Is Expert Option a Scam?

Is ExpertOption a Scam?

Addressing ExpertOption Scam Accusations 

In many ways brokerages like ExpertOption can become a victim of their own success very easily. Despite the fact that positive reviews far outnumber the negative, in addition to the excellent ratings on both Google Play and the App Store, there will always be those who claim this type of business or company are a scam. Such accusations are of course serious, meriting further investigation. 

The suggestion that a company could be a scam or fraudulent is certainly alarming, taking large sums of money from customers, and not honouring commitments to payout profits is simply embezzlement. 

So could ExpertOption be such a company? We’ll outline our findings in the following analysis.

Regulation

First, let’s check the regulatory aspects. The company has obtained the following:

• A Vanuatu Financial Services Commission (VFSC) license No.15014

What does this tell us about the legitimacy of the company? This documentation is proof that the company is compliant with the requirements of international law, and has undergone annual financial inspections, filing regular operational reports. VFSC licensing is certification that ExpertOption is in compliance with FATF standards and regulations. Vanuatu was likely the choice of registration due to the simplicity of the taxation system. Registrations made in this jurisdiction relieve clients of unfair tax burdens, the VFSC can be relied upon in the event of a dispute. 

What is often claimed

Having analysed a whole myriad of reviews here are some of the most common complaints we came across:

• Verification is too difficult
• Withdrawal takes too long
• Account was blocked
• Profits are declining

Let’s take a closer look at the verification process.

Firstly, the verification process is a key for any broker in abiding by the policies of financial regulators. It is a necessary obligation which must be carried out in order to comply with Anti Money Laundering (AML), and Know Your Customer (KYC) procedures which are in place to combat financial crime. The process at ExpertOption is one of the easiest and fastest, and must be completed in order to withdraw funds.

Some methods of deposit are far simpler to verify than others, for example:

1 — If you were to deposit by Cryptocurrency (Bitcoin, Ethereum) or e-wallet (Skrill, WebMoney, Neteller, ePayments) It will only be necessary for you to provide a photo of your official government issued Passport / ID card or even driving license. 

2 — Deposits made by credit or debit card require a couple of additional steps, including; colour photos of your ID document, the card used for deposit and a utility bill as proof of address.

Such documents are readily available to most people over the age of 18, however any queries should be directed to the customer support team, who we found to be most helpful in assisting us. The process itself is accomplished through the profile section of your ExpertOption account, having correctly filled out your personal information (address, name and D.O.B) and ensuring a deposit was made, the documents tab will become visible.