Prestige Option Review – Good or bad broker

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PrestigeOption.com Review

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Consumer Reviews

Service use: Live

Length of use: over 1 Year

Please people stay away from Prestige Options. This is a BIG SCAM! I deposited 4000 EUR with them and i lost it all because of the their poor execution of trades on their platform. The Account managers are extremely rude and unprofessional, they told me that the reason why the trades were not placed was because of high volatility that they were experiencing and that this is a law as per CySEC regulation. I asked them for proof of that regulation and they couldn’t even provide it, i went to the CySEC website and there was no such law. I called them back and they basically made a mockery of me and later said that this high volatility issue was an unwritten law and asked me not to call them again unless i want to deposit more money.

I’m in the process of opening a case with the regulator – CySEC. I’ll need all the help to bring this dodgy broker to light.

a Complete Guide for Binary Options Trading

Prestige Option is a relatively new binary options broker on the scene, owned by Leadtrade Ltd, a company registered in Cyprus. As always, the first step when assessing a binary options broker is determining whether or not it is regulated, with the most common regulator for binary options broker being the Cyprus Securities and Exchange Commission (“CySEC”).

In Prestige Option’s case, it is regulated by way of Leadtrade Ltd which is a registered Cyprus Investment Firm (“CIF”) with license number 296/16. If you look on PrestigeOption’s website, you will note that they mention that Leadtrade Ltd is also registered with other financial regulators such as the Financial Conduct Authority (“FCA”) in the UK, Consob in Italy, the AFM in the Netherlands, BAFIN in Germany, and the AMF in France. You should be aware that being registered is not the same as being regulated, in the case of Leadtrade Ltd only CySEC regulates it, but it is registered with the aforementioned entities. Registered means that it is ‘EEA authorized’ meaning that is registered in a different country but is authorized to provide certain services in the registered country and has met minimum standards agreed upon across European Economic Area countries. As an example, you can view Leadtrade’s FCA registration information here.

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Since we recommend trading with regulated brokers, Prestige Option gets a pass on that mark, and the fact that they are also registered with many other financial regulators is an additional bonus. As such, this broker passes our quality test and we can definitely recommend it as a good option for binary options traders. Find out more in our full review below.

Basic information:

Online since: 2020
Software: TradeSmarter
Max Returns: 88%
Minimum Deposit: $250
Bonus: 100%
Minimum Investment: $10
Maximum Investment: none
Currencies: EUR, USD
Mobile: Yes
Countries: All Countries

– licensed by CySEC
– many deposit and withdrawal options
– various account features

Binary Minery Rating:

Prestige Option Account Features

Prestige Option offers six different account tiers, each with their own minimum deposit amounts and bonuses, which we have summarized below.

  • Bronze – EUR500 minimum deposit. 25% bonus and economic information.
  • Silver – EUR5,000 minimum deposit. 50% bonus, economic information, 2 training sessions, weekly market review, and basic training videos.
  • Gold – EUR10,000 minimum deposit. 75% bonus, economic information, 3 training sessions, twice weekly market review, and advanced training videos.
  • Titanium – EUR25,000 minimum deposit. 90% bonus, economic information, 5 training sessions, 4 times weekly market review, 1% dividend amount, and advanced training videos.
  • VIP – EUR50,000 minimum deposit. 100% bonus, economic information, unlimited training sessions, daily market review, 2% dividend amount, and special concierge services.
  • Platinum – EUR100,000 minimum deposit. Invitation only.

One thing we would like to highlight is PrestigeOption’s bonus policy, which we rate as ‘above average’ compared to the industry. You see, most binary option brokers’ bonus policy works like this: after an account gets credited with a bonus, then in order for a trader to withdraw any money from the account (including the original deposit amount), the trader would first have to fulfill a minimum trading volume, usually set at 20 to 60x of the total funds amount. In our view, this withholding of the original deposit amount, while a common practice, is unscrupulous and is one of the reasons that the binary options broking industry has such a shady reputation in the first place.

