Opteck – Scam or Legit Broker? Review Uncovers Withdrawal Problems And More

Opteck is known for its exceptionally well-targeted commentary on daily market updated. This is what most of the traders like to be served with but most of the brokers fail to satisfy their customer with consistent and reliable market reviews…

Opteck Broker Website Screenshot

Opteck made a promising start thanks to the professionalism of its representatives and administration. The broker attracted thousands of trader from various regions. Market Insights in addition to the Technical Analysis helped the broker to achieve higher rankings.

The provision of daily market reviews isn’t the decisive factor though. You need to consider various other factors, the legitimacy, legal status, Opteck scam alerts, company’s history, and the policies, before choosing or rejecting this platform.

Opteck Review Summary

Cost: $250+

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

Rating: 0/100

Summary: Opteck is registered with the CySEC which on the surface may make them seem legitimate, but so was Banc De Binary – one of the biggest binary options scams in history. Plus there has been many Opteck withdrawal complaints surfacing so we advise major caution against trading with Opteck. If you have already lost money to Opteck though then keep reading to see how you can get it back.

Quick Navigation

As always we have conducted a thorough investigation into this brokerage, Opteck & as a result this review may become quite lengthy – so to make things easier for you we’ve put together some quick navigation links below:

 

Opteck Background

CentralSpot Trading Ltd. owns Opteck. The company is based in Cyprus. The website mentioned the following address:

249, 28th October St. Lophitis Business Center 1, Office 102, Limassol, Cyprus.

The registered office is however situated at 2373 Agios Dometios, Nicosia, Cyprus.

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Is Opteck Regulated?

Opteck is regulated by CySEC, finally, the good news; thank God!

License: CySEC 238/14 (20-06-2014)

Registration No. 325259

Proper and timely regulation makes Opteck a reliable choice. The information about the company is available on the website and it matches the information available with other reliable sources. There is no confusion whatsoever. The addresses are genuine and are shared with the public without a hint of reluctance.

But there is something irritating as well. Just when we started to consider this broker as one of our top choices, our attention was brought to some serious warnings and an unfortunate incident of a CySEC fine charged in 2017.

  • The first warning was issued by AMF (France) but it was on 21-01-204. Opteck, however, got CySEC regulation five months later. The warning wasn’t serious. It was just an announcement that Opteck wasn’t authorized to operate in France.
  • On 13-02-2015, ASIC (Australia) issued a warning claiming that Opteck wasn’t authorized to operate in Australia.
  • FSMA (Belgium) issued a warning against Opteck on 02-07-2015, but the warning was actually against the previous Opteck owner, B.H.N.V.
  • It was on 8-12-2016 that MBS (Manitoba) added Opteck to its “Alerts&Cautions” list claiming that the broker wasn’t authorized to offer its services in its jurisdiction.
  • BCSC (British Columbia) issued a warning against Opteck on 08-04-2016 for propagating false claims of being based in Belize.
  • Consob (Italy) also blacklisted Opteck on 26-04-2016.

It is annoying to know that CySEC fined Opteck (15-12-2017) for not complying with terms of regulations about the operations and authorization. In addition, CySEC found that Opteck was involved in sharing and promoting false and misleading information through its website.

It is utterly disappointing to notice that even a SySEC regulated broker failed to satisfy is clients in the long run. The traffic to the website started declined after frequent warnings from regulatory authorities.

The good thing is that Opteck administration is now focusing on complying with the regulations. Anybody visiting the website from a region where the broker is not authorized to operate, the website carries a clear message that it doesn’t offer its services in the specific region.

Opteck Complaints

In addition to the above-mentioned warnings, Opteck also suffers from serious complaints. Most of these complaints have been addressed but it took too long. The number of complaints against Opteck is still on the rise.

We think that Opteck is losing its worth and credibility mainly due to it’s below average customer support. In addition, the fee structure is a source of worry as well. The complaints are reliable and authentic. Clients are really unhappy mainly because they expected exceptional service from a regulated broker.

Some of the complaints also scream about the wiping of client’s accounts. It is usual in the case of an unregulated broker but we have never seen such a complaint against a regulated broker.

Opteck Withdrawal

You can’t withdraw anything below $50. You need to first submit the required identification documents (one time) before the submission of a request for the first withdrawal.

The processing time depends on the bank (it ranges from 1 working day to 7 working days).

You can withdraw the funds via Credit Card (not more than the minimum deposit). You need to opt for a wire transfer in order to withdraw the amount generated from the profits.

Some changes were introduced to the withdrawal policy in Aug. 2016 according to which the processing time ranges from 3 working days to 5 working days (Wire Transfer) and 3.5% fee is charged.

If 3.5% fee falls short of $30, the broker will charge a flat rate i.e. $30. The maximum fee is set at $3,500, well this is one of the major reasons which force the clients to leave bad reviews.

In addition, the broker charges 20$ per month (maintenance charges). We now have a better idea why Opteck is losing its clients so rapidly.

Is Opteck a Scam?

Opteck scam complaints are unfair and unconvincing. Opteck is NOT a scam, however, the broker is finding difficult to retain its clients. Annoying fee structure and withdrawal policies are the major culprits so far.

The good thing is that Opteck is regulated by a reliable regulatory authority. The problem is that CySEC (Opteck regulator) doesn’t look happy with the broker’s performance. It seems as if Opteck administration tried its best to engage traders from different regions but the gamble didn’t pay off because warnings flooded in from different countries.

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The inability to comply with the regulator’s terms is way different from the intentional rejection of the legal requirements. We are convinced that Opteck is not going to drop the curtains. Bad decision making, poor and careless marketing strategy and the unwise drafting of fee structure are the things this broker needs to work on. If they fail to address these issues in a few months, another tragic end is on the cards.

Our Verdict on Opteck

Thumbs Down

Well Opteck is indeed registered with the SySEC which on the surface is a good sign, however this alone does not guarantee the broker’s legitimacy as one of the biggest binary options scams ever, Banc De Binary was also once registered with the SySEC.

The truth is that we actually do NOT recommend Opteck, and that is because whilst things seem to have gone “OK” to date, we are concerned that there has been a rise in Opteck withdrawal complaints, especially on TrustPilot and so we are concerned about the safety of traders money.

All too often we see binary options brokers perform well for some time but then out of nowhere begin blocking withdrawals or making traders balances “mysteriously” disappear from within their accounts.

So whilst on the surface Opteck looks like one of the “more” legitimate brokers, we can’t ignore the complaints – especially of such serious nature & therefore we will not be recommending them.

Get Your Money Back From Opteck

Have you found yourself scammed by Opteck? Sadly it would not surprise us based on the complaints that we have been coming across since initially publishing this review, however the good news is that you have landed in the right place.

The reason we say you have landed in the right place is because 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.

The guide is step-by-step & to date it has helped thousands of people to successfully recover their lost funds from binary options broker so it is safe to say that it is proven to work.

Therefore if you have lost money to Opteck brokers then we highly recommend you check it out. You can get access to it 100% free by clicking here now.

A Much Better Way To Make Money

As we mentioned above in this review we do not recommend trading with Opteck & to be honest we do not recommend binary options trading in general because it is far too risky, and there are much better ways to make money online.

Whilst carrying out our investigations here at Stopping Scammers we’ve come across MANY legitimate opportunities to safely make good money online – however there has been 1 opportunity in particular which has stood out from all of the rest.

As a result we have named this opportunity our number 1 recommendation for working from home & if you are interested in it then you can get access to it for free by clicking the link below:

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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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