Trading platforms have been on the increase as a result of the growing interest being shown by many potential investors. These platforms facilitate online trading, making the sector easily accessible. The increase in trading platforms has made it much harder for potential investors to easily identify which platforms are legitimate and which ones are scams. The number of illegitimate websites has risen in equal measure to those that are legitimate. Obviously, no one willingly intends to lose their money on scam sites, and as such this review will focus on assisting you in finding trustworthy and legitimate online trading platforms. Our major focus will be on VerumOption, a brokerage platform that founded in 2015.
Our VerumOption review is not biased in any way, you can use the information provided here to make prudent decisions concerning this online brokerage platform. The broker runs under the ownership of Coylton Services LP which is registered in Scotland. Traders joining the site are confined to a real account since the brokerage lacks a VerumOption demo account. This is a downside, particularly to the type of traders who prefer to test a broker through its demo account before they deposit real money.
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Is VerumOption A scam? Is VerumOption Regulated?
VerumOption is regulated by the Financial Market Relations Regulation Centre (FMRRC), a company is created to oversee the quality of services offered by brokerage firms. The company is not a government entity but rather a non-commercial organization. The broker provides a link that is supposed to redirect traders to the page that has their FMRRC Certificate. We decided to test this and on clicking the link, we were redirected to a page that has VerumFX Ltd. Certificate instead of Coylton Services LP. This raises uncertainties about the regulation of the broker and also acts as a red flag that it is not transparent. Most legit stock brokers have educational materials that traders can use to learn more about online trading. This broker does not take this into consideration. According to their perspective, trading is simple and all an individual requires to be a good trader is intuitiveness. Furthermore, this brokerage firm has notable awards including Best Binary Broker in CIS in 2016 and Best Binary Broker in 2015. These awards are an indication that this site is recognized by legit players in the trading sector. Due to these awards it is difficult to conclusively prove the VerumOption scam theory. A few improvements by the firm in relation to their certification information would go a long way in clearing any doubts in potential traders’ minds.
Alternatives To VerumOption
VerumOption lacks a demo account which is vital to any trading platform. The online trading platform also lacks clear information on its regulation, a factor that puts its legitimacy into question. If this site was fully licensed and regulated by a trusted regulatory company, it would avoid any incidences of being referred to as a scam. Based on this, we would recommend that you consider brokerage firms that have a great longstanding reputation in the online trading market. The eToro platform is a classic example of brokerage that is trusted for its quality brokerage service delivery. It was launched in 2006 and is regulated by the Cyprus Securities and Exchange Commission and the British Financial Conduct Authority. Alternatively, you may also check out our 24Option Review to better understand about brokerage firms licensed by the Cyprus Securities Exchange Commission. 24Option ranks high among the most trustworthy online brokerage firms.