MFXoptions (Scam) Review
| Broker | MFXoptions (Scam) |
|---|---|
| US Traders Accepted | |
| Company Name | Master Services Inc. |
| Headquarters | Belize |
| Regulation | FCA of Belize (license #IFSC/60/296/TS/14) |
| Bonus Type | Match bonus |
| Bonus Size | 100% |
| Max Payout | 85% |
| Out-of-Money Reward | 10% |
| Trading Platform | SpotOption |
| Deposit Options | Debit/credit card, wire transfer, WebMoney, RBKMoney, DixiPay, Intellect Money, OKPAY, Yandex.Money, Liqpay, Qiwi, EgoPay, FasaPay, UnionPay, Perfect Money, Western Union, MoneyGram, MTS-Bank, Anelik, Contact, Federal system "Gorod", Borneo Exchanger, MedanGold, OmahPoin, Klik Tukar, Sentraegold, iTukar, OkeChanger |
| Deposit Currencies | US Dollar, Euro, Russian Ruble, Indonesian Rupiah, Renminbi |
| Minimum Deposit | $5 |
| Minimum Trade | $5 |
| Maximum Trade | $1,500 |
| Online Since | 2014 |
| Trading Instruments | Currencies, commodities, stocks, indices |
| Number of Trading Instruments | 149 |
| Binary Option Types | High/Low, Pairs, Long Term, 60 Seconds |
| Customer Support Types | Telephone, email, web form, live chat |
| Education Offered | FAQ, glossary, how-to pages, articles on trading conditions and psychology, economic calendar, macroeconomic indicators, holidays calendar, signals (mostly over on MasterForex.com) |
| Languages | English, Chinese, Spanish, Russian, Malay, Indonesian |
| Demo Account | Yes, no limitations |
MFXoptions is a scam broker. The review below is presented for the archiving purposes.
MFXoptions is a binary options broker founded in 2014 by Master Services Inc., a company with years of financial experience operating MFX Broker over at MasterForex.com. MasterForex.com offers Forex and CFD trading accounts; MFXoptions is their site specifically devoted to binary options trading. If you sign up to trade with them, you will be trading on MFXoptions.com, but you will probably find yourself regularly referencing their resources over at MasterForex.com. USA traders are not allowed, and services seem largely aimed at the Asian and Russian trading markets. Also great, MFXoptions is regulated by the Financial Conduct Authority of the Belize Republic, license number IFSC/60/296/TS/14.
Opening a Demo or Real Account
Along with the fact that they are regulated and have years of experience, one of the best things about MFXoptions is that they offer you the chance to practice trading on their site before you commit to a live account. Opening a demo account is incredibly easy. On the right-hand side of the homepage, you will find a registration form. All you have to do is select “Real” if you want a financed account, or “Demo,” If you want to practice with virtual currency for a while. There are no limitations mentioned, so this is fantastic.
Also great is the low deposit minimum of just $5. Most brokers require a lot more than that. Still, you will want to deposit more than that, probably at least $75, and that is assuming you want to do 60 Second trades, which have a $5 minimum. The minimum for most other trade types is $25, so you would want to deposit $250 to $500 to get started. The flexibility is great, and minimizes your financial risk.
There are fees for depositing and withdrawing on this site, so make sure you visit the Depositing and Withdrawing page, which lists the fees for each of the numerous deposit methods (there are more methods here than we have seen on any other binary options website). The fees vary a great deal, so check the method you plan to use. Match bonuses of up to 100% are available. The company claims that this is a temporary promotion only, but that seems unlikely.
Trading on MFXoptions
There are 149 different assets you can trade on MFXoptions, including currencies, commodities, indices, and stocks. Four different types of trades are available, including High/Low, Pairs, Long Term and 60 Seconds. The Long Term trades can last for months, while 60 Second trades are over in a minute. The platform is SpotOption, which is probably familiar to you if you have ever looked at other broker websites. You can trade on your iPhone or Android device if you want to go mobile and enjoy a fully responsive interface.
One drawback of MFXoptions is the lack of trading tools. There does not appear to be any way to control trades; you have several choices for expiry times, which is nice, but there is no Option Builder to customize in-depth, and there is also no early close, double up, or rollover. This lack of control is a major drawback in an otherwise very exciting website. Most winning trades will pay out around 85%. The company does mention One Touch options with higher payouts on one of the FAQ pages, but they do not offer them. They may be planning on doing so in the near future.
Learning on MFXoptions
You will notice when you are looking around on MFXoptions that the website seems a bit sparse when it comes to training resources. Aside form a glossary, FAQ, and some simplistic how-to pages, there is nothing much in the way of learning tools. For that matter you will have a hard time even finding the Terms and Conditions. The good news though is that this company does provide these resources—but they are over on MasterForex.com.
If you head over there, you will be able to view a large amount of Terms and Conditions documentation, and you also will find a wide array of training resources. While these resources are aimed mostly at the company’s FX and CFD traders, most of them are appropriate to binary options traders as well. You will find articles on trading conditions and psychology, an economic calendar, macroeconomic indicators, a holiday calendar, and even trading signals.
Customer Service – Another Shortcoming
In general, MFXoptions is an interesting broker that appears to have a lot to offer, but one area they need to brush up on is customer service. There is a live chat “available” on both MFXoptions and MasterForex.com, but this turns out to be nothing more than a web form for entering in a question and awaiting a response through a ticketing system. Nobody appears to staff this desk, despite the fact that MFXoptions supposedly offers 24/7 customer service. This is not exactly reassuring, since you want to be able to readily get a hold of a company you are sending your money to. Despite this fact, MasterForex seems to have a strong reputation. It would probably be smart to give them a call before you decide to commit to trading with them.
Conclusion: An Exciting Broker That Could Improve in Areas
So many binary options companies are small startups that are not interested in playing by the rules. For that reason, it is hard not to be impressed by a company that has years of experience in retail trading and is regulated by a real financial authority. MFXoptions offers a ton of assets, and seems very flexible where deposits and withdrawals are concerned. They offer a demo account with no strings attached. Still, they could polish up their customer service and actually staff their live chat helpdesk, and it would be nice to see them add some more trading tools directly on their site. Should you trade with MFXoptions? While we are not sure whether to give a definite “must try” recommendation, we can certainly say they are worth a cautious closer look. If you like what you see, they may be a great binary options broker.