Ever since binary options became illegal, many companies were scamming clients and just disappeared from the market. The website got shut down and clients lost all the access to their funds. Now, to see what happened with this particular company and what to do if you were scammed by the broker, read our SmartOptionFX review.
|Regulated by:||No regulation|
|Supported Platforms:||Web trader|
|Types of Assets:||Binary options|
SmartOptionFX Regulation and Security
SmartOptionFX claims to be owned by B.O. TradeFinancials Ltd and is based in Miami, US. However, many facts are opposing these claims. First of all, B.O. TradeFinancials Ltd is a company based in Cyprus that has a CySEC regulation. However, in 2018 this regulation was withdrawn. Another thing, you cannot be based in the US and have no regulation at all. This shows us that SmartOptionFX broker is not legal, not regulated, and most certainly not a secure brokerage.
Be aware of these facts when trying to find out what happened with your funds.
Warnings From Financial Regulators
As mentioned, SmartOptionFX claims to be owned by B.O. TradeFinancials Ltd. Since the company was CySEC regulated, this regulatory body blacklisted SmartOptionFX. They issued a warning against the broker stating that it’s a clone firm and you should not fall for their scam. If, however, you were scammed by SmartOptionFX, you should immediately file a complaint.
Can you make money with SmartOptionFX?
Since the broker’s website is shut off, there is a big question of what happened with your profits. Now, firstly, the broker is falsely claiming it’s US-based and EU-regulated. Meaning that you have no regulatory body to go to, and you need to find another way to withdraw your profit.
Besides this, the broker was offering only a web trader, the favorite tool of scam brokerages.
Since it was offering only binary options trading, as you already know, there is an 81% of chance for binary options traders to lose their money. When it comes to SmartOptionFX, we would say that the chances are increasing to 100%.
The minimum deposit with SmartOptionFX is $500. However, if you had a chance to deposit $500 with FCA, ASIC, or any other regulatory body-approved company, we are sure you would prefer that over a shady scam company such as SmartOptionFX.
There are 5 account types available with the broker, but when you try to check terms and conditions, there is no information about any of those. Among missing information is also the list of fees and commissions you will have to pay for trading with this fraudulent brokerage.
Be aware of these facts when opening an account with SmartOptionFX.
Scammed by SmartOptionFX?
First of all, you need to know you are not the only victim of the SmartOptionFX scam. There is a possibility to get your money back. If this or any other scam broker steals your money, you should file a dispute and request a chargeback.
But what is a chargeback? A chargeback is a way to refund your card in case you were scammed online. You have up to 540 days to file a complaint and submit the documents.
Contact our support via chat immediately and they will help you start the procedure. Get your money back as soon as possible!
What is SmartOptionFX?
SmartOptionFX is a binary options brokerage with no regulation.
Is SmartOptionFX a scam?
The broker provides a lot of fake information and has no regulation. We can say it’s a scam.
Is SmartOptionFX regulated?
SmartOptionFX is not regulated by any authority body.