Flip-Options – Is It Safe?

| Publish date: 02/07/2020 (Last updated: March 24, 2020 08:05 AM)
Share

Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

Flip-Options - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Deposit
X

updated 2020

Flip-Options is a Forex, binary options and CFD broker that offers its clients 3 different types of trading accounts:

  • Bronze Account: To open a Bronze Account, you need to make a minimum deposit of $300.
  • Silver Account: To trade on a Silver Account, you first need to deposit a minimum of $1,000.
  • Gold Account: To open a Gold Account, this broker requires you to first make a deposit of $3,000.

The leverage offered for all the three accounts is 1:100, however, we do not know what the spreads or other trading fees look like.

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker
Europe's #1 CFD Trading Platform

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

Website URL: https://flip-options.com/

Founded: 2020

Regulations: Regulated

Languages: English

Deposit Methods: Bank Wire, MasterCard, Visa

Minimum Deposit: $300

Free Demo Account: Not Available

Number of Assets: N/A

Types of Assets: Forex, Binary Options and CFDs on Cryptocurrencies

Trading Accounts and Conditions

Flip-Options is a Forex, binary options and CFD broker that offers its clients 3 different types of trading accounts:

  • Bronze Account: To open a Bronze Account, you need to make a minimum deposit of $300.
  • Silver Account: To trade on a Silver Account, you first need to deposit a minimum of $1,000.
  • Gold Account: To open a Gold Account, this broker requires you to first make a deposit of $3,000.

The leverage offered for all the three accounts is 1:100, however, we do not know what the spreads or other trading fees look like.

Flip-Options – Advantages

We usually try our best to list out not just the negatives, but also the positives about a broker that we are reviewing. However, in the case of Flip-Options, we have not been able to find anything positive about this broker.

Flip-Options – Disadvantages

Here is the long string of disadvantages of trading with Flip-Options:

  • Conflicting Corporate Information

Flip-Options is owned by a company called Finance Group Corp, which is registered in Vanuatu.

However, upon going through the website a little more, we found out that this broker seemed to be operated by another company called Cent Projects Ltd. This company is based in the Seychelles.

AvaTrade
$100
Minimum Deposit

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.

Plus500
$100
Minimum Deposit

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

  • Not Regulated

The Vanuatu Financial Services Commission (VFSC) issues licenses to Forex and CFD brokers, however the regulations of this watchdog are weak. This is simply because the watchdog does not have the capacity to oversee brokers that operate internationally.

Having said that, we found out that despite being registered in Vanuatu, where getting a license to operate is fairly easy, Flip-Options does not, in fact, have any license at all.

What this means is that if you decide to deal with Flip-Options, you will not only be dealing with a broker that is unlicensed, but also one that has lied about its regulatory status.

  • Incomplete Trading Conditions

Flip-Options has only mentioned the leverage it offers, which is 1:100. The broker has also stated its minimum deposit requirement, which is $300. However, beyond these two pieces of information, we do know have any other details about the trading conditions.

We do not know that the spreads look like on this broker’s platform. We also do not know whether there are other commissions or transaction fees being charged.

Trading conditions are critical pieces of information that traders need to be able to make informed decisions about trading with a broker. Not providing such information simply highlights the fact that Flip-Options is not a broker that you should trust.

  • No Proper Trading Platform

Most legitimate brokers use the MetaTrader 4 platform, which is the preferred trading interface for more than 80% of the world’s traders. This is because this software can be used easily not just be professional traders but also novices. It also offers added features such as automated trading bots, charting options and market indicators, to name a few.

Flip-Options, on the other hand, offers its clients what looks like a fake trading platform. After we registered an account with this broker, we were shown what looked more like a dashboard. There was no option available to actually make any trades.

Added to that, these charts that were displayed have directly been imported from TradingView. TradingView is a third-party online social network for investors as well as traders, which allows users to create as well as share trading strategies and technical analyses using interactive charts.

Basically, Flip-Options does not have a proper trading platform, which clearly shows that this broker is a scammer and that you as a trader should stay away from it.

  • No Demo Account

This broker does not offer its clients a demo account. A broker that is reputed and has transparent operations will offer its clients a demo account so that they can test the trading conditions offered as well as the quality of the trading platform.

However, considering the fact that Flip-Options has no trading platform to speak of, it is not surprising that it doesn’t want potential victims to find out what it really offers.

  • Withdrawal Fees and Conditions

Flip-Options also has some rather unusual withdrawal fees and conditions. This is what the broker has termed the FastTradeOption. The broker states that it will charge you a 20% withdrawal fee in case you do not meet a minimum trading volume requirement. However, the trading turnover amount is not mentioned, so you don’t really know how much of a volume you need to achieve to be able to withdraw funds that are rightfully yours.

This is an unfair practice that no legitimate broker will employ.

  • Trading Bonuses Offered

Flip-Options also offers its clients trading bonuses, which is another indication of its ill-intentions.

Trading bonuses usually come with strings attached. You will need to meet an insane trading volume target before you will be allowed to withdraw your funds, and brokers usually add provisos that they can change the terms of withdrawal at their discretion.

This is the reason why trading bonuses have been banned by numerous regulators.

  • High Minimum Deposit Requirement

Flip-Options also demands a high minimum deposit from its clients. On average, most brokers in the Forex industry charge between $100 to $250 to start an account with them. In fact, some of the most reputed brokers ask that their clients only make a minimum deposit of $5.

Conclusion

Everything that we have researched about Flip-Options tells us that this is a scammer that is targeting unsuspecting traders. We would recommend that our readers avoid this broker as you stand a good chance of never seeing your money again if you do business with Flip-Options.

Flip-Options

2.5

User Experience

3.0/10

Payment Options

2.2/10

Security

2.3/10

Support

2.4/10

Reputation

2.5/10

Pros

  • Wide Range of Trading Instruments

Cons

  • Lack of Regulatory Oversight
  • Blacklisted by FINMA and CONSOB
  • Offering Trading Bonuses
  • Extremely High Minimum Deposit Requirement
  • Very High Spreads

Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:

Plus500
$100
Minimum Deposit

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

AvaTrade
$100
Minimum Deposit

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.

eToro
$200
Minimum Deposit

eToro is a multi-asset platform which offers CFD and non CFD products. 66% 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.

Share

Related Posts

Monfex Review: Warning – Scam Alert!
Website URL: https://www.monfex.com/ Founded: 2018 Regulations: No Languages: English,…
VowFX – Is Your Money Safe?
Website URL: https://www.vowfx.com Founded: 2017 Regulations: Unregulated Languages: English,…
Trades.com – Is It Safe or a...
Website URL: https://www.trades.com/ Founded: N/A Regulations: Not Regulated Languages:…

Leave a Comment