St. Vincent and the Grenadines Founded: 2020 Min Deposit: $10
Rating 2.8Thank you for rating.
- Low minimum bet size
- No fees on deposit or withdrawals
- Customer support 24/7
- Platforms: Web
|Country||St. Vincent and the Grenadines|
|Available assets||Crypto, Forex, indecies|
This simplistic model is where trading and gambling intersect to a largest degree. It is also often maligned by regulators, because historically a lot of scammers have used it to defraud hundreds of their money – how they do it is by fixing prices so the old adage of the house always winning applies. This has lead to action against binary options and them being outlawed in several countries. With that in mind, we need to ask the following question:
Is 1PrimeOptions a legitimate broker?1PrimeOptions is nothing like a legitimate broker – they come from a shady offshore location that does not regulate its Forex markets – St. Vincent and the Grenadines. Here is the broker stating that in their own words:
It is unclear who this Global Options Ltd is, but it is the only nod to an address on the broker’s website. It does place them straight in St. Vincent. Compare that weak regulatory environment to the one in, say, the UK, where brokers must report back on a daily basis on open and closed trades, as well as comply with client security of funds protection policies like a Negative Balance act and so much more. It is obvious that given the choice, you need to pick the licensed brokers over 1PrimeOptions any day.
Can I make money with 1PrimeOptions?The answer is a resounding no – the broker is not licensed and lacks any sort of regulation. Making money with it is impossible. What’s more is that it has an incredibly shady Bonus policy that will prevent you from withdrawing your profits. We will discuss it, but not before offering an alternative to 1PrimeOptions – some licensed brokers.
Here is the policy in question – it states that all accounts that have been credited with a bonus must achieve a certain turnover before they can withdraw without being punished by having their funds taken away. And if you are wondering what the volume is, it is described here:
40 times the bonus amount is too much to demand of traders to make to have withdrawals available. And considering that all accounts are credited with a bonus, there is no escaping this policy. Additionally, there is a fee for inactive accounts, outlined below:
It seems that all accounts that have been inactive for three months will be charged 5% of their balance, or $25, whichever is greater. This is not an uncommon policy, but 55 of your balance is too much to charge for inactivity.
What is the leverage that 1PrimeOptions provides?As discussed above, 1PrimeOptions is a binary options broker – and as such, the term leverage is not relevant to describe their business model. Instead, we can use the term payout – and 1PrimeOptions provides a payout of 75% of a bet, which is withing what other binary options brokers provide too.
What is the minimum deposit with 1PrimeOptions?1PrimeOptions has set a minimum deposit of $10 – still, in a world where micro accounts with legitimate brokers cost as little as $10 as well, this is not such a big advantage.
What trading platforms does 1PrimeOptions provide?1PrimeOptions does not need a sophisticated trading platform like Metatrader 5 – it and other binary options brokers opt in for simpler, web-based trading platforms. And indeed, 1PrimeOptions has opted out of using a platform with advanced features like algorithmic trading for this following platform:
It is quite basic, but it gets the job done.
What deposit methods does 1PrimeOptions accept?1PrimeOptions only accepts Bitcoin deposits – and while that is not surprising in the least, it is quite disappointing. Bitcoin is a payment mode which is infamous for having no chargeback or refund policy available. As such, it is preferred by scammers everywhere.
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