How does Prestige Option’s bonus policy differ? The main difference is that Prestige Option merely restricts the withdrawal of the bonus until a minimum trading volume is met; the trader is at all times free to withdraw their initial deposit as per usual. We also like that PrestigeOption clearly states in their terms and conditions that if a trader has mistakenly accepted a bonus, he or she can return the bonus within five working days (as long as no more than five trades have been placed) without being bound by the bonus conditions. This is a definite plus point as a common complaint in the industry is that unscrupulous brokers often add bonuses to traders’ accounts without permission. Be very wary of brokers which state terms like ‘all bonus insertions are final’ as it is likely to be used as a justification to withhold your funds since their bonus cannot be returned and you cannot withdraw your funds (including your initial deposit) without first satisfying their minimum trading volume requirement.

However, we note that in the terms and conditions that PrestigeOptions state that the minimum trading volume is $10,000 per dollar of bonus awarded, which seems excessively high. While this is likely a typo, all traders should be aware of the bonus conditions prior to acceptance. Fortunately, in the case of Prestige Option, any mistaken acceptance can easily be rectified.

Prestige Option Trading software

Prestige Option uses the TradeSmarter trading platform, which while a relatively less common choice, is still perfectly adequate for binary options trading. The standard platform itself only offers the traditional high/low option and 60 sec options; however, they also have a StrategiX feature, which is basically range options including touch and no touch options. The platform also has a ‘Risk-O-Meter’ which allows traders to set their desired risk level as well as the popular ‘Social’ option which allows you to automatically replicate other people’s trades.

The asset index offered is quite limited compared to its competitors, having only 41 different stocks, 26 different currency pairs, 6 different commodities, and 15 different indices. Overall we note that while the TradeSmarter trading platform is highly user-friendly, it certainly lacks the features of its competitors such as a wider variety of binary options (e.g. ladder options), advanced charting capabilities (e.g. candlestick charts) and a much less extensive asset index. In our view, it is probably more suitable for the beginner level trader as experienced traders may find the lack of features insufficient for their trading needs.

Screenshot

Prestige Option Support information

PrestigeOption offers the standard support information methods: phone support, email, live chat, and web form. Their customer support hours are Monday to Friday between 9AM to 8PM European Eastern time, excluding stock exchange holidays.

Prestige Option Banking and Company Information

PrestigeOption accepts credit cards (Visa, MasterCard), e-wallets (Skrill, Moneybookers), wire transfer, as well as local payment options such as CashU, Deal, WebMoney, Qiwi, and Bancontact. Their list of accepted banking methods is quite extensive and we rate it as above average compared to the industry.

PrestigeOption’s minimum deposit amount is EUR250 which is standard for the industry, however, what we like is that when it comes to withdrawals, not only do they not have a minimum withdrawal amount but all withdrawals are free with the exception of wire transfers. This is a definite positive and we rate PrestigeOption as ‘above average’ in this area. Their withdrawal time of up to 48 hours for processing and a further maximum of 5 business days after to receive funds is also ahead of the industry, some of which may take up to 14 business days or more.

Additional information

Customer Service: Live Chat, Web Form, Phone Support, Email
Languages: English, French, German
Trading Options: High / Low, One Touch, Boundary, Short Term
Assets: Currencies, Stocks Indices, Commodities
Expiry Times: 30s, 60s, 2m, 5m, End of Day
Deposits and Withdrawals: Visa, MasterCard, Skrill, CashU, Deal, WebMoney, Qiwi, Bancontact, wire transfer
Withdrawal Time: Up to 7 business days
Demo account: No

References/Further Reading:

  1. The Challenge to Financial Regulators Posed by Social Security Privatization (Roberta Carmel)
  2. Changing incentives facing financial-services regulators (Edward J. Kane)
  3. The Revolving Door for Financial Regulators (Margaret Forster)
  4. Liability of financial regulators: Defensive conduct or careful supervision? (Robert J Dijkstra)
  5. Bankers and Regulators (Philip Bond , Vincent Glode)
  6. Economic Analysis by Federal Financial Regulators (Hester Pierce)
  7. Financial consolidation: Dangers and opportunities (Frederic S. Mishkin)
  8. Rules and Regulators (Julia Black)
  9. Should Financial Regulators Be Independent? (Marc Quintyn, Michael Taylor)
  10. The Determinants of Success in the New Financial Services Environment: Now That Firms Can Do Everything, What Should They Do and Why Should Regulators Care? (Anthony M. Santomero, David L. Eckles)
  11. Regulators’ Response to the Current Crisis and the Upcoming Reregulation of Financial Markets: One Reluctant Regulator’s View (Luca Enriques)
  12. Using deferred compensation to strengthen the ethics of financial regulation (Edward J. Kane)
  13. The Independence of Domestic Financial Regulators: An Underestimated Structural Issue in International Financial Governance (Regis Bismuth)
  14. Markets: The Credit Rating Agencies (White, Lawrence J.)
  15. Incentives for Banking Megamergers: What Motives Might Regulators Infer from Event-Study Evidence? (Edward J. Kane)
  16. Rules and Double Standards: Trade, Globalisation, and the Fight (Kevin Watkins, Penny Fowler)
  17. Standards, trade and competition in the emerging global information infrastructure environment (Paul A David, W Edward Steinmueller)
  18. Product standards, trade disputes, and protectionism (Daniel M. Sturm)
  19. Private Standards, Trade and Poverty: GlobalGAP and Horticultural Employment in Senegal (Liesbeth Colen, Miet Maertens, Johan Swinnen)
  20. Can Labor Standards Improve under Globalization? (Kimberly Ann Elliott, Richard B. Freeman)

Binary Minery review: Prestige Option : 4,5 stars

Prestige Option Scam Test 2020

Prestige Option Scam Test 2020

Although a relatively new broker, Prestige Option is highly respected and its brand is increasingly gaining popularity among binary options traders worldwide. However, when a broker is new, some traders tend to shy away from opening an account with them because they are afraid that it might be a scam. Fortunately, we are here to ensure you make the best choice possible when choosing your trading partner. That is why we have run a thorough Prestige Option Scam Test 2020 just to ensure you and your money are not exposed to any kind of danger. The results are here below.

Prestige Option Scam Test 2020 | Licensing and Regulation

The easiest way to expose your money to unwanted risk is by trading with an unregulated broker. That is why we begin this Prestige Option Scam Test 2020 by assessing the regulation and licensing of this broker. Prestige Option is a brand under the company named Lead Capital Markets Ltd. This CIF, or Cyprus investment firm is licensed and regulated by the CySEC, the foremost regulator of binary options in the world, under license number 227/14. It is also certified by European Union’s ESMA and MiFID. Our Prestige Option Scam Test 2020 also found that the broker has achieved licensing from regulatory agencies in other jurisdictions such as Italy’s CONSOB, Germany’s BaFin, UK’s FCA, France’s REGAFI and Netherlands’ AFM. Brokers that have achieved such a high level of regulation in binary options are hard to come by, and for that reason Prestige Option get a huge seal of approval from us for leading the way.

Prestige Option Scam Test 2020 | Trading Platform

The next step in our Prestige Option Scam Test 2020 is the trading platform. Most scam brokers manipulate their trading software to generate losing trades. This might involve displaying unreal or delayed price quotes, or influencing prices around strike prices or expiry times. This, however, is not the case with Prestige Option. The broker uses technologically advanced and totally reliable, transparent and trustworthy TradeSmarter software. Since Prestige Option is highly regulated, its platform is subject to random checks by the various regulatory bodies to ensure they always offer transparent prices to traders at all times. Additionally, the platform is packed with amazing functional features such as Auto Chartist, which generates plenty of technical signals for traders, as well as StrategiX, which enables traders to trade their favorite assets in a variety of profitable ways, but you can read more about that in our Prestige Option Review 2020. You can even test everything out for yourself by opening a Prestige Option Demo Account. All in all, we can safely say that Prestige Option’s platform is genuine, intuitive and above all, very safe.

