Who Is Option888?
Option888 was a trading and investment platform that began its operation in 2014; it was owned by Altair Entertainment N.V., and its headquarters were listed as being located in Samoa. As claimed on its website, this broker’s stated aims revolved around offering an excellent trading platform, quick withdrawals for its members, and high-quality customer service provision. A minimum deposit of $250 was required for new sign-ups; $250 was the minimum withdrawal amount, also. The Option888 website has now been shut down.
The Option888 review below investigates whether this company was running a legit operation and, if not, whether investors have any chance of getting their Option888 money back.
Is Option888 a Licensed Broker?
Suppose you’re thinking about trading or investing with a new broker. In that case, it is vital to ensure that they are properly licensed and have all the required financial regulations in place to safeguard your funds and ensure that the platform you’re considering will adhere to best practices in all its processes. It’s also worth bearing in mind that the nature of regulations varies from country to country; therefore what may be an acceptable practice in one territory could be disallowed in another, so check this carefully, too.
The answer to the question, ‘is Option888 regulated?’ is yes and no. The broker was licensed by Curacao eGaming and regulated by the LGA in Malta (Lotteries and Gaming Authority, now the Malta Gaming Authority). However, crucially, Option888 was not licensed or regulated by an overseeing financial body. This means that, whether the broker was operating a scam or not, investors’ funds were always significantly more at risk than if they had been placed with a fully regulated organization.
In 2016 and 2017, FINMA in Sweden and CONSOB in Italy (respectively) issued warnings to Option888 for operating without the relevant authorization in their territories.
Is Option888 a Scam or Legit?
It is very tricky to determine with absolute certainty whether or not Option888 was a scam company. The fact that its website is no longer operational and it had no financial regulator in place are clear red flags. There are also a number of negative reviews online from previous traders who claim to have been scammed, and Option888 has an overall rating of ‘Poor’ on the Trustpilot website.
However, there is very little other solid evidence to suggest that this platform was operating in any kind of fraudulent manner. However, as an unregulated broker, it did not necessarily need to be a scam concern for it to be at an exponentially higher risk of getting into trouble and going under, taking its members’ money with it.
Biggest Complaints Against Option888
The most frequently seen Option888 complaints are those from former traders claiming that their invested funds have been scammed by this company:
“OPTION888.COM is THE WORST SCAM SITE!!!!!!!! EVER. My account manager Neil Jordan gambled with my money without my approval, Lost my money and put Fiction money back to my account instead, with which, I can’t do any thing. Not even gamble. bye-bye $250“ From Trustpilot
There have also been complaints from traders claiming that they have been unable to withdraw their funds from the platform and regarding accounts being suspended without warning or explanation.
Can I Get My Money Back From Option888?
If you’ve lost money to this broker, then obtaining an Option888 refund is potentially possible. The two main routes to achieving this goal are, firstly, to pursue the case yourself by tracking down your funds and confronting all of the entities involved in the scam and the movement of your money. The second option is to instruct the services of a professional chargeback company to act on your behalf. The latter option is, in the majority of cases, much more likely to result in getting your Option888 money back, as the team at the chargeback company has the expertise, industry knowledge, and experience in dealing with similar scams to best tackle the organizations involved.
What Is The Chargeback Process?
To get started, think about the chargeback company you would like to work with; be sure to carefully check reviews from past clients and their success rates in regards to recouping funds. Next, contact the company you have chosen - most will have a simple contact form available on their website. After doing this, a representative will get in touch to fully discuss the details of your case with you. If the case is deemed to have a high chance of success, then the team will take on your claim, and the fight to reclaim your funds will begin.
Once the chargeback company has assembled all of the documents and evidence needed, it will confront all of the entities - both individual figures and organizations - in a bid to recover your lost money. In the highly likely event that an Options888 refund is obtained, this will be deposited directly into your bank account. The whole process can take around six months, although many cases are concluded in a much shorter timeframe; the complexity of individual cases will come into play here.
If you believe you have been the victim of an Option888 scam, then it is recommended that you get in touch with a reputable chargeback company at your earliest convenience to take the first step towards returning your funds.