ExpertOption Review: Is it a Reliable Trading Platform?

Is ExpertOption Legit or Scam?

ExpertOption is an online binary options broker that offers a variety of trading instruments and features. However, its legitimacy is a subject of debate due to its lack of Tier 1 regulation and mixed user reviews regarding withdrawals.

This article will explore ExpertOption’s services, regulations, pros and cons, and potential risks involved in trading with an unregulated broker.

Company Overview

Services or Products

ExpertOption offers binary options trading on various instruments, including:

• Forex: Major and minor currency pairs
• Cryptocurrencies: Bitcoin, Ethereum, Litecoin, etc.
• Commodities: Oil, gold, platinum, etc.
• Indices: Dow Jones, S&P 500, FTSE 100, etc.
• Shares: Amazon, Alibaba, Tesla, etc.

If you have lost money to companies like Virtual Payout, or Smartytrade; please report it to us on our report a scam form.

Trading Platform & Leverages

ExpertOption provides a web-based trading platform, along with mobile apps for Android and iOS. The platform offers basic charting tools, indicators, and social trading features. However, some users find it lacking in advanced functionalities.

The available leverage varies depending on the chosen account type and the specific instrument being traded.

Spreads and Cost of Trading

ExpertOption’s spreads and fees are not explicitly stated on their website. It’s crucial to research and compare these costs before starting to trade.

License and Regulations

ExpertOption is only regulated by the Financial Services Authority of Saint Vincent and the Grenadines (FSASVG), which isn’t considered a Tier 1 regulator like the Financial Conduct Authority (FCA), BaFin, or Australian Securities and Investments Commission (ASIC). This lack of Tier 1 regulation raises concerns about the broker’s accountability and potential risks for traders.

Legal Warning Against ExpertOption

While no official legal warnings exist against ExpertOption, some countries and regions have restrictions on binary options trading. Users should check their local regulations before considering any binary options broker.

Deposit and Withdrawal Methods

ExpertOption accepts various deposit and withdrawal methods, including Visa, Mastercard, Maestro, Skrill, Neteller, and Binance Pay. However, some user reviews mention encountering difficulties with withdrawals, including delays and requests for additional documentation.

ExpertOption Pros and Cons

Why Dealing With An Unlicensed Broker Is Risky

Trading with an unlicensed broker like ExpertOption carries several inherent risks:

• Reduced accountability: Without Tier 1 regulation, ExpertOption isn’t subject to the same level of oversight and scrutiny as a licensed broker. This reduces accountability and increases the potential for unfair practices.
• Limited recourse options: In case of disputes or issues, traders may have fewer avenues for recourse or compensation compared to dealing with a licensed broker.
• Increased risk of scams: Unregulated brokers are more susceptible to engaging in fraudulent activities, making it more challenging to recover lost funds.

Client Feedback

Client feedback regarding ExpertOption is mixed. While some users appreciate the platform’s features and wide range of instruments, others report encountering difficulties with withdrawals and concerns about the broker’s legitimacy. It’s crucial to consider both positive and negative experiences when researching any broker.

How Can “ReviewsAdvice” Help You If You Get Scammed?

While “ReviewsAdvice” cannot directly help recover lost funds, it can offer valuable guidance and support in such situations. They may suggest:

• Reporting the scam to relevant authorities.
• Seeking assistance from legal professionals or financial advisors.
• Sharing your experience with online communities to warn others and raise awareness.

We will provide you recovery service recommendations, which will help you in recovering the lost funds or you can report to us today by the below form.