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North Option Review: Is Northoption.com A Legit Broker Or Scam?
Northoption.com Review: this is the website of a Forex brokerage that operates from an offshore region but alleges to be registered in Cyprus. Is North Option a scam brokerage? Read what our investigation reveals about this company before doing anything else.
The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
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North Option discloses that it is based in Saint Vincent and the Grenadines. It also mentions that it is linked to Wallfort Limited, in Cyprus. Forex activities in the region are under the jurisdiction of the Cyprus Securities and Exchange Commission (CYSEC). When we checked the online register of the authority, there was no mention of the broker or its parent company.
Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.
Advantages of North Option
NorthOption claims to have a trading platform that is seamless and flexible. Connectivity access and payment networks are also mentioned as part of their advantage. Solid leverage is given to clients and funds get top security. They also give trading signals and convenient payment methods.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
North Option Trading Platform
No useful information is provided about the trading platform provided for clients of the North Option Forex broker. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.
Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are not listed, which is not advised of any serious brokerage. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
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The maximum leverage offered to clients is 1:100 and while this may seem generous, it is not advisable. High leverages can lead to huge loss of funds for inexperienced traders. Spreads are hidden from the public.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on North Option
The means that traders are to use to make deposits and withdrawals are not disclosed which makes it hard to trust the brokerage. We are also discouraged that popular e-wallets are not allowed.
This is because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.
The minimum deposit required is not talked about anywhere on the website. This makes it difficult to point out if it is within the average or not. But, readers should know that many legit brokerages require between $100 – $250 or even lesser. The withdrawal conditions of this broker are not listed, which is suspicious.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
It is also important to note that this brokerage wants traders to believe that they can get 92% returns on their money. This is simply ridiculous if the company is truly trading in the unpredictable world of Forex markets.
Is North Option Licensed?
No. North Option is not a licensed brokerage and cannot be trusted. It falsely claims to be registered in Cyprus while it operates from an offshore location. Even if anyone comes across a mention of licensing from this firm, so long as it is based in the offshore location, it is not likely to be a trustworthy one.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To get more information about this broker, contact customer support services via the message link on the page.
North Option has proven to be a broker unworthy of trust and thus, we rate it low. It does not reveal enough information for us to go on with and tries to falsify some claims. Do not invest with any company promising returns that sound too good to be true.
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North Option Review – is northoption.com scam or good broker?
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Trading Accounts and Conditions
North Option appears to be offering trading in binary options of cryptocurrencies like Bitcoin, but hasn’t specified clearly its offer in terms of account types, minimum deposit, minimum bet size, etc. It only mentions offering leverage of 1:100 on bitcoin trades and returns as high as 92%.
While such high payouts may sound tempting, be sure to read this review first, as we have major concerns about North Option, which will be highlighted below.
North Option Advantages
Not any significant
North Option Disadvantages
No legit license
North Option is allegedly a trademark of Inlustris Ltd., a company registered in Saint Vincent and the Grenadines (SVG). Companies in this offshore zone just have to follow a simple and inexpensive registration procedure with the Financial Services Authority (FSA), which has explicitly stated that there is no licensing regime for financial services providers.
This means that these brokers are not overseen by any financial authority and that their clients are subjected to all kind of risks. The most common among them is losing your entire investment to scam.
Possibly involved in a serial scam scheme
The broker is also a part of the Wallfort Limited Group, which is allegedly based in Cyprus. Known members of the group include Alpha24 Trade, Olymp Trade, Premium24Option, and FXLucid – all of the brands are as shady as could be, and possibly involved in a serial scam scheme.
Not clear about its services, trading conditions
As was mentioned above, North Option has not announced any relevant trading conditions, other than the leverage ratios for Bitcoin trades and the promised returns. It does not offer free testing service, nor access to any trading platform.
We always view the lack of information as huge negative, and advise investors to always be as informed as possible before deciding to trade with a brokerage.
Furthermore, payouts as high as 92% (as the ones promised on North Option’s website) are too good to be true. Investors should be especially wary of such unrealistic offers of guaranteed, fast and easy returns.
As some of you probably know, as of August last year European brokerages are obliged to disclose the percentage of their clients who lose and these go as far as 70% – 80%. In other words, all websites promising skyrocketing returns like 24stocktrade.com are simply fraudsters.
Falsely claims to have won awards
Another thing that leaves a very bad impression is the fact that North Option has included some obscure images on its website in an attempt to mislead (potential) clients that it has won awards such as “Innovative broker” at IAFT Awards 2020, or “Best Options Broker” at Forex Expo 2020.
We believe we highlighted enough facts to convince you that North Option is just another dodgy broker targeting naive crypto enthusiasts. Actually, its offer doesn’t differ much from those of the other members of the Wallfort Limited Group, so most likely we are dealing with people involved in a serial scam scheme.
As usual, our best advice in such cases is, don’t deposit any money with any such unreliable brokers operating without a license and providing zero transparency on their services. It is only in the best interest of investors to select among companies that are reliable and licensed by well-established governmental agencies like the FCA in the UK or CySEC in Cyprus. These institutions provide significant assurance for the security of traders’ funds by setting strict rules to brokerages and seeing to their compliance.
For example, forex brokers authorized by CySEC have to meet certain capital adequacy requirements, keep clients’ funds in segregated accounts, report transactions on a regular basis, provide negative balance protection, and more.
Furthermore, in case any Cypriot broker is unable to meet its financial obligations to clients due to insolvency, each of their clients may be compensated up to 20 000 euro by the Investor Compensation Fund.
To sum up our impressions of North Option:
|None||No legit license|
|Possibly involved in a serial scam scheme|
|Not clear about its services, trading conditions|
|Falsely claims to have won awards|
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Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
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