According to their website, this binary options broker was founded in 2013. This is one of the few white label providers which allow people from the United States to trade with them, although U.S. citizens can only trade in stocks, not in asset or Forex-based binary options. A simple Google search will show a number of websites complaining that SycamoreOptions goes through unethical business practices, and this review is designed to verify these allegations.
SycamoreOptions Trading Platform
This binary options broker utilizes the SpotOption platform which is known for its ease of operation and navigation. Investors will be able to trade binaries in methods such as 60 Seconds, One Touch, Option Builder and Up/Down. This trading platform gives them access to the marketplace and over 70 types of assets. SycamoreOptions also has risk management tools such as sell now, double up and roll forward to help traders have customized trades and an enhanced trading experience during sessions. All of these transactions are encrypted with 128-bit SLL for greater security.
How is SycamoreOptions a scam?
Our first red flag was raised when we learned that this white label provider is not regulated by CySEC. In fact, CySEC itself issued a warning against signing up with SycamoreOptions.
The second red flag was raised because of all the negative press that this company was getting. Most of the complaints we have received talk about withdrawal request cancellations without giving the clients any valid reasons for doing so. Other complaints talked about the sales representatives who were arrogant and pushy, forcing clients to deposit by using aggressive sale pitches. Even their customer service team was not spared, as some clients claimed that could not get in touch with anyone if they needed help, and customer inquires about depositing money were instantly addressed while withdrawal concerns were addressed after a few days to a week. This is unacceptable.
The third red flag was raised because of what was written in their terms and conditions.
In conclusion, clients should avoid doing business with SycamoreOptions. There are better binary options providers out there that are worth the investment.