In the world of online stock market speculation, it is important to be suspicious. Yes, because there are many unscrupulous and untrustworthy operators. Precisely two brokers have recently been “pinned” by CySEC, the organisation that issues operators’ licences. Traders looking for a broker to speculate online should avoid them. These are the Option 500 and Every Option sites.
Two non-regulatory sites
Option 500 and Every Option have just joined the list of brokers to be wary of. Even if these two operators indicate on their site that they benefit from CySEC regulation, this is totally false. The Cypriot regulator has also unveiled a press release revealing that these two companies are not regulated and irregularly offer their services in Europe. These companies are simply not allowed.
As a reminder, in addition to holding a CySEC licence, which is a guarantee of reliability, brokers must also be included in the Regafi Banque de France register (Register of Financial Agents). Here, a very quick check on the site through the dedicated tool made available allows to realize that neither Option 500 nor Every Option are legal in France.
Beware of Option 500
If we look at Option 500, it is a company that is probably based in a tax haven. He is an unscrupulous broker who lives at the expense of his clients, scamming them. In particular, the site does not allow its members to make their withdrawals a reality. While browsing the platform, we can see a London address that is dummy. Apart from contact information, there is no information on the company behind Option 500.
It should be noted that this broker is mainly active on the British side, but his site is also translated into French and he could very soon harm French traders. Be careful not to co-found Option 500 and Plus500 which is a perfectly legal Forex broker in France.
Beware of Every Option!
In addition to Option 500, CySEC also mentions Every Option, a site owned by Fundsaver Services Ltd. Here, it is the alleged domiciliation of the company that seems rather suspicious. It claims to be based in Cyprus. However, CySEC does not approve any financial company that does not justify on-site regulation.
In comparison to Option 500 and Every Option, it is strongly recommended to stay away from these brokers. Do not register on their platform. And if you know people who are in contact with these operators, inform them of their unreliability.
If you want to register on an online brokerage platform, rely on regulated and trustworthy operators such as Interactive Option. To do this, systematically check the name of the parent company on the site in question and make sure that the broker has a valid license.
Don’t forget to visit the Regafi or AMF website to make sure that the operator you are interested in is not blacklisted.