PlusOption Broker Review

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PlusOption

Broker Name: PlusOption
Platform: SpotOption
Founded: 2020
Bonus: 100%
Return/Refund: 75-81% /0%
No. Of Assets: 148
Regulated: No
Demo Account: No
Minimum Deposit: 250
US Traders: Not Accepted

PlusOption Review

PlusOption was founded in 2020 and is operated by Redfield Markets Ltd registered address at Fanshawe House, Pioneer Business Park YO30 4TN, York, UK and operational address Sofia, Bulgaria, 7th Floor, 9 Professor Fridtjof Nansen Str. Redfield Markets Ltd is a new company and was incorporated 4th of May 2020.

Their payment services are operated by ACV Operations S.R.L which is registered in 13th Stejarisului st, Section 4, Bucharest, Romania. Their support can be reached at [email protected] or at this UK number: +442038070195. PlusOption is not a regulated broker.

Is PlusOption a Scam?

PlusOption is not regulated and the website doesn’t strike us as a seriously operated business. In fact, a little research dug up complaints regarding withdrawals such as account managers refusing to forward withdrawals. This is the standard trait of a scam broker and the lack of regulation makes it impossible to solve your disputes. In addition, there are complaints regarding account managers deliberately making traders lose, change passwords to their accounts and then ignore them once the funds are depleted.

Regarding the website itself, it’s poorly made and the support ignored me after answering a couple of simple yes/no questions. Overall, not much effort has been made to create a unique broker that would attract clients. In fact, we found the good old “*Insert broker name* is today’s leading binary options trading platform” which has become a slogan that all lazy whitelabels keep repeating. Furthermore, there is no demo account which sucks.

Recently, PlusOption added the following to their disclaimer: “Unfortunately, we don’t accept traders from Belgium, France, Germany, Israel, US, Canada and Australia. Likewise, residents who have double citizenship that includes the listed above countries, are not allowed to trade the binary options”

We also noticed that now there are only a UK and South African number available.

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Moving on to the company itself, not much info about PlusOption is shared. Except for the address that is an obvious virtual office (Marshall Islands). Another suspicious sign we found was that they provide Belgian/British and Australian phone numbers. In Belgium, binary options is banned and it is a matter of time before PlusOption gets on the blacklist of the authorities like FSMA but also ASIC and FCA for claiming to have office/phone support in those countries (already warned against in Bulgaria).

The platform is the standard SpotOption and there is nothing unique here to get too excited about. They do have a large asset list but of course, not all of them will be available at all times. In conclusion, PlusOption makes us want to turn around and go somewhere else, to a regulated broker that makes a good effort to provide a unique platform with beneficial terms and conditions.

OBS! Since May 2020 the company owner and address has changed. New name is Redfield Markets Ltd and the Marshall Islands address is no longer found on their page but is instead replaced with a Bulgarian address: Sofia, Bulgaria, 7th Floor, 9 Professor Fridtjof Nansen Str. Interestingly, PlusOption is warned against on the FSC.bg, Bulgaria’s financial regulator. Overall these are not signs of a trustworthy broker.

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

Their list of assets is pretty big with around 150 assets and they offer all of the standard SpotOption types of trading such as long term, pairs, ladder, one touch and FX/CFD.

Why Does PlusOption Suck in 50 Words

PlusOption sucks because they are not regulated and the website looks like a horrible bucket-shop which someone quickly put up in WordPress. In addition, after only 45 days of being inactive, your account will be charged 49.90 currencies per month which is way too much and way too soon.

PlusOption Complaints

Despite being so new, founded 2020, there are already a number of complaints regarding failure to withdraw from PlusOption. There is nothing worse than withdrawal complaints when it comes to binary options. I mean, if a broker is no good, you should always be able to withdraw, bonus or no bonus, good or bad service, freezing platform or fast acting… You should always be able to withdraw – and when you can’t, it screams scam. “Withdrawals were again denied, because they raised the requirement restriction by the 1000 dollars unrequested bonus.” – wrote a client.

They also seem to be involved with various autotrader scams such as “Quantum code” and “Cambridge method” and similar “get rich quick” scams and that is alarming too. We have researched for more recent complaints and there are a bunch of newly scammed victims. The account managers over at PlusOption are promising big and quick profits only they don’t deliver. Afterward, “recovery managers” talks the victim into depositing even more money in order to “recover” the losses. One source for such stories is Forexpeacearmy.com. The real bad news is that PlusOption is hiding behind virtual addresses, it’s impossible to make a complaint once your funds are stolen. You are pretty much being ripped off by a ghost.

