EmpireOption Withdrawal – Is It a Scam? Our Review of EmpireOption Exposes It!

Which online brokerage has ever managed to change the conventional Binary Options trading? We are convinced that EmpireOption stands out when it comes to introducing some new features to change the orthodox way of Binary Options trading…

EmpireOption Website Screenshot

Though EmpireOption is also based on SpotOption like scores of other online brokerages but the branding has been exceptionally good, the banking practices have impressed the clients, and the platform has continuously made positive changes over the years to facilitate its clients.

EmpireOption scam warnings and complaints frequently occurred in the past and we are very much interested in evaluating this broker on the basis of the most reliable sources. This review will help you to see this platform from a different eye observing its activities from a different angle.

EmpireOption Review Summary

Cost: $250+

Recommended: No (See Our Top Ranked Legit Program Here)

Rating: 0/100

Summary: EmpireOption has been around for a while & is well known throughout the binary options industry (especially throughout the Spanish community) however this alone does not make it a good broker. In fact based on the fact that it doesn’t seem to hold a license & has received many complaints we do not actually recommend EmpireOption. We advise staying away – and if you have already lost money to them we recommend you continue reading this review to see what you can do to get it back.

Quick Navigation

If you already know about EmpireOption & you are just looking for some specific information on them then you can use the quick links we’ve put together below to easily navigate through our review:

 

EmpireOption Background

EmpireOption is no less than a veteran Binary Options online broker. It was launched by Riverjor SA in 2010. The company address is listed as 1294 Luis Bonavita, WTC, Montevideo, Uruguay.

Brighton Digital Services Ltd. undertakes the processing of the transactions & their address is listed as 11A, Arcade House, Temple Fortune, London, NW11 7TL, UK.

  • Email. surrport@empireoption.com
  • Phone. +54 11 5078 9783 (Argentina)
  • Phone. +52 722 477 9925 (Mexico)
  • Phone. +56 45 294 3753 (Chile)

In the beginning, EmpireOption accepted clients from the United States but recently it has changed its policy and does NOT entertain the U.S. citizens.

Since 2010, hundreds of online brokerages have been launched and a huge majority of them has already disappeared after suffering at the hands of the strict regulatory warnings and heavy fines. Only a few legitimate brokers have managed to survive and continue operating for so many years.

EmpireOption is one of those brokers but still, we are not 100% satisfied with the legal status of this platform. But we are happy to see that the website is still operational and is attracting visitors even today.

EmpireOption is not a White Label platform because it is not much dependent on SpotOption. This makes the platform much different than other SpotOption based brokers because those brokers have almost 50% control over their websites. EmpireOption is very much in control of its website.

The broker has its own cashier service and banking facilities. This is why we say that EmpireOption has changed the conventional Binary Option trading.

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Is EmpireOption Regulated?

We are fairly disappointed to realize that EmpireOption is still NOT regulated. In fact, some watchdogs have already issued public warnings against EmpireOption.

AMF (France) warned public against EmpireOption and blacklisted the broker on 2/9/2015.

CNMV (Spain) blacklisted the broker on 29/2/2016.

CySEC issued a public warning against various brokers and the list issued on 14/12/2016 also included EmpireOption.

EmpireOption Complaints

It’s almost a decade and still, EmpireOption lacks a license. This is highly disappointing. Everything so far looked fairly impressive. It is true that the company is actually using a network of different registered companies to represent EmpireOption but the registration alone doesn’t contribute to the transparency we are looking for.

The fees charged by the banking partner are fairly high. Traders are not happy with such charges.

No broker is free from complaints. It is important to realize the level of reliability of the complainers. For a broker operating online since 2010, the number of complaints is fairly low. The broker did a great job by introducing some positive changes from 2014 to 2016 but since 2016, the website suddenly turned into a shady entity. The clients began to complain about the withdrawal issues, poor support, and even the withdrawal failures. Some clients are still not happy with the non-professional approach of the support team.

Things kept worsening during 2017 and the number of complaints increased significantly. Bad signalling, non-transparent approach, and pushy salesmanship are the common topics of discussion about which the traders are not happy.

EmpireOption Withdrawal

The withdrawal policy of EmpireOption is different for different account types. With the account on the lowest tier, you can withdraw a minimum of 200 bucks and a maximum of 500 bucks and you have to make at least 20 trades before submitting the request to withdraw your funds. You only need 5 trades to qualify for the withdrawal of the funds if you are using the VIP account. There is no minimum or maximum withdrawal limit.

EmpireOption introduced some changes to its withdrawal policy in February 2017. Micro account holders had to pay $30 as the withdrawal fee. The withdrawal fee for the rest of the account types is as follows:

  • Classic – $25
  • Plus – $20
  • Preferential – $10
  • Empire VIP – No Fee

 

Is EmpireOption a Scam?

EmpireOption scam complaints are still not convincing. But we are worried about the withdrawal policy. The same bank is offering transaction processing services but the fee for the withdrawal is different for different account types. It looks as if the broker is more interested in making as much as possible rather than facilitating the traders.

The broker did well in the past but things have changed since 2016. The platform is more concerned with increasing fees and prioritizing high-tier account holders.

And it is still a disappointing fact that the platform is operating without a license. The lack of regulation means that you can’t do anything if the management decides to drop the curtains.

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Our Verdict on EmpireOption

Thumbs DownWe loved EmpireOption until 2016. Maybe, the management has changed and the new management isn’t much worried about the reputation of the platform. It looks as if this platform is shifting from a facilitating to the money-making entity. The focus has shifted from the client to profit. This is perhaps the only thing that has forced the clients to come up with complaints against the support team and the withdrawal policy. In short, we DO NOT recommend EmpireOption. It may be a completely different thing if EmpireOption gets regulated.

EmpireOption Scam Victim? Get Back Lost Money

As we mentioned throughout this EmpireOption review, this brokerage has never seemed to hold a license & it has also received several warnings from regulatory bodies/watchdogs so we are concerned that people may have been scammed by this brokerage.

If you feel that you have been scammed by EmpireOption then there is certainly some light at the end of the tunnel here as we have put together a free money reclaim guide which shows you exactly how you can get your money back from a binary options scam.

To date the guide has helped thousands of people to get their money back & therefore we know that if you have also been scammed that the guide should prove useful to you as well.

If you want to access the guide you can do so right now by clicking here.

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About the Author:
Hi, I'm Dale, the founder of Stopping Scammers. I fell victim to an online scam many years ago & I launched this website, as a result, to protect others from making the same mistake. I now earn a living working online after discovering a legitimate method called affiliate marketing & I aim to share what I've learned to help others to do the same. You can report a scam here or you can see the legitimate methods for earning online here. I truly hope you find this website helpful.

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