EzTrader review: Beware scam bad broker

Our review
1.6

In a nutshell

We advise you never to deposit at YesOption. Instead, choose solid and reputable brokers such as OptionWeb, TopOption or Interactive Option

While it easily stood out at its launch in 2008, EZTrader is now on the list of high-risk brokers. This binary options broker, whose head office is based in Cyprus, was the subject of several complaints in 2014, following which its CySEC licence was suspended. Today, however, the broker would be in the process of changing and would pride himself on complying with the rules. So, admitted or not? Details…

BrokerEZtrader offers

the basics in binary option trading. From welcome bonuses to support services, comprehensive trading platforms and training for beginners, all the ingredients are almost there, and the broker’s offers are quite interesting, especially in terms of return on investment.

First Deposit and Bonus:

Like most brokers, YesOption offers a free registration. In order to access trading, however, the new member must deposit a minimum amount of €100. The broker does not offer a demo account, but gives a welcome bonus based on the first amount deposited by the trader. For 200 to 499 € deposited, the bonus is 100% of the deposit, 75% if the trader deposits between 500 and 999 € and 65% for deposits of 1 000 € and more. The broker also offers an additional bonus of 650 € for those who deposit a minimum of 1 250 €, but the bonus is limited to 1 300 €. Of course, this welcome gift is not really given and its enjoyment remains under specific conditions. To be able to withdraw it, the trader must wager 25 times the amount of the first deposit and bonus. This implies, therefore, large volumes of trade. Moreover, for experts, it is always better to refuse this type of bonus in order to avoid complications when withdrawing.

Available assets:

Regarding the number of assets, YesOption offers a sufficient choice on its portal. The broker offers 15 tradable Forex pairs, and also makes about 50 international equities available to traders. investors on the site also have 24 stock market indices to trade, as well as 4 commodities, or more than 100 tradable assets in total. These include, among others, the DAX, NASDAQ, Dow Jones, or FTSE indices, the shares of international groups such as Google, Apple or BMW, the main products such as gold, silver and oil, as well as the most common currency pairs such as EUR/USD or USD/JPY, among others.the trading styles available at EZtrader are not very broad. The broker does not offer a One Touch, Zone or Speed trading option, but limits himself to the essential High/Low option, which is, however, the most popular type of option in binary option trading.

Trading conditions:

EZtrader offers, without a doubt, one of the best returns on the binary options market. If most brokers offer in the 80 to 85% of profit, this online broker allows, indeed, to earn up to 95% of its initial bet, which is undoubtedly one of the reasons for its success. Nevertheless, the minimum position on the portal remains quite expensive compared to other brokers’ offers, amounting to 25 €. The maximum ticket is €3,000 and, in the event of loss, YesOption allows a return of up to 15% of the original bet. As for the platform, the broker has his own trading platform, the EZtrader, which is also available in a mobile version.

Trading Training:

Like most binary option brokers, YesOption provides its members with a trading training centre. Available in French, the courses are provided in various formats, including free downloadable e-books and webinars, and several tutorials, as well as online magazines, are also offered by the broker, allowing you to learn the basics of the binary exchange and to learn about the different winning strategies. EZtrader also prides itself on providing daily information to its traders, including financial analysis, as well as news about market events, and educational articles are also available directly on the site, allowing beginners to be guided in their transactions.

Customer Service:

In addition to the practical guides and trading courses, YesOption also offers customer service available 24 hours a day, 6 days a week. He can be reached by instant messaging, by phone, as well as by email to ask practical questions or to seek advice during investments. The team supports several languages, including French.

Deposits and withdrawals:

For financial transactions, available methods include credit cards, bank transfers, as well as the Skrill electronic payment method. Withdrawals can be made from €100 and can take between 5 to 7 business days to process. There is no charge for deposits or withdrawals by credit card. However, a fee of €25 is charged for withdrawals by bank transfer.

Many complaints on the InternetDespite

these fairly comprehensive offers, YesOption is now subject to many criticisms. Especially during 2014, several complaints were received in the forums. Traders’ testimonials are diverse, but they all say the same thing, that YesOption is a scammer. Some investors have seen their money disappear after only 3 months of inactivity, others have not had any more immediately after depositing money into their account. Most of the traders on the site also complained about unreachable customer service when needed. EZtrader would also have used convincing marketing means and would have approached several clients by telephone, and the broker would not have hesitated to call several times in order to encourage his new clients to deposit as much money as possible. As a result, those who launched the portal lost a lot of money, free of charge, which is why the broker’s CySEC licence was suspended during this period. We advise you to turn to brokers with a solid reputation as Web Option, Top Option and Interactive Option.

A warning from the AMF in 2014As

a result of these numerous complaints, YesOption has also been denounced by the AMF as a risk broker. During 2014, the broker saw his name put on the regulator’s blacklist and, of course, lost all credibility on the trading market, but after this sanction, which caused him to lose many clients and especially his notoriety, EZtrader would have made a lot of effort. The broker would now boast of complying with the regulations imposed on the market and, moreover, he has taken over his CySEC licence. For good conduct, the AMF has also removed him from its blacklist, but EZtrader remains a risk broker until proven otherwise. In order to ensure a good return on investment, it is therefore advisable to choose another broker on the market, whose reliability is guaranteed by good regulation.