Is Bloombex Options a Scam?

Summary

Is Bloombex a Legit Broker or a Scam?
100% Truthful Bloombex Review
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Bloombex Options Review

You’d be forgiven for thinking that any binary options broker that had been in business since 2009 would be a veritable beacon of excellence. After all, not only does such long-term success demonstrates capabilities and staying power, was also provides the kind of experience that can be transformed into superior service across the board. The only problem being that it is exactly these kinds of assumptions that can bring about poor decision-making in the world of binary options trading.

In the case of Bloombex Options, things are a little on the confusing site to say the least. When it comes to the year in which they were founded, where the company is based on the extent to which they are regulated, you may just find that you get a different answer from every source you check out. In turn, this means that regardless of which turns out to be true or false, you find yourself wondering whether or not this really is a broker you can trust. We decided to do a little digging, just to see what we can find out about this (apparently) long-standing service provider.

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Bloombex Options – A Legit Broker or Not?

Just to get one important thing out of the way. First of all, Bloombex Options is an entirely unregulated binary options broker. What this basically means is that while they are happy to accept clients from the United States, lack of regulation means that if and when things go wrong, you are pretty much on your own.  They answer to no official body or institution, which in turn means that taking things to a higher authority in the event of shady operations will most likely come to nothing. Or in other words, you could be inherently taking a risk with each and every penny you trade with Bloombex Options – as is the same with all unregulated brokers.

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72% PAYOUT!?!?! Very low in the industry. Check out binary brokers who offer up to 85%.

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At the time of our review, Bloombex Options wasn’t offering any kinds of bonuses or promotions whatsoever for new customers. But given the way the vast majority of welcome bonuses only make it even more difficult to get hold of your funds further down the line, this isn’t necessarily a bad thing.  

On the whole, not a great deal of information is available with regard to the signup process or is the way things work at Bloombex Options. There’s no information as to available account types (it seems they’re all the same), the minimum deposit is $200 and there’s no demo account available. Instead of a demo account, what’s on offer is a short video referred to as a “Tour” of the platform, which basically serves as an additional marketing material and is of no specific value in our opinion. In other words, it doesn’t highlight or communicate anything that would make you want to sign up with Bloombex Options above and beyond rival binary options brokers.

Bloombex – Lacking Learning Resources

It also becomes relatively obvious at this stage that Bloombex Options doesn’t appear to be focusing on newcomers to binary trading or those in need of support and guidance. The reason being that in terms of educational resources, tutorials and so on, there are none to speak of.  True, they have a pretty decent FAQ section, but we found that quite a few of the questions we would like to have been answered before getting started weren’t covered here either.  In terms of overall platform content, therefore, it’s somewhat disappointing, to say the least.

One plus point that Bloombex Options definitely has going for it is the way in which there are certain types of binary options available, which is relatively good for any broker at any level. These include standard binary options, one touch options, 60-second options, pair options, ladder options and Forex. In this arena, Bloombex Options does decently well by catering to the needs of the vast majority of trading styles and preferences. However, we’ve recently rated a few top-notch binary brokers that offer a bit more than Bloombex. 

In terms of the platform itself, is nothing necessarily negative that can be said about the way it has been put together. For the most part, it is just another generic SpotOption trading platform with very little customization or uniqueness. Whether or not this is a bad thing is a matter of personal preference, but we have to say that we found the site’s overall performance can be a little on the slow side at times. At the time of our review, there were somewhere in the region of 110 tradable assets available, which is a decent number and features a few high-quality examples. They haven’t gone over the top in terms of numbers, simply for the sake of it.

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Bloombex Options – Unnecessary Fees

Plenty of payment types are accepted by Bloombex Options for both deposits and withdrawals – this also being one of very few brokers to accept PayPal.  Transfer times for withdrawals are relatively slow at around seven days, while every withdrawal is subject to a fee of at least 3.5% of the amount withdrawn. Given the fact that so many binary options brokers provide their customers with free withdrawals, this really isn’t something that works in Bloombex Options’ favor.

In terms of customer support, the only word that comes to mind with Bloombex Options is mediocre. It’s impressive that they support ten foreign languages and have a wide variety of international telephone numbers available. However, we found e-mail response times to be a little on the sluggish side, phone calls didn’t always get answered promptly and live chat didn’t seem to be available most of the times we tried it out. Again, we can only speak from personal experience, but in this particular area, our personal experience wasn’t particularly great.

Bloombex – A Worrying Scam Ahead?

But just as is the case with so many binary options brokers we come across these days, the biggest problem in our mind when it comes to Bloombex Options is the sheer volume of complaints from customers. And not only the volume of complaints, but the fact that the complaints seem to follow several specific themes which paint a picture of something rather worrying.  For the most part, complaints seem to center around incidents involving new customers signing up, depositing money, increasing their balance with successful trades, and subsequently not being able to withdraw the money they rightfully own.  We have come across dozens of instances online of such a reports by customers, which in the overwhelming majority of cases, seem to have gone unresolved.

There are even plenty of examples of screen-grabs out there which show that when Bloombex Options have been in touch with regards to such matters, they do not seem to be able to offer a great deal other than scripted responses.  At this point, it’s important to once again highlight the fact that as Bloombex Options is an unregulated broker, these are exactly the kinds of pitfalls that can prove to be problematic for those who find themselves on the receiving end of a bum deal.

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The Final Verdict

riskOf course, given the fact that we ourselves have not been directly scammed by Bloombex Options, we cannot directly accuse them of fraudulent activities.  Based on our scam investigation, we cannot recommend Bloombex to our readers who are seeking high-quality service and a rewarding trading experience.

Instead, we found our experience with them to be somewhat disappointing – certainly, nothing to write home about and the kind of service package that is vastly excelled and improved upon by other 5* binary brokers.  Nevertheless, we always take into account the opinions and experiences of real-life traders when reaching our final conclusions. And in the case of Bloombex Options, we generally found that there was more on the negative side of the fence that the positive side.

Just to repeat that point for the third time, you need to be very much aware of the risks you are taking in any instance where you choose to do business with an unregulated broker like Bloombex Options.  There may be some unregulated brokers out there that provide fantastic products and services, but you still have absolutely no insurance policy whatsoever should things go wrong.  So before checking out Bloombex Options, we highly recommend checking out what others have had to say about them, prior to handing over any of your own money.

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Pros
  • The Platform Itself Looks Decent Enough
  • Plenty Of Assets And Options Types

 

Cons
  • Troubling Customer Feedback Regarding Withheld Funds
  • Customer Service Team Substandard At Best
  • No Regulation Or Licensing
  • No Learning Resources Or Demo Account
  • Website Content Very Limited In General

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