You can see a lot of negative reviews of a binary options broker BeeOptions on the Internet. All these reviews talk about the broker’s poor support service, problems with withdrawals or cancelation of gains. We decided to check if the broker BeeOptions is actually a good broker or a scam.
The broker’s site says that the binary options broker BeeOptions was registered in 2013 by the British company UKTVM Ltd. However, the broker doesn’t have any licenses that regulate its activity.
The license is the most important thing you should pay attention to when determining if binary options brokers are legitimate or scams. The broker isn’t licensed by CySEC and doesn’t work in accordance with the regulatory rules of MiFID European Union. The absence of licenses is a disadvantage for BeeOptions broker. BeeOptions isn’t responsible to the supervisory authorities. Traders can only rely on the broker’s good manners.
Most traders on BeeOptions talk about the trading conditions broker. They say that BeeOptions offers small bonus payments and low prices, which leads to a low return on investment. Withdrawals are a problem because it is difficult to contact customer support. If the broker agrees to the withdrawal, the process usually takes three to four weeks.
You can find trading conditions on BeeOptions’ site:
- The minimum deposit: $250
- The minimum bid: $25
- The minimum bid for options 60 seconds: $5
- Assets: 136
- Demo account: Yes (after claim to support)
- Welcome bonus: Up to 100%
- Trading signals: No
As we can see, the broker offers the usual conditions. It has a user-friendly trading platform. In terms of trading conditions and trading process, the broker BeeOptions is safe.
However, traders say there are problems with the withdrawal of funds.
Withdrawals are always delayed and confidential information is always at risk. The broker considers the withdrawal claims too long. There are cases when the broker cancels the gains. Traders couldn’t even regain their money. The support service doesn’t react sufficiently.
The binary options broker BeeOptions has enough financial problems. From a technical point of view, the broker offers the usual conditions and the standard trading platform. However, BeeOptions has problems that are worth paying attention to:
1. The absence of a response from the support service
2. Long processing time for withdrawing money
3. Not regulated
4. A lot of negative reviews on the Internet
On the basis of all the facts, BeeOptions is not safe. We don’t recommend BeeOptions until it fixes these problems.