Option Trade Live Fx review 2023: 5 things you should know about opttradelivefx.com

Rating: 1

Beware! Option Trade Live Fx is an offshore broker! Your investment may be at risk.

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Beware that Option Trade Live Fx is one of the worst choices when it comes to forex trading. This broker is totally unlawful, unregulated and dangerous at least to say. It doesn’t have a legit forex license and its registered address is most probably also fake. But wait, there’s more. Its website is extremely insecure and connected with phishing attacks that aim to steal your money or personal information.

Apart from that its website lacks some essential information and legal documents, so it’s definitely for the best to avoid this shady firm. If you want to learn more about Option Trade Live Fx and the threats it hides, keep reading the full review.

Option Trade Live Fx Regulation and safety of funds

So let’s start from the very beginning. Once we landed on this website, numerous warnings started to appear on our device stating that this link is not secure and is connected to phishing attacks. In other words, this broker may try to steal your funds and identity by getting you to reveal personal information. As a matter of fact, in order to register you have to upload an ID image and that’s definitely a huge red flag, given the fact how insecure this page is.

Furthermore, Option Trade Live Fx claims to be registered in the UK and posts an address. No contact details are clearly presented though, so it could be quite hard to reach out to this firm.

Moreover, as you probably know, every broker based in the UK must be licensed by the local Financial Conduct Authority (FCA) in order to operate legally. Option Trade Live Fx however doesn’t mention anything on the topic – in fact there are no legal documents that can prove its credibility in general. Everything seemed rather suspicious, so we searched the registers of FCA and guess what? Option Trade Live Fx wasn’t on the list. See for yourself:

This broker is obviously a dangerous type of scam that uses a fake address and pretends to be a reputable firm. It also posts some wrong claims like for example that your funds are safe and sound and well protected. To be precise, this broker claims that “the interests of Option Trade Live Fx’ clients are protected by the Financial Commission’s Compensation Fund for up to €20 000 per claim”. This however can’t possibly be true for a couple of reasons. First of all, being unregulated means that this firm would hardly follow any rules or requirements in general. Secondly, the institution in the UK that can issue you a compensation in case of broker’s insolvency is called Financial Services Compensation Scheme (FSCS). We can assure you however that Option Trade Live Fx has nothing to do with it and certainly doesn’t participate in such compensation schemes.

Option Trade Live Fx Trading software

Option Trade Live Fx claims to offer the gold-standard MetaTrader 4 and MetaTrader 5. Nothing on this website however can prove that. You can’t preview or download the software and our attempt to register was also unsuccessful. Apparently in order to open an account here you have to upload an ID image – something we strongly advise you not to do. As we mentioned already, this website is highly insecure, so you will risk not only the safety of your funds, but your personal details as well. Not to mention how unfair it is to require such personal documents without actually providing decent information about the trading conditions and payment methods for example.

We highly recommend quickly boycotting investing here. There are plenty of reputable brokers who offer MT4 or MT5 and are a much safer choice.

Option Trade Live Fx Trading instruments

The trading instruments Option Trade Live Fx claims to provide are nothing impressive in general. The list consists of cryptocurrencies, forex, indices and commodities – not too bad, but certainly nothing that can’t be seen with legitimate firms either. As a matter of fact some licensed brokers offer a much wider choice of assets, as well as a transparent and secure trading environment.

Option Trade Live Fx Spreads and cost of trading

Option Trade Live Fx claims to offer several account types, each “suitable for your needs”. Let’s see the first one called “Fixed”:

The broker states that this account is the best one to start, however we simply can’t see how this is possible. The spread promised for this account is said to be fixed from 3 pips! This is just unacceptable – volumes more than 2 pips are known to come with higher trading costs, so this spread will definitely be quite pricey. Not to mention that genuine brokers usually offer much more advantageous amounts around or less than 1 pip, so what Option Trade Live Fx provides is ridiculous at least to say.

Option Trade Live Fx Maximum leverage

The maximum leverage this broker provides is 1:1000. This amount is set for most of the accounts, even for the “beginner one” which is also not a good sign. Such a leverage is associated with great risk of sudden losses and leans more to gambling rather than actual trading. It also strongly contradicts the laws in the UK which state that the leverage must be restricted to 1:30 in order to protect the customers from failure. As you see, you have no reason to invest here, as this broker’s not only totally illegitimate, but it also offers quite unfavorable trading conditions.

Option Trade Live Fx Deposit and withdrawal methods

Option Trade Live Fx also doesn’t say a word when it comes to its payment methods. We don’t know what deposit/withdrawal options are there, nor if there are any additional fees. The broker only mentions that you can benefit from “instant and commission free deposits” however that doesn’t help much. And since we couldn’t register, we simply can’t confirm what payment methods are there. Still, be on guard if you come across any crypto coins like Bitcoin or Ethereum, as these transactions are 100% irreversible and anonymous.

Option Trade Live Fx Minimum deposit

The minimum deposit is also not specified and that’s another alarming sign. Beware that you may be required to make an initial deposit that is way higher than the standard amount for the sector (around 250 USD to be precise). But the worst thing is that your money won’t be safe here.

What’s more, you can find a lot of reputable brokers who offer micro accounts for as little as 10 USD.

Option Trade Live Fx Withdrawal requirements

There are no withdrawal requirements posted on this website but that’s to be expected from such a shady firm. Keep in mind however that scammers often require a high minimum withdrawal amount and a trading volume that is almost impossible to achieve. On top of that you may be required to pay a withdrawal fee of 15 or even 20%, which still doesn’t mean that you would be able to get your money.

Reputable brokers on the other hand don’t require a minimum withdrawal or a trading volume, let alone any withdrawal fees.

Stay away from this suspicious broker, as it bears all the hallmarks of scam one can imagine!