Published on October 6th, 2018 | by John Kane0
Broker Review: RocketOption
RocketOption started their service as a binary options broker in 2015. They claim to serve their clients in an easy and intuitive way to trade all sorts of major financial markets including Forex, Commodities, Indices, and stocks.
This broker is owned by RocketOption Ltd. and their site rocketoption.com is managed by the SDT Brokerage Corp., located at Law Partners House, Lini Highway, Port Vila, Vanuatu. They claim their headquarter are situated in Singapore with virtual offices spread across the world. Though, they haven’t disclosed any specific physical address for these offices, neither any phone number, to contact them. The only option offered to get in touch is via their email: [email protected].
RocketOption frequently mentions that they’ve created the most user-friendly trading experience for their clients to win trades with maximum profitability. In adding to this, they believe that by using the most advanced technology in the market and developing new tools, that they allow traders to trade with confidence and success.
This broker claims themselves as a legitimate broker who offers advanced trading platform software; trading, education, and dedicated customer support to their clients. They don’t manage traders account but still assures their clients nave heavy success rate with claims of “85% profit just in 30 sec” which sounds quite tempting but none of these returns are guaranteed.
It’s worth noting that returns are never guaranteed by any brokerage, because they don’t do the trading on your behalf. This is the same fact with other brokers I’ve reviewed recently like MicroTrade Option, Crypto Dukes, and Spectre.ai.
Let’s have a quick look at their features and the missing points:
Trading Account Types & features:
- Initial deposit: $200
- Minimum trade amount: $10
- A personal training session
- Market alert through email
- Return on investment: 83%
- Initial deposit: $20,000
- Minimum trade amount: $20
- Live trading with expert
- Financial expert session
- Return on investment: 85%
- Initial deposit: Not disclosed
- Minimum trade amount: $100
- Customized platform
- Higher trading limits and exposure
- Return on investment: 89%
These features look great except the “return on investment” part. There is no point to guarantee such lucrative percentage of income because it is clearly stated in their terms & conditions that traders are fully responsible for their own trading decisions in terms of making profit/loss from each contract. I’m unsure as to why they guarantee an ROI when they aren’t a managed account service.
- Currency pairs
Deposits & Withdrawals
RocketOption accepts the following methods of transactions for both deposit and withdrawal purposes:
Credit card: Visa, MasterCard, Maestro International, Carte Bleue, Dankort, CartaSi, Laser and Discover)
Electronic Payment: Skrill (MoneyBookers), PayPal, and Neteller
Wire Transfer: Through local bank
They withdrawal fees as follows:
CREDIT CARD: 3.5%
Skrill (Moneybookers): 2%
PayPal & Neteller: 3.5%
Wire fee: 30USD / 25EUR / 20GBP/ 2500JPY.
The withdrawal process takes from 2 up to 7 business days.
Bonus & Credit issues
They offer a 70% bonus on each deposit which can be withdrawn once the trade volume reaches 50 times of the total compensated bonus amount. They also offer loan or credit facility to their clients in order to increase the trading volume. Interest for the use of loan funds is 10% of the full loan amount which is collected at the second month from receipt funds to the account.
Leverage is treated as a sharp double-edged sword. It is true that high leverage helps traders to aim higher profits but it also puts you in a risk of a loss that exceeds your total deposit amount. Thus, extreme use of leverage can play a vital role to kill your trading account.
I don’t recommend using the bonus, because a 50x trade volume multiplier would take a long time to trade, before you could get a withdrawal.
License & Regulation
We couldn’t spot any broker license number on their website. We’ve tried to contact them about this issue but unfortunately got no response from their service department. Several reviews from other source suggest that they are not registered by any renowned regulatory body like FCA, CPA, EEA or CySEC.
Safety & Security
RocketOption claims safeguarding client’s data is their highest priority. But the reality is, this broker is not engaged with any third-party online security company to ensure the safety of clients information, privacy, and funds.
This broker promises great customer support by market experts, learning materials, flexible and friendly trading platform with the highest return on investment to their clients. But they have avoided so many important issues like; their physical address, company operatives, varified performance reports or certificates. Most importantly they have NOT mentioned any information about their brokerage license status and background regulatory body. Based on our review, we cannot suggest RocketOption as a trusted partner yet.
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