PlusOption was founded in 2014 and is operated by Tradeplus Solutions Ltd and is registered at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH 96960. Their payment services are operated by ACV Operations S.R.L which is registered in 13th Stejarisului st, Section 4, Bucharest, Romania. Their support can be reached at firstname.lastname@example.org or at this UK number: +442038070195. PlusOption is not a regulated broker.
Is PlusOption a Scam?
PlusOption is not regulated and the website doesn’t strike us as a seriously operated business. In fact, a little research dug up complaints regarding withdrawals such as account managers refusing to forward withdrawals. This is the standard trait of a scam broker and the lack of regulation makes it impossible to solve your disputes. In addition, there are complaints regarding account managers deliberately making traders lose, change passwords to their accounts and then ignore them once the funds are depleted.
Regarding the website itself, it’s poorly made and the support ignored me after answering a couple of simple yes/no questions. Overall, not much effort has been made to create a unique broker that would attract clients. In fact, we found the good old “*Insert broker name* is today’s leading binary options trading platform” which has become a slogan that all lazy whitelabels keep repeating. Furthermore, there is no demo account which sucks.
Moving on to the company itself, not much info about PlusOption is shared. Except for the address that is an obvious virtual office (Marshall Islands). Another suspicious sign we found was that they provide Belgian/British and Australian phone numbers. In Belgium, binary options is banned and it is a matter of time before PlusOption gets on the blacklist of the authorities like FSMA but also ASIC and FCA for claiming to have office/phone support in those countries (already warned against in Bulgaria).
The platform is the standard SpotOption and there is nothing unique here to get too excited about. They do have a large asset list but of course not all of them will be available at all times. In conclusion, PlusOption makes us want to turn around and go somewhere else, to a regulated broker that makes a good effort to provide a unique platform with beneficial terms and conditions.
Editor’s Note – Why Doesn’t PlusOption Suck in 50 Words
Their list of assets is pretty big with around 150 assets and they offer all of the standard SpotOption type of trading such as long term, pairs, ladder, one touch and FX/CFD.
Why Does PlusOption Suck in 50 Words
PlusOption sucks because they are not regulated and the website looks like a horrible bucket-shop which someone quickly put up in WordPress. In addition, after only 45 days of being inactive, your account will be charged 49.90 currencies per month which is way too much and way too soon.
Despite being so new, founded 2015, there are already a number of complaints regarding failure to withdraw from PlusOption. There is nothing worse than withdrawal complaints when it comes to binary options. I mean, if a broker is no good, you should always be able to withdraw, bonus or no bonus, good or bad service, freezing platform or fast acting… You should always be able to withdraw – and when you can’t, it screams scam. “Withdrawals were again denied, because they raised the requirement restriction by the 1000 dollars unrequested bonus.” – wrote a client.
They also seem to be involved with various autotrader scams such as “Quantum code” and “Cambridge method” and similar “get rich quick” scams and that is alarming too.
PlusOption Regulatory Announcements and Warning
21.06.2016 – The Financial Supervision Commission, FSC in Bulgaria, adds PlusOption and their owner “Tradeplus Solutions Ltd” to their list of warnings. According to FSC, PlusOption is not authorized to offer services in Bulgaria.
Their bonuses go up to 100% and the required turnover is 30x total bonus amount. The bonus policy is not straightforward. In the bonus policy it states that you can withdraw and cancel the bonus after accepting it but under withdrawal policy it says that your withdrawal request will be cancelled if you try to withdraw and have not met the minimum volume requirement. The turnover of 30x the bonus is actually okay but still, we can never recommend accepting bonuses from unregulated brokers.
Before withdrawals can be processed, you need to verify your account in accordance with AML policies. After that, withdrawals can take up to 14 days for wire and bank transfer – according to their terms and conditions. The minimum size is 100$ per withdrawal but no mentioning of any fees with exception of your own bank’s fees and transaction/exchange costs.
User Friendliness 10/20
The website comes in English, Russian and Arabic. The design and overall time spent to work on the page is poor and disappointing. The market review page was empty but on the plus side, there were working videos to watch.
No. of Assets and Expiry time 16/20
There are 23 currencies, 100 stocks, 7 commodities and 18 indices coming up to a sum of 148 assets which is pretty big. The expiry choices are the standard SpotOtion, short term, intraday and long term.
Commissions, Support and Effective Return 12/20
The terms and conditions state that fees might be charged depending on your own bank but no standard fees are mentioned from PlusOption’s side. Returns reach up to 81% but there seems to be higher payouts for VIP members of deposits of 50K or higher. The support on the live chat was a bit slow and only answered two of my very simple questions before she disappeared and ignored the third question. There are no commissions but regarding fees, there is a dormant account fee of 49.9 $/€ that is applied monthly already after 45 days.
Deposit, Payment and Bonus 15/20
Bonus terms require 30x the bonus before you can withdraw them. The bonus policy states that you can withdraw your deposit despite not reaching up to the required volume but the withdrawal policy conflict with that statement and states the opposite: your withdrawal will be cancelled if you have not reached the required volume. It’s confusing and unreliable to say the least. The following deposit methods are approved: VISA, MASTERCARD, Skrill, Webmoney and Yandex Money. The minimum withdrawal amount is 100$ and may take up to 14 days.
Website Extra’s 5/20
There are no unique features for this broker specifically.
PlusOption Overall Rating: 55/100