Thinking to start a binary options account? Thinking that RaceOption is a good option? Think again. Not just that this broker is not regulated, but also has many bad reviews. Let’s dive into our review and see what we found.
|Headquarters Country:||Marshall Islands|
|Supported Platforms:||web trader, mobile trader|
|Founder company:||Race Projects Ltd|
Is RaceOption a Legit Broker?
RaceOption is a binary options broker established in 2017 by the company Race Projects Ltd. The company is based in the Marshall Islands, an offshore country.
What we were able to find is that the parent company and the final owner of RaceOption and Race Projects Ltd is Finance Group Corp. This company is well known for its scams, with New Zealand FMA and the US CFTC warnings against it. Finance Group Corp itself is registered in Vanuatu, another offshore country.
The broker has a suspicious reputation and an even more suspicious website. Like many shady offshore brokers, RaceOption does not give any information about funds’ safety or data safety. So far, all we can tell is that RaceOption broker is not legit to trade with.
Warnings From Financial Regulators
Since RaceOption is related to a scam company, we decided to check if any regulatory body noticed this broker itself. And the answer is yes.
We were able to find warnings from French AMF, Portuguese CNVM, Belgium FMSA, Italian CONSOB, and Spanish CMVM. All the warnings are saying the same thing – this broker is a scam, do not fall for it. Or if you do, report it immediately!
A long list of regulatory bodies against one brokerage. Now we can say with absolute certainty and with no questions that RaceOption is not a broker, it is a binary options scam.
How Scam Trading Robots Work?
The newest weapon of scam brokers is so-called robot trading. The broker or the ad of a broker are selling you a story of 99.9% success if only you deposit as little as 250$. What actually happens after you deposit this money is that you are 250$ in minus, and you will never see them again. The broker will tell you a lovely story about a system where you click one button and after that, the artificial intelligence works for you.
The robot is predicting the market, placing trades, opening, closing. Almost kissing you good night. All you need to do is log in from time to time and see insane amounts of money. And yes, it sounds perfect. You are busy, have no time to trade yourself, and the technology is advanced.
If we can have a car driving by itself, why can we not have a robot trading by itself. The truth is that these robots exist, but they cost a lot of money for a license. And scam brokers are looking for fast and easy profit. They just convince the client that they have the license for such software when in reality, they most likely never even saw it. They heard how it works, and decided to sell it. And after you buy that story, you might even see some big numbers. How?
The broker is manipulating the market. Like in the case of RaceOption, scam brokers are offering only web trader. And everyone knows that web traders are not as safe as MT4 or MT5 for example. The web trader is designed by the broker and fully in his control. He can change the prices and make it look like you’ve made a lot. But when you want that profit out, he can change it to the opposite. It looks like you lost a lot. And it’s never the broker’s fault, always yours. After you see your thousands of dollars becoming zero, you understand that you’ve been scammed. What is the next step?
Scammed by RaceOption? Chargeback Is Your Solution!
If you made a deposit with this binary options broker and got scammed by RaceOption, the first thing to understand is that you are not the only one. If you check the reviews of the clients, you will understand you are one of the many. Then, you need to look for the solution. And the solution is filing a dispute and requesting a chargeback.
But what is a chargeback? It’s the way to get a refund to your card in case you were a victim of a scam. Contact us for help immediately!
Is RaceOption a Scam?
RaceOption is an unregulated binary options broker. We can surely say that it is a scam broker.
What Is The Withdrawal Time?
According to the website, RaceOption claims that the withdrawal time is 1h after the confirmation of your withdrawal request. We find it hard to believe since the bank takes longer just to process the international transaction.
Where is RaceOption broker based?
RaceOption is an offshore broker based in the Marshall Islands.