Based in the Marshall Islands, Secured Options is a binary option broker which is currently not regulated and licensed anywhere. This is obviously a major issue as far as we’re concerned. From the point of view of the trader, regulation should always be a high priority factor. The broker is apparently present in the UK and Australia as well. It can be reached through local phone numbers in these locations. Trader feedback seems to indicate that they conduct the majority of their business in these locations as well.
Reputation-wise, Secured Options seem to have a major problem on their hands. Forums and various comment sections are filled with complaints regarding various aspects of their operation. The common denominator of all these complaints is the fact that Secured Options do not seem willing to honor their traders’ withdrawals. Allegations of fraudulent trading are also present.
According to the majority of these complaints, Secured Options run a business they’re looking to sell as a licensed operation. Many of the people shortchanged by the broker were later surprised to find that there wasn’t any authority that they could turn to with their complaints, since there was nobody regulating the activity of this broker. Aggressive sales tactics seem to be a part of the Secured Options MO as well.
According to some traders, following their initial deposits, they were assigned account managers who would then go on and trade on their behalf. While some were actually able to trade on their own as well, others have stated that the account manager traded away all their funds, apparently on a whim. Almost everyone has complained about Secured Options account managers/brokers calling them after registration, and aggressively trying to squeeze them for more money. Some said they were pressured to take loans or to sell their houses and cars. At least one trader said that her Secured Options broker conducted 100% successful trades for her, as long as she let him believe she was going to put more money into the venture. She was even allowed to make a minor withdrawal at one point. As soon as it became obvious she wouldn’t be able to put more money into the middle, her manager’s trades suddenly turned sour and she ended up losing all her money.
Other traders said that when they made it known that they weren’t interested in putting any more money into the trading effort above the minimum deposit they had made, their Secured Options contact suddenly turned aggressive and began accusing them of money laundering.
Several reports have stated that Secured Options representatives essentially questioned their clients in regards to their financial situation.
To make matters still worse, we have first-hand knowledge of Secured Options working hand-in-hand with a number of proven auto-trading scams. Indeed, some of the above-described complaints originated from people who landed at the broker through an auto trading scam.
Secured Options Withdrawals
In order to avoid problems associated with withdrawals, traders should follow the procedures set forth at the Secured Options website. To be allowed to withdraw, traders need to have their accounts verified. This verification process has been the subject of a few complaints as well.
According to the site, in order to avoid traders abusing the services of the broker by committing financial fraud, money laundering and identity theft, clients have to submit a number of documents to verify their accounts. A government-issued photo ID has to be provided to this end, together with proof of residence, in the shape of a utility bill issued within the last 3 months. A color copy of one’s credit card has to be provided as well, showing only the first 6 and the last 4 digits.
In addition to all the above, a Declaration of Deposits has to be completed and signed electronically.
The site reserves the right to refuse service and to deny the distribution of profits to traders suspected of illegal activities, or if the activities of a trader may inflict financial damage on the operation. That there is a rather handy way out for the broker of any litigation that may arise between it and its clients.
Furthermore, according to the Terms and Conditions at the Secured Options website, withdrawals can only be requested a minimum of 30 days after the first deposit. At least one trade has to have been made during that time in the account. Withdrawals which do not fulfill these requirements are denied. Regardless of how one turns that around, it’s in essence saying that the site reserves the right to hold its traders’ money hostage for at least 30 days.
The minimum withdrawal amount has been set to $250.
Secured Options Features
Despite what you may see claimed here and there, the Secured Options platform is not some sort of cutting-edge piece of software, bristling with useful trading tools. It is a very basic SpotOption platform, available at most brokers. It does its job well, although the spreads that it uses seem quite exaggerated in some cases. The spreads are the difference between the actual market prices and the price featured by the broker.
Secured Options Trade Types
As far as trade types go, Secured Options feature a decent selection. They support 60 second options, One Touch options, Long Term options and Pairs options.
The Secured Options site features a comprehensive section dedicated to the education of its clients. In order to access the fully featured version of this Education Center, one needs to have registered an account with the operation. The Center offers an eBook, a glossary of trading terms, access to a selection of webinars and a video-library, which covers everything from the basics to advanced trading strategies. The site offers free trading signals to account holders too. In fact, there have been a number of complaints regarding these trading signals too.
Secured Options Account Types
Secured Options feature no fewer than 5 account types meant to cover a wide range of trading styles and levels. The base account type is the Standard one, which requires a minimum deposit of $250 on the part of the trader. This account type offers access to all the tradable assets. It also gives the trader an eBook and a free first withdrawal. According to the Secured Options website, the maximum payout rates attainable through this account type are 83%.
The Beginners Silver account has a minimum deposit requirement of $2,000. The advertised payout rates associated with this account are the same as the Standard account ones. In addition to what the Standard account delivers, Silver account holders also get a personal training session and access to Training Central.
The Gold account features a minimum deposit requirement of $25,000. Besides all the perks delivered by the Silver account, it gives traders a personal coach too.
The Expert Platinum account comes with unlimited free withdrawals and it has a minimum deposit requirement of $50,000. It also offers live trading sessions with an expert as well as sessions with a financial expert.
Last, we have the Diamond account, which is somewhat shrouded in mystery. The payout rates it offers are up to 89%, and it comes with a customized platform and higher trading limits. While it’s unclear how much one has to deposit to gain access to this account, from what we’ve gleaned from trader feedback, we believe this minimum is $100,000.
Secured Options Asset Selection
The tradable asset selection at Secured Options is great. All the popular (and less popular) currency pairs are covered, as are all the major indices, stocks and commodities. In every one of these categories, traders will find underlying assets they’re not likely to find anywhere else.
Secured Options Support
The Secured Options support can be reached through a variety of channels like live chat, phone and email. The support staff seems knowledgeable, although complaints have been registered in regards to this aspect of the operation as well. Apparently, support isn’t exactly helpful when it comes to withdrawals. Also, according to some traders, the Terms and Conditions put forth at the site are often disregarded by the operator.
Secured Options Specs
|Broker name||Secured Options|
|Jurisdiction||Marshall Islands, site based in Bulgaria|
|Supportfirstname.lastname@example.org, email form|
|Trader Demographics||Everyone, everywhere, except US. Focused on UK, Australia|
|App compatibility||Android, Windows, Mac, Linux|
|Minimum required deposit||$250|
|Customer service||Knowledgeable, available 24/7, some complaints|
SecuredOptions Review Conclusion
There’s a lot of toxic vibe out there in regards to Secured Options. While the operation does look like a decent binary option destination taken at face value, there are many missing pieces to that puzzle as far as we’re concerned. First of all, their regulatory status is a major problem. We have found them to be associated with known auto trading scam schemes. The trader feedback in regards to the withdrawal services they feature, is abysmal at best. One shouldn’t forget the fact that Secured Options is built on the single market-maker business model either.
Is Secured Options a Scam?
There is no way we can state that with 100% certainty, but we have served up enough information above for you to make up your own mind about this and to reach a well-informed decision. One thing is certain: if you sign up with them, they will definitely be in touch.
If you need to file a complaint against SecuredOptions, please visit our Broker Complaint Center.