/DASH), Bitcoin vs Ethereum (BTC/ETH) etc., but also Cryptos vs Fiat currency: BTC/USD, BTC/EUR, ETH/JPY, etc. This is not the full list of assets; they have much more so if you are into crypto trading, you will probably be satisfied by their offering.

The downside is that SternOptions does not offer Binary Options on Bitcoin and altcoins, only Contracts For Difference (CFD) so if you are only familiar with BO, you will have to put in a bit of work to understand how CFDs work. The upside, however, is that you can use leverage of up to 3:1. It’s not a lot but it’s better than nothing.

Stern Options Ratings

User Friendly 16/20

The website is available only in English and German so that won’t get them many points for user-friendliness. While browsing their website, some text switched to German while the rest of the page remained in English – again, not very friendly. On the other hand, the SpotOption platform is well-known for its ease of use.

Number of assets and expiry times 16/20

They offer 12 currency pairs, 19 stocks, 7 commodities and 19 indices. Compared to other brokers, this is a thin asset basket and on top of that, not all assets listed in their Asset Index were available on the trading platform even if the underlying market was open at the time. The expiries range from extremely fast (60, 90, 120, 180 and 300 seconds) to 15 minutes, half an hour and hourly and long term. The SpotOption platform is known for its flexibility and it doesn’t fail here.

Commissions, Support and Effective return 15/20

There are no commissions for opening an account (this is common for all brokers) but there are some fees for withdrawals: 3.5% of the amount you want to withdraw if you are using a Credit Card and 15 USD per wire transfer. Deposits via wire transfer (above 500 USD) will incur a 20 USD fee. Live Support was just a waste of time and totally unhelpful. The effective return ranges between 70% and 85% but you should always check the displayed return before investing because it can get lower than 70%.

Deposit, Payment and Bonus 14/20

The min deposit is $250. Deposits can be made via credit/debit cards, bank transfers and e-wallets (Skrill). Withdrawals can be made via the same method used for the deposit. Identification documents are required, as well as a Voice Signature. For the latter identification method, you will need to contact your account manager. The bonus turnover is 27 times.

Website Extras 13/20

Nothing really stands out except their Economic Calendar, which is pretty well put together.

Stern Options Overall Ratings: 74/100

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7 Binary Options

UPDATE (16.08.2020):

Stern Options has shut down their operations.

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Old Review:

The binary options industry was born in 2008 on the floor of the Chicago Board Options Exchange, and since then hundreds of brokerages have come and gone. In this business, there is no room for incompetents and scammers.

We recognize Stern Options as one of the industry’s leaders. Here are just some of the reasons why we think they deserve this kind of respect.

Basic information:

Online since: 2020
Software: SpotOptions
Max Returns: 94%
Minimum Deposit: $250
Minimum Investment: $25
Maximum Investment: Unlimited
Currencies: USD, EUR, GBP
Mobile: Yes
Countries: All including USA

  • Accounts tailored to each customer
  • No investment limit
  • Quick and simple withdraw process
  • Doesn’t accept the traders from the US

7 Binary Options Rating:

Trading Platform

It’s no secret that Stern Options broker offers a world-class trading experience. Whilst they boast brilliant educational resources and customer service, Stern’s reputation for excellence comes down to its world-class trading platform.

Offering unparalleled trading opportunities and types to suit any trader regardless of preference, it’s no wonder that Stern is the ‘world’s most acclaimed binary options trading environment’. The visual character of the trading platform has been well designed with every age-group of a user in mind. So it is not composed of loud colors and superfluous imagery.

The menus are neatly laid out in a clear typeface, and are set in sensible contrasting backgrounds so that the user can see everything sharply and clearly labeled. Charts and graphs are real-time live feeds from the world’s financial markets. Stern Options trading platform really has it finger on the technological button. There is a lot of peace of mind that comes with using this quality web platform.

Screenshot

Assets

The Stern Options menu of assets available to trade binary options contracts includes the most comprehensive variety of the world’s Stocks, Currencies and Commodities as well as the world’s main financial market indexes.

Sign Up

Signing up to an account with Stern Options is routinely done online or by phone. The minimum deposit is 250 USD/EUR/GBP/AUD. Stern Options are very strict about compliance with the law and regulatory requirements for the administration of account in the financial services sector.

With the aim being to prevent fraud, money laundering, and the funding of criminal activities such as illegal narcotics and the funding of terrorist activities, for instance. If you do not comply with these requirements, Stern Options reserve the right to suspend business with you and perhaps refuse to pay the money you have invested with them until due process of law.

Therefore, just like when you open a bank account, in order to validate that your account is compliant with the law you are required to submit copies of the following documentation:

  1. A completed and signed Declaration of Deposits (DOD) which the company will issue.
  2. A scan/photo of proof of address (a bank statement or utility bill that clearly states your current address).A scan/photo of your ID (driver’s license or passport).
  3. A scan/photo of any credit/debit cards you’ve used to fund your account.
  4. A voice signature (you must contact your assigned Account Manager to complete this step).
  5. A completed withdrawal form.

