In this review we explain why you should stay away from the binary options and cryptocurrencies broker Mayfair Trade Online.
What it is about
We can only see that it is a broker that allows trading with binary options on various assets, such as currencies, commodities, stocks and indices. It also should allow trading with cryptocurrencies.
The broker is allegedly based in London and is owned and operated by A F Bauer from Austria.
Why it is illegal
Binary options trading is regulated both in Great Britani and Austria. This means that every broker that is targeting residents of these countries and/or is based in these countries needs to be regulated.
As both countries are in the European Union, Mayfair Trade Online needs to have a licence either from the FCA in Britain or from the FMA in Austria.
As we have already mentioned, the broker’s website is missing some critical information required by regulators, moreover it seems that the broker is also offering a bonus in the shape of real money for trading, which is an illegal practice in the EU.
Let us remind you that with regulated brokers your money in your trading account is insured, the broker is under supervision, has to follow some rules, etc. With unregulated broker you have no protection at all.
Mayfair Trade Online is a broker that is not regulated, therefore it is operating illegally in Europe. Stay away from it!
If you are interested in binary options, crypto or CFD trading, start on a free demo with a regulated broker.
With unlicensed brokers you have no protection of your money.