DirectTradeOption review – 5 things you should know about directtradeoption.com

DirectTradeOption review – 5 things you should know about directtradeoption.com

It doesn’t take too long a time to realize that DirectTradeOption is not your typical forex broker. This broker is very limited in terms of information, including trading conditions. For instance we were not able to get a spread value, nor a leverage. The same is applied to the missing trading assets.

DIRECTTRADEOPTION REGULATION AND SAFETY OF FUNDS

DirectTradeOption lacks any sort of lega docuemtns and regulatory insight. The closest thing that we get to any sort of similar info is found in the Contact Us page, where it is claimed that the broker is based in the United States which is impossible, for the US is the most severe environment for forex brokers, and thus only a handful of very professional forex brokerage firms operate there of which DirectTradeOption is definitely NOT one. Without any further info, we have to deem DirectTradeOption UNLICENSED and therefore a risk to traders’ funds. Furthermore, the website is lackluster, and is extremely basic, making iteasy for any basic PC user to detect that something is definitely off.

Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA  or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.

DIRECTTRADEOPTION TRADING PLATFORM

Unfortunately, we were not able to open a trading platform; after we registered, we easily logged in into the client are dashboard where we found no trace of a link to a platform. There was a filed which required us to upload id documents, hinting at the possibility that a terminal will reveal itself once the user has provided these necessary documents. However, since this is an unregulated and probably illegal broker, we do not support the giving of personal info. Without a direct access to a trading platform, we are unable to give any spreads, leverages, and trading assets. We cannot even confirm the presence of a trading platform.

The website, claims to be offering Shares, Currencies, Indexes, and Commodities.

DIRECTTRADEOPTION DEPOSIT/WITHDRAWAL METHODS AND FEES

Even though we logged in successfully, the client area did not provide us with deposit withdrawal information. These details were hidden behind the required id documents. Needless to say that the website offers not additional information, and the missing legal documents act as an annoying nuisance. We can only assume that the company wants to contact the trader directly, throght the provided id documents, and personaly lure him/her via phone to deposit (the classic scheme, rad more below).

We strongly advise traders to only deposit the minimum deposit, or better yet- not deposit at all! As for the withdrawals, scammers are known to either deny such requests, or impose incoming and unexpected charges.

How does the scam work?

The most common type of scamming is in fact a very simple scheme that involves multiple level of commitment from both the victim and the fraudulent broker. In the following section we will dive into the individual elements that make up this scenario.

Users of the net will be lured or intrigued by the countless ads that float around the internet, mostly on popular websites such as social media hubs. These ads promise fast money, and are accompanied either by images of luxury or made up testimonials. Clicking on them redirects users to a so called robo-scam website such as Profit Revolution or Bitcoin Revival, where a simple registration process will require from you a telephone number and email address. We assure traders, that once these details have been shared, they will shortly get a call from the broker or brokers, on whose ad you just “stumbled”; this is when the game begins. The voice on the other end of the line will urge you to deposit in their broker some $250 (approximately), by reassuring you of the possibilities of profit, and the like.

Should you deposit, the initial scammer has just earned a hefty commission from this deposit. Now it’s time for the senior scammer to talk you into depositing more, by claiming that the only way to increase profits is to deposit more and larger sums. These second level frauds are great talkers, charismatic and influential, twisting their lies to sound like the absolute truth.

At some point or another, the trader will inevitably start suspecting something, and will want to withdrawal his/her funds. At this point, the con artists will delay the withdrawal process by persuading you to wait, or by referring to their legal documents that cover specific withdrawal clauses- excuses vary from broker to broker. This delaying process is crucial to them, for trader have a limited time to file for a chargeback with their respective bank. Once the chargeback time frame runs out, traders will have lost their money for ever.

What to do if scammed?

VISA and MasterCard users will be happy to know that have extended their charge back request period to 540 days for when online scams occur. In case a chargeback is unavailable for some reason, the next immediate route is to cancel your credit card ASAP.

Those of you who deposited using VISA and MasterCard will be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.

If any bank details have been shared, like banking pass or security code, traders should be aware that scammer will most certainly attempt to drain your account. In such a case, immediately block the account or change the password.

We also urge users to be very careful with the so called “recovery agents” that promise to recover lost money from unlicensed broker. They charge a fee for their alleged services, and will unquestionably not recover any previous deposit, basically scamming you a second time.

Rich Snippet Data
Review Date
Reviewed Broker
DirectTradeOption
Broker Rating
11stargraygraygraygray

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