PlusOption Regulatory Announcements and Warning

21.06.2020 – The Financial Supervision Commission, FSC in Bulgaria, adds PlusOption and their owner “Tradeplus Solutions Ltd” to their list of warnings. According to FSC, PlusOption is not authorized to offer services in Bulgaria.

10.05.2020 – ASIC regulator warns against PlusOption because “they could be involved in a scam” and because they have made unsolicited calls or in other ways contacted clients in Australia without holding a license. Source: ASIC’s MoneySmart

19.09.2020 – In the latest updated list of non-approved domains on the CySec regulator’s website PlusOption is mentioned. Source: CySec.gov

PlusOption Bonuses

Their bonuses go up to 100% and the required turnover is 30x total bonus amount. The bonus policy is not straightforward. In the bonus policy it states that you can withdraw and cancel the bonus after accepting it but under withdrawal policy, it says that your withdrawal request will be canceled if you try to withdraw and have not met the minimum volume requirement. The turnover of 30x the bonus is actually okay but still, we can never recommend accepting bonuses from unregulated brokers.

PlusOption Withdrawals

Before withdrawals can be processed, you need to verify your account in accordance with AML policies. After that, withdrawals can take up to 14 days for wire and bank transfer – according to their terms and conditions. The minimum size is 100$ per withdrawal but no mentioning of any fees with exception of your own bank’s fees and transaction/exchange costs.

PlusOption Ratings

User Friendliness 14/20

The website comes in English, Russian and Arabic and German. The design and overall time spent to work on the page is poor and disappointing. The market review page was empty but on the plus side, there were working videos to watch.

No. of Assets and Expiry time 16/20

There are 23 currencies, 100 stocks, 7 commodities and 18 indices coming up to a sum of 148 assets which is pretty big. The expiry choices are the standard SpotOption, short-term, intraday and long term.

Commissions, Support and Effective Return 12/20

The terms and conditions state that fees might be charged depending on your own bank but no standard fees are mentioned from PlusOption’s side. Returns reach up to 81% but there seems to be higher payouts for VIP members of deposits of 50K or higher. The support on the live chat was a bit slow and only answered two of my very simple questions before she disappeared and ignored the third question. There are no commissions but regarding fees, there is a dormant account fee of 49.9 $/€ that is applied monthly already after 45 days.

Deposit, Payment and Bonus 15/20

Bonus terms require 30x the bonus before you can withdraw them. The bonus policy states that you can withdraw your deposit despite not reaching up to the required volume but the withdrawal policy conflict with that statement and states the opposite: your withdrawal will be cancelled if you have not reached the required volume. It’s confusing and unreliable to say the least. The following deposit methods are approved: VISA, MASTERCARD, Skrill, Webmoney and Yandex Money. The minimum withdrawal amount is 100$ and may take up to 14 days.

Website Extra’s 9/20

There are no unique features for this broker specifically.

PlusOption Overall Rating: 63/100

Plusoption is now Brighter Trade, And they same scam appears again! Make a report on Action Fraud in U.K , because they are a organization with a couple of scam websites that operate together. A new scamming website is GFCInvestment, former Scam Greenfield Capital. https://www.fca.org.uk/consumers/report-scam-unauthorised-firm

I declare this is the worst company in trading. The take your money, claim to know how to trade, which they do not, and do not care or follow client’s instructions. Their brokers are persistent and very forceful. I lost a lot of money, made 2 charge backs, which they lied to my bank about so they would get out of paying funds back. They totally suck, and should not be left in business. DO NOT HAVE ANYTHING TO DO WITH THEM. You WILL lose your money. I have been fighting with them for over 2 years to get my funds back, and they will not listen. Emails are useless. At best, they are total crooks with empty promises and little knowledge of trading. .

I have lost 14200USD and that have been diffrent brokers even Nick Turner, Jack Young, Marta Stone and some more I don´t rember all name, they are no honestley

I lost all my money with plus option a guy called Nick Turner then was passed to Sean Grayson and then a supposedly senior guy called Matt Foreman who said he would help me to get better results on the $12000 i had left in my account he lost the lot now they wont even answer my emails

It’s FAR too easy for these people to be effectively anonymous on the web when it comes to money.
A youtube video by “Bullish University” mentions a UK law firm who have taken on the likes of Banc De Binary and FMoption.

