UK Options is a relatively new company, so it is hard to taint them with the gaming-like reputation of some older companies, born in the midst of the unregulated Wild West atmosphere of “anything goes” that still – in spite of the ease with which they are nowadays exposed – exist.
This UK Options Scam Test aims to determine the reliability of the company based on three easily gauged parameters: Trading, financial transactions and user reactions.
UK OPTIONS SCAM TEST | TRADING – THE PLATFORM
The first thing one checks to ascertain the veracity of a binary options broker is the transparency of its trading platform. UK Option’s is an upgraded version of SpotOption – the most widely used platform in the binary business. Offering over 200 assets, Rollover, Earlysell & Doubleup instruments on a set of options that include 60-second, ladder, 1-touch and leverage-variable forex, the platform is easy, straightforward and incredibly swift. When compared with live results from major data suppliers like Bloomberg, UK Option’s platform showed no time lag or price discrepancy whatsoever. This is vital, since in binary options, reactions must be swift and the trader cannot allow him/herself to constantly cross reference the broker’s platform with exchange terminals. If you can’t trust the platform, you can’t trust the broker. Here in this preliminary scam teset, UK Options came out with flying colors.
UK OPTIONS SCAM TEST | TRANSACTIONS – DEPOSIT AND WITHDRAWAL
Transactions takes the scam tested into much deeper waters, and they’re populated by much bigger fish than mere investors. Here we test the broker, not only vis-à-vis the customer but regarding global and state legislation: clearly the broker who constantly breaks rules and cuts corners won’t be around for long enough to refund your cash.
So let’s begin with legalities: UK Options demonstrates a clear zero-tolerance policy towards fraud. It does not simply ask for a client’s compliance materials as an excuse to delay withdrawals – they will close an account and not accept a second deposit if the client has not supplied the relevant paperwork within 2 weeks of opening his/her account.
All client finances are kept in segregated fiduciary accounts. This means that these monies do not appear on the company’s balance sheets and cannot be used for the company’s running costs or to pay off debts. They are the client’s monies and his/her alone. All monetary transactions and much of the platform activities are secured by the latest encryption protocols and are in line with the strictest of European Union regulations.
Finally, the UK Options Scam Test would not be complete without a deposit/withdrawal test. We opened a beginners account (UK Options has 4 – the highest level being VIP, which offer $30,000 bonuses and a proprietary prepaid debit card that can be used in a surprising number of retail outlets). We deposited $500 (we used Cash-u, you can also use Visa, MasterCard, Electron, Visa-Debit, Maestro, Neteller or Skrill), waited 2 weeks, during which no transactions were executed, and then withdrew the money (after – of course – supplying our ID, proof of address and bank-account compliance materials). The entire $500 appeared in our bank account precisely 5 days later (to the hour) – not a penny taken as deposit or withdrawal fees (some companies take a fee for transactions below a certain threshold). UK Options states that wire transfers take two extra days due to postal limitations, but I guess we can’t hold that against them.
In spite of everything being above board, it’s not usually easy to elicit responses about a broker from its clients. People know that they are simply taking their financial futures into their own hands and accepting the responsibility of doing what until now only banks and investment funds were doing for them (not extremely successfully, if the last decade can be held as an example); and yet, for some reason, they feel they should not be divulging to much when it comes to money. With the UK Options scam test, there was that extra dimension of not wanting to hurt a family member who has been so beneficial to them until now.
Of course, there are always the malcontents – the ones who took the bonus without reading the terms and conditions, the ones who thought that referring a friend was sufficient reason to get a bonus, even if that friend was not really interested in investing but merely providing an excuse for a client to demand payback. But on the whole, you sow what you reap. Nearly everyone interviewed about their experience with UK Options cited the helpful, unbelievably patient and market savvy, multi-lingual support staff. The few who had experienced what can be finally described as misunderstandings admitted that such issues were usually resolved to their satisfaction within a very short time – even those who had preferred to first report the case to review sites and then neglected to write a follow-up (interestingly, UK Options refuses to let its own staff participate in the online chat on such sites – responding, resolving, describing resolutions, etc. etc ad nauseum – considering it a waste of time).
UK OPTIONS SCAM TEST | CONCLUSION
Our UK Options Scam Test concludes without doubt that UK Options is definitely a binary options broker worth taking seriously. Even aspects of its support policy and tools indicate that the company takes online investments very seriously indeed. The company maintains a multi-lingual support staff who is to the man (and woman) intricately trained and well informed in all aspects of the global marketplace. Attendants are painstakingly patient, and educational materials are obviously aimed at developing an informed and educated clientele that will bring credit to both this company and the industry as whole in years to come.
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