This OneTwoTrade review can confirm that OneTwoTrade, founded in 2011, ceased operations in 2016 and all links to the site are not recognised. The company was owned by Up & Down Marketing Limited based out of Malta and regulated by the Malta Gaming authority, not CySEC, which is a different approach to regulation! France, Belgium, Canada and Hong Kong financial regulators all warned against using this company and site. The SpotOption platform they used offered long-term options, 60-second options, ladder options, and pairs. Plus they had their own trading bot, Botomatics, for automatic trading.
The website was in multiple languages, but the customer support was only in English. Also unusual for a broker, they only traded with UK sterling. The company did not offer a OneTwoTrade demo account. However, once you opened a free account, you got a lot of personal attention from their customer service team or the allocated personal account manager. An excellent strategy to promote loyal customers, but unfortunately, it can also work as a pressurised campaign to deposit money. Reviewing this company drew a number of red flags and identified a more substantial than usual amount of complaints. Was it a scam or not? Read on for more information.
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Is OneTwoTrade A Scam? Is OneTwoTrade Regulated?
As already indicated, OneTwoTrade was regulated by the Malta Gaming Commision. Binary options trading was once considered as a gaming product before July 2103. Since then, financial regulators around the world became involved as binary options trading evolved, and this then became an unacceptable form of regulation. Other red flags also pointed to a OneTwoTrade scam. The helpful account managers were accused of harassing customers to invest more money. Another red flag was the bonus money that appeared in customers account. This often came unasked for, and no withdrawal could be made unless the combined amount of deposit and bonus had been transacted. As this was 15x the combined amount, it was cause for some serious complaints from customers.
There were four accounts in the company – the higher your deposit, the bigger your bonus, and the longer it took to reach the point where you could withdraw. In our opinion, this is a very clear reason to avoid sites with included bonuses. Our research for this review indicated that this was one of the forex and CFD brokers blacklisted on a considerable number of respected sites. So the answer to the question from most people would be that this was a scam broker.
Alternatives To OneTwoTrade
Fortunately, OneTwoTrade is not now an option, but if you are considering trading then take a look at the eToro review. This is a long established company with an excellent reputation and a global customer base. From 2018, it is also offering excellent cryptocurrency trading and is expanding into the American market.
Another well-trusted broker to consider is AvaTrade. Based in Dublin, it was founded as a forex broker in 2006, which has since been upgraded to include CFDs. With over 200,000 customers worldwide and 2 million trades a month, this is a company to take seriously. Whatever your choice for a broker, do read the T&C’s and fine print and make sure they are legitimate and regulated.