GeminiOptions review – 5 things you should know about geminioptions.com

GeminiOptions review – 5 things you should know about geminioptions.com

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Beware! GeminiOptions is an offshore broker! Your investment may be at risk.

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There is no question that GeminiOptions is a scam company. And an incredibly insolent one while we are at it. They obviously believe that throwing around different names and terms on their website will earn them some credibility but in reality, this just makes it very easy for them to be exposed as fraudsters who will run off with your money as soon as they get the chance.

GeminiOptions REGULATION AND SAFETY OF FUNDS

Probably the biggest problem with Gemini Options is that they claim to be regulated by as many as five serious regulatory bodies when in fact they are regulated by none. They provide a few fake license numbers in the hope nobody would actually bother to check some sort of register. In the “About Us” section they state that they are “a Maltese directed investment services supplier that works under European and Maltese guidelines.” and have provided a license number for the MFSA (Malta Financial Services Authority). This license number did not show up in the MFSA register and neither did the name of the company.

The searches in CONSOB (Commissione Nazionale per le Società e la Borsa), BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) and the FCA gave simular results.

Lying about being regulated is an incredibly bad sign. While regulated brokers have to stick to strict laws if they want to keep their license, scammers don`t have to answer to anybody. These laws are in play to protect clients and ensure that the broker is legit enough to offer investment services. Licensed brokers in the EU have to hold a minimum capital of $730 000 to prove their legitimacy and reliability and participate in compensation funds that ensure you could claim up to €20 000 if your broker goes bankrupt. GeminiOptions also claims to be participating in such funds but as they are not regulated, you cannot be sure of that.

Other than that, the only registered address they provide is in the US where even stricter laws are in play and where only a handful of brokers remain operating. So there is no way to know where GeminiOptions is situated but they surely are unregulated and bold enough to lie about it.

GeminiOptions TRADING SOFTWARE

GeminiOptions claims to be using MetaTrader 5 – the currently most popular platform in the world of trading. MT5 is well-known and respected for a reason – they provide many tools other platforms simply lack like Expert Advisors and Strategy Testers. But when registering a demo account with GeminiOptions, we did not get access to MT5 but a different web-based platform.

There are enough legitimate brokers using MT5 and MT4 and it would be better for you to check those out instead of wasting time on scammers.

GeminiOptions TRADING CONDITIONS

GeminiOptions offers to open you a weekly or a monthly account. There are five types of weekly accounts with deposits varying from $500 to $25 000 dollars and spreads between 1.2 pips and 1.9 pips. The monthly accounts offer the same spreads with deposits between $50 000 and $1 000 000. These deposits are a bit too high as most brokers can open an account for up to $250. But probably the most disturbing element of GeminiOption`s conditions is the offer of initial bonuses – between 10% and 250% depending on your account type. Bonuses are strictly prohibited in both the EU and the UK and no licensed broker could offer you any without risking losing their license.

GeminiOptions offers leverage of 1:100 for professional users but fails to inform what the leverage for non-professional ones is. The currently permitted leverage is 1:30 for the UK and the EU and 1:50 for the US. Any leverage higher than that comes with the promise of big, fast profit but what it usually results in for new traders is the loss of a lot of money.

GeminiOptions DEPOSIT/WITHDRAWAL METHODS AND FEES

The payment methods GeminiOptions provides are quite a few – Visa and MasterCard, different online payment methods like Neteller and Skrill, bank transfer and Bitcoin. While there are enough legitimate brokers that accept Bitcoin, you should make sure that the broker is trustworthy before using this deposit method. Bitcoin transactions are virtually impossible to reverse.

HOW DOES THE SCAM WORK?

Such scams work in a simple but effective way. You see a banner or an ad on the Internet and get redirected to the scammer’s website where you get all sorts of promises for earning money the fast and easy way. You get led on by fake license numbers, satisfied customer testimonials and grand words. So you provide your contact details – an email and a phone number.

The moment this happens the first stage of the scam comes into play. You get bombarded with phone calls and emails asking you for a deposit. With time, you might start seeing that you have actually earned a decent amount of money and start investing bigger sums. This is in fact a deliberate trick trying to milk you as much as possible before you figure out something is not quite right.

The problem emerges when you try to get access to that money. The scammers might come up with different reasons why that cannot happen like making up more and more additional taxes. They might claim you cannot draw your money because of some clause in their Terms and Conditions which is why you should always read those carefully and know what you are agreeing to. Finally, they might ask you to verify your account before you get access to your money by sending them your picture next to a personal document or proof of address  – something legitimate brokers also do as soon as you open an account with them. But in case you are dealing with scammers, this is done just so they can prove that you are indeed their client. In this way, they can claim that you have invested all your money with them voluntarily and make it impossible for you to demand a chargeback later on.

WHAT TO DO IF SCAMMED?

You should contact your bank or credit/debit card provider right away and ask for assistance. If you have used a credit/debit card to deposit, you could file for chargeback within 540 days. In case you were using a cryptocurrency, there is virtually no way to get your money back. If you have given scammers access to your computer or your banking details, you should make sure to change any passwords right away. You can also contact authorities and try to inform as many people as possible about the scheme you fell victim to.

Finally, you should never trust any companies that promise you a quick way to get your money back. Such “recovery agents” might ask you for a fee to retrieve your investment and run off as soon as they have received that fee. Often enough, they are the same people that scammed you in the first place.

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