Beware! StandardCoinOptions is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
It didn’t take long to start doubting StandardCoinOptions. Its essence is built on a lie, or rather a deception that not everyone can detect, and many will only do so when it’s already too late. For us the point of no return was when we saw two separate TradingView charts, one next to the other, on the home page of the broker. It all came crumbling down from then on, and we knew we were in familiar territory, event though we had never heard or seen StandardCoinOptions before. The following review reveals all the crucial details of StandardCoinOptions. Please read it before rushing into things.
Registering, and subsequently, logging in, took less than a minute, without any need to verify the account. However, the user area did require us to add a couple of ID shots. Though nothing was blocked to us if we didn’t. Moreover, the dashboard was very poorly designed, and we quickly saw that the broker does not really offer a trading software, even if it promises one on the website. This sort of deception is common and expected from shady brokerages.
Without a trading platform, we cannot take seriously any of the promoted trading condition. In fact, they do not apply, so we won’t even try. None of the spreads and leverages are applicable, and neither are all the trading assets!
The website seems to be available only in English.
STANDARDCOINOPTIONS REGULATION AND SAFETY OF FUNDS
Here is all that we learn:
- Standard Coin Options Brokers is a trading name of Standard Coin Options Group Ltd, a firm regulated by CySEC, with the license number 150/11. There is no proof of Standard Coin Options Group Ltd is CySEC’s databank, while the license number is that of a different company. Furthermore, Standard Coin Options Group Ltd is said to be located in California, which defeats the purpose of the fake CySEC license, since all U.S-base brokers must be regulated in the States! This one for sure isn’t!
- Next we have Standard Coin Options Overseas Ltd, a company regulated by the Vanuatu Financial Services Commission, license number 92032. Neither name nor number produced results in the official databank of the regulator.
- Standard Coin Options Group Ltd is also revealed to be licensed by the FCA, BaFIN in Germany, and the ACPR in France. None of these claims are true!
We wonder when will these agencies issue official warnings against StandardCoinOptions and all its subsidiaries? For, NEITHER OF THESE ARE REGULATED. The broker is clearly illegitimate and therefore a risk to all investors.
Moreover, there are no terms and conditions, and the two legal docs that the company has included do not strike us as trustworthy!
To deposit in an unlicensed broker is the equivalent of throwing your money away for no reason. We always say that the first thing to do when dealing with any broker is to check for a license; this should be your priority! Usually, we would go for either an FCA or CySEC regulated brokers or other respected overseers. These regulators all employ harsh rules and impose very severe penalties on those brokerages that do not abide by the scrupulous rules. Furthermore, some agencies, like the FCA and CySEC, include reimbursement schemes to all users of brokers under their wings. These compensation funds schemes, as they are called, are put into action once broker cannot pay their clients back to bankruptcy. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
STANDARDCOINOPTIONS TRADING SOFTWARE
In the user area we were dealt with probably the biggest scammer move ever! We were given four sloppy supposed trading softwares, that literally don’t do anything of importance, most of all allow for trading!
Of all of these, only the on on the bottom left is probably able to do something if put into good use by someone better than StandardCoinOptions. It allows for binary options trading, which is basically a sort of gamble on whether the price of an assets goes up or down. However, it too is useless here.
STANDARDCOINOPTIONS DEPOSIT/WITHDRAW METHODS AND FEES
The withdrawal methods are the same as the depositing ones, plus the addition of a bank transfer. Withdrawals are processed within a 5 day time window. We cannot confirm the presence of any fees because there is nor real info on them.
StandardCoinOptions is unlicensed and probable a scam! Do not invest here!
How does the scam work?
The straightforward way into an investment scam is through the thousands of online ads that flood our browsers and social media sites. These are those familiar ads that promise impossible returns and luxurious lifestyles as a result of investing.
Succumbing to such ads will lead to either the scammer investment site, or to an intermediary source with close ties to this and other fraudulent websites.
In either case, the user will be asked to provide a phone number and probably an email address. The purpose of these is for the reps of the scam to be able to contact the client and push for initial investments. This is the first wave of the fraud, and is usually done by the rookie team.
The second wave is the pros, sometimes those behind the whole scam. These are charming and cunning individuals, whose communication skills can potentially result in the users to invest a second, or third, or even fourth time.
Basically, the scam continuous until the client realizes that she is being scammed. At that moment, when she wishes to withdraw or has questions for the scammer, it is already too late.
The culprits will easily ignore all requests or stall them. There are times when unlicensed brokers even terminate entire accounts, and on rare occasions entire websites are closed!
What to do if scammed?
The safest way to get your money back is to file for a chargeback using your credit or debit card provider. MasterCard and VISA have a chargeback period of 540 days. However, this only applies if you have deposited through a card.
Wire transfers are more difficult to reimburse, although some banks may have a specific plan for such times, so we advise users to directly contact their banks and ask them for help. What’s crucial is for users to change their bank account user names and passwords as soon as possible.
As for any funds invested through a cryptocurrency wallet, be sure that they are lost! Crypto transfers are untraceable!
And finally: never trust recovery agents or agencies. These are fraudsters who will ask for money in return for nothing. Do not trust these!
Rich Snippet Data