Banking & Deposits/Withdrawals

Banking with Stern Options is about as easy as they come. There are a number of different deposit and withdrawal options that you can use when trading with Stern.

They offer all of the regular ones such as:

Stern Options only use the most reputable banks in Europe and has significant on Barclays and Deutsche Bank amongst others. This is yet another reason you can feel safe with Stern Options. So you can feel confident that you can get your money, Stern clients can access the withdrawal request facility online. Withdrawals are typically processed within five business days.

Types of Accounts

Stern Options do not limit their resources but believe in extending a tailored service to suit the needs of all clients. For this reason you don’t find a menu of different account types on Stern’s website as you will on most other companies’ websites. Instead, you will receive the service you deserve to help you to success.

Generally speaking, beginners and those smaller investors each receive a standard account. There are no limiting features and you can enjoy all the facilities the wealthiest account holders enjoy. However, as you become more and more successful Stern will assign a dedicated financial analyst to you, who can help you reach even greater levels of success.

Bonuses

Stern makes bonuses available, with the amounts on offer ranging from 500 USD/EUR/GBP/AUD and upwards. Client’s accepting bonuses are required to trade the equivalent of 27 times the amount of the bonus before being able to make withdrawals from the profits derived from it. This is very much the industry standard paradigm for bonus structures.

Learning Tools

Stern Options is well-renowned a pioneer in providing its clients with the best chances for success, and to make this possible they make sure everyone has free-to-use online access to their training academy. Offering unparalleled educational material which is didactic and configured to all levels of experience, from the beginner to the veteran, the learning materials are available for use 24/7 which makes it simple and easy to learn about the theory and practice of making profits from binary options.

Offering a vast array of educational courses that will turn even the most inexperienced trader into a binary options expert, Stern Academy certainly hasn’t compromised on the quality of their resources. Here are just a few of the courses you can expect to receive:

  • Introduction materials – the perfect way to get started, Stern’s 15 easily-understandable introduction videos will give every trader the best start they need to begin trading.
  • Binary strategies– every successful trader will know how important strategies are when trading in binary options. This course will provide a variety of strategies suitable for a wide range of abilities, meaning you’re guaranteed to find something that will suit you here regardless of your experience.
  • Platform tutorials– for a brand new trader, the first look at a complex trading platform can be quite intimidating. However, this course is bursting with user-friendly tools you can use when trading to maximize success, as well as a detailed explanation of all components featured on Stern’s expert trading platform.
  • Platform introduction video– an ideal accompaniment to their platform tutorials, you’ll be shown first-hand exactly how to implement everything you’ve learned so far.
  • Economics– the perfect introduction to the world of economics, this comprehensive course will educate you on everything you need to know about the relationship between capital markets and our global economy.
  • eBooks – Expertly crafted to accompany all of Stern’s brilliant courses, their binary options eBooks offer the opportunity for your questions to be answered. Also providing a useful reference you can go back to at any time, the eBooks available at the Stern Academy are simply second-to-none and will become a true asset to your entire trading experience moving forward.

Webinars

Stern clients are invited to attend regular and ad-hoc webinars which are produced to make sure their clients are up-to-date and properly informed of events taking shape in the world financial markets.

A webinar is internet based video show in which a senior financial analyst tell about important imminent and pending events that pose great opportunities for traders to invest in binary options trades and make profits from the movement of prices. We recommend that you sign-up for Stern’s webinars.

Return on Investment

Profit margins are always fixed at the moment of contract. The amount as a proportion of the sum placed on the asset is always in the range of 70% to 80% and upwards, with some species of contract giving between 200% and 400%. Lots of scopes, therefore, to reach your goals in creating an income from binary options.

Customer Service

Stern Options’ customer support team is multilingual, which is a must for a globally active company. They can be contacted by phone, email, and online chat 24/7.

Stern Options are one of the few companies who invest in mass-media presence with a daily market report that is available on their blog site as well as YouTube. It is as good as the best in the world.

Concluding Comment

We took a close look at Stern Options because their reputation in the industry is very popular. You only have to look at some of the websites which are directly concerned with Stern Options reviews to be able to see how popular they are. We must conclude we the evidence and this definitely is a company who deserve praise for their commitment to service and technical professionalism.

If you don’t check for yourself right now and visit their website, you certainly will be missing a proper chance to succeed in binary options trading.

Additional information

Customer Service: Live Chat/ Phone/ Contact Form/ E-mail
Languages: English, German and Arabic
Trading Options: High / Low, One Touch, 60seconds, Long Term, Boundary, Ladder Options
Assets: Currencies, Stocks, Indices, Commodities
Expiry Times: 60 sec, 2min, 15 min, 30 min, 1 hr, End of Day, End of Week
Deposits and Withdrawals: VISA, Master Card, Maestro, Bank Wire, CashU, Skrill MoneyBookers
Withdrawal Time: 7 business days
Demo account: Yes

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