CTOption is another binary options broker that operates in over 90 countries, claiming to provide dependable and safe online trading amenities to anyone interested in profiting from binary options. They are operated by InfiniCore Ltd. The Jaycees Building, Stoney Ground, Kingstown, Saint Vincent and The Grenadines, but they are currently not regulated. During out investigations of CTOption, we found a few misleading claims and policies, as well as lagging software that did not meet our expectations to acquire a top rating.
Is CTOption a Scam or Not?
Binary options trading is one of the most popular means of earning income around the world. It has many benefits such as a low cost to get started, huge potential returns in a small time frame, and location flexibility. However, many brokers are coming into the market claiming that they provide the “best” services pushing their promises with their strong marketing tactics. Many traders nowadays are confused in selecting a broker, as they don’t know who is legit and who isn’t. It’s very important you proceed cautiously when opting to sign up with a broker, and do the proper research before investing your money.
We cannot say CTOption is a 100% scam, but we did uncover some major downsides when we did our test runs and research. Initially, we found their bonus policy to be quite confusing as they have a 5% position size rule. So if you decide to open a position equal to 5% or more of their balance, make sure to contact an account manager prior to executing a trade or else the trade will be lost – even if you win. This caused our team to be a bit weary and question their dependability. Additionally, many traders complained about this smart sneaky policy as it was not 100% clear in the terms and conditions.
The most common complaints recorded with CTOption was the 5% rules as discussed above. Many traders were unaware how this would apply and commented that the 5% rules were not explained well enough for traders to understand. So if you plan on going with CTOption as your broker and opt for the bonus, before you start trading, make sure you speak to an account manager or don’t trade at all!
CTOption claims it’s one of the few platforms that offers a copy trading tool. Although this could be a highly sought after tactic – especially for novices – CTOption’s top traders aren’t many and have caused many interested traders to lose their investment. Our team has uncovered numerous complaints on how these strategic traders actually helped clients who copied their strategy lose profits. Although we cannot deem CTOption a complete scammer floating around in the binary options market, we highly caution interested traders in opening an account.
CTOption does not score high on our list when it comes to bonuses. They may have one of the worst, or at least most difficult to understand, policies we have ever encountered. In their Terms and Conditions, we found the following statement to be a big blur: Unless “agreed upon” no “non-deposited funds” are available to be withdrawn. Does this make sense? Probably not unless you’ve fallen for a similar mistake your self with another broker. In addition, their bonuses that are below 100% require you to trade 30 times the trade volume. In comparison to other brokers, this bonus percentage is fairly low and the trading volume is extremely high. We would definitely suggest you first choose a regulated broker as their bonus policies are more transparent and easy to understand.
CTOption claims to offer a 24 hour withdrawal after you send the appropriate documentation. The minimum withdrawal amount is $50 and you must send the requested paper work to be approved. Compared to its competitors, $50 minimum is high for a broker that is unregulated since we have reliable brokers that offer a $10 minimum withdrawal amount. Their withdrawal process was average as funds take up to another 5 days to be received, so the “24 hour” service is just something to lure you in. Be care when withdrawal processes sound too good to be true, especially if a majority of regulated brokers don’t offer it because they know this is not realistic. Also, make sure you read CTOption’s withdrawal procedure in detail as you are only entitled to only one free withdrawal per month. After you use the one free monthly withdrawal, anytime you’d like to do it again you’ll be charged 30USD/25EUR/20GBP.
CTOption Trading Platform
The CTOption platform isn’t as advanced as it claims and offers average services. Being that it’s only been around for a couple of years, there is a need for performance improvement. There was a lot of lag when moving from one screen to another such as switching from high/low to touch trading. This caused a delay in placing trades, thus did not provide a smooth experience. Also the number of assets available for trade are a bit limited as there are only about 60 worth trading. More experienced and leading brokers offer a minimum of 100 assets to choose from, which helps diversify a portfolio.
CTOption offers a replicating trading tool, which allows you to copy trades from their top traders, but unfortunately there are not many advanced traders using this platform – so the quality falls below par. According to our research, many clients have been disappointed with CTOption’s replicator, as they actually stated that these strategic traders lost their money after they copied their strategy. The platform has potential but still has a few bugs to clear out. To spare your losses and ensure you have great performance, we highly suggest you take a look at some more reliable platforms.
The Scam-Rank team advises traders to avoid CTOption, as it has only been around for a couple of years and is unregulated. Due to the numerous negative experiences from ex-clients, as well as our test runs, we suggest you open an account with a more credible broker to make sure your trading experience is much more satisfactory.
CTOption still has long ways to go and although we cannot conclude this broker to be a scam, we suggest brokers who have much better quality platforms and tools available for profitable trades.
- Copies Trades From Others
- Not Regulated
- Very New To The Industry
- Screen Navigation Glitchy