Is CTOption a Scam?

Summary

Is CTOption a Scam Binary Options Broker or Not?
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CTOption Review

If you have any interest or experience in trading binary options, you’ve probably already heard of CTOption. They’ve been around for long enough to earn a relatively strong following all over the world and remain a highly popular choice for new and experienced traders alike. As such, you wouldn’t believe for a single moment that this would be the kind of broker that could be even accused of unscrupulous activities. But at the same time, experience has taught us that nothing can be taken for granted when it comes to the world of online trading.

As always, we do our best to disregard the size, popularity or familiarity of any service provider when carrying out our reviews.  Instead, we place every broker on a level pegging, before checking out both what’s on offer and what their customers currently have to say about them.  In the case of CTOption, you’d be expecting nothing but glowing reports. But, is this the case when put to the test?

CTOption Trading Overview

Getting one highly important matter out of the way first, upon accessing CTOption for the first time you are immediately presented with something that instils confidence. CTOption gives newcomers the option of signing up for a free demo account right from the get-go. It’s not a case of first having to open a real money account and then request a demo account to play with – you can dive right in with a demo account from the word go. This is the kind of thing that demonstrates attractiveness on their platform, allowing new customers to get a feel for the service package without having to hand over any cash.

CTOption - Platform

As for the platform itself, just looking at the surface CTOoption has put in some effort to provide rich and detailed content with a simple and streamlined presentation.  It all comes across as highly professional rather than amateur, though CTOption may as a whole be somewhat limited for international customers as the only languages are available are English and German.

It’s abundantly clear that CTOption certainly believes it has a lot to offer, given the way in which such commitment and outstanding services are bragged about by those behind the scenes. But as is the case with quite a few platforms like this, the deeper we looked at what was on offer, the more we began to find a few bugs in the system.

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CTOptions – No Surprise. Bum Links, Missing Details.

For example, if you’re interested in checking out the various promotions and special deals on offer, there’s a link at the bottom that will take you directly to the required page.  Once there, you’ll be presented with a number of tantalising rewards and ongoing promotions, which include everything from welcome bonuses to referral programs to cash back and so on. All of which are indeed appealing – the only problem being that there is absolutely no information shared as to how these deals work, or the attached terms and conditions. And you better believe there are plenty of terms and conditions attached. There are clickable links which we assume are supposed to provide customers with the relevant information, but not a single one of the CTOption links work.

Over on the contact page, the most immediate thing that stands out is the fact that there is only one international telephone number and it is most certainly not based in the UK. Which in turn means that if you need to get in touch with these guys by telephone at any time, it’s probably going to cost you a lot of money.  That being said, we did give the customer service team a thorough evaluation by way of e-mail and live chat, which in both instances we found to be mediocre experiences. The responses seemed more robot automated than real customer support. That is, on the occasions or we were patient enough to stick around for sufficient time for somebody to answer – response times at CTOption often lagged.

Something else we found extremely annoying while carrying out our review was the way in which the page featuring the various account types available chooses not to share how much customers will need to deposit to open up each of the available accounts. Instead, this information is not shared until you make your way over to the registration area, after which you’ll find it’s the usual case of being able to deposit anything from $250 to $50,000 and more. Perhaps not the end of the world, but still rather annoying.

CTOptions – Misleading Market News?

While CTOption speaks of taking pride in providing traders with the latest market information and news, this doesn’t appear to be an opinion shared by numerous experts.  

Generally speaking, information provided by CTOption to help guide their decisions of traders is a subject of heavy debate and one that makes it difficult to read into their offerings. The same can also be said for the CTOption social trading feature – an increasingly popular tool which allows traders at all levels to copy the actions of other traders as and when they wish.  This can be set up to take place automatically, or control manually by the trader.  Unfortunately, there is absolutely NO evidence that the copy traders presented by CTOption are real, nor is there evidence of those using the feature improving their success rates as a result.

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CTOptions – Is it a Legit Broker?

All of the above is guaranteed to divide opinion, but one rather significant problem with CTOption that really cannot be argued is the fact that it is an entirely unregulated binary options broker.  What this basically means is that to do business with CTOption is to trade at your own risk, given the way in which you will not have a leg to stand on if things go wrong. Regulation doesn’t always make for the quality broker just as lack of regulation doesn’t necessarily indicate a scam. But at the same time, the only 100% safe brokers to deal with are those that are 100% regulated.

CTOptions and Withdrawal Woes

Researching the experiences of those who’ve tried and tested CTOption themselves, it becomes clear that there is a worrying volume of complaints with regard to withdrawals.

The vast majority seem to agree that CTOption is a prime example of another broker that makes it excessively difficult to withdraw money – often due to excessive terms and conditions attached to bonus offers.  In addition, there are plenty of reports to suggest that traders working with CTOption are often pressured by ‘professional analysts’ to deposit more funds, who promise outstanding profits over short periods of time.  Suffice to say, failure to deliver on such promises hasn’t gone down well with those affected.

Of course, those who lose out having failed to take into account all terms and conditions in full have absolutely no comeback when things don’t go exactly as expected. Nevertheless, we certainly have to agree that CTOption really doesn’t make it easy to find out the ins and outs when it comes to the promotions on offer. And as already mentioned, no minimum deposit information on the account types listed, either.

Truth is, the more you he read into the information presented across CTOption, the more you find yourself wondering if you are in the right place. It’s not that the quality of the content is terrible, but it is nowhere near as polished and well presented as you’d expect compared to other highly-reviewed binary brokers.

Not only this, but it is clearly incomplete in places as well. While the trading itself may be enjoyable, the tools plentiful and the available features solid enough, you still get the feeling that there is something important missing when doing business with CTOption.

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The Final Verdict

riskWhile there may be plenty of reviews and reports out there which suggest that CTOption is guilty of scam tactics, this is something we cannot directly confirm or disprove.

Nevertheless, we can confirm the presence of a number of gaps in the service package which we discovered while carrying out our review. It was the simple lack of information and difficulties in getting in contact with the customer service team that would put us off trading with CTOption on a regular basis.  And of course, there’s also the inescapable issue of the doubt that comes with doing business with an unrelated binary options broker.

We urge caution when choosing your broker and strongly recommend you go with one of the firms that have passed the Scam-Rank review process.

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Pros
  • Well-Presented And Organised Website
  • Free Demo Account Available
Cons
  • Unregulated Binary Options Broker
  • Broker Links And Missing Information
  • Customer Service Team Difficult To Contact
  • Numerous Complaints Regarding Withheld Funds

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