Options Legion – Are They a Trusted Platform?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Options Legion - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2021
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://optionslegion.com
Founded: 2018
Regulations: Unregulated
Languages: English
Deposit Methods: N/A
Minimum Deposit: $50
Free Demo Account: Yes
Number of Assets: N/A
Types of Assets: Forex, commodities, indices
Trading Accounts and Conditions
Options Legion is quite hard to describe, as they are confused about what service they want to focus on. In simpler terms, Options Legion is a mashup of different online investment schemes that are commonly plagued by scammers.
Options Legion offers 4 different account tiers, or what they call “packages.” Package number 1 is called Bronze and it has a minimum deposit of $50 and a maximum of $199. Aside from binary activities, Options Legion also provides a passive income on their account, which will be determined by how much the client has deposited. Hence, they have implemented a duration for their packages, and the Bronze one has a 24-month duration, which is also the same for the other tiers. It also has a referral income of 4%, a binary income of 10%, and a capping limit of $1000.
The second package is called Silver, which has a minimum deposit amount of $200, and a maximum of $499. It also has a referral income of 5%, a binary income of 10%, and a capping limit of $3000.
The third one is dubbed as Gold, boasting a minimum deposit amount of $500 ranging to a maximum amount of $999. It also has a referral income of 6%, a binary income of 10%, and a capping limit of $5000.
The last package that Options Legion offers is called Diamond, and it has a minimum deposit amount of $1000, and without any limits. It also has a referral income of 7%, a binary income of 10%, and a capping limit of $7000.
We tried accessing their Terms and Conditions that can be conveniently found on their front page, but apparently, it’s not even loading. We tried many times but gave up since it is a waste of time, and it is another clear red flag that should be addressed.
As aforementioned, Options Legion offers another option to generate more profit, which is confirmed on their account offerings, with each package offering a monthly income. Since there’s no clear indication on how they make this happen, we don’t recommend investing with Options Legion since they offer way too many red flags, on the account types alone.
Options Legion – Advantages
Options Legion doesn’t have any redeeming qualities that make us want to recommend it to other investors.
Options Legion – Disadvantages
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Hassle Account Creation
Before anything else, we should not stray away from the biggest flaw that we can see in Options Legion, and that is their hassle account creation process. Before being able to gain access, you must first provide a referral code, which is a very hard thing to look for, especially if you don’t have anyone who knows that is already a member of the platform. Just like us, we weren’t able to create an account because we failed to provide code, hence we aren’t able to gain more information about their services and features.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Illegal and Unauthorized Operations
Options Legion claims to be operating from Luxemburg. Knowing that this place is under the jurisdiction of Europe, we decided to uncover more of their background. EU is known for having strict guidelines with brokers and investment firms, so it is not that hard to look for an online investment website. After some searches, we couldn’t find anything that can support this claim by Options Legion, and we are certain that they are operating legally, and maybe even lying about their identity.
Options Legion also classify themselves as a binary options provider, however, this activity has been banned in the EU, which further supports the point that they are up to something illegal.
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Passive Income Scheme
One of the most common online investment frauds is the usage and promotion of passive income schemes, where clients are being asked to deposit amounts of money and telling them that they will increase it up to a certain percentage. Options Legion does this by giving a monthly income percentage which is already very sketchy.
This scheme is very similar to HYIPs or high yield investment programs, which are also known in the online investment realms as another way to scam people.
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Weak Trading Platform
Even if you just want to use Options Legion as a broker, you will be at a great disadvantage since they offer a weak trading platform that is only web-based, and very far from the standard MetaTrader4 or MetaTrader5, which are both known for having advanced features that give advantages to investors.
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Unclear Deposit and Withdrawal Conditions
Apart from the information about their minimum and maximum deposit on their packages section, Options Legion doesn’t provide any more information about the process of depositing and withdrawing on their website. Since we can’t create an account, it is also impossible for us to know more information.
They are however clear with one thing that we think is also important, however, because of its nature, we still classify it as a disadvantage. All packages that they offer have a 4% withdrawal fee, which is a rare occurrence for modern brokers, as they usually charge flat payment per withdrawal. Some are even breaking the status quo and abolishing this rule and modifying it to suit the needs of their investors. 4% is also quite high, and having it implemented on a per withdrawal basis, the clients will eventually lose more than they would have thought.
For an online investment platform to not be 100% transparent, we recommend that you stay away from them, and only devote your funds and time to brokers that are willing to provide every information that they hold.
Conclusion
Options Legion may not look shady at first glance since the website is clean at least, and we provide credit where it’s due. However, it seems like this is the only good side that Options Legion has, and it’s not even about their financial service.
They operate illegally, they force clients to deposit more money, and they aren’t transparent with their terms and conditions. Perhaps all this information is more than enough to convince you that associating with them is never a good choice.
Options Legion
Pros
- None
Cons
- Hassle Account Creation
- Illegal and Unauthorized Operations
- Passive Income Scheme
- Weak Trading Platform
- Unclear Deposit and Withdrawal Conditions
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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