SternOptions is a relatively new player in the binary options industry, which was established in the July 2016. The headquarters of this broker is supposed to be located in Glasgow, Scotland. When thinking of the UK-based brokerages, you expect them to be properly regulated by the Financial Conduct Authority. But is it true? Find out in our Stern Options review!
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SternOptions Review
RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK |
Unfortunately, SternOptions scam will not live up to your expectations – it is not regulated at all. At this stage, registering at SternOptions website can be very risky, but let’s still continue our journey.
We do not recommend Stern Options
SternOptions is not recommended by us for many reasons. However, we would like to list the biggest problems associated with this brokerage firm:
- Not Regulated
- No Account Options & No Demo
- Absence of bonuses
- Limited Functionality
- Charges for Deposits and Withdrawals
Now we encourage you to read our full review of SternOptions!
Legal Information
SternOptions is a relatively new player in the binary options industry, which was established in the July 2016. The headquarters of this broker is supposed to be located in Glasgow, Scotland. When thinking of the UK-based brokerages, you expect them to be properly regulated by the Financial Conduct Authority.
Unfortunately, SternOptions scam will not live up to your expectations – it is not regulated at all. At this stage, registering at SternOptions website can be very risky, but let’s still continue our journey.
Setting up the Account
To open the account, SternOptions asks to complete the registration form. In the course of the account setup, you will be required to specify the account currency – USD, EUR, GBP or AUD. After you fill in all the info, you can then proceed to the actual trading.
In our opinion, SternOptions certainly lacks account options to meet different needs of investors and traders. You will not find any account packages that might contain some exclusive features like the personal manager or trading signals. Likewise, it is not possible to open a demo account to practice in the risk-free environment. Lastly here, there is no promotion or welcome bonus offered to the SternOptions clients.
Limited Platform Functionality
SternOptions has followed a suit of many legit brokerages, so it offered the SpotOption trading software. Basically, you may access all the standard features of this platform at SternOptions. They include Binary Options, Pairs, Long-Term, 60 Sec (Turbo Options), Ladder, FX/CFD and Limits. This is it. Although this might look promising, this version of the platform does not have SpotFollow or iFollow feature. Therefore, social trading is completely disabled at this broker.
In addition, there are only more than 150 assets available to trade. Unlike its more professional competitors such as 24Option, SternOptions does not provide the full set of tradable instruments.
Payment
When examining the website, we have found out that the minimum deposit requirement at this broker is $250 or the equivalent amount in GBP, EUR or AUD. To deposit funds, you can use payment cards and wire transfers. SternOptions does not provide alternative transfer methods like e-wallets. As for the costs, SternOptions charges 20$ commission for funding the account with the wire transfer. Moreover, it takes at least 7 days for the funds to reach your bank account when using wires.
We should also mention that the broker charges 3.5% fee for the sum withdrawn by the credit/debit card and also fixed $15 fee for the wire transfer withdrawal.
Best Forex Books can be helpful for binary options trading!
RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK
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