Beware! SmartCoinOptions 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.
In this review, we are going to investigate a highly suspicious Binary Options broker that’s also claiming to provide Bitcoin investments. It deserves a place in our scam suspects list solely because of the Binaries offered. In fact, we found an excessive number of warning signs and red flags, making it easy to confirm it’s a fraudulent enterprise. See it all in the full SmartCoinOptions review.
SmartCoinOptions REGULATION AND SAFETY OF FUNDS
SmartCoinOptions is an obscure entity that doesn’t reveal anything about the company or the people standing behind. At the same time, they audaciously claim to be CFTC, Belize, and CySEC regulated. We researched the registers of the regulators above but couldn’t find anything about SmartCoinOptions. That proves it’s a scam scheme deceiving the public by pretending to be a legit broker. Your funds are not safe if you deposit with SmartCoinOptions because it’s an unlicensed and unregulated fraudulent investment provider.
Avoid SmartCoinOptions and see the EU brokers and the British brokers we recommend. The European authorities created a safe environment by putting strict rules into action that brokers need to follow. Most importantly, in Europe, the clients’ money is protected by the deposit insurance funds seen as a last resort for traders when companies go insolvent. If this happens, CySEC brokers’ clients can claim up to 20 000 EUR in compensation, while the British protections are up to 85 000 GBP per person.
SmartCoinOptions TRADING SOFTWARE
SmartCoinOptions introduces as a Binary Options broker and Bitcoin investments provider. They even claim to hold various Binary Options broker awards. Actually, all of the competitions are fake and non-existent, which once again demonstrate the crooked nature of this broker.
Anyway, we can’t verify any of their products and services because they do not allow traders and investors to access their platform unless they submit copies of ID or a Passport. That’s yet another red flag we need to raise because it’s unacceptable for a broker to refuse demo trading. The legit brokers are compelled to deliver training accounts to their clients and grant them access to the trading software available. We believe SmartCoinOptions might as well be involved in Identity Theft fraud. Beware.
As a result, we couldn’t test their trading software, if there is any at all. Speaking of platforms, do not miss the MetaTrader4 brokers and MetaTrader5 brokers we recommend. MT is the leading Forex platform, which traders and investors prefer for its reliability. It features sophisticated trading tools such as Expert Advisors, Algo trading and many complex indicators. There you can also find a marketplace offering more than 10 000 trading apps available at the time.
On the other hand, the Binary Options are no longer considered trading instruments but casino games. Most of the financial authorities worldwide already prohibited these so-called instruments because the Binaries are prone to fraud and price manipulation. In fact, many gambling authorities license Binaries as betting products, so it has no longer anything to do with trading.
Considering spreads and leverage levels, we can’t show these either. Anyway, when it comes to trading, lower spreads reduce the trading costs and improve profit potential. The market is bustling with FX companies offering Buy/Sell difference of 1 pip and below, so follow the links provided to find the broker that fits you best.
The leverage is the other fundamental trading element. It’s a powerful tool amplifying the profit potential, but at the same time, it boosts the risks. The hazards involved motivated many financial authorities to cap the leverage on the financial markets.
As a result, the European, British and Australian brokers (to come in effect later in 2021) were restricted to 1:30, while the Canadian brokers and the US brokers can’t offer more than 1:50. The Swiss brokers are free to provide higher leverage ratios for risk-tolerant traders, but the capital requirement of 20 million francs keeps scammers away.
SmartCoinOptions DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit accepted by SmartCoinOptions is unknown. The same applies to the funding methods available. However, regardless of the broker, it’s best to fund trading accounts via Credit/Debit cards only because it’s the safest method available at the moment. It allows a chargeback within 540 days from the deposit, so consider this opportunity. On the other hand, funding methods such as Bitcoin or Wire Transfers are final and non-refundable.
However, if you have a preferred funding method, see our lists with legit Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers and Bitcoin brokers. These brokers are strictly regulated, so it’s unlikely to experience fraud.
Overall, SmartCoinOptions is a scam and possibly an Identity Theft fraud, so stay safe and avoid this sham enterprise.
HOW DOES THE SCAM WORK
One can see hundreds and many fraudulent ads on the Internet and social media, knowingly put there by scammers who want to steal as much as possible from traders and investors.
If you click and give them your e-mail and contact number, they’d ring you at once and would promise you anything to make you deposit money as quickly as possible. Most of the scammers are experienced manipulators, and before you know it, they’d ask for your bank card numbers. But you shouldn’t provide with this information unless you want to get in trouble. The urgency is a scam sign, so if someone is pushing you over the phone to start trading ASAP, then it’s most probably a scam.
However, the first deposit is just the beginning. Gradually they’d ask for more money from you no matter what. If you lost on the market, they’d persuade you to put more money and recover the losses. If you traded well, they’d convince you to put more money and increase the profits. The troubles start when you ask for a withdrawal. The scammers would do anything to discourage you and would even ask you to deposit even more funds if you want to withdraw. The scammers’ mantra is “give me your money”, they’d insist every day you should fund your account over and over again for no obvious reason. Legit companies do not bother you over the phone to deposit with them, so if someone pushes you to invest, it’s most probably a scam.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you necessary instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
It’s crucial not to rush blindly trying to recover your funds because many scam recovery agencies and individuals are stalking, aiming to double scam the victims. They ask for an advanced payment but do nothing to help you recover your losses and simply pocket the money you’ve sent!
Share online your experience; it’s important to protect others, as well. Be responsible!