IvoryOption is owned by Arya Group LTD registered at the virtual office: Landmark Building, 14 Tsar Osvoboditel Blvd., 6th Floor, 1000 Sofia Bulgaria. They are still not regulated. You can contact them on email at: [email protected] or call them on this number: (+44)203-608-6720. There are more call centers in other countries available. The platform is SpotOption, and the broker is not regulated.
Is Ivory Option a Scam?
Ivory Option could be a scam. They have a number of bad complaints, but those complaints are very old and since then the broker has been trying to improve its reputation. One thing to take note of is that it works hand in hand with the signal service VIP binary, a third party signal service that is not trusted by us. The thing to keep in mind is that a shady signal service doesn’t make IvoryOption a scam, it just raises questions about the sincerity of their efforts to become trusted.
The scariest part about this broker is in their terms and conditions and I quote the following lines from their site; “Whenever the Client transfers funds to the Company, those funds belong to the Company and will be treated by it as its own…” and “The Client will not have a proprietary claim over money transferred to the Company, and the Company can deal with it in its own right”. Translation; your money is theirs once you’ve made a deposit and there’s nothing you can do about it! Ivory Option… more like I worry option!!
Another quick search led me to an article on mirror.co.uk where the author describes how a profitable trader was denied access to his money which was over $30K. Bottom line, there are dozens of SpotOption brokers better than this one, so why bother?
Update 2017: The statement above from the terms and conditions are no longer there which is good but IvoryOption uses the famous “bonus-lock” to keep you from withdrawing. This is not in line with how regulated and good brokers treat their clients. Looking at their traffic, they have lost around 60-70% of their “normal” traffic since regulators began cracking down on the off-shore, unregulated brokers. There was a slight spike several months ago but then it dropped again.
Editor’s Note – Why Does Ivory Option Suck in 50 Words
My biggest issue with Ivory Option is that they are not being monitored and regulated by any authorities. This is a big drawback and things get even worse when you Google “Patryn Limited” which owns Ivory Option. They have a bad reputation and there are loads of complaints against them. The good news is that all the complaints are about a year old, back before the broker made efforts to improve service, reliability and trustworthiness. Update 2017: The latest negative complaint arrived 2 hours before writing this review and unfortunately, it isn’t looking any better than before.
Why Doesn’t IvoryOption Suck in 50 Words
Their live chat was actually available even during a Sunday. Having access to live support is always appreciated. They answered my questions rather quickly and didn’t try to talk me into depositing or asking for my phone number. Update 2017: No live chat when we tried on a Saturday but it’s okay because they have mentioned their working hours under “contact us” and it’s clear they don’t work on weekends.
Should I Open an Account with IvoryOption?
They have had some trouble with reputation but over the past year they have made great strides to improve their operation. They are using an older interface but the trading is still good. They support short term, long term, pairs, One Touch, Ladders and SpotFollow (copy trading) with a large asset list and SpotOption comprehensive array of expiry.
Moving on to the website itself. Education materials have been greatly improved in terms of, videos and articles but that really doesn’t matter. You go to a broker to trade, you go to an educational website like ThatSucks.com (former BinaryOptionsThatSuck.com) to learn how to trade. Regardless, the Super Trader TV is a library of videos on every topic of interest to a new trader and includes recordings of webinars and live daily updates on the market.
Update 2017: IvoryOption is under new management and overall there were less complaints. Although, notice that we mentioned they have lost around 70% of their traffic too, so it makes sense that with loss of clients there is fewer complaints. Reading their terms and conditions, the awful bonus terms locking your deposits is still there and the firm is not regulated.
I mentioned in the beginning that the latest complaint came in just a couple hours before writing this review. I found it on ripoffreport.com and it’s about a client being unable to withdraw his funds due to a bonus lock he was not told about by his account manager. Regulated and trusted brokers do not use such methods and with the new development from CySec, bonuses are banned and withdrawals need to be processed within 24 hours. So why risk trading with a broker that locks your money in a sneaky way?
IvoryOption Regulatory Announcements and Warnings
23.03.2017: FSMA in Belgium warns against Arya Group Ltd and IvoryOption for operating unlawfully within Belgium. Source: FSMA.be
13.12.2016: CySec publishes a list of unauthorized domains and websites which includes IvoryOption.com. Source: CySec.gov
15.11.2016: Canada’s MSC warns against Ayra Group Ltd and IvoryOption for being unauthorized to offer financial services in the region. Source: Mbsecurities.ca
Ivory Option Ratings
User Friendliness 18/20
The SpotOption platform itself is user friendly and live chat is readily available (during bank days only), with what appears to be real people. They have also enhanced their education services with Super Trader TV, a series of videos that explain the platform, the tool, and the basics of strategy, analysis, risk management and other topics of interest to new traders.
No. of Assets and Expiry time 18/20
Assets and expiry are top notch, this is SpotOption after all. They have dozens of forex pairs, all the major stock indices, the most commonly traded commodities and expiry for most that ranges out to 6 months.
Commissions, Support and Effective Return 14/20
For currency pairs, the highest return is 83% which is quite fair in relation to other brokers. Support was online during a weekend which is a plus and they responded to my questions without being pushy. There are no commissions.
Deposit, Payment and Bonus 14/20
The minimum deposit has been lowered from $500 to $250 for a first time deposit. Minimum withdrawal is only $100 for credit card but $500 for wires, something very important to be aware of when opening an account. Bonuses are matching to your deposit according to the live chat but on the website it says 25 up to 50%. Nevertheless, to clear the bonus you need to reach a volume of (bonus amount + deposit) times 25 which is on the high side of the industry. They also have a 200% bonus for any deposits made over the weekend.
Website Extra’s 9/20
There are a few things good enough to count as an extra, but these can also be found on most SpotOption brokers. One is SpotFollow, a copy trading service which allows you to follow others traders using IvoryOptions. Another is the Strategy Advisor tool which gives buy/sell indications based on Bollinger Bands ™ , moving averages or RSI.
Ivory Option Overall Rating: 73/100