The video title to search for is:
“Banc De Binary shut down. Binary Options review by Ben Newman”

About 1 min 35 seconds into the video, Ben mentions the company.

Hope this helps.

I had a bad experience also..but what can I do to get my $5000 , that is still there, back…3 people let me trade to loose $15000 …but can no one do something to eliminate these thieves??

HORROR STORY – i saw an article on Skynews so thought it must be legitimate, tried to fill out my details online but couldn’t complete the form so decided to cancel the application. Within minutes I got a call from Plus Option offering help in completion of the transaction, they wanted to know every detail of my financial status especially after I told them that I had retired and tried to convince me to cash in my pension and invest in them, which refused to do so.
Signed up with an investment of $2300 and was given an account manager name Lena Baron. Trading started and almost immediately she asked me to add another $10,000 to my account so that I would get the next level of trader which would give a higher level of trading tips. This is when the battle started but was informed they had already given me a bonus, eventually had to cough up the extra. My account was always in credit but had not made any profit on my investments. To cut a long story short I invested $32,000, when my account was at $40,000 I tried to withdraw my investment but was told that I owed them $28,000 because of their bonus scheme. At no time was I informed that bonus funds had been credited to my account, nor had I authorized or requested a bonus.

I was then given a new VIP account manager who immedIrately asked me to transfer $70,000 to my account to gain VIP status, I refused, that is when matters got very serious and the power selling was unbelievable, I still refused. I made a spreadsheet of all my trading from day 1 in September 17 to December 17, this showed that the account was in credit by $41k. I asked to withdraw my stake and was informed that was spent even though the account showed $41k and if I wanted to close the account I would need to pay them $10k immediately. At no time would they put any communication in writing. Eventually I was handed back to the first account manager and who assured me that when my account reached $64k I could withdraw funds without paying a bonus penalty. Successful trading got me to $51k and thought the end was nigh but was forced to trade again and without my autnorisation was given another $7k bonus locking me in yet again.At long last the penny dropped, whilst they had me trading they were making a 20% profit on successful trades and it was in their interest to lock me in with additional bonus payments. I wrote an email asking for an explanation on why the $7k bonus was added without my authorization but it’s been 7 days and I still haven’t had a reply.

To cut a long story short initial investment $32k plus $28k bonus penalty (doesn’t include &7k penalty), plus $30k in account, loss so far $90k. I am going to take on these bandits using the Fraud Squad because this is nothing short of theft under false pretences.

NOVICE TRADER, DONT TOUCH THEM EVEN WITH A BARGE POLE.

I would be very grateful if anybody can offer advice on how to rid myself of these people it would be much appreciated.

7 Binary Options

UPDATE (12.10.2020):

Plusoption has shut down their operations.

We recommend choosing one of our top binary option brokers instead:

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Try also Binary Option Robot if you are looking for automated binary trading.

Old Review:

In the following review, we will discuss PlusOption, established as a new binary option broker in 2020 by a group of seasoned financial professionals. PlusOption created an innovative platform which will provide traders with a diverse range of assets and expiry times for the binary options market.

Basic information:

Online since: 2020
Jurisdiction: Marshall Islands
Software: SpotOptions
Max Returns: 87%
Bonus: 100%
Minimum Deposit: $250
Minimum Investment: $25
Maximum Investment: $5000
Currencies: USD, EUR, GBP
Mobile: Yes
Countries: All nations excl. USA

SpotOption Software
Offers Mobile Trading
Multiple Trade options

– No Demo Account

7 Binary Options Rating:

PlusOption Special features

Although they are relativity new to the world of binary options, PlusOption is up for the challenge. One of their most appealing factors is that their minimum deposit of $250 fits the industry standards. We strongly believe that the broker’s option of three different account types on this platform only proves their level of dedication. They want every type of trader, whether beginner or experienced, indecisive or determined, frequent or casual, to be able to get the most out of their binary trading experience.

Account Levels:

PlusOption Mini Account

  • $25 minimum investment
  • $250 minimum deposit
  • Up to 82% payout
  • Monthly strategy trading
  • $500 minimum deposit
  • $25 minimum investment
  • 3% yearly interest rate
  • 1 risk-free trade
  • 1 SMS binary option signal a day
  • Strategy training on 2-week base
  • 50% bonus
  • Up to 85% payout

PlusOption Premium Account

  • $3000 minimum deposit
  • 5% yearly interest rate
  • 75% bonus
  • 3 risk-free trades
  • $50 minimum investment
  • Weekly strategy training
  • Up to 87% payout
  • 2 SMS signals daily

In our opinion, PlusOption shows clearly that bigger deposits and more prestigious accounts will offer more benefits for traders, such as signals and bonuses. PlusOption does have very strict bonus rules set in place, such as: before withdrawing the bonus and deposit, the sum must reach a trading volume of x20. They do offer a few different bonuses, however. These include a welcome bonus, 2nd deposit bonus and refer a friend bonus. They also offer some risk-free trades as well.

