WMOption Review – Another Scam Binary Option Trading Platform Forced To Close

WMOption facilitated its clients with 6 commodities, 22 indices, 15 pairs (including Bitcoin) and 72 stocks. The number of assets depended on the Options type. The broker was based on the TraderSoft trading platform that is known for the provision of all standard time frames…

WMoption Broker Website Screenshot

In addition, WMOption offered Touch/ No Touch, High/Low, and Quick Options (from 30-sec to 10-min). The broker got off the mark in an impressive way. Our readers are fairly interested in knowing more about this broker so here we are.

WMOption scam complaints didn’t show up but something forced it to face the decline. In this review, we’ll have a look at the beginning of the broker, the company overview, legal status, and complaints to determine if it was a legitimate platform or not.

WMOption Review Summary

Cost: $250+

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

Rating: 0/100

Summary: WMOption was initially a popular binary options broker & many people traded via the platform, however later came withdrawal problems & that coupled with regulatory action led to them eventually shutting down their operations & disappearing. Sadly though it also seems they disappeared with a lot of peoples money, so if you have already lost money to WMOption keep on reading to see how you can get it back.

Quick Navigation

If you’ve came here looking for some specific information about WMOption then you’ll be glad to know that we’ve put together some quick navigation links below to make things easier for you. You can use them to jump straight to the specific contain that you’re looking to find.

 

WMOption Background

Orion Service EOOD (39 Aleko Konstantinov Street, Sofia, Bulgaria) owned and operated WMOption. However, the website mentioned a UK based address as well…

Horton House, Exchange Flags, Merseyside Liverpool.

Unfortunately, the broker is closed so there is a question of trading via this platform. The website is also down. For a brief period of time, wmoption.com redirected its visitors to PrimeCFDs that is also owned and operated by Orion Service EOOD.

WMOption attracted its clients mainly for the fact that it offered TraderSoft, a reliable, user-friendly, and popular platform. Traders nowadays want a simple yet sophisticated platform with all major features and technical details. Traders are increasingly becoming more sensitive to the technical details, such as graphics, layout, indicators, graphs, candles, and even the minor features.

Small Line Charts make life difficult for traders. WMOption was popular for the provision of candlestick charts. You could select the option from the top-right corner on the website).

In addition, the broker offered Strategy Advisor. It also offered Social Trading and Forex Trading. Most of the traders loved the provision of a tool for making binary options prediction by automatically analyzing the trends and indicators. Bollinger Bands, Moving Averages, and Relative Strength Index had been the main indicators that helped the traders to make the right move. The problem is that these indicators are often confusing for the beginners, but the Strategy Advisor makes life easier. With this tool, there remains no need to worry about the manual understanding of the indicators.

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WMOption did well to attract the traders because the platform served with a helping hand when it came to making a decision in a tricky situation. WMOption was originally based on SpotOption but it shifted to TraderSoft in February 2017. It was a brave move because SpotOption is one of the most appreciated trading platforms and most of the online brokers feature this software. TraderSoft had never been as popular as SpotOption, but to be honest, TraderSoft is perhaps the simplest platform for the beginners.

Another good feature of WMOption was the education material. It was designed the way a course is designed for the school kids. The education material contained pictures, graphics, explanation, and tutorials. In addition, the Academy section served with the videos featuring webinars.

Once you open an account make the deposit, you access the education material that charged nothing at all. But it was all simple, you didn’t expect anything for the experienced brokers. It was all dedicated to the newbies.

Is WMOption Regulated?

WMOption was NOT regulated. The platform was good, the beginners liked it the most, but the legal status was doubtful. The broker never managed to acquire a license and ultimately it had to pull the curtains. It is the usual case with most of the unregulated brokers. They don’t find it easy to get along after being detected by a regulator’s radar. Same was the case with WMOption. The company never bothered about acquiring a license. The lack of any transparent and legitimate status forced the broker to call quits.

WMOption Complaints

WMOption suffered from mild complaints. Most of the complaints suggested that the support team wasn’t efficient enough. Some complaints suggested that the platform was too simple to do anything good for the experienced brokers. Even the lack of in-depth education material became a drawback.

The contact page had never been transparent. The addresses changed a couple of times. The change triggered doubt’s in the clients’ mind. The traffic dropped significantly during the second half of the year 2017 and it never recovered. It faced the same fate that most of the unregulated broker faced one after the other.

WMOption Withdrawal

WMOption required from 3 working days to 5 working days to process the withdrawal request. It entertained Wire Transfer, Credit Cards, and Neteller as the withdrawal method. The website never mentioned any restriction about the minimum withdrawal. The broker claimed that the withdrawal was free and the website didn’t clarify if wire transfer was also free or not.

Is WMOption a Scam?

We are not confident about calling WMOption a scam. The nature of complaints isn’t serious. We didn’t find a public warning from any regulatory authority against WMOption or Orion Service EOOD. But we do know that none of these entities acquired a license. This is what discourages us to recommend a broker with no transparent legal status.

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Our Verdict on WMOption

Thumbs Down

It was a good broker for the beginners but it didn’t manage to comply with the regulatory authorities. Like all other unregulated brokers, WMOption also tried to hold on for as long as possible but it eventually had to bite the dust. It is disappointing to see so many brokers closing their doors but at the same time, it is good to see the regulatory authorities taking necessary steps against unregulated brokers.

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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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