Prestige Option Trading Platform

Prestige Option Scam Test 2020 | Deposit and Withdrawal

This Prestige Option Scam Test 2020 would be utterly incomplete without an assessment of the broker’s payment methods and system. In fact, deposit and withdrawal can make or break a brokerage firm in the binary options industry. A simple search online will reveal the many dissatisfied traders who have not been able to withdraw their funds. When it comes to banking, Prestige Option will exceed your expectations. To start with, this broker uses the latest 128 SSL encryption technology and manages all transactions via the industry best Level 1 PCI international payment service. This not only ensures safe and secure banking, but it also protects traders from identity theft.

Prestige Option Deposit Methods

Traders can safely make their deposits in either euros (EUR) or US dollars (USD), using a variety of convenient methods that include credit/ debit cards (MasterCard, Visa, Diners Club, Maestro and JBC), a variety of eWallets, such as Skrill, and secure bank wire. Prestige Option does not trouble you with any fees when you are making any deposit or withdrawal. To make a Prestige Option Withdrawal, you will need to provide the broker with proof of identification and proof of your address. All withdrawals are processed within 48 hours and after that, your funds will be available to you in no longer than 3-5 business days. By using the latest and secure technology, as well as offering safe and convenient payment methods, Prestige Option excels impressively in our scam test.

Prestige Option Scam Test 2020 | Customer Support

Customer support is one of the most important offerings of a broker and that is why it is assessed in this Prestige Option Scam Test 2020. Scam brokers will usually offer great support when new customers inquire about their services but as soon as a deposit is completed, support is dodgy and unreliable. This was not the case with Prestige Option as all our queries from registration and payments, to trading resources and platform navigation, were answered to our satisfaction by their warm, friendly, responsive and professional staff. In addition, they offer support in multiple languages and can be contacted around the clock via live chat, phone and email. Regarding customer support, they performed admirably in this Prestige Option Scam Test 2020 and there is nothing to raise any suspicions.

Prestige Option Scam Test 2020 | Feedback

There is no better way to wrap up this Prestige Option Scam Test 2020 than seeking the views of the broker’s clients. We assessed trader feedback from all types of account holders and we were very amazed. Apart from a few traders who lost their money due to their poor decision making and then try to blame the broker for their mistakes, there are no reliable comments that point to the conclusion that this broker is a scam. While the lack of any serious negative comments can be attributed to Prestige Option being a relatively new broker, it also largely proves that traders are happy with the brokerage services they are receiving.

Prestige Option Education Center

Prestige Option Scam Test 2020 | Conclusion

As our exhaustive Prestige Option Scam Test 2020 has shown, there is nothing to get leery about this broker. They are multi-regulated and use the latest technology to secure transactions on their site. They also use a superior trading platform that comes with numerous handy functionalities. In addition to offering honest and transparent methods of trading, they also provide outstanding customer support which explains why their traders only have good words for this company. Sign up with them and explore a whole new world of binary options trading.

Prestige Financial Markets

Broker Name: Prestige Financial Markets
Platform: TradeSmarter
Founded: 2020
Bonus: up to 100%
Return/Refund: 75-88% /0-10%
No. Of Assets: 74
Regulated: No
Demo Account: No
Minimum Deposit: 500
US Traders: Not Accepted

Prestige Financial Markets Review

Prestige.fm is an unregulated broker owned by Euro Wealth OÜ, Commercial registry code: 14183116, registered address: Harju maakond, Tallinn, Kesklinna linnaosa, Roosikrantsi tn 2-K006, 10119, The Republic of Estonia.

The brokerage is not regulated by a major governmental agency but the company is registered with the Private Investor Protection for Securities and Exchange (PIPSEC), which is an independent entity.

Is Prestige Financial Markets A Scam?

This brokerage has been around for a while and is still not regulated by a major financial watchdog. The company has changed names, addresses, and registries a few times which is not a good sign. The only sign of stability is that they have always been located in Estonia, so far as we know.

This broker may not be a scam but its users tell of woe, rip-offs, pushy managers and fraud that piled up over the years making this an unrecommended broker at best.

Editor’s Note: Why Doesn’t Prestige Financial Markets Suck in 50 Words

The Pro version of their Trade Smarter platform offers a big chart, with the possibility to switch time frames and to add a very limited number of technical indicators. This shouldn’t be something to get excited about and instead, it should be the norm but it’s still better than what other brokers are offering.