Screenshot

PlusOption Trading software

PlusOption operates the SpotOption trading platform which is extremely user-friendly. A simple design and classic colors allow even novice traders who are using the platform for the first time to easily navigate through the system. The PlusOption site also provides additional tools for their traders, such as SpotFollow. This feature allows traders to both follow and mimic successful traders. It also educates traders on how to develop more profitable trading strategies.

PlusOption offers a variety of trade options such as: HIgh/Low, 60 Seconds, One Touch, Pairs and Ladders and Long Term. One thing that sets PlusOption apart from the rest is that they also offer Forex trading as well in which traders can experience trading with stocks (17), indices (20), currencies (12) and commodities (7).

PlusOption understands that in today’s fast-paced world, traders spend more time on their tablets and phones than they do in front of a computer so they strive to enhance the performance of mobile trading. They know that traders today have extremely active and busy lives, wanting everything to be accessible in the palm of their hands. As mobile apps are extremely beneficial in the binary trading experience, PlusOption offers an app for Android users. We are hoping the IOS App will follow in the near future.

PlusOption is also available on the Binary Option Robot, which is the most widely used and highest quality trading software available in the binary trading industry. This gives those who are inexperienced, or hesitant, the opportunity to have successful trades right from the start.

PlusOption Support information

At the current time, the PlusOption platform is available in English only. However, we are extremely hopeful that other languages will be available in the near future. During our review of PlusOption, we were happy to discover that there are several different ways to reach their customer support team. Their customer support center can be reached online via an contact form, email or LiveChat, which we feel is the quickest and most convenient for those users who need have pertinent questions. They are can be also reached via telephone for those who prefer the more personal touch.

Also while conducting our PlusOption review, we established that they offer a variety of informative learning materials that we are sure many traders will find extremely useful. There is an amazing Academy section which not only offers videos and articles on binary trading from a variety of different perspectives, but also a very thorough FAQ section as well. For anyone new to a website, the FAQ section is the best place to start. Their FAQ section is divided into three different parts: general trading questions, account specific questions and an additional section solely on the trading platform. They also offer a glossary which defines all of the basic, as well as the most important, binary trading jargon.

The one negative is that we found no demo account mentioned on their website.

PlusOption Banking and company information

PlusOption is backed by Tradeplus Solutions Ltd., located in Marshall Islands. The 7BinaryOption review confirms that they offer an outstanding selection of payment methods which is unique as compare to other binary brokers in the industry. Traders can select from the following payment forms; Visa, MasterCard, WebMoney, Qiwi, bank transfer, Bitcoin and Skrill. The minimum deposit a PlusOption account is $250, while the minimum withdrawal is $50. The broker warns traders that only those withdrawals over $100 can be done via bank transfer and any deposit exceeding $10,000 can only be completed via bank wire. Since there are no fees listed anywhere on the site, make sure to confirm with customer service about any hidden fees.

One of the best features of PlusOption is that they enable traders to instantly withdraw through use of fast e-wallets. For bank wires or credit cards, however, it takes up for the funds to transfer to the account, taking into mind that transfer times vary.

Conclusion

We feel that PlusOption is a viable binary options platform. Both the website and the platform are user friendly and offer a great selection of extremely useful resources. Their customer and technical support are professional, knowledge and friendly. We strongly recommend PlusOption as a reliable trading platform for both new and experienced traders alike.

Additional information

Customer Service: Live Chat / Email: [email protected]
Languages: English
Trading Options: High / Low, One Touch, 60seconds, Long Term, Pair Options, Ladder Options, SpotFollow
Early close: Yes
Expiry Times: 60 sec, 15 min, 30 min, 1 hr, 24 hr+, End of Day, End of Week, End of Month
Deposits and Withdrawals: Visa, Mastercard, Amex, Bank Wire, iDeal, POLI, Sofort, Trustly, CashU, WebMoney, Paysafe Card, Neteller
Withdrawal Time: 1 -3 day
Demo account: No

PlusOption Articles:

7 Binary Options review: PlusOption : 4,5 stars.

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