Editor’s Note – Why does Vault Options Suck in 50 Words?
“We focus on who really counts. You.” This quote is used by so many brokers that it makes me sick. The slogan itself is not that bad but what is really disturbing is the lack of interest shown by the Binary Options service providers who use it. It’s disrespectful to not take the time to find a new slogan and instead just use the same lame template. Come on, couldn’t somebody find a better catchphrase? Because this one is starting to sound more and more like a cheesy pick-up line… one used by girls who practice the oldest job in the world:” Wanna have some fun baby? It’s only 50 bucks and… I’ll focus on who really counts…”
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Why doesn’t Vault Options Suck?
Good question. At the moment I can’t really find something that stands out and makes me give a “thumbs up”. The minimum deposit is just 100 bucks which is less than the industry’s average so this may be considered a positive thing. Almost all other main features of their website are common and already seen before.
Vault Options Full Review – How Secure is My Vault?
Right from the start, this broker looks and feels just like many others and the only difference seems to be the color of the website and the name. Ok, but let’s keep an open mind because if they really are professionals, the website design has less importance. After all, we are not trading and choosing brokers based on design alone. Vault Options is based on the Spot Option platform which we know to be both easy to use for newbies and complex enough to keep more experienced traders satisfied. All the usual features like 60 seconds trading, Option Builder and Live News Feed are present. Also, on the left side of the platform I noticed the “Trader’s Choice” bar which offers some hints about how many traders favor Puts and how many favor Calls on a certain asset. However, this bar is almost useless because all the brokers who display it fail to offer us important information regarding the source of the data. We don’t know how frequent the information is updated and how many traders are included in the calculation. This is some basic info that should be given and until it is shown, I consider that Trader’s Choice bar is there just for design purposes, not a real tool.
Vault Options weak spot (among many others) is the Education material which lacks almost completely. They do show the new trader how to open a position and they tell that Binary Options are available to trade since 2008 and are also called Digital or All-or-Nothing Options. That about sums up the education they provide… Not good and certainly, not enough. They don’t have any daily or weekly market analysis and overall it feels as if they were in a hurry to put the site up, without worrying about making it useful or complete. And speaking of incomplete, the website is offered in three languages: English, French and Japanese, but only the English version is [almost] fully functional. When you switch to one of the other two languages, just some sections change and most of the website stays in English. It’s disappointing to see such lack of interest from a company that wants you to give them your money. To translate the website in just three languages is not too user friendly, but if two out of three don’t work, that says something about the broker… and what it says is not so appealing.
Overall, this broker doesn’t bring anything new, uses the same rehashed slogans and expressions but doesn’t make up for this by being professional or educative. It is probably best to keep your money in the “vault” of another broker or maybe in your own vault.
Is Vault Options a Scam?
There is a negative buzz around the internet regarding this broker, but clear evidence of a scam is not available. However, they lack transparency and all they provide in the “Contact us” tab is three telephone numbers but no address. This is suspicious to say the least and I am always very careful when dealing with an unregulated broker who does not give me their address. At the bottom of their page, an address is listed, but they never say it’s their headquarters or any other office address. It may as well be a mail or phone forwarding office, an empty building or their real address. On further investigation we found out that 777Binary and GTOptions have the same address listed at the bottom of their pages. Are all three the same company? Are they different companies sharing a building? Too many questions and too many suspicions… Remember, your money is your money until you give it away. So be careful who you are giving your money to.
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The internet and especially our Forum are full of complaints about difficulties to withdraw from Vault Options (one user claims he still did not receive $5000 of his own money although he requested it), unprofessional behavior coming from Vault Options representatives and even… verbal threats. Wow, now that’s a first: being threatened when I want my money back… I am rarely left without words but I guess this is one of those occasions. Where is this going to stop? I’ve heard about people being scammed out of their money, but never threatened. Of course, there is always the possibility the complaining customer is actually lying but I honestly don’t believe that. Notice I wrote “possibility” not “probability”.
On top of all that, our Forum and others are full of obviously false claims of people who try to convince everybody how profitable and reliable Vault Options is. Of course, I cannot be 100% sure those are false claims, but when you see so many scammers as I did, you kinda start to tell who is telling the truth and who just joins a forum to advertise for a broker.
Vault Options Bonus
They offer a $100 bonus through EverestForex.com but in order to withdraw funds (if you accepted this bonus) you will have to execute a minimum trading volume of $10K. Note that your own money will also be tied to the platform until this huge volume is achieved, not only the bonus money. The turnover required for their normal bonus is 30 times the bonus amount. Until this requirement is not met, the trader cannot withdraw any funds. The bonus varies and can go as high as 100% according to the advertisement on their home page.
Vault Options Withdrawal
Withdrawals are available via credit card but are limited to the amount you deposited. The rest can be withdrawn via wire transfer and will incur a $25 fee. Vault Options usually process a withdrawal request in about 3 days but an additional 5 to 7 days may pass until the money is available in your account. Minimum withdrawal is $100 which is reasonable.
Vault Options Extra
Usually this section contains something that really impressed us and is not a common feature of most brokers. Well, I must say that we are definitely impressed with the fact that Vault Options threaten their clients… it is also not a common feature of Binary options service providers and it’s the first time when I heard something like this. Like I already mentioned, it’s possible the “threat” thing is a lie and Vault Option representatives never threatened anyone, but at the moment I would be Extra careful if dealing with them.
User Friendly 10/20
The website is offered in three languages, but only English works as it should. Broken links and missing content are also a problem so they get 10 points just because they use the Spot Option platform which is known to be user friendly and reliable.
Number of assets and expiry times 13/20
Their asset index is composed of 33 stocks, 11 currency pairs, 7 commodities and 28 indices. This is a decent trading basket but far from the “200 markets” they advertise on their home page. The expiry times range from 60 seconds to end of day and the trader also has the possibility to trade during the weekend (One Touch options) and to customize the expiries using the Option Builder.
Commissions, Support and Effective return 7/20
There are no fees to deposit money or to open an account but the client will have to pay a $25 fee for wire transfer withdrawals. I did not manage to contact their Live Support operatives and all I got was an option to send them a message whenever I clicked the Live Chat Button. Effective return ranges between 65% and 75% and the refund can go up to 10%. However, different sections of the website contain different information about these values. For example, the home page advertises 89% returns, “About us” section informs about 5% to 10% refund for OTM trades so they really do a great job at confusing the trader.
Deposit, Payment and Bonus 15/20
Minimum deposit is $100 and it can be made via Credit Card, wire transfer and CashU. Payments can be requested via Credit Card but are limited to the initial amount invested through that card and any profits must be withdrawn via wire transfer. The Bonus goes up to 100% of your deposit and there is also the possibility to receive a bonus of $100 through EverestForex.
Website Extras 6/20
I wanted a zero rating for this category is generated by an alleged threat made to a client and his family when he wanted his money back. It will be changed if Vault Options representatives can provide irrefutable proof that invalidates this threat. However I’ll add a few points for the SpotOption Platform
Vault Options Overall Ratings: 51/100
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Description: Full review of the Binary Options service provider Vault Options, with pros and cons and possible scam suspicions based on testimonies of former clients and forum users.