Published on October 3rd, 2018 | by John Kane1
Broker Review: MicroTrade Option
MicroTrade Option is known as a financial broker who offers their own binary options trading platform to their clients. According to their statements, they offer the most generous payouts in the industry which is as high as 81% on binary options contract. This is a promise made by just about every single binary options brokerage in the marketplace, so don’t take it to heart.
They also offer free and unlimited demo accounts, learning materials, and trading indicators so that their clients can come up with an effective trading strategy in a much easier and quicker way. This is a strong feature, and one that I wouldn’t mind testing further on a practice account, to see how I do.
The only way to get in touch with them is their e-mail address: firstname.lastname@example.org, as there is no physical address or phone number to get in touch with. We’ve sent several messages through their live chat option but there was no reply from them, which is a red flag.
MicroTrade Option Review
MicroTradeOption claims to have gained enormous popularity over the past decade in the binary options industry because of their focus on serving better safety, security, and the most advanced trading platform in order to be the most reliable broker in the market. Yet, while reviewing their features, we’ve also got some questions on specific areas of their services and backgrounds. Let’s take a closer look:
The broker claims to be monitored under CySEC to ensure their compliance with the laws and regulations of the Republic of Cyprus and the European Union and they are registered under license no. 243/15, issued by the Cyprus Security Commission, an independent public oversight agency who are responsible for regulating the investment services market in Cyprus. But in another section, they claim their CySEC license no. as 247/14 — two different license numbers under the same organization doesn’t make any sense and sounds quite suspicious.
If you search the CySEC license database, you will also find that the licenses don’t exist.
They offer three types of payout system:
- Deposit range:$100 to $700. Offer: 110% return in 7 days
- Deposit range:$500 to $10,000. Offer: 137% return in 7 days
- Deposit range:$1000 to $50,000. Offer: 278% return in 7 days
They are a broker with their own trading platform but they’ve never mentioned themselves as a managed account service provider. Therefore, it’s the clients who will trade there and be responsible for their own decision. So, our question is, how they guarantee such a huge percentage of returns in just 7 days?
No Trading Experience Required
MicroTrade Option claims that traders don’t require any previous trading experience in order to trade in their web-based trading platform. Because of their friendly interface, even a newbie trader can make the profits as easy as 1-2-3 with fixed risk to reward system to close the entries in an automatic basis. Regardless, I would make sure that you are using some sort of binary options trading software or signal service, if you are a no-experience trader.
Trading in the real & dynamic financial market without having any previous trading experience, skills, and strategy doesn’t sound very ideal. Moreover, such an attempt doesn’t guarantee to make profits from the market in any way.
Limited or No Explanations
- Asset list – They haven’t mentioned any specific asset list which includes Forex, CFD, and Cryptocurrency instruments
- Unfamiliar trading methods – MicroTrade Option allows traders to sell their options before they expire. We’re not sure if a regulated broker can allow this. Besides, they also haven’t explained how such early closed trades are adjusted.
- Certificates & memberships – They claim to be registered under FCA and EEA with only a reference no. 610182. But they haven’t disclosed any awarded certificate of membership from any governing regulatory body at anywhere in their profile.
- Who is the risk taker – “Trade binary options with 200% payout” — that is what they are offering through their advertisements. That is undoubtedly a very attractive offer but such high-gain trading approach also includes the possibility of losing a large amount of money. And they claim not be responsible for any loss made by the traders. So, who is the ultimate risk taker at the end?
So far, we haven’t noticed any positive review about MicroTrade Option from any source around the web. Besides, telling people only about making profits, 24/7 customer support, flexible withdrawals options with lucrative offers are not enough to rely on a broker as a trusted partner. We believe in what you show not what you say. Furthermore, their claim as an exceptionally successful broker from other competitors for past decades doesn’t match with the premature presentation of their business profile.
Summary: There are quite a few concerns with this brokerage, and we can't ignore these facts in our final recommendations.
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