Sycamore Options
broker is closed
  • Sycamore Options

  • Regulated:  No
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Broker Name: Sycamore Options
Platform: SpotOption
Founded: 2013
Bonus: 100
Return/Refund: 65-75%/0-10%
No. Of Assets: 83
Regulated:   No
Demo Account: No
Minimum Deposit: 200
US Traders:   Accepted

Sycamore Options Review

by Martin Kay

Warning – This Broker is No Longer Available.


Editor’s Note – Why does Sycamore Options Suck in 50 Words?

Sycamore options sucks for more reasons than any other binary options platform I have reviewed to date. First, it is nothing more than another white label. If it looks familiar that is because it is a near identical clone of TraderXP. Second, this broker has a withdrawal policy that sucks. It will take at least 40 days to receive your first withdrawal or any withdrawal following a deposit. Finally, this broker sucks because it is not regulated and has gotten not one, but two, warnings from CySEC.


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Why Sycamore Options doesn’t Suck?

This broker might not suck if you are an American trader. They allow U.S. citizens to trade, but only only stocks, no forex or commodity based binary options. The bonus policy is also pretty straight forward and clearly states that you can withdraw the bonus once conditions are met.



Sycamore Options Full Review – SycamoreOptions…A Spitting Image of Other Brokers

It is amazing to me how many white label binary options brokers are popping up. Do they think we are blind? The instant I surfed over to the Sycamore Options website I knew I had seen it before. It was so familiar to me I had to check my files to make sure I had not reviewed this broker before. . . turns out I have done one on TraderXP, imagine that. Sycamore Option is located in Bucharest, Romania and is not regulated by CySEC. In fact, CySEC has issued two separate warnings against this broker on the ground that is indeed unregulated. Throughout the website the platform is referred to in a way that a newbie might think it was proprietary, I assure you it is not. Sycamore is one of about a hundred other Spot Option white lables.


The platform itself is OK and easy to use. It has a layout exactly like all the other SpotOption brokers including options, assets and expiries. Based on this Sycamore should be a good broker, the thing to remember is that the foundation provided by Spot Option doesn’t meant the brokerage built on it is any good.  Options available are UP/DOWN, OptionBuilder, One Touch and 60 Second. The asset index is full but not quite as full as other Spot Option brands or the other top platforms. There are about 30 stocks listed on the asset index along with 15 currencies, 7 commodities and 25 international indexes. The index list is one of this broker’s redeeming features. There are indexes from every major world economy ranging from the U.S. markets to Europe, Asia, the Middle East, Russia and South America. Expiry is also good; it is a Spot Option after all. There are expiries for intraday, end of day, end of tomorrow, end of the week, end of next week, end of the month and out for 6 months on most assets.


Of course depositing is easy, they want your money. You can use a variety of international credit cards or wire transfers. There are bonuses available upon request that come with a relatively low trade minimum. Withdrawals are where it gets a little tricky. Not only will you have to achieve the bonus trade minimum you will also have to wait at least 40 days after your last deposit before receiving any withdrawal. There are no free withdrawals, each will cost at least $35 and there is a monthly limit of $5,000 which is pretty sucky in my opinion.



Is Sycamore Options A Scam?

I don’t know if they are a scam but they are definitely not the best choice of broker for traders. The withdrawal procedures and limitations are not ideal, you can get the same great platform with another broker and not have to deal with such a lengthy withdrawal time.


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Sycamore Options Complaints

There is not much in the way of the objective third party reviews on the web. Hopefully this post will help those who have used Sycamore to make the decision to share their experiences. What I did find was a lot of SEO marketing affiliate websites and even a few get rich quick signal service providers. Not really a good sing in my opinion.


Sycamore Options Withdrawals

The withdrawal procedures may make it impossible to make a withdrawal. Since the terms say you have to wait 30 days after the last deposit before making a withdrawal if you deposit frequently you may have to wait. After that each request is processed and paid in about 19 business days. Each withdrawal will cost $35 plus any fees charged by your bank or credit card. Withdrawals are also affected by the bonus and trading minimum. One plus is that bonuses must be requested so there is no fear of getting tangled in one unwittingly. If you do take a bonus you will have to meet the minimum, 20X, before making one. Withdrawals can be made to credit card or by wire transfers. Credit card withdrawals will be limited to the original amount.


Sycamore Options Bonus

This broker offers a bonus. Unlike some you need to request it but that is a good thing. The amount will vary depending on your account size and individual package. There is also the chance of getting an additional bonus for signing up your friends and fellow traders. The trade minimum is on the smaller side, only 20 times the deposit plus bonus, and does not have a time limit (may vary from bonus to bonus). Once accepted you cannot make any withdrawal request before clearing the minimum. Any attempt to do so will negate the bonus and all profits leaving you with your original deposit minus any losses.



Sycamore Options Rating

User Friendliness 15/20

This broker is pretty easy to use and would have received a higher score if it were not such an obvious white label. Not only that it is not getting the support of CySEC which is another red flag; how user friendly can a bad broker be? Getting past my issues with Sycamore it is a Spot Option platform so it really is a user friendly platform. If you are lucky, the FAQ section will actually work for you. The site is available in 11 languages.


Number of Assets and Expiry 16/20

Again, I would score them higher but as a blatant copy of TraderXP, and one that at least advertises less assets, I cannot score it any higher. To do so would be to elevate it to the level of an actually good broker and this one is sucks more than not. The Asset list is OK, it has most of the currency pairs, nearly all of the global indexes and a smattering of stocks and commodities. Total of 83 Assets: 33 stocks, 15 currency pairs, 7 commodities and 28 indices


Commissions, Support and Returns 15/20

Live chat sucks and the operator I spoke to was more of a salesman than anything else. There is no mention of coaching or account managers on the website but you do get one. It takes a deposit more than $5,000 to get any real attention. Again, there are much better brokers out there. In-The-Money which rises only up to 75%. Out-Of-Money refund is average 0-5%.


Deposit, Bonus, Payments 10/20

Depositing money is never a problem with any broker. This one accepts the usual credit card and wire transfers. Bonuses are available but must be requested which is one thing I like. The trade minimum is low at 20X times account plus bonus and must be cleared to get a withdrawal. Once the minimum is clear traders will also have to wait 30 days from the last deposit plus 10 business days in order to receive any funds. Any attempt to withdraw before meeting the bonus will negate bonus and all profits, leaving you with your original deposit minus any losses.


Website Extra’s 6/20

This broker has a real peach of an extra. I have seen this before but it is not the standard for brokers, yet. Sycamore has a dormant account procedure that will cost you $50 (or euros or pounds) each month that you don’t trade. If you don’t trade for a year you will forfeit the account. I know it may seem unlikely you won’t trade for a whole year but you never know. Imagine if you built up your account to $60,000. It would take you 12 months to withdraw it because of the $5,000 monthly limit and would cost you $85 dollars each month (withdrawal fee plus dormant account fee).

Sycamore Options Overall Ratings = 62/100

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