RaceOption Review: Never Deal with RaceOption.Com

RaceOption Review, Makerun Corp is a dangerous offshore entity that operates its RaceOption scam platform from the Marshall Islands. One of the main facets of RaceOption is in binary options trading.

There is a reason why binary options trading is illegal in many countries. It is a dangerous ordeal that can hardly be called trading. Scam brokers rig their trading platform to make any speculation a financial loss.

Find out why an Italian regulator has posted a public warning about this fraud in our RaceOption Review.

CONSOB Warning:

RaceOption Regulation and Fund Security

RaceOption states that their parent company, Makerun Corp, is registered in Marshall Islands. They claim to be regulated by an organization called IFMRRC. IFMRRC is a known false regulator. Many of the brokers that are allegedly regulated by this entity have outstanding warnings issued by government regulatory bodies.

RaceOption or Makerun Corp should be regulated by GLOFSA instead, a credible non-government regulatory body that holds legal precedent in the Marshall Islands. Because they offer their services in the EU nations, as well as other parts of the world, they should have multiple licenses.

One of the high quality tier 1 regulators from Europe is Cypriot CySEC. Here is what they require from their brokers:

• Initial capital of more than 730 000€
• Compensation fund of 20 000€
• Maximum leverage set at 1:30
• Segregated bank accounts for clients
• Negative balance protection on client accounts
• Bonuses are forbidden
• Full financial transparency, as required by EU MiFID

From this, we can conclude that RaceOption is not eligible for a license in the EU. Furthermore, binary options trading is banned in most countries, as well as the entire EEC. Just to be certain, we checked the databases of GLOFSA, FCA, CySEC, CONSOB, CBR, as well as IIROC and ASIC. What we found was a scam warning from CONSOB.

RaceOption Trading Platform Overview

The trading platforms at RaceOption are a very simple Web Trader, and a mobile version that is basically a browser that uses a Web Trader. The trading app quickly directs the client towards the Binary Options overlay, and it takes some fiddling about to change it to CFD trading.

This is worrisome, as the Web Trader software and its derivatives are used by scam brokers due to how easy they are to manipulate. The scammers change the market information in order to make client trades unprofitable. This is how another scam, InterCapital, swindles their victims.

Current industry standard programs for online retail are MT4 and MT5. They are reliable, easy to use, and have excellent market execution speed. When choosing a broker, we advise you to select one that supports one of these trading programs instead.

Account Types Available

There is an issue with the RaceOption account types. You see, in order to be able to open a demo account, you must invest a minimum deposit amount, which is $250. This completely defeats the entire purpose of a demo, which should be a free test environment.

RaceOption has tiered accounts. You can, in theory, climb a ladder towards more perks by accumulating more deposits on their live trading account. Here are the account tiers:

• Bronze – $250 min deposit with a 20% bonus
• Silver – $1 000 min deposit with a 50% bonus
• Gold – $3 000 min deposit with a 100% bonus
• VIP – $50 000 min deposit with a 200% bonus

The broker does not mention an Islamic account anywhere on the site, so we can assume one is not available.

RaceOption Deposit and Withdrawal

The RaceOption website says that they accept Bank Cards and Cryptocurrency transfers. When you log in to the Web Trader, the story changes. If you choose to deposit via a Bank Card, you will be redirected to a 3rd party Crypto exchange instead. This leaves you with only the most risky funding method, which is Crypto Transfer.

Although RaceOption claims that their withdrawals are handled in less than an hour, you should take this with a grain of salt. Many user testimonies complain that their withdrawals are outright rejected, just like with Athens Markets scam. To make matters worse, RaceOption has some very intrusive requirements when it comes to ID checks. The User Agreement also alleges withdrawal fees, but does not disclose the exact amount.

How the Scheme Was Put Into Practice

RaceOption attracts their victims through bonuses, promotions, affiliate programs – you name it, they’ve got it! Of course, there is no such thing as free money. The Web Trader is rigged, and you will soon find yourself on a financial downward slope.

Because RaceOption is an unregulated offshore brokerage, they have little legal repercussions to fear from the authorities. They cover their tracks using cryptocurrency transfers, which are difficult to trace or charge back. The withdrawals are dubious, and subject to large hidden fees.

RaceOption Summary

RaceOption offers the frowned upon binary options trading to their client. This is their main source of income, but they offer CFD trading as well. Their trading platform is compromised, and the frauds abuse the market information to quickly drain the deposited funds.

All the funding is done by cryptocurrencies. This funding method is difficult to track and charge back. An European tier 1 regulator has issued a warning about RaceOption being a scam.

FAQs About RaceOption Broker