Mayfair (Inactive) Review
| Broker | Mayfair (Inactive) |
|---|---|
| US Traders Accepted | |
| Company Name | Mayfair Investments Ltd. |
| Headquarters | Gibraltar |
| Regulation | No |
| Bonus Type | Match bonus |
| Bonus Size | 200% |
| Max Payout | 85% |
| Out-of-Money Reward | 10% |
| Trading Platform | SpotOption |
| Early Closure | |
| Deposit Options | Credit/debit cards, wire transfer, CashU, Neteller, Ukash, Inpay, SOFORT |
| Deposit Currencies | US Dollar, Euro, British Pound |
| Minimum Deposit | $250 |
| Minimum Trade | $5 |
| Maximum Trade | $1,000 |
| Online Since | 2013 |
| Trading Instruments | Currencies, stocks, indices, commodities |
| Number of Trading Instruments | 156 |
| Binary Option Types | High/Low, Long Term, 30, 60, and 120 Second options, One Touch, Pairs |
| Customer Support Types | Email, phone, live chat, web form, paper mail |
| Education Offered | Market reports, dedicated account manager, dedicated senior broker, 1-on-1 senior broker training, private trading webinars, VIP mentorship program, how-to pages, FAQ, glossary, trading articles |
| Tools Offered | SMS signal alerts, rollover, double up, early close |
| Commission | $30 fees for withdrawals after the first withdrawal of every month. $100 minimum withdrawal threshold. |
| Languages | English, Arabic, French, Italian |
| Demo Account | Yes, for Silver accounts and higher |
Mayfair ceased operating as a binary option broker. It is out of business now. The review presented here is no longer applicable.
Mayfair Options is a binary options website which opened up to customers in 2013. It is operated by a company called Mayfair Investments Ltd., which is based in Gibraltar. While the company is not regulated, they do accept customers in the USA, and appear to be among the more promising brokers to do so. They not only offer their site in four different languages, but their customer support as well. Mayfair offers traders a variety of different ways to trade, and seems to place a high priority on customer service and training materials. You should particularly consider this broker if you want to place long term trades; they are among the few companies offering them at this time.
Getting Started with a Paid or Demo Account
On Mayfair options, there are four different account tiers you can get started with:
- Bronze: $250-$1,499.
- Silver: $1,500-$4,999.
- Gold: $5,000-$24,999.
- Diamond: $25,000 and up.
All three accounts come with daily market analysis, 24/7 customer service, and a dedicated account manager. Many companies won’t even offer 24/7 customer service to their lower account holders. Additionally, anyone who registers on the site, whether they deposit money or not, receives 60 days of free email training. Depositing is easy when you are ready, using credit or debit card, wire transfer, Cash U, Neteller, Ukash, Inpay, or SOFORT. Available account currencies include US Dollar, Euro, and British Pound.
A lot of the account benefits don’t kick in until you deposit $1,500 or more. Silver account holders receive one-on-one senior broker training, a dedicated senior broker, fast track withdrawals, and best of all a demo account for unlimited use. While it would be better if the demo account were open to everyone, it is understandable that the company prefers to reserve this tool for their higher-paying customers. This helps them to conserve bandwidth and offer better service overall. The bonuses offered to new customers are very generous. Generally, bonuses start at 25% and range up to 150%, but currently there is a promotion allowing customers to receive a match bonus of up to 200%.
All of these benefits are available at the top account tiers as well. Additional benefits at the upper tiers include email signal alerts, SMS signal alerts, private trading webinars, and a VIP mentorship program. Even if you do not choose to deposit enough to hold one of those upper tier memberships, though, you will still find an abundance of completely free resources on the site. There are a very large number of trading articles on strategy, all written in-house, as well as a frequently asked questions page and other standard resources. All in all, there is a lot more effort here than I am used to seeing on other sites to get traders to a place where they can actually trade knowledgeably.
There are fees for withdrawals, which is a drawback. If you want to withdraw more than once per month, there is a $30 fee for each additional withdrawal. Withdrawals also must be at or above the $100 minimum withdrawal threshold. Both of these restrictions may make it inconvenient to try and remove money from your account unless you plan ahead.
Tons of Assets and Many Ways to Trade Them
Mayfair Options features a SpotOption platform, like many other binary options websites, but they have more assets than most, as well as more ways to trade. There are 156 currencies, commodities, stocks, and indices to trade. A lot of sites claim to have more than 140 assets to trade, but very few of them actually do! Types of trades include High/Low, One Touch, Pairs, and a number of different short term options. 30-, 60-, and 120-Second trades are all offered for those who like the fast lane. For those who prefer longer term position trades, Mayfair Options offers Long-Term trades. You can even open positions that last six months to a year. This is a rare offering, and excellent for all the position traders who typically get left out in the cold on binary options sites. You can control your trades with rollover, double up, and early close. Typical payouts range up to 85%, and you can get an out-of-money refund of up to 10%.