Why Does Prestige Financial Markets Suck In 50 Words

I simply cannot recommend a brokerage that is not regulated unless they have an incredibly good reputation online and this one has a craptastic reputation online. If you want to know why they suck read the 100’s of bad comments on our review page.

Should I Open An Account With Prestige Financial Markets?

The brokerage was launched in 2020 according to online sources, so they are quite new on the scene but I don’t see anything that sets them apart from the herd. The trading platform is Trade Smarter and is web-based, meaning there’s no download required. Overall it’s a good platform, not too complicated and not too simplistic. The best thing is the Pro version, which allows you to use limited technical analysis tools, but still more than other platforms (the Pro version is available for free on the website).

I am not very fond of their Account structure, basically because of the lowest account – Bronze – starts at 500 EUR, which is double the average of the industry and you won’t get any special perks. If you want Basic training videos you will have to open a Silver account, which has a minimum deposit if 5,000 EUR. So, 10 times more for Basic training videos? That’s quite steep if you ask me. If you want to be a VIP, you will have to deposit 50,000 EUR, but the perks are not worth it, in my opinion: you will get daily market reviews and advance training videos (among other things that are not even worth mentioning). Market reviews and training videos are available for FREE on many websites, so if you’re thinking to deposit 50K just to get them, think twice.

Overall this brokerage is not terribly bad from what I can see, but some of the things they offer are overhyped and not worth your coins. The platform is OK, but the Accounts are too high and the brokerage is not regulated. Also, there’s no feedback from real users online, so at this time I cannot recommend opening an account with them.

Prestige Financial Markets Complaints

As I’ve mentioned before, these guys get complaints by the bucketload. The list of issues is long and distinguished, a veritable playbook of financial marketing scams.

Prestige Financial Markets Bonus

According to their Bonus Policy, the “company reserves the right to target the bonus program at its discretion: geographically and regarding target audiences”, meaning that the bonus received can differ from trader to trader. The turnover and other potential strings attached are not specified so make sure you ask for more info before accepting a bonus.

Prestige Financial Markets Withdrawal

Withdrawals take 72 hours to process an additional 3 to 5 business days for the money to reach your account. On the website, they show the logos for Skrill and Neteller but they don’t offer enough information about this type of withdrawal. There are no fees for credit card withdrawals and bank wires may be charged a fee but they don’t explain when the fee is charged and when it is not.

Prestige Financial Markets Extras

Big charts if you use the Pro version of the platform and analysis from Trading Central (however, you will have to be logged in if you want to use the latter). This is nothing to write home about but it’s better than nothing.

Bitcoin Trading At Prestige Financial Markets

Bitcoin trading is available with nine listed pairs. The problem is that the pairs are all cross-crypto pairings so a bit harder to trade than simple USD or EUR/BTC trades.

Prestige Financial Markets Ratings

User Friendliness 14/20

The website is pretty clean and well organized but is only available in 2 languages (English and German). Demo accounts and mobile platforms are not available but the platform is easy to use.

Number Of Assets And Expiry Times 14/20
Prestige.fm offers 27 currency pairs (including Bitcoin/USD), 34 stocks, 4 commodities, 8 indices and one pair (Amazon vs Alibaba). This is not the largest asset basket I’ve seen but not the slimmest either and I like the addition of BTC/USD. The expiry times start with the super-fast 30 seconds (also, 60 sec, 2 min, 5 min), end of day, end of month and even end of year, with enough increments in between.

Commissions, Support And Effective Return 10/20
There are no commissions for opening an account but some fees may be paid in case you choose to withdraw via wire transfer. Also, according to section 8.5 of their T&C, the amount of the commission and other costs may be changed by the Company without preliminary notice to the client.

Live chat support was incredibly unhelpful and slow to answer. When they did answer, my query was not solved. The effective return ranges in the 70% – 75% range (this is below average), with some assets going up to 80%.

