Beware! Options Legion 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.
Options Legion relies heavily on trade with binary options to lure potential traders stressing how easy, profitable and low risk as they provide built-in floors and ceiling levels so the traders know beforehand the possible loss or profit. Sounds tempting enough to entrust this broker with your hard-earned money, right? Unfortunately, not everything is as it looks and we are going to find out why.
Options Legion Regulation and safety of funds
From the information available on its website, we see that Options Legion claims to be a company registered in Luxemburg. This jurisdiction is a member of the EU and as such must comply with the European Securities and Markets Authority (ESMA), the EU financial markets watchdog that provides guidelines for the functioning of financial markets and strengthening the investor protection. As per its guidelines, trade with binary options is banned in the EU. This means that by providing the trade with binary options, Options Legion is engaged in illegal and unauthorised financial services. Furthermore, the name of the company does not exist in the register of the Financial Sector Supervisory Authority (CSSF) of Luxemburg. We have sufficient proof that Options Legion is a non-registered, non-regulated and non-legit broker. Needless to say, joining this broker will present huge risks for your money.
Same as with other EU forex brokers, Luxembourg brokers must comply with ESMA regulations and meet certain requirements which include depositing no less than 730,000 EUR initial capital, provide negative balance protection, keep clients’ funds segregated, report transactions on regular basis and conduct internal and external audits. In addition to that, Luxembourg forex brokers must participate in investor compensation funds that provide up to 20,000 EUR per client if the broker becomes insolvent.
Options Legion Trading software
We tried to register a trading account with this broker but the link was broken. From the information available on the Options Legion website, it is not clear what the trading software consists of or even if there is any trading platform at all.
We doubt that trading with this broker will bring you any financial gain or joy. We advise you to select a legit and reliable broker that won’t fleece you of your money. Also, it will be good if the licensed broker that you select offers good quality software, such as the MetaTrader 4 or MetaTrader 5 trading platforms. Neither platform will disappoint you as they are equipped with an excellent package of trading tools and instruments that sets them apart from other trading platforms. For example, they have an auto trading option, VPS, trading signals which can be obtained for a subscription fee, code base with customs scripts, an app market, a financial calendar, etc. The variety of charts, time frames and colours combined with the technical analysis indicators enhance traders’ experience and help them make a profit.
Options Legion Deposit/Withdrawal methods and fees
If you take a look at the image below, you will notice that Options Legion offers 4 trading accounts – Bronze, Silver, Gold and Diamond. The minimum initial deposit for the Bronze account is $50 which is not much. The other accounts start at $200, $500 and $1,000 respectively.
There is no information about the deposit and withdrawal methods but we have noticed that there is a 4% withdrawal fee. Having a percentage fee rather than a fixed fee may result in clients having to pay a lot of money depending on the withdrawal amount.
If you take a closer look at the trading accounts information, you will notice that this broker offers monthly income which depends on the amount of the deposit. For the bronze account, the monthly income is 4-5% and for the Diamond, it is 7-8%. This looks tempting but actually, it is quite unrealistic and we hope that you won’t be swayed by the cheese in the mousetrap.
How does scam work?
A lot of people get scammed every day, not because they are naive or stupid, but because scammers are inventive and they are masters of manipulation. Often, as you scroll up and down on the Internet or social media, you come across ads for a quick and easy profit which sometimes sound too tempting not to fall into their traps. So you deposit some money into the account and what happens next is the incessant calls of the scammers. First, they congratulate you for taking the first steps towards becoming rich and next, they try to convince you to invest even more money into their ‘profitable’ business. What you probably don’t know is that your money has just gone as a commission to some scammers. And so, you wait and build the sandcastles of your dreams for a better and ‘richer’ future. And you wait, and you wait, for the money to come. But where is it? Now is your turn to call the scammers and to ask what’s going on. They try to placate you and ask you to be more patient. But have had enough and all you want is to get your money back. The scammers kind of promise, but now they are asking you to provide this document or fill out that form, etc., etc., all done in an attempt to delay you from filing for a chargeback.
What to do if scammed?
If this happens to you, our advice is to act immediately and if you have paid your deposit via credit/debit card, to file for chargeback which is retroactive cancellation and refund of your previous transaction. Visa and MasterCard give you 540 days time limit to file for chargeback which gives you a fighting chance to recover your money.
However, if you have used bitcoin or bank wire for your payment, the chances of you recovering your money are really slim.
Whatever you do to recover your funds, beware of the so-called recovery agents. Please make sure that you are dealing with a genuine one by checking their credentials and company’s information transparency. Otherwise, you may fall victim to another form of scam.
Cancelling your credit/debit card in case you have given the scammers your CVV code may be another good idea. Also, make sure to remove from your PC any software that my give scammers access to your private data stored on your computer.