I was actually surprised by the downward spiral that Empire Option has taken recently. A broker that has been around for quite a while now, with relatively good history, has taken a nasty turn towards a scam and people are not happy. Though in the past they have actually given relatively quality services to traders, over the last couple of months, if not at least a year, they have had issues with withdrawals, communication, and overall service.
Name: Empire Option Broker
Minimum Deposit: $200
Trading Tools: Binary Options, Short Term Options, Long Term Options, One Touch, Pairs, Forex, iFollow, Limit Order, and Mobile Apps.
Web Based Trading: Yes
At a glance, they seem ok. Technically, they actually were ok, not great, but ok for quite a while. It seems though, that recently the broker has changed owners in August of 2016, though I cannot find confirmation of this. It could be this major change that has had an effect on the customer service and overall customer satisfaction with this broker.
What I think I find strangest is the fact that they have been around since 2010 yet they are NOT regulated or registered. In most cases with the new brokers the issue stems from the fact that they are new and are in the process of getting regulated, that is, if they plan on sticking round. Most new brokers these days stick around for a while and then after numerous complaints and, in the end, lack of traders, disappear. These guys have had plenty of time to do so and they have not.
I found something pretty funny in their website. So, they do claim to be regulated, by none other than McAfee SECURE! This is rather odd if you ask me. Not sure if they are trying to fool those that have no idea what this means, or if it’s a mistake. The website is secure, no question about that, but it is definitely not regulated.
The Empire Option Broker Account Options
Well, with every broker there is a breakdown of the different accounts available and what you will fall under depending on your investment amount and what you will get.
Surprisingly, the minimum deposit with this broker is only $200. I really don’t see much benefit of investing more other than getting investment strategies and decrease of withdrawal time. Also, I have read in a number of places that they have an automated system, but there is no mention of it in the website. Actually, the website provides very little information as to what they really offer. It’s all very general and very short.
They also offer Market Signals, but of course, in order to actually get these signals you have to invest $1000 or more. With the Plus Account you get access to 1 group of financial assets. The Preferred Account allows for 2 groups of financial assets, and with the VIP Accounts you get access to 4 groups of financial assets. You don’t really get more information on this than that. Where the signals come from, what is their quality, can they really be trusted? Nothing.
The platform is the Spot Option platform that we are all quite familiar with.
Why NOT to Trust Empire Option
There are several reasons why I think that Empire Option is a scam broker. Though in the past they did have a relatively clean slate, recently they have really pulled all the stops and have lost contact with their customers. Whether this is due to the change in ownership or because they have just lost interest in focusing on providing quality service, the results are clear.
Aside from their website lacking all of the essential information that is required in order to decide whether you are going to invest with a broker, they also lack a physical address and company information. I could not find a Terms & Conditions page anywhere visible in the website which would make understanding what you are getting into much easier considering the lack of information provided.
I think what really killed it for me though, was the numerous complaints that I am finding all over the place. Even positive reviews of this scam broker seem to be filled with numerous negative comments. There are a number of complaints when it comes to this broker. One of the biggest issues, of course, is the refusal to give withdrawals. One of the issues that has caused such an outrage is the fact that in order to withdraw any funds, if you have invested the minimum of $200, you must make at least 20 trades at the minimum of $25 per trade. So, basically, if you are not successful in your trading and want to back out of your decision to use them as a broker, you will NOT be able to withdraw your money unless you have made at least 20 trades. Though I have seen many broker do this, most of them have been scam brokers. The idea is to lure you into investing with promises that this is your money, and then pull this on you. Of course, there is no way to actually read about this anywhere before you invest unless you know EXACTLY where to look. For obvious reasons it is well hidden.
Still, I did find plenty of people that have invested quite a bit more than the minimum, where there is no minimum number of trades (or its much lower) and they STILL could not withdraw their money. There were others that did meet the requirement of minimum number of trades and once again, had major issues with the withdrawal.
Other problems that I have found with this broker is their customer service. It seems the moment people want to withdraw their funds representatives get rude and then communication gets completely cut off. You get no answers and no information. I believe their recent fall is connected to the fact that numerous binary options software scams have been connecting to them and sending them plenty of customers that have no idea what they are getting into. Though not all of the systems they are connected to are scams, about 99% of them are. I perfectly understand that it’s impossible not to have negative reviews and comments, but when the majority are negative and you really have to dig deep to find a positive comment, you need to worry.
The Empire Options broker is a scam, regardless of their long history this broker has refused withdrawals and treats their traders bad enough to be blacklisted in my book.