EmpireOption Scam Review
We have made a short review of EmpireOption and found out that they do not rate highly and there is not enough information available for them. As an alternative we have selected our Top Binary Robots along with detailed reviews for safe and secure trading.
Since we haven’t gathered enough information yet, we cannot confirm that EmpireOption is safe. You can Proceed to Safety OR Choose one of the Is-Scam approved and safe trading applications:
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Founded in 2010, EmpireOption is a binary options trading broker that is based in Uruguay. It is 100% web based which means there is no need to download and install any kind of software. EmpireOption is operated on the SpotOption platform and since it has been around for more than 5 years, it looks like the broker is experienced. But one thing that raises some doubts is that the company although it has been in the market for long is not regulated. It focuses mainly on the Latin market and has significant presence in countries like Mexico, Brazil and Spain. This basically implies that if you speak Portuguese or Spanish, then EmpireOption would be a preferred choice for you. But because EmpireOption is not regulated, is it safe to say that it is reliable or is it just another binary options scam?
Is EmpireOption Scam?
We have carried out an investigation about EmpireOption and found that the company does not rank high on Google Trends. It’s banking requirements are also unconventional where traders are bound by minimum and maximum deposit and withdrawal amounts where the amounts depend on the type of account the trader holds. However, we have come across some evidence of scam that shows that the company is not reliable. Although not been regulated by CySEC or similar organization gives the company disadvantages, we cannot say at this point that it is a scam. However, we suggest that till we are gathering more information, you look for a safer and more reliable broker.
EmpireOption Minimum Deposit & Withdrawal
There is a range of options available to traders when it comes to making a deposit or withdrawal with EmpireOption. Some of the common methods include credit cards, e-money services, bank transfer, MasterCard, Visa, Payza, Skrill and BBVA. Some of these methods are faster and do not attract a fee. But they are not the best options when transferring larger amounts of money. The minimum amount that is required for a deposit is $100.
However, different rules apply when traders want to withdraw funds. The amount and the processing time depend on the type of account the trader holds. For a micro account, the minimum withdrawal amount is $200 and the processing time is 10 days. There is also a fee of $30 that is applied. Holders of the classic account need a minimum of $100 in their account to make a withdrawal. Processing time is 7 days and the fee is $25. Then there is a plus account which seems to be more flexible.
The minimum amount is $100 and processing takes $5 days with a fee of $20. VIP account types have no minimum withdrawal requirements. But, before you sign up with this broker, you must remember that they are not regulated and therefore it cannot be confirmed that they are 100% legitimate.
EmpireOption Demo Account
Binary option trading is easy, but it can be risky as well. This is the reason traders must be trained well before they start investing money. EmpireOption offers demo trading where traders can set up demo accounts and get a feel of trading. They don’t have to add any money to their account to be able to practice. EmpireOption demo trading has no different features than other brokers and it is suitable for getting proper training before investing money and performing real trades. You must always look for a broker that offers demo trading so you can get the necessary practice and experience.
EmpireOption Bonus Policy
No matter how much you deposit, the bonus that EmpireOption offers is pretty average. They also offer additional incentives, but it is from time to time only. However, in order to qualify for the bonus, traders must meet their minimum trading volume of 30 times. Basically, you cannot request any withdrawal if you accept the deposit and fail to trade 30 times of the bonus amount. So suppose if the bonus amount is $100, you will have to execute trades of at least $3000 to get your winnings into your account. There are better brokers out there that offer better services so you can consider opening an account with one of them.
ConclusionAfter detailed investigation our team concluded that there are better choices than EmpireOption. We cannot confirm that this binary options broker is a scam, but our research revealed enough traders’ complaints to not make us feel safe trading with EmpireOption.
We recommend you to Proceed to Safety and avoid scams by choosing High-Rated and Trusted Brokers on Is-Scam.com.