Great Customer Service
One thing I always do when I write a binary options review is log onto live chat to see if an agent is available. It is becoming more common to actually find these desks staffed, though the vast majority still are not. This desk was staffed by a friendly agent who was very willing to engage in an informative conversation with me about site features. I often ask chat agents what they consider to be the number 1 standout feature on their sites. Generally the reply involves a particular type of trade or a wide range of assets. This is the first time an agent ever answered me by saying, “Quality customer service.”
In other words, Mayfair Options puts customer service first, which means they put the customer first. The agent also pointed out the large number of resources on the website, and the company’s willingness to help traders actually learn how to trade. He also lamented the poor customer service on many other binary options sites, displaying sensitivity to the issues that plague the industry as a whole.
Mayfair Options is not a perfect site. They do not offer mobile trading at this time, and they do have hefty fees on withdrawals. The pros seem to heavily outweigh the cons for once though. The huge wealth of training resources—the articles, the webinars, the email course—are excellent. The fact that they offer a demo account, even if it is limited to Silver account holders and up, is fantastic. My experience with the customer service agent was very positive, and hopefully indicative of a strong team with customer interests at heart. Based on these observations, Mayfair Options seems like one of the better binary options brokers operating right now.
These are scammers, plain and simple. If you think I bear a grudge, try contact them on one of their numbers, or email their support. They operate a boiler room out of Venezuela of all places where you will recieve numerous daily calls askign you to deposit more money. They make up the offers as they choose. You will never hear from them if you request a withdrawal. `Chat’ – when rarely available – will tell you they are registered with CYSEC – check the CYSEC site. They are not
Agreed with Wily. They call you multiple times per day either advertising or asking to do something else. Been waiting for withdrawal for 2 weeks when they say it is 4-7 working days. Disappointed.
DO NOT USE MAYFAIR!!!
Mayfair options are by far the worst company I have ever had the displeasure of dealing with. When I say worst company, I do not mean just Binary Traders, but the worst in any industry anywhere. Their online support is incredibly slow and appears they only have two people covering 24 hour support – TWO hours just to try to organise a payout via online support. Any telephone number listed on their site is FAKE. I actually deliberately traded my account into the ground to try and stop anymore phone calls from their ‘brokers’ (marketing???)
After making my initial ‘sample’ deposit and completing some successful trades, the multiple phone calls per day began all telling me that I needed to deposit more money to get a broker, blah, blah, etc ,etc. These calls came in at all hours, day and night 12.30 am, 4 am, etc. despite repeatedly advising that I was just trialling for the moment and would contact them if ready to deposit more.
After about two week of constant phone calls, I decided enough was enough and attempted to withdraw my initial deposit plus remaining balance on the account. Both of which were not large amounts but money none the less. This is where the real fun began!
After submitting my withdraw request and getting notification that the funds should be received in around 5 working days, I waited, and waited… Eventually logging back on only to find the request had been cancelled. An inquiry to the customer service revealed that the withdraw function could only be used for the amount that was originally deposited. All other withdrawals had a different process – which include waiting for the first withdraw to arrive in my account before requesting the rest… (?!?) this is not mentioned on the site. OK – So I did my withdraw again and after waiting, waiting, was told I needed to verify my identity again – for the THIRD time now. This is now at around four weeks since my original request to withdraw! I provided my identify checks again, resubmitted my withdraw request and waited, and waited, and finally the original deposit arrived back in my account.
Upon attempting to request the remaining balance (my winnings) I was told that I needed to now print and complete a form verifying, once again that I’d made my original deposit – the very same one they had already processed the payout on. The reason I’m told is that they were changing their procedure and everybody needed to complete this. I actually tried to do a small trade at this time on an almost sure thing and found my account was actually suspended. I was advised that this was because I had not yet completed the new form that I’d never heard about before – I suspect that it was actually because I was trying to actually *gasp* withdraw my winnings.
I don’t have easy access to a printer but eventually managed to print and scan this form. Upon attempting to submit to customer service I was told it had to be sent via reply email. I never received any email in the first place. I was also told at this time that I’d made a request to withdraw my account three days earlier that had already been accepted. Definitely not me requesting a payout – why would I even waste my time trying to request this when I had this additional form to complete. Asking support if it’s possible my account had been accessed by somebody else was ignored. Realising I’d spent about ten hours stuffing around to try and get around 200 dollars paid out and that somebody else had requested a payout of my account, I decided to write it off as a lost cause. I ended up completing some trades that were quite likely to lose and got my account down to a balance of zero. At least now they 4 am phone calls from their ‘brokers’ might stop.
Yes i had $450 in there got it down to 190 robot lost 8-10 trades i though ill just trade it out not the web page is not even there do know how to get my money all the phone calls have stopped ?LOL???? ive been done
Be “happy” it was only 450. Could have been loads more
Berkeley trading is now http://www.Mayfair-trading.com They work out of the same office in Marbella Spain. The office is in the Tempo apartment building in Puerto Banus. Office side, 3rd floor.
Complete scam they tell you what you want to hear. figures are all made up, MJ or Micheal Jordon, or what ever name he is using this week. His real name is Troy Hicks.
Be careful, They have resurfaced as “Digital Gold Xchange” out of Zurich Switzerlnd.
Same people, same scam. Don’t be fooled again!