Regal Options launched one year ago in December of 2012. They were originally an unregulated binary options broker then on Sept 12th of 2013 they received a license from CySEC as a regulated binary options broker in the European Union. Their official name is T.B.S.F. Best Strategy Finance Ltd, and their license number is 213/13. Their official address is 26, Chytron Street, Office number 21, 1075 Nicosia, Cyprus. Their phone number is United States: +1 (646) 233-2839.
American traders are able to open an account with Regal Options. American traders depending on the broker will sometimes be limited in the products they can trade binary options on. Sometimes, they can only trade binary options on stocks and not on indexes or currency’s.
When the scam broker investigator looks at a binary options broker to determine if it is a scam or a legit binary options broker, we want to know if a regulator like the CySEC in Cyprus gave them a license and if they fall under the MIFId rules in Europe.
In December of 2013 CySEC suspended the license for Regal Options check here (under T.B.S.F) for the latest status of their license. We are not exactly sure of the reason why CySEC suspended the license, but it may have to do with them accepting clients from America. CySEC does not allow regulated brokers to accept traders from America. This is a big problem for brokers because many of their clients are American.
Here are a couple of things that the SEC mentions in their letter dated June 6th 2013 that all binary option traders need to be aware of.
The SEC and CFTC have received numerous complaints of fraud associated with websites that offer an opportunity to buy or trade binary options through Internet-based trading platforms. The complaints fall into at least three categories: refusal to credit customer accounts or reimburse funds to customers; identity theft; and manipulation of software to generate losing trades. Read full letter on SEC’s website here.