Options FM Scamis an infamous broker who creates a profitable investment opportunity out of thin air. When the investors understand the reality, however, their funds will evaporate.
What exactly is Options FM?
Options FM was Europe's quickest-growing binary options broker. The firm employed software to correct traders to make the most money in binary options trading. The platform contains 200 assets and can provide up to 91 percent returns. Beginners are also given more liberty to try new things and start trading with $1.
Compared to unregistered brokers that do not provide timely information, their market notifications are pretty valuable. Moreover, these updates are delivered by seasoned experts who are well-known for their expertise.
Options FM scam is legit or scam?
There have been no serious allegations that Option FM is a fraudster. On the other hand, the broker has discontinued business due to its inability to meet regulatory requirements. Furthermore, despite assertions that CySEC, a body recognized for policing fraud brokers, regulated it, the OptionsFM is uncontrolled.
By slightly altering the names, the broker came up with several variations such as OptionsFM, Options FM, OptionFM, etc. The mixed ratings are intended to maximize the value of a well-known brand name. Unfortunately, the Option FM scam is still operating, even if the broker is no longer active.
The Mechanisms of the OptionsFM Scam
The OptionsFM ruse operates in the same way as any other ruse. Withdrawal difficulties, gifts/bonuses, and other telltale signals of other scams are present.
Let's look at how the OptionsFM scam works in more detail.
Problems with withdrawal
The victims of the Option FM Scam are provided with the regular withdrawal procedure. You also have the option of using electronic payments or credit cards as a payment method. The minimum withdrawal amount is $80. The Options FM did not charge fees for withdrawals
Flattering gifts and state-of-the-art technology
As per user reviews, Options FM provided its traders with a valuable present while trading, along with a free iPhone and a complimentary MacBook. As a result, traders can benefit from modern technology.
No Metatrader for assistance
For newbies and experienced traders, there were no trading sessions. Options FM does not assign the new traders to any professional traders as their mentors. A rookie trader must learn how to trade all by themselves, which they could not do without harming the stock market.
The minimum deposits are pretty hefty.
To set up an account with Options FM, traders must make a significant downpayment of $250/ €250/ £250. There are also no refunds available. The entire process would take more than 3 to 5 days to complete, whereby the traders will trade. Depending on the trader's first investment, Options FM mechanically classifies the trader's initial payment into one of four account types.
Inadequate Customer Service
A single phone call to Customer Service remains unanswered. They appeared to be available 24 hours a day, seven days a week, and when they did answer the phone, they read the scripted responses without providing any original solutions.
Summary
OptionsFM may not have deceived its consumers, but it was forced to close down owing to its inability to meet regulatory requirements. The website's popularity continued to dwindle until it was shut down entirely. Fortunately, the administration intervened before any formal regulatory warnings were issued. Furthermore, the broker's service was not comprehensive, and consumers experienced concerns with high deposits and customer support.
