Who Is Crypto Options Trader?
Crypto Options Trader was a forex brokerage platform that offered members the opportunity to trade in digital coins and a range of cryptocurrencies. The organization claimed to be based in London, although its website has now shut down. The Crypto Options Trader review below investigates whether this broker was a scam operation and, if so, the likelihood of members who have lost their funds being able to reclaim them.
Is Crypto Options Trader a Licensed Broker?
No, this organization was operating without any regulation or licensing in place. As it stated it was located in the UK, it should have come under the watchful eye of the FCA. However, in 2018 the FCA issued a warning regarding Crypto Options Trader, to the effect that, although it had information that the platform was providing financial services that required authorization, it had not gained the necessary authorization to do so.
When choosing a broker, it is essential to ensure that the organization you’re considering is regulated and fully licensed. As well as providing peace of mind that your funds are likely to be safe, this also gives you an opportunity for recourse, and redress should the broker run into trouble.
The answer, then, to the question ‘is Crypto Options Trader regulated?’ is a definite no; it was operating without any license or regulation.
Is Crypto Options Trader a Scam or Legit?
Given the lack of regulation and licensing and the FCA’s warning, in all likelihood, a Crypto Options Trader scam was being perpetrated. Other warning signs include the fact that the platform’s website contained no information regarding the company’s owner or founder. Similarly, there were no details regarding the payout process or the minimum deposit that was required to begin trading using the platform.
Given that this broker has now disappeared, the evidence all points towards Crypto Options Trader being, in reality, a Ponzi scheme in which the only source of income was from new investment rather than through actual trading. In these sorts of schemes, platforms usually shut up shop as soon as new funds stop flowing in and disappear into the ether, taking all the remaining money in the pot with them.
Biggest Complaints Against Crypto Options Trader
The most frequent Crypto Options Trader complaints regard traders that claim that they have been scammed out of their funds:
“This company is scammer. My 1000$ is stealing this company.” from Trustpilot
There have also been concerns raised regarding the unrealistic nature of the claims made on the Crypto Options Trader website and the lack of information about the platform’s processes. Some reviews from members, too, suggest that the company address listed was false and that the telephone numbers advertised for members to use in the case of problems or queries did not connect. Finally, there have been reports of extortionately high charges levied against payouts, which traders were not made aware of when signing up to the platform.
Can I Get My Money Back From Crypto Options Trader?
Yes, it is possible to get your Crypto Options Trader money back. There are two ways to go about this. You could choose to pursue a chargeback case yourself, or you may wish to instruct a professional chargeback company to act and fight on your behalf. In the vast majority of cases, the latter option will have the greatest chance of achieving a successful result, as a chargeback company has got the industry expertise, know-how, and vast experience in the business of recovering scammed funds for their clients.
How Does the Chargeback Process Work?
If you decide to use a chargeback company, then start by choosing the one you wish to work with. Take care to check out online reviews as well as success rates. When you’re ready, get in touch with the team using the simple contact form that most companies have on their websites.
Following this, a member of the chargeback team will be in touch to fully discuss the details of your case. At this point, it will be determined if your case is likely to result in obtaining a successful Crypto Options Trader refund; if it is, then it will be taken on, and the team will begin preparing the documentation and evidence necessary. You will probably be asked to provide details of the scammed funds, including the dates that the transactions took place and any other communication that you had with Crypto Options Trader.
Once the chargeback company has assembled everything they need, they will track down your funds and all the entities - individual figures and organizations - that had any part in the scam and confront them in a bid to recoup your money. In the very likely event that a refund is obtained, the funds will be deposited directly into your account. Cases usually take about six months to conclude, depending on complexity; the timeframe is often significantly shorter.
If you have been the victim of a Crypto Options Trader scam, then it is highly advisable to make contact with a reputable chargeback firm at your earliest convenience to begin the process of reclaiming your scammed funds.