OptionsSet Review – Fake Brokerage Exposed!

OptionsSet (Optionsset.com) is a forex and binary options broker who has earned themselves a notorious reputation. They operate in a completely anonymous manner which is bothering to say the least. Moving on to the legal aspect part, they do not have any certificates whatsoever and they even make fake claims relating to their parent organisation.

Moreover, the testimonials from the customers so far only consists of hateful comments and dreadful experiences. Due to the scarcity of information, we do not even know whether this broker is a market maker or ECN who sends the order directly to the markets. So, to find out the actual truth about this platform, make sure that you stick with us till the end.

Licenses, Certificates and Customer Support

Financial sector is always plagued by scams since their inception. Each and every time, the regulatory authorities fix a problem, a new way of conning the innocents arise. As a customer, it is your duty to make sure that you indulge only with licensed and regulated authorities as they have low or no conflict of interest.

After all, when it comes to money, it is better to be safe than sorry. Note that, not all of the unregulated brokers are frauds, but most of them are. On their website, this broker claims to be a part of B.O Tradefinancials Ltd, who has valid license from the Cyprus Securities and Exchange Commission. However, there is no connection between them and OptionsSet.

So, it is clear that this broker is bluffing about their legal status and it is a big red flag. If you need any help regarding their platform, then you can reach them via email and telephone. Based upon the user comments so far, do not have any optimistic expectations about them. Here are their contact details.

Address – Albany New York, AT&T Stadium, Arlington, TX 76011. United States.

London Address – 221 Great Suffolk St, London SE1 2NS, UK.

Phone – +1 (845) 731-5080

Email – support@optionsset.com

Account Types, Trading Conditions and Leverage

There are 5 account types offered by this brokerage. As a rule of thumb, the more starting capita you deposit, the more features you are going to unlock. Each and every account type has its own range of welcome bonus, but be very careful before accepting it as it will have a ton of hidden complications.

They claim to have an educational module of different levels on their website. However, as it is not available to the public, we do not know the kind of value it provides to the new or experienced traders. We searched nook and corner of their website to find any information related to leverage, but there weren’t any and for some reason we were unable to open an account with them.

So, we do not know whether this broker is a good fit for scalpers or swing traders. The interface of this brokerage is web based and it contains most of the necessary applications required for the average traders. On the other hand, if you are someone used to algorithmic trading or using custom indicators. You will surely miss the lack of MT4 or 5 support.

Domain Details

We tried to trace down the details of the owners of this platform using the domain details. Sadly, the creators of the service have used WhoisGuard services to maintain anonymity. In short, we failed in our quest, but we did find the following information.

Domain – Optionsset.com

Registered On – 04/10/2018

Expiry – 04/10/2020

Alexa Global rank – Not Listed

Target Audience – Currently Unknown.

Deposits and Withdrawals

The minimum deposit on this platform is around $500 which is way too much for the retails side. Most regulated and reputable brokers usually allow the clients to get started with $250. So, know that for the kind of amount they require you to risk, there are many other alternatives out there.

Since there is no FAQ section on their website, we do not know the minimum withdrawal amount or the average processing time. Payment options supported by them includes major credit and debit cards along with BTC. There might be inactivity fees applicable, but as they have not disclosed it anywhere, the customers have to ask the support staff for more information on that matter.

OptionsSet Review Conclusion

OptionsSet is certainly not the broker who can be categorised as reliable. Many people have lost thousands of dollars to this platform and the worse part is, they haven’t even got a reply from the support staff. Their legal status is also a major bluff and given the kind of hassles involved with dealing them, it is better to stay away from them at least for now.

Have you employed OptionsSet as your primary broker? How would you rate them? Let us know by commenting below.