SternOptions is a relatively new broker who opened online in July 2016. Owned and operated by BP1 LP that is based in Sofia, Bulgaria, it offers Forex, CFD’s and binary options brokerage services. Like many other binary options brokers, it uses the SpotOption platform. Intuitive and user-friendly, customers can easily switch tabs and view all their different options. There are more than 180 assets on offer, including Forex pairs, stocks, commodities, and market indexes.
Sophisticated technology means that customers have numerous trading options available to them. As well as the popular Trading Pairs, the company offers High-Speed Trading in 60 seconds, One Touch, Ladder, High Low, and CFD’s on Forex. Deposits can be made using many different methods, from bank transfers and Credit/Debit cards to e-wallets like Skrill, and are accepted in four major currencies.
There is a minimum deposit of $250 required on any new account. Customers have a choice between opening a normal binary options account or a VIP trading account which provides more customised alternatives. There are minimum and maximum trade limits of $5 to $25, depending on the chosen option. Read on in this SternOptions Review to find out if it also offers a safe and reliable place to trade.
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Is SternOptions A Scam? Is SternOptions Regulated?
SternOptions is an unlicensed binary options broker, meaning that they are not regulated by CySEC in Europe or any other local government agency. The company has recently generated considerable bad press, and if you sign up with any broker that is unregulated, you can be risking your investments. The Financial Markets Authority (FMA) in New Zealand has already issued a warning about them, as they received multiple complaints for cold-calling.
This is considered to be an aggressive sales tactic regulators, particularly when the company is unregulated. Along with this, there have been numerous negative comments from customers complaining that they are unable to withdraw their funds. This is one of the most serious risks as a client of an unregulated company. In addition, although customers generally comment more about negative experiences than positive ones, it is not necessarily an evidence of a SternOptions scam. The company is relatively new to the online trading community, so it is difficult to measure it against other brokers.
It does offer Forex and CFD trading on the same platform, with several types to choose from, but there are some much better stock brokers out there. It is extremely important to shop around and choose a reliable broker that fully accommodates your needs.
Alternatives To SternOptions
We always recommend that you trade with a licensed binary options, Forex or CFD broker, and you can find information about regulated brokers on our website. Opting to register with an unregulated company, that has a virtual office address, means that you must accept any consequences. If SternOptions is not for you, then take a look at eToro, which brings customers intuitive Fintech technology and provides powerful trading tools.