BEWARE, Proofoption is an illegal broker – review

In this Proofoption review you will learn why you have to avoid this binary options broker.

Proofoption broker reviewProofoption is s broker that offerd binary options trading with various underlying assets such as currencies and cryptocurrencies. The payouts allegedly are among the highest in the industry.

The minimum deposit with Proofoption is $200 and the maximum deposit is unlimited if you use a wire transfer. Withdrawals to credit cards are free, withdrawals to a bank account are charged with a $30 fee.

There is a referral program that can get you $50 for referring other paying clients to the broker. However, in order to be able to withdraw the bonus you will have to trade 30 times the amount of the bonus.

Beware of Proofoption

Proofoption is a very suspicious broker that we strongly recommend not trading with. Here is why.

Shady and not regulated

No licenceThe first thing we tried to verify is the identity of Proofoption. The broker says that is headquartered in New York, United States. But it very probably is not true, the address is incomplete and no broker of this name is registered in the US.

We checked with the FINRA and they know nothing about Proofoption. It means either the broker is not even based in the United States, or it is based there but doesn’t have the licence to be able to operate legally.

The companyIn any case this means that Proofoption is not regulated and cannot offer its services not only in the US, but also in Canada, the EU, and most other countries and regions in the world. Binary options brokers have to be authorized by financial regulators, otherwise they are illegal.

Also, Proofoption claims to be affiliated with Visa, IBM, Citi and other big companies, but it is not true, they have nothing in common with it.

Because of this lie we will go as far as saying that Proofoption is a scam broker that you certainly should not send your money to.

Conclusion

Proofoption is an unregulated broker and a scam, we strongly recommend avoiding it, your money would not be protected in any way.

For trading you should always use regulated brokers and start on a demo account to try everything risk free.

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