Options Legion Review: Can This Binary Platform Be Trusted?
Options Legion is a binary trading platform based in Cyprus. This platform offers binary trading in Forex currency pairs, crypto tokens, and bullion metals such as gold and silver.
Binary trading is a type of options contract that depends on the outcome of a yes/no proposition and relates to whether the price of a particular asset will rise above or fall below a certain amount or value. It sounds pretty easy but can this platform be trusted? Find out in our Options Legion Review.
Basic Information About Options Legion
In the table below, you will find key information about this company gathered from the official website. We also provided a clear overview of what a legitimate brokerage company must feature.
Even here you can see that Options Legion does not meet the most basic of requirements related to reliable brokers. The most worrying fact is that Options Legtion is not regulated.
|Reliable Broker Must Have
|Transparently displayed in the disclaimer or legal documents
|Unregulated Scam Broker
|Within your legal jurisdiction – local regulator
|Your country or the country whose license applies in your legal jurisdiction
|The older the domain – the higher the possibility the company is trustworthy
|Domain should be from local or international zones, no .xyz etc.
|Financial Authorities Warnings:
|Phone, email, social media
|Phone, email, social media, web form
|If withdrawal is possible:
|Transparent fees – list of spread and commissions
|If Active on Social Media:
|Often present on social media
A safe trading environment can only be guaranteed by a top-tier financial market regulator. These authorities oversee all transactions and make sure that everything is being done by the book.
The jurisdictions and authorities that feature reputable regulations include FCA (UK), CFTC (US), CySEC (Cyprus), IIROC (Canada), ASIC (Australia), etc. OptionsLegion claims to be based in Cyprus, which means that the broker must be registered with CySEC and possess a MiFID passport allowing the company to provide services in the EU.
However, Options Legion is not regulated, which instantly questions the legitimacy of this platfrom. We checked the database of cysec but there is no such company there. Thus, we do not recommend this broker. Avoid Options Legion com and prosperityfx.
Options Legion Profile
Options Legion offers a rudimental web-based trading platform. It lacks advanced tools such as automated trading and live market reports. These features are found on valid software such as MT4, MT5, or cTrader, but optionslegion com does not support these platforms.
As far as trading instruments go, Options Legion offers Forex currency pairs, crypto coins, and metals such as gold and silver. The only available contracts are binary options, meaning there are no CFDs.
Options Legion Fees
There are four live trading account types, i.e. packages that promise guaranteed monthly income ranging from 5% to 9%. The broker charges a 4% commission for all packages and the minimum deposit requirements range from 500 $ to 5,000 $. If you invest this money, there is a great chance that you will get scammed so do not do it.
There are plently of brokers that are actually licensed to provide services. There is no need to trust unregulated shady providers such as Options Legion or volofinance.
|Bronze, Silver, Gold, Diamond
|Financial Instruments On Offer:
|4% commission per withdrawal
|Education or Extra tools:
Is This Broker Safe?
Right off the bat, we can safely say that Options Legion is not a safe trading platform. We have already mentioned the fact that this broker is not registered with CySEC, the regulator of Cyprus, the company’s alleged headquarters.
Why is a trading license important? Regulated European brokers must offer clients negative balance protection, segregated funds in a top-tier bank, safe leverage restriction (1:30), and a compensation scheme of up to 20,000 EUR. You will not get that with Options Legion, which is why we deem this platform unsafe for trading.
Without a trading license, odds are, you will get scammed before you even know it, especially in binary trading. This trading variant is easier to comprehend but statistics show that binary traders often lose up to 80% of their money.
If you lost money to the Options Legion Scam, you can contact us for help. The sooner you book your free consultation, the better.
Trader Reviews – Sharing Experiences
There are not many reviews of Options Legion. On trustpilot.com, there were only three reviews at the time of this writing. On wikifx.com, we also found a complaint against the broker. The shortage of reviews speaks volumes about how “serious” this business is. Please trust these honest complaints and stay away from Options Legion.
This company and its owner are frauds and fakes. Julien KANTY is a fraud This company does not adhere to its obligations
- Trustpilot user, June 18, 2023.
A terrible platform, with their customer support is always busy, giving you no response… don’t trade with this broker or you will be so frustrated.
- WikiFX user, December 17, 2022.
How the Options Legion Platform Reaches Clients and Who Are They?
According to godaddy.com/whois, the Options Legion website domain was created on March 26, 2020. Since then, the financial swindler has been targeting mainly traders from the following countries:
Options Legion is also present on social media – Facebook, Instagram, Twitter, and LinkedIn. Social media platforms are means of finding victims and deceiving unsuspecting traders. Aside from social media, the broker also uses phone calls and emails for communication.
This scammer must be stopped, which is why we have to urge regulators, especially CySEC, to issue warnings against this cyber trading scam, just like they did against dws-invest.
There are ways to recover your funds if you have been scammed. We can help you with your refund.
Deposits and Withdrawal Methods
According to the website, Options Legion listed three available payment methods:
- Credit/debit cards;
- USD Tether;
The minimum deposit requirement is 50 $ while the minimum withdrawal requirement is 10 $. Options Legion charges a 4% commission on all transactions regardless of the account type traders choose. The registration fee is 10 $ for annual membership.
Reasons To Avoid This Company
On the Options Legion Login page, we saw a referral code space. The broker also promises hefty commissions (10k 2% according to the website) for traders that successfully refer their friends.
This referral system is most likely a Ponzi-type scheme, which is organized in a pyramid system. Basically, the one on top of the pyramid prolifirates from the efforts of those below.
Each member is tasked of referring new users and getting them into the business in exchange for a cut. However, little do people know that the one who runs the Ponzi scheme is the only winner there. Thus, avoid this broker and do not drag your friends into this scheme.
This platform is not regulated! Binary options trading, albeit easy to understand for novices, is more of a gamble (50/50) than actual and strategical trading. The latter requires extensive research and skill but also bears better results.
Our Safe Trading Experts’ Opinion on Options Legion
To sum up, Options Legion is an unregulated financial swindler. We do not recommend you trust the Options Legion Scam platform. Similar fraudster such as Stockvalo have cost traders a lot of money. The main targets of this scam are traders from the US, Germany, and Turkyie.
If you have fallen victim to this cruel scam, please book a totally free consultation with our experts so that you can go through the chargeback procedure. Let our team explain to you how you can retrieve your hard-earned money as quickly as possible.
Book your free consultation today and start the chargeback process.
Is Options Legion Real or Fake?
Options Legion is fake. This broker claims to be based in Cyprus but the company is not registered with the local regulator CySEC.
Are Funds Safe With Options Legion?
Since Options Legion is unregulated, your funds are not safe. In case you’re having issues withdrawing your money, feel free to book a free consultation with us.
What Are The Withdrawal Methods Of Options Legion?
Options Legion offers three withdrawal options - credit/debit cards, Perfect Money (e-wallet), and USD Tether (crypto).