FSCoptions – Can You Trust Them?

Website URL: https://fscoptions.com

Founded: 2021

Regulations: Unregulated

Languages: English

Deposit Methods: Cryptocurrencies, Credit Cards

Minimum Deposit: $500

Free Demo Account: Not Provided

Number of Assets: Not Mentioned

Types of Assets: Currencies, Cryptocurrencies, Indices, Stocks, Commodities

Trading Accounts and Conditions

FSCoptions does not tell us anything about the types of trading accounts they may offer. We are also not given any details about their trading conditions. What we found out was by accessing the broker’s trading platform, where the spreads start from 0.0 pips. The broker also states that their minimum deposit requirement is $500. But beyond these two snippets of information, we do not know anything else about FSCoptions’ trading conditions. We do not know the maximum leverage, the commissions, the order execution methods and so on.

FSCoptions – Advantages

There are no advantages to trading with FSCoptions. This broker is a scammer.

FSCoptions – Disadvantages

Given below are all the signs that FSCoptions is a scammer:

• Unregulated and Blacklisted Broker

The first indication we have that FSCoptions is a scammer is their lack of regulation.

With regulated brokers, we will be presented with all the broker’s corporate details: their company name, where they are located, how can they be contacted, what their regulation status is and which regulator has authorized them.

With this broker, as with most other scammers, we have no such clarity of information. We only know that this broker is based in London, and we know this because the broker has listed a UK telephone number. But, the broker does not both to include a physical address, so we do not know where exactly they are located.

In their Terms and Conditions, the only thing the broker states is that they are owned by a company called FSCoptions Trading Ltd.

So, to operate in the UK, a broker has to be authorized by the Financial Conduct Authority – the FCA. We checked the FCA’s online register, and we found out two things. First, the broker is not regulated or even registered with the FCA. And second, the FCA has actually issued a warning against this broker.

In their warning, the FCA has clearly stated that FSCoptions is operating without a license and that all traders should be wary of this broker as they are a scam. When a regulator of the FCA’s standing issues a warning against a broker, it would be wise to listen.

We need no further proof that FSCoptions is a scammer. And dealing with a scammer would be a very bad idea as your funds and even your identity could be a risk.

Plus500

$100

Minimum Deposit

Start Trading

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

 

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• Poor Trading Platform

Many of us may not check for a broker’s regulation status, so here is even more proof that FSCoptions is a scammer.

Let us start with their trading platform. The trading platform – along with the trading conditions – are the key offering from a broker. So legitimate brokers make the effort to offer the best possible trading platform in the market so that they can attract top traders to trade with them. And this means buying the MetaTrader 4 or MetaTrader 5 software. These are the top two trading platforms in the world today. They have easy-to-use, intuitive interfaces and a massive range of tools, indicators and third-party apps, all designed to make trading as simple as possible – or as in-depth as possible; both novices and pros can enjoy using these trading platforms.

With scammers, they usually don’t even bother to offer a trading platform, and when they do, they are sub-standard platforms that barely function. And that is the kind of platform we get offered by FSCoptions – despite the fact that they actually advertise that they offer the cTrade software (which is another very good trading software).

The trading platform this broker offers is web-based and so poorly constructed that the only thing that you can really do on it is buy and sell a few trading instruments.

So, not only does FSCoptions lie about the type of trading platform they offer, they also offer a really poorly constructed platform that is more or less useless. This is typical of a scammer.

• Issues with Trading Conditions

The other offering that is critical – as we mentioned earlier – is a broker’s trading conditions. These are the conditions the broker imposes for the use of their trading platform.

These trading conditions tell you how much it will cost to trading on a broker’s platform, how much risk you will take, what types of orders you can trade and so on. This information is usually clearly presented on a broker’s website – it helps traders decide whether they would like to do business with that particular broker.

Added to that, brokers also offer a demo trading platform where traders can test their trading conditions without committing real funds.

With scammers, you get none of these. You are either lied to about the trading conditions offered, or they are incomplete – like with FSCoptions.

This broker only tells us what their minimum deposit requirement is, which is very high at $500; the market average is from $100 to $250, and there are so many excellent brokers today that will offer account openings at less than $50.

The spreads supposedly start at 0.0 pips, but the broker does not mention their commissions or fees. So, we don’t really know the real cost of a trade. And then, we know nothing more – no leverage ratios to tell us the level of available risk, no list of trading instruments, no other trading conditions. All of these signs tell us we are dealing with a scammer.

• Issues with Payments

FSCoptions only offers three types of payment options – bank wire to a South African bank account, credit cards and cryptocurrencies. And the broker does not specify their withdrawal conditions. This of information is all typical of a scammer. 

Conclusion

FSCoptions is a scammer and is not to be trusted at all.

FSCoptions

2.6

User Experience

2.5/10

Payment Options

2.2/10

Security

3.0/10

Support

2.5/10

Reputation

2.6/10

Pros

• MT4 and MT5 Platforms Available

Cons

• Unregulated Broker
• Issues with Trading Conditions
• Single Payment Option
• Issues with Information on Withdrawals