I have been at it with scam brokers such as Option Stars Global lately because it seems like the root of the problem stems from there. The recent boom of scam brokers is mainly because of the boom in binary options trading. As many legitimate brokers refuse to work with some of the scams out there, a new type of broker has popped up. Many of these brokers have numerous clauses in their terms that leave loopholes for them to get out of actually paying out any profits and work exclusively with scam software. Though there will always be shady brokers out there, one thing is for sure, the less people fall for their lies, the less binary options scams will be out there because they will have no broker to work with.
Though there are some legitimate brokers that are connected to some of the scams out there, you will rarely see them. Usually it is because they have not caught on that a scam website is the one that is sending them their traders. Though brokers are always desperate for new traders, the legitimate ones know well enough that connection to them will ruin their name.
Who are Option Stars Global?
This is a broker that has been around since 2015. This is the first sign that this is probably a scambroker. Though it doesn’t mean that 100%, it’s important to understand that the big boom of binaryoptions scams has been over the last couple of years and especially over the last year more and more new brokers have been popping up with the sole goal of working with these scams.
Option Stars Global is owned by Novox Capital Ltd. They are located at 60 Regeane St., 3rd Fl., Nicosia, Cyprus and their UK contact phone number is +44 203 807 0647. You can also reach them at email email@example.com
The Option Stars Global Scam Broker Website and Platform
When you land on the Option Stars Global website you immediately notice that their website is so badly made that you are surprised that it exists at all. I have tried opening it on 2 different browsers and both times the website content is completely out of place covering various other content and made unreadable.
Obviously, they don’t pay much attention to detail, not to mention probably have not visited their own website since creation or else this issue would have been fixed. This is very worrisome because it means that they give the rest of their business the same type of attention.
This broker uses the Tradologic platform which offers all major Forex pairs as well as minor pairs. There are plenty of commodities, stocks, and stock market indexes to select from as well. With this platform you can trade high/low binary options, touch/no touch, and range. There are also turbo options available in 15, 30, 45, and 60 second time frames along with 2 and 5 minute options. The minimum deposit is $250 and the platform is available in a number of languages.
A quick search reveals that this broker is actually regulated by the Cyprus Securities Exchange Commission with license #224/14.
Why are Option Stars Global a Scam Broker?
Well, to go as far as that I don’t know, but they are certainly a very shady broker. They may be registered, but that does not completely exempt them from wreaking havoc and losing their traders trust. As of May 2016 this broker has an FPA Traders Court guilty vote against them and the FPA actually discourages traders from investing with them unless this is resolved. Considering that we are towards the end of September, obviously this issue is ongoing.
Interestingly enough, there is a difference between Option Stars and the OptionStars Global scam broker, though they work together. After some research and reading into some of the complaints about this broker I discovered that this particular broker is in fact NOT registered and they are playing some scheme bouncing traders from the registered broker to the non-registered one.
The complaint filed is for upwards of $40K CAD that was kept from trader and followed by his account being suspended. Only the remaining $13K CAD was returned and account was closed without explanation. From the looks of it, this guy has invested more than $70K CAD into this broker!
This of course is the worst complaint I have seen on these guys, but have found a number of others along with it. You can read into this complaint, what others are saying, and see proof of their scam HERE.
What I have discovered is that these guys have a number of positive reviews out there. When you read these reviews though you clearly see that they are all written by people that probably have never traded before, or at least have never traded with these guys in order to actually be able to back their positive review. I do not claim to have traded with these guys and never plan to, but I think it is pretty clear that these guys are nothing more than the numerous scam brokers out there that have the sole goal of gaining your trust so you invest more and more. Only to close your account in the end and leave you hanging with your profits and investment in their pockets. In the Forex PeaceArmy you will find numerous open complaints and letters about this scam broker. The numerous positive reviews you will find have no negative comments on them as they are carefully monitored in order to prevent anyone contradicting their advertisement. There is even a Facebook page dedicated to the fact that they are a scam!
Honestly, the moment I see a website that is so badly taken care of, serious misdirection as to whether they are registered or not, and complaints such as the ones I have found, is the moment I move onto a different broker. It is simply not worth it to risk investing with a broker that has been around for such a short time and already has complaints galore under their belt. Stay away from Option Stars Global scam broker if you want to keep your money and profits.