Bank of Options is an unlicensed binary options broker that recently started soliciting clients for trading binary options.
We see conflicting information on their website. It says on their contact page that they are owned by GKBC LTD, 1 St. Saviours Wharf, 23 Mill Street, London, SE1 2BE, United Kingdom. On their conflicts of interest page it states; “Torkos Ltd (“the Company”) an investment firm regulated and registered in England”. So we really have no idea who owes Bank of Options.
Scam Trading Systems
WARNING: Most people start trading binary options because they say a video which promised to make $1,000 a day, read more.
If you what to see the most popular automated trading robots, read this.
Bank of Options does not allow you to use a trading robot
Their terms and conditions page says in bold letters;
1.5. Robotic Trade Execution or Outside Execution System, Non authorized Automatic or semi automatic trading mechanism integrated by the client on the browser or client side, that does not involve human execution, will be considered back door API or system abuse and the positions that were taken in this way are resulted in prices that wouldn’t have been accepted or filled in the general market therefore result in cancellation or permanent account suspension.
Therefore, if you got introduced to Bank of Options by an algorithm trading software, that account they made for you is already against the brokers terms and conditions.
Bank of Options Review
The trading platform the Bank or Options uses was developed by Hello Markets and it is called TradeStation. Their trading platform is quite unique as it offers built in trading signals. Investors can choose from 55 assets to trade binary options, on Forex, Commodities and Market Indexes and Stocks.
The Hello Markets binary options expiry times differ from typical brokers, because a 15 minute option, expires at 15 minutes of the hour, and a one hour option expires on the hour. So for example, if it is 10:17 am and a trader selects the 45 min option, the option will expire at 10:45 and not at 11:02.
They have minor currency crosses available, including the Polish Zloty, Indian Rupee, Singapore Dollar & Mexican Peso. The returns on $EUR/USD binary options is 85%, see here.
Minimum trade size is $5, and the maximum trade size is $10,000.
Bank of Options License
Bank of Options does not have a license.
On October 26th 2015, FINRA published an investor alert regarding offshore binary options brokers. Read the alert on FINRA’s website here.
Warning: Bank of Options is not licensed or regulated by the CFTC, visit Nadex.com.
Read this to see why smart people only use licensed brokers.
The first thing we check for when reviewing a binary options broker, to determine if they are a scam broker or a legitimate broker is a license from CySEC in Europe, or the CFTC in America or ASIC in Australia. When trading with a licensed broker, it means that you have some sort of recourse in the event of a problem at the brokerage firm. See the updated list of licensed brokers here.
Compare Binary Option Brokers
You have hundreds of brokers to choose from, with the main difference between brokers being the trading system and a license.