Option Giants portrays itself to be a binary options brokers. However we have noticed many red flags. Their website shows their address to be 1 King Street London, UK. When we looked up the address we see that it is a virtual office. We looked for a phone number and could not find one on the Option Giants website.
A trader recently emailed us, stating that they were solicited by Option Giants to invest with them. This is usually a sign of a broker that is cold calling investor lists to find people looking to make easy money.
We tried to open an account at Option Giants, but there is no place to open a new account. The only option is to login. So, how does someone create a new account?
Their website claims:
New guidelines that have come out and have been given to the financial institutions that we use to execute our trading through. They have been instructed to not to accept deposits for anything less than $10,000, because many of our clients are borrowing funds on credit and against property that they can’t come up with the money for this type of investment.
This is just a ploy to get you to invest more money into the scam.
We checked the Partnership section of Option Giants, because we work with over 100 different binary options brokers, but there was no way to contact them. The price quotes on their home page and not accurate. When we wrote this review on January 3rd 2016, they are showing the AUS/USD at $0.79, when the real price is $0.73.
Binary Option Brokers License
The easiest way to detect a scam with binary option broker is to look for a license.
There are many places a broker can get a license from including the Financial Conduct Authority in the United Kingdom, or ASIC in Australia. A broker can even be licensed in the European Union by CySEC from Cyprus.
When an online site is promising high returns by managing your money via copy trading or sync trading, and they do not have a license, then it is usually a fraud.
You find updated information about the most popular broker here.