Beware! ExtredmeOptions247 is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
ExtremeOptions247 promises profitable investments in crypto coins like Bitcoin and Ethereum, fiat currencies and indices, with an award winning platform and assured returns of between 120% and 300% depending on the account type. And the broker also says to be based in New York, and to be regulated both in the U.S. and the whole of the EU, through its Cyprus license.
Sound regulation is good news – a license by the Commodity Futures Trading Commission (CFTC) in the U.S. and the Cyprus Securities and Exchange Commission (CySEC) would surely guarantee the safety of your funds, except that ExtremeOptions247 was nowhere to be found in the registers of the above mentioned regulators. So if you still think it would be a good idea to trust your money with ExtremeOptions247 better read the following lines.
ExtremeOptions247 regulation & safety of funds
ExtremeOptions247 claims to be regulated by two of the most influential regulators on the planet – the U.S. Commodity Futures Trading Commission (CFTC) and the Cyprus Securities and Exchange Commission, which is the most popular regulator in the EU, along with the Financial Conduct Authority (FCA) in the UK, at least until the Brexit process is over.
Unfortunately that turned out not to be true – ExtremeOptions247 were nowhere to be found neither in the CFTC registers nor in the CySEC registers. Not to mention that the ExtremeOptions247 is virtually anonymous – there is no company name and no physical address, except that they claim to be based in New York.
Besides, if the broker was truly regulated to service the U.S. market, it should have been also a member of the National Futures Association – a membership that comes with a hefty price – the broker should maintain no less than 20 000 000 USD as operational capital, which basically explains why just a few brokers are licensed to operate on U.S. soil.
As for the International Financial Services Commission of Belize (IFSC), where ExtredmeOptions247 also says to be licensed, we finally found them – in a recent warning published by the institution. See for yourself:
ExtremeOptions247 deposit/withdrawal methods and fees
On its homepage ExtredmeOptions247 displays the logos of credit companies like MasterCard but as it turned out the website prefers payments in bitcoins. The problem with bitcoin payments, as with virtually all crypto payments, is that they are totally irreversible and more or less anonymous. So you can easily imagine why scammers would prefer bitcoin payments.
And if someone offers you guaranteed profitability between 120% and 300% as is the case with ExtredmeOptions247 you should always be on alert.
On the contrary, legit brokers are obliged to publish the percent of traders, who lose money while trading with them, which on average ranges between 75% and 85%.
How does the scam work?
Falling a victim of a scam is not that hard, especially if you take into account the aggressive marketing techniques and the professional call centers, most people are not even aware scammers have in their arsenal.
And one of the favorite new additions to that arsenal are the so called robo scam websites like Bitcoin Revival and Bitcoin Profit – which serve as gateway websites, where victims are hooked to register and distributed to offshore scam brokers.
Usually such websites are all about some video ad – a well cut one, designed to convince you that your financial worries will be over, if you invest only a small amount with some revolutionary trading platform or app. And as we noted, all you will have to do is leave your e-mail and phone.
And trading with your new offshore, scam broker might be quite exiting at first – your initial 250 USD will almost double after just a day or two of trading. That however will not be real – scammers will simply be manipulating your trading platform, so that latter you will be more easily persuaded to invest more. And that is what your “account manager” will be telling you on the phone too – you will be getting a lot of phone calls by then – if you really want to make some big money, you have to invest more – like 10 000 USD for a start.
And you will be surprised how many people get carried away and invest that kind of money without realizing they have been scammed right until the moment they decide to withdraw some of their cash. Then, two things will happen – you will be told that you have no right to withdraw because of some minimum trade volume requirement, linked to your trading bonus, and all of your trades will turn red and pretty soon the balance in your account will be erased. Whatever the excuses, scammers will not pay you a single penny back.
What to do if scammed?
You do have a chance to see your money back and that is with a charge back. The limitation is that chargebacks are possible only with major credit and debit cards like VISA and MasterCard and they will surely take a couple of months. The good news is that both VISA and MasterCard will allow a charge back within 540 days after you have made the deposit.
And be aware that under some pretext scammers may try to trick you into sharing your personal bank information like your credit card number or online banking password. If that has happened, immediately cancel your credit card and change your online banking password. And if you were tricked into installing a remote control program like Any Deck or TeamViewer, delete the program as well.
Our final advice is not to waste any more money with the so called recovery agencies. They will not help you get your deposit back, if you have not succeeded with a charge back, but will surely make you pay some fees in advance.