Expert Option review, and everything you need to know about this aggressively marketed broker. You see, YouTube has always shown me ads about how this supposed software makes trading and winning easy. I don’t know if you’ve come across it, as well. If you haven’t, I am sure you will, and soon, especially if you always look for trading-related topics. Provided you are within the company’s targeted markets, you can expect it. By the way, I noticed that it excludes many countries, including almost all Western ones, raising eyebrows.
Without further ado, let’s get down to business and see what Expertoption is all about—whether it’s a legitimate product or a scam!
Expert Option Review Part 1: What Is Expert Option?
| Company | EOLabs LLC |
| Website | www.expertoption.com |
| Email Address | help@eo.support |
| Address | First St. Vincent Bank Ltd., Kingstown, SVG. |
| Products | Stocks, indices, metals, Commodities, ETF |
| Minimum Deposit | $10 |
| Minimum Trading Balance | $1 |
| Payment Methods | Visa, MasterCard, Skrill, Neteller, Binance Pay, JCB |
| Platforms | Mobile(Android,iOS, Windows, and MacOS) |
| Broker Fees and Commissions | 0% |
| Excluded Countries | USA, Singapore, Canada, Belarus, Japan, Iran, Iceland, Israel, Liechtenstein, UK, Switzerland, Russia, Ukraine, Singapore, North Korea, Australia, Puerto Rico, and Norway. |
| Regulation | Unregulated |
| Trading Types | Demo Trading and Real Trading |
Allegedly belonging to EOLabs LLC, Expert Option is supposedly a trading platform for stocks, indices, metals, commodities, and ETFs. The company, which has two domains(expertoption.finance and expertoption.com), claims that over 70 million individuals worldwide trust it. It further boasts of having won China Trading Expo Shenzhen’s Best Trading Platform Award in 2017.
Expert Option Review Part 2: Is Expert Option a Scam?
Yeah, it is, and here are the proofs:
1. Expert Option Doesn’t Adhere To Any Regulations
The first proof that this so-called trading platform is a scam is that it’s unregulated. In my experience, more often than not, a broker who operates without a license engages in fraudulent activities.
2. Registration and Address
The second proof that Expert Option is a scam is the entity’s address. According to the product website, the company is registered(company registration number:377 LLC 2020) in Kingstown, St. Vincent and the Grenadines, and precisely located on First Floor, St. Vincent Bank Ltd, James Street.
Have you ever realized that many scam brokers I have written about, including Zertom and Frostwin are registered in St. Vincent and the Grenadines? That’s no coincidence, but it’s another sign that Expert Option is fake.
This region is a haven for scammers because it’s relatively lax in terms of regulations for financial service providers. In other words, the rules are not as robust as in some other jurisdictions, giving scammers a leeway to thrive.
3. A Fraudulent Credit Card Policy
Apart from identification documentation, Expert Option requires customers to provide their financial details. These include credit or debit card details.
While it is not illegal to do so, this broker crosses the line by storing your crucial card authentication data( e.g, CVV, CVV2, PIN, or the full magnetic stripe data) on their database.
According to the law, a merchant may ask for this sensitive data only during a transaction. Afterwards, they are not supposed to retain it. Even though it’s illegal, Expert Option does the opposite.
4. Misleading YouTube Videos
The company has invested significantly in YouTube marketing. It promotes the software aggressively and has garnered thousands of views.
Strangely enough, the comment section on every video is turned off, leaving people with no way to provide feedback.
There are many reasons why a company may not allow people to comment.
One of them is to avoid being exposed. This may be true, especially if the entity is controversial, engaging in fraudulent activities. By disabling comments, the company prevents discussions that may expose it and ruin its business.
However, other videos that appear on the first page when you search the words “Expert Option” or “Expert Option review” belong to third parties. It appears that Expert Option also paid people to endorse it.
While these videos attempt to promote this company, portraying it as legit, the comments suggest otherwise. Many people in the comments section have reported that Expert Option is a scam, pointing out that the broker allows deposits quickly but declines withdrawal requests.
If that’s not a scam, I don’t know what to call it.
5. Trustpilot
Another proof that this broker is a scam can be found on Trustpilot.
I was amazed to see that ninety percent of the Expert Option reviews on the review platform are 5-star, whereas only eight percent are 1-star.
However, did you know that Trustpilot reviews cannot be entirely trusted? Read my Fxonic Broker review to discover why.
Here’s a short story:
Did you know that Yell UK (formerly Yellow Pages) is one of the companies with fake reviews on Trustpilot?
A blog post by Rich Man SEO Training, whose author obtained Yell Business’s internal memo, revealed how the company pays its staff to solicit positive reviews from customers. The post reported that the company offered to pay its employees £5 for every 4-star review and £10 for every 5-star review posted.
Here’s a screenshot of that secret memo titled “Trustpilot Review Incentive” as shared by the blog:
A screenshot, taken from the Richman SEO training blog, of the secret memo to Yell staff asking them to request 4 & 5-star reviews from customers.
Though Trustpilot warns against review manipulation, it shows a lack of willingness to punish companies responsible for that. The blog reported that despite this document finding its way to Trustpilot, the review site did not take action, pointing out that Yell’s TrustScore ratings were not changed thereafter.
6. A Negative Expert Option Review On Scamadviser
Unlike Trustpilot, Scamadviser reