In recent years there has been growing interest in issues relating to investing money as reflected in the growing number of frauds. In this regard, you should be more serious and attentive when choosing your trading broker.
And now we’ll help you figure out how to understand whether traders are fraudsters.
Is 72 Option legitimate?
Let’s review one the honest (at first glance) broker. 72Option opened in 2014 is a binary option brokerage with a head office in Sofia, Bulgaria. They are owned by Epic Ventures LTD located also in Bulgaria. Their official site is 72option.com.
The broker uses the standard SpotOption platform for the binary option, that doesn’t set it apart from another binary option broker. It also supports CFD & Forex trading. They offer currencies, stocks, indices and commodities. The amount of minimum deposit is $250, which is rather high for such brokers. This broker doesn’t have demo-account to try. It doesn’t have Forex signals or advanced trade settings. They can’t offer anything out of the ordinary, but the question to ask: are they worth investing your money? Does 72Option guarantee the safety of your funds? Let’s find out.
Is regulation so important for trading?
The most significant point for trading with online brokers is their regulation and possession of a license. Because what else can ensure the possibility of real withdrawal?
What do we know about 72Option regulation?
It is registered on the Marshall Islands meaning that it doesn’t have any regulations at all. The Marshall Islands has specific financial politics, which doesn’t rule over registered offshores in their financial institutions. That politics attracts scams because they can register an offshore, steal people’s money and disappear without consequences. If the company is not regulated by serious financial authorities as FSB in Africa or FCA in Great Britain, they cannot provide you with any assurance that they return your money. It’s clear that it will be to your advantage to choose right and well-regulated trading broker by a reliable authority.
They have telephone helpline in many countries such as Australia, the United Kingdom, New Zealand and South Africa. Apparently, if they were legitimate brokerage company, why not to register in these countries? That’s the question.
What conclusions can we draw?
They may lure you promising too good conditions and various bonuses and giving a guarantee to give your money back, but you should pay attention just to serious assurances that only secure financial authorities can give you.
On the Internet, you can find an enormous amount of negative reviews of people who couldn’t withdraw their money.
Be aware that 72Option is on the blacklist and the world’s financial authorities do not recommend a trade with them.
If you don’t want to be cheated pay attention to regulation, license and compare brokers to find the most reliable and suitable for you.