The information about this brokerage is mixed and rather uncertain. According to their website, Stern Options is owned and operated by BP1 LP, located at 5th and 6th Floors, Landmark Bulding, 14 Tsar Osvoboditel Blvd., Sofia, 1000, Bulgaria. According to other sources, the owning company of Stern Options is GUM Ltd., with address: 3rd floor C & H Towers, Corner of Great Marlborough and Great George Streets, Roseau, Commonwealth of Dominica. Other sources list the owning company as BP1 LP, with address 272 Bath Street, Glasgow, G2 4JR, Scotland. I have no idea which is the real one, so take your pick!
Is Stern Options A Scam?
There are warning bells all over here. What I do know is that Stern Options is a very “green” brokerage, with no outstanding regulation. Their Terms and Conditions say they are is owned and operated by BP1 LP, located at 5th and 6th Floors, Landmark Bulding, 14 Tsar Osvoboditel Blvd., Sofia, 1000, Bulgaria but when searching for “BP1 LP” I found the address 272 Bath Street, Glasgow, G2 4JR. This is also the address of other 4,880 companies!
Editor’s Note – Why Doesn’t Stern Options Suck in 50 Words
I’m trying guys, I’m trying… they don’t suck because… ah no, that’s not it. The colours of the website are nice… no, that can’t be it either. They say they are the “World’s most acclaimed trading environment” and “the most experienced group of professionals in the industry”. Yes! That’s it! They don’t suck because they say they are the best and I have no choice but to believe them… or maybe I suck at seeing why they don’t suck.
Why Does Stern Options Suck in 50 Words
Unregulated brokerage, new on the scene, unclear information regarding the owning company and address… sorry but that doesn’t sound too reliable to me. Also, they are using the SpotOption platform and although this is not a bad platform by itself, it shows that Stern Options are just going with the herd (about 70% of brokerages are using the Spot platform) and are not willing to take a chance.
Should I Open An Account With Stern Options?
Right from the start I could tell that Stern Options is a broker with the same characteristics of most SpotOption operators: they are the best, they have the most advanced platform, their employees are the most professional and experienced. If I were to listed to them I should end my review here and conclude they are the best brokerage on the planet. Obviously, I am not going to do that!
Even if they say they’re the best, I beg to differ. I haven’t seen anything that can make me consider them more than mediocre: the FAQ section answers some of the questions a new trader may have, but obviously not all, the education section is composed of some tutorials and an e-book (the same one that can be found on most SpotOption brokers). The minimum deposit is 250 EUR/USD/GBP/AUD but I couldn’t get any information about the accounts or the perks of each account type. I asked a live support representative to direct me to a page that contains the details of each account type and… surprise: I was asked if I have an account with them. Well, No! If I am asking about what types of accounts you offer, there’s a huge chance that I don’t have an account. Ok, then she asked me my full name, email address and phone number. All of this just to know what are my account choices. But I went with it and I gave her my [phony] information and I was expecting an answer to my question… finally. But, surprise again: she told me she is just technical support and cannot help me but instructed me to open an account, telling me that after I do that, I will get the information I need. So it’s basically like this: Client – “I want to order lunch. Show me the Menu please” Support/Waiter – “Order first, then you get the Menu!!!” Oh, my, the professionalism…
So let’s answer the initial question: should you open an account with Stern Options? I honestly don’t think so. For now they don’t offer anything that stands out and I believe there are better choices of brokerage. As long as the big, well respected and regulated brokerages still accept new clients, why would you go for a newly launched one, that doesn’t offer a lot of certainty for the moment? Maybe in the future I will change my answer but for that to happen, Stern Options need to put in a lot of work.
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Stern Options Complaints
At the time of writing this review, we couldn’t find any complaints regarding Stern Options on the main forums and chat rooms. The fact that they were launched just a few months ago may be the reason for the lack of complaints so we will update this review if necessary.
Stern Options Bonus
The exact amount of the bonus is not specified but their Terms and Conditions stipulate that you will have to reach a turnover of 27 times the bonus before you can withdraw. Why 27 times and not 30 or 25? Your guess is as good as mine…
Stern Options Withdrawals
There is no minimum withdrawal amount and the methods are credit cards, wire transfers and Skrill. The duration of withdrawals is usually 7 business days and some identification documents are required, in order to comply with Anti Money Laundering rules.
Stern Options Extras
They have an Economic Calendar. This can hardly be considered an Extra feature but it’s the closest thing and I don’t want to leave this section empty.
Stern Options Ratings
User Friendly 17/20
The website is available only in English and German so that won’t get them many points for user friendliness. While browsing their website, some text switched to German while the rest of the page remained in English – again, not very friendly. On the other hand, the SpotOption platform is well-known for its ease of use.
Number of assets and expiry times 16/20
They offer 12 currency pairs, 19 stocks, 7 commodities and 19 indices. Compared to other brokers, this is a thin asset basket and on top of that, not all assets listed in their Asset Index were available on the trading platform even if the underlying market was open at the time. The expiries range from extremely fast (60, 90, 120, 180 and 300 seconds) to 15 minutes, half an hour and hourly and long term. The SpotOption platform is known for its flexibility and it doesn’t fail here.
Commissions, Support and Effective return 15/20
There are no commissions for opening an account (this is common for all brokers) but there are some fees for withdrawals: 3.5% of the amount you want to withdraw if you are using a Credit Card and 15 USD per wire transfer. Deposits via wire transfer (above 500 USD) will incur a 20 USD fee. Live Support was just a waste of time and totally unhelpful. The effective return ranges between 70% and 85% but you should always check the displayed return before investing because it can get lower than 70%.
Deposit, Payment and Bonus 16/20
The min deposit is $250. Deposits can be made via credit/debit cards, bank transfers and e-wallets (Skrill). Withdrawals can be made via the same method used for deposit. Identification documents are required, as well as a Voice Signature. For the latter identification method, you will need to contact your account manager. The bonus turnover is 27 times.
Website Extras 13/20
Nothing really stands out except their Economic Calendar, which is pretty well put together.
Stern Options Overall Ratings: 77/100