This brokerage is owned by Coylton Services LP, registered in Scotland, with a listed address at 1st Floor Office, 86 A Constitution Street, EH6 6RP, Edinburgh, UK. According to their website, Verum Option is certified by the Financial Market Relations Regulation Center (FMRRC). Verum Option is also a member of the Strategic Committee – National Association of Forex Dealers.
Is Verum Option A Scam?
The FMRRC is a non-commercial organization created for the purpose of regulating the quality of services provided by brokers and dealing centers. It is also stated on the FMRRC website that they are “an independent organization that advocates the policy of transparency for all participants of international foreign exchange”, so they are not a Governmental financial watchdog that regulates binary options but hey, I guess it’s better than nothing. However, I’ve found something interesting: when I clicked on the link provided by Verum Option, which was supposed to take me to their FMRRC Certificate, I was directed to the Certificate for VerumFX Ltd., a company from St. Vincent And The Grenadines, not Coylton Services LP (the company that owns Verum Option). I don’t like all this uncertainty and confusion. Are you certified or not?
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Editor’s Note – Why Doesn’t Verum Option Suck In 50 Words
Awards, Awards. They have lots of awards, including IAFT “Best Broker in CIS 2016”, “Best Binary Broker in CIS 2016” according to ForexExpo, and “The Best Binary Broker 2015” from ShowFX World. I am not very impressed by these but at least they show some information about who awarded them, not like other brokers who just show pics of awards, with no info whatsoever.
Why Verum Option Sucks In 50 Words
This brokerage is not regulated by a high-profile financial watchdog, they are only certified by a non-commercial organization and even that certificate shows another company name. Maybe VerumFX Ltd and Coylton Services LP are part of the same group but I don’t like the word “maybe” when it comes to my money. On top of that, Verum Option is a SpotOption brokerage and as you probably know, there are tons of SpotOption brokers with proper regulation.
Should I Open An Account With Verum Option?
According to some online sources, this brokerage was launched in 2015 but we couldn’t verify that so take it with a pinch of salt. As mentioned before, the platform of choice is SpotOption, which is a great platform but it puts them on the same level as 60 – 70% of brokers out there and that’s not an advantage for them because many of the other brokers are fully regulated. For me the choice would be simple enough: if in one hand I have a SpotOption broker without regulation and in the other hand I have a SpotOption broker with the same features but with proper regulation, I wouldn’t hesitate for a second and I would choose the regulated broker.
Education is something that Verum Option shrugs off as not important. They say that all you need is intuition and that even your pet can trade (!!!). In one of their videos, they actually show a cat pushing Call and Put on a tablet and then a guy picks it up, saying “Trading with Verum Option is so easy that even your pet will be able to do it”. Even more, on the main page they show a cartoon of a toddler trading on a mobile phone… and here I thought binary options and trading in general was risky and involved some skill. Foolish me.
Maybe the best thing about this brokerage is the low minimum deposit of only 50 USD and extremely low amount per trade: 1 USD. This means that even if you deposit and find out they are not as good as they say, you still won’t lose much, assuming you try them out with the minimum deposit and keep your trades small.
Verum Option Complaints
According to one internet user, Verum Option will not allow you to trade if you are winning consistently and if you try to withdraw, they will place losing trades on your account, blowing it. This was a singular complaint and we couldn’t verify its reliability.
Verum Option Bonus
Verum Option doesn’t offer a classic bonus but they provide 20% insurance of the deposit for “newcomers and loyal customers”. I am not sure what they consider a loyal customer and they don’t give a lot of info about the insurance so you will have to speak to one of their representatives for more details.
Verum Option Withdrawals
The lowest withdrawal is 10 USD, which is very good because you can be in control of your money. The methods for withdrawing are Visa, Mastercard, OK Pay, UPayCard, and Payeer. Requests are processed in 1-3 business days and 1-5 business days will pass until the money reaches your account.
Verum Option Extras
Cats and toddlers who trade binary options. That’s a legit extra, right? Other than that, you have all the normal features supported by the SpotOption platform but I cannot consider those extras because all SpotOption brokers have them. Come to think of it, the lowest trade of only 1 USD is very good and could be listed as an extra.
Verum Option Ratings
User Friendliness 13/20
The SpotOption platform is easy to use, with an intuitive interface and plenty of features. The website however is less user friendly and I feel it needs better organizing. Also, the available languages are only 4 (English, Russian, Arabic and Portuguese). US traders are not allowed.
Number Of Underlying Assets And Expiry Time 14/20
Their basket is composed of 30 currency pairs, 41 indices, 114 stocks and 17 commodities. As you see, they have a very wide choice and I am sure most traders will find what they are looking for. The expiries are the normal ones for SpotOption, ranging from a few seconds to 15 minutes, hourly, end of day and long term.
Commissions, Support And Effective Return 13/20
Verum Option doesn’t charge clients for opening an account or for opening and closing trades, support was fast to answer and polite but didn’t answer my question straight up. Effective return differs depending on the asset traded, the time of the day, volatility and market conditions.
Deposit, Payment And Bonus 16/20
The minimum deposit is 50 USD and the minimum withdrawal is just 10 USD. The methods for both are Credit Cards, OK Pay, UPayCard, and Payeer. Apparently there’s no way to deposit/withdraw using wire transfers or at least this method is not listed on their Banking page. Verum Option doesn’t offer a bonus but they will offer 20% insurance on deposit for newcomers and loyal customers.
Website Extras 13/20
The minimum trade is only 1 USD and I consider this the biggest extra. Other than that, they offer Pairs trading, Ladder options and the ability to copy other traders’ actions.
Verum Option Ratings: 69/100