Deposit, Payment And Bonus 10/20
The minimum deposit is 250 EUR but the lowest account starts at 500 EUR so I am not sure how that works. Maybe you have to deposit 500 EUR at first and the following deposits can be as low as 250 EUR? I don’t understand and I think they should clarify it. Both deposits and withdrawals can be made via credit cards, wire transfers and e-wallets (Skrill and Neteller). The bonus is not specified and neither is the turnover.

Website Extras 10/20
The Pro version of the Trade Smarter platform offers more features than the regular binary options platforms. Bitcoin trading is available.

Prestige Option Review

Rating: Prestige Option is a trusted binary options broker that has FCA and CYSEC regulations. Your money is safe with them.
  • Minimum Deposit: $250
  • Maximum Payout: 88%
  • Accepts US Traders: No
Promo: First Depositor Bonus » Sign up now

Prestige Option Broker Review

Prestige Option is a binary options broker that was started just this year. It is owned by Leadcapital Markets Pvt. Ltd., and is based out of Cyprus, a country famous for its extremely reliable brokerage firms in the trading world. It follows suit with a lot of other brokers, in that it doesn’t allow for traders to conduct business from the USA, but it supports almost every other country out there.

It is renowned already for its really awesome trading platform, its reliability and its fast payouts. For a new company, they have really taken off in style, and their website says this as well. Is this fledgling broker one that you should place your trust in? Here are the first and best impressions of the broker and its services.

Tons Of Perks And Features

There are many cool features that were noticed while reviewing this broker, such as the fact that there is a wide range of assets and tools available for all traders working with them. There is even a prediction tool to predict losses if they do occur.

There is really good customer support with live chat around the clock, and a completely free introduction course to the trading game. The customer support extends to emails and phone calls as well.

Traders can profit off both market rises and falls, using the high/low feature on the platform, and all of the assets are constantly available as well.

We all know the hassle of downloading third party tools and applications to help us trade. Well, this broker actually has everything on their site, meaning that there is no need for additional software to be downloaded unless you actually want to.

There are 5 account types available, and like the name are very prestigious indeed.

  • Bronze – For deposits of $250 or more. There is a 25% bonus, along with access to over 100 assets for trading, and access to live economic calendars and market updates.
  • Silver – For traders who deposit over $2500, it includes a 50% bonus, 2 free training sessions for beginners, a weekly market review, and access to videos for further training.
  • Gold – This is the most popular option with deposits of $10,000 or more. It has a 75% bonus, access to 3 free training sessions, and a twice-weekly review of the market too.
  • VIP – For investors with over $50,000 in the deposit. This has a 100% bonus, access to unlimited training, daily market reviews and allows for you to take an advance withdrawal as well.

Last is the Platinum account, which is invite only and is reserved for the 1% of people who can deposit over $100,000. To get a platinum account, you have to talk to your personal account manager when you have an account with Prestige Option.

Is It A Reliable Broker?

This is the question that a lot of traders ask. Yes it is. This broker is licensed by the famous CySec licensing body, with the license number 227/14. It is also registered and licensed in a number of other countries in Europe.

Is The Software Good To Use?

They use the software and trading platform known as Trade Smarter. The options offered include Range, One Touch, No Touch, High/Low, and Ladder. The features are easy to access and the different tools are available readily at a moment’s notice.

The website is responsive, meaning that you won’t even need a mobile app to browse through the broker platform and trade with ease. You can switch languages as well, between English, German and French.

Trades start at a minimum of $5, and the smallest trade lasts for 60seconds. The maximum size of a trade is $5,000 per trade. The smallest initial deposit that you can make is $250 for the bronze account. Trading signals are also possible, using the Trade Chartist feature.

Payouts Are Fast and Efficient

You can fund your account using credit cards, bank transfers, local payments, and global pay options. Withdrawals are fast as long as you provide them with a valid form of ID such as a photograph, further increasing the level of security of the broker.

Thinking about the right broker to invest with is tough. With Prestige Option, it becomes a lot easier. As long as you aren’t from the US, this fully licensed broker is secure and easy enough to convert any trader at all!

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    1st Place! Best Binary Broker 2020!
    Best Choice for Beginners — Free Education + Free Demo Acc!
    Sign-up and Get Big Bonus:

  • Binomo
    Binomo

    2nd place! Good choice!

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