Update September 2016: OneTwoTrade’s reputation is going downhill compared to previous years. Customers complain about high-pressure tactics and difficulties when trying to withdraw. That being said, we don’t categorize them as a scam but, recommend traders to be cautious. This brokerage no longer accepts new clients and new deposits.
Generally speaking, those who have been involved in binary options trading for some time you know what they are doing and can spot scam tactics a mile away.
By contrast, those who are unfamiliar with the ways of this particular world may find it extremely difficult to a separate those that deliver genuine services from the duds. Which is precisely why the majority of newcomers simply choose a recognized advertised name at random and think nothing of it.
That is, until things go wrong.
Even when it comes to Brands as recognized as OneTwoTrade, it is still important to get a feel for the consensus before going ahead. Which means not only taking into account the opinions of experts, but also the experiences of real-life traders at all levels. We spent some time with OneTwoTrade over recent weeks and carried out intensive research into the general opinion of this particular broker. The question being – did they come out with recommended status or not?
OneTwoTrade Trading Platform
Until relatively recently, OneTwoTrade had a pretty squeaky clean reputation for delivering the goods as a broker of high repute. The size of their audience was no subject of debate and nor was the way in which it was comparatively rare to find any real complaints about what’s on offer. There was the odd report from a disgruntled trader who’d lost his balance entirely through his own poor decision-making here and there, but generally speaking, they seemed to be doing a decent job.
Looking at OneTwoTrade from a strictly objective perspective, the website as a whole seems to be well put together. There’s an array of features available, plenty of trading instruments and an extensive asset library. OneTwoTrade makes much effort to cater to traders at all levels, it used to be before 2016 that a first-time newcomer could well advance to a seasoned professional, BUT OneTwoTrade is on the falling end now. We’re seeing more scam reports warning against them, rather than complimenting their services.
OneTwoTade – A Broker to Trust or Stay Away From?
There was a lot to like about OneTwoTrade – particularly the way in which there were only ever two different account types available. There was the normal account, which for a $250 minimum deposit was the account the overwhelming majority of traders chose. Along with this, the higher-level account was reserved for the highest-level professionals, thus being an account few chose. As such, virtually every trader signing up with OneTwoTrade was guaranteed the same level of commitment and customer service, regardless of their experience, trading volume and so on. This is something that is always nice to see in a binary options broker.
(Notice, we’re writing in past tense because OneTwoTrade is no longer offering it’s services to new clients!)
Then there’s the mobile trading app, which on Android and iOS devices alike was smooth and functional, but nothing too impressive. A little further down the line, OneTwoTrade introduced a new social trading feature, in order to allow traders at all levels to monitor and copy the actions of other traders, should they wish to do so. Coupled with an impressive reputation and full regulation – albeit with a gaming authority rather than any established financial authority – it was a solid package and one that so many found themselves having a great time with.
The only things that really let the experience down at OneTwoTrade was the way in which they insisted on attaching 20X turnover requirements to the 100% welcome bonus for new customers. Suffice to say; you’d have to turn over a pretty hefty sum of cash in most instances to get your hands on even a penny on the bonus money.
In case you haven’t noticed yet, much of the above has been outlined in past tense. Why exactly? Well, quite simply because as of September 2016, the number of strange things began happening with OneTwoTrade that were more than a little worrying.
Things Get Weird With OneTwoTrade…
First of all, carrying out even a little research became more than enough to see that the company’s reputation among its customers had started to deteriorate. In particular, a growing number of customers began reporting the use of high-pressure tactics from those working for OneTwoTrade, trying to persuade customers to deposit more money, engage in more trades and generally make the experience a much less pleasant one. This was also coupled with the rising number of customers complaining about withdrawal issues, being denied access to their funds, and escalating problems with customer service in general.
Things then became even odder around the same time, when OneTwoTrade had for some reason decided to stop accepting new customers. In fact, not only did they suddenly and without warning cease accepting new clients, they also stopped accepting new deposits in all forms. The platform continued to operate and continues as such today, but does not accept new customers. When we got in touch with OneTwoTrade to ask why exactly this is the case, our questions were avoided or shot down in flames. Suffice to say; this doesn’t painter particularly positive picture for those who still trade with OneTwoTrade, given the way in which it all appears to be the beginning of the end.
Nonetheless, it may go some way to explaining the use of high-pressure tactics just before the blanket ban on new customers and new deposits was enforced. Gather as much capital now before pulling the plug, or so it seems. In addition, what was once an extremely helpful and informative market news section that could be accessed by customers and general site visitors alike suddenly stopped been updated back in July 2016. This, it seems, could have been something of a prequel to what was about to follow.
OneTwoTrade Making A Future Comeback?
Of course, there’s every possibility that the explanation for what’s actually going on at OneTwoTrade isn’t nearly as dramatic or worrying as it all appears. But if this was the case, why would they keep it such a closely guarded secret? If it was all just temporary and OneTwoTrade intended on returning with a bang further down the line, surely this is something they’d share with the world to keep their reputation intact? As stated, a very strange scenario indeed. And just try getting a word out of them as to why they’re suddenly closed for business.
The thing is, if this was to all be reversed and OneTwoTrade was to return in full force, new and improved, it would be extremely difficult to trust them after what’s been going on recently. Degradations in site quality, poor customer service, and these mysterious stoppages of new customer signups – all the kinds of things that make you wonder whether they can and should be trusted. Maybe if we got a straight answer as to what’s going on, but in the absence of any real information, no thanks.
The Final Verdict
One thing to clarify is that even when taking all of the above into account, all the unusual behavior in the world at OneTwoTrade doesn’t necessarily account to a scam. Just as is the case with so many other binary options brokers, you don’t have to be involved in an outright scam to be providing the kind of service that is best avoided at all costs. The only problem with OneTwoTrade being that it is particularly hard to swallow, given the way in which such a short time ago they were one of the most reputable and (apparently) reliable brokers on the market.
For obvious reasons – as in the fact that they are no longer accepting new customers – we cannot give OneTwoTrade our recommendation. Overall, it just seems very strange that a company could be operating and then cease taking new clients – it’s just weird. More so, we probably wouldn’t recommend signing up with them should they return in the future, given the way in which you’ll constantly be wondering when and where they’ll decide to throw out a curveball next. No…we’d instead recommend siding with a fully regulated binary options broker with the kind of track record that paints a more positive picture.
- Platform With Essential Features
- Adequate Learning Resources
- A Fast-Diminishing Reputation
- Pushy Sales Tactics
- No New Customers Or Deposits Being Accepted
- Generally Odd Behaviour From Customer Care Team
- Excessive Bonus Turnover Requirements