Who is RaceOption? Why is the broker ranked so badly? Who is behind this operation? How do they operate? Is RaceOption regulated? This and many more you can find out in our RaceOption detailed review.
|Headquarters Country:||Marshall Islands|
|Supported Platforms:||Web Trader, Mobile Trader|
|Account Types:||Bronze, Silver, Gold|
|Types of Assets:||Stocks, Currencies, Commodities, Indicies|
RaceOption Regulation and Security
RaceOption is a broker established in 2017 by the company Race Projects Ltd. The company is based in the Marshall Islands, an offshore country, which makes it suspicious.
What we were able to find is that the parent company and the final owner of RaceOption and Race Projects Ltd is Finance Group Corp. This company is well known for its scams, with New Zealand FMA and the US CFTC warnings against it. The company owns several other scam brands.
RaceOption regulation does not exist in any register, which makes it not safe to trade with. Like many binary option brokers, this company does not give much information about themselves, or the security they provide for the clients. Therefore, we couldn’t discover what happens with the funds after the deposit. Red flag for the start!
Warnings From Financial Regulators
Since, as previously mentioned, RaceOption is not regulated by any regulatory body, we decided to check If there are some warnings against the company.
We were able to find a warning from French AMF. Autorite Des Marches Financiers is warning its citizens to be aware of RaceOption because it is conducting financial services in France with no regulation. Therefore, AMF is strongly advising French not to accept any offers from this broker.
According to our RaceOption broker review, seems that this broker was busy operating illegally all-around Europe. All the warnings are the same – this broker is a scam, do not operate with it!
In which countries does this broker work?
The website of RaceOption provides us with only one exception for its services – the company does not operate in the US.
However, since this broker has no regulation, it shouldn’t be operating anywhere. Based on all the warnings from the regulators, we can conclude that the favorite soil for this broker is the European market. In the reviews of their clients, we saw people from the UK, Spain, Portugal, even Canada.
RaceOption Trading Platform
RaceOption trading platform consists of Web Trader and Mobile Trader. This is not very common, since every serious broker offers either an MT4 or MT5 trading platform, especially due to safety. These platforms are much harder to manipulate and have delays. Web traders are well known for being unreliable, and it gives a broker a lot of options to manipulate trades and profits.
Clients of RaceOption can hold trades from 1 minute up to 30 minutes. Intraday options expire every hour, while long-term options have an expiry date of up to one month.
On the platform itself, clients can see trading assets, charts, trader’s choice, time, amount, place a trade and see what is the return in percentage.
The broker does not offer a Demo account.
What can you trade with this broker?
Broker offers a various range of trading instruments – currencies, commodities, indicies, and shares. All the major currency pairs are available. Along with minors like RUB, ZAR, TRY, etc. They offer over 60 different shares, 9 commodities, and around 40 indicies.
When it comes to money, RaceOption minimum deposit is 250$ for the bronze account, while for the gold account clients need to deposit 3,000$. The deposit can be made via debit/credit card, BTC, ETH, altcoins, and the Perfect Money option.
The payout from the options goes from 75% to 95%. The company claims that withdrawals are processed within 1h from the submission and that the funds go through a European bank. Yet, they do not say which bank is it, or if there are any fees for withdrawals.
Scammed by RaceOption broker? What to do?
Despite all the warnings, if you got involved with a RaceOption broker, don’t get desperate. Unfortunately, these things happen. Scam brokers know how to use the advantage of people, and how to take their money.
If you have any complaints or you got scammed by RaceOption, do not hesitate to contact us. We will help you get your money back, starting today! Get in touch with us!
What is RaceOption?
RaceOption is an offshore binary option broker registered in the Marshall Islands. The broker does not have any regulations for its business and is considered not safe
Is RaceOption regulated?
No. RaceOption does not have any regulations for its operations.
Where is RaceOption located?
RaceOption is an offshore broker registered in the Marshall Islands.
Is RaceOption a good broker?
RaceOption is an unregulated binary option broker. It is considered not safe to trade with. There are many regulatory body warnings against this broker.
Is RaceOption legit?
No. RaceOption does not hold any regulations for its business, and it is not a legit broker.
What is the RaceOption minimum deposit?
The minimum deposit a client can make with RaceOption is $250.