Beware! Optionfield is an offshore broker! Your investment may be at risk.
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ОptionField is a brokerage, situated in St. Vincent and the Grenadines, which offers binary options trading with payouts of up to 85%. It is owned and operated by Optionfield Limited. Potential clients have at their disposal the MetaTrader4 trading platform and a diverse range of trading products. The required minim deposit comes at $100.
Optionfield regulation & safety of funds
Optionfield is among the more interesting brokers we have come across. It utilizes the MetaTrader 4 trading platform and also provides traders with the binary options MT4 extension which is the first we have seen so far. However, we must say that the brokerage is located in St. Vincent and the Grenadines, and as such – does not fall under any regulatory oversight.
The segregation of accounts is among the rules which are especially important in the trading world, because it drastically lowers the risk of possible commingling.
Another is the participation in a compensatory scheme by which the client’s losses will be covered in the unlikely case the broker goes bankrupt or attempts to swindle traders.
Optionfield deposit/withdrawal methods and fees
Potential clients of the brokerage have a wide range of payment methods before them. They may deposit or withdraw via Visa, MasterCard, bank/wire transfer, Neteller, Skrill, Entropay, Bitcoin and Upaycard. There is also stated quite clearly on the website that there is a withdrawal fee of 1 per cent for credit cards and wire transfers. Traders should take notice that there are a number of safet-checks they may try with the brokerage, instead of trusting it at face-value. Firstly, they must always invest only the required minimum deposit, so that there is certainty about the legitimacy of the brokerage, before risking a bigger amount. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. If they do – traders may rest assured that they’re dealing with a scammer.
How does the scam work?
One of the best trust-creators in the trading business is the regulatory status of a brokerage. It distills confidence and almost completely removes the risk that the brokerage might be a scam. Nevertheless, we may not always rely on regulation and traders should be informed about the ways of scamming:
Almost certainly you have had pop-up ads waving “quick money” at your face while browsing the internet many times. One day, curiosity gets the better of you and a nice-looking website such as Bitcoin Trader or Crypto inner Circle shows up asking you to register. After sharing your personal information, a call from a broker will undoubtedly come, a broker with a once-in-a-lifetime opportunity for you. After a few minutes of him gabbing about it , you decide to deposit some $200-250. And just like that – the scammer snatches a nice $50 commission from the initial deposit.
However, brokers are surely aware they can get more out of you. They redirect you to the “retention” where next in line scammers begin working you into putting even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what is left of your account.
Now comes the “recovery” part of the scam. After stating that you wish to withdraw your money, the scammer will begin pleading with you to wait it out, six months at the most. What they aim at is barring you from filing a chargeback with your bank. If six months expire, that option is closed and your money is gone for good.
What to do if scammed?
We wish no trader has to consider such circumstances, however, in the dire case you are scammed – it is much better knowing what available options you have in front of you:
You may contact your bank or credit card provider and file a chargeback, but only within six months of the initial deposit, as was noted above.
If, however, you have provided the broker with your credit card details, immediately cancel your credit card.
If you have given information regarding your online banking pass – you should switch it asap!
Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate and ready at anything to somehow recover their losses. They will say that in exchange for an up-front payment, you will get your money back, but no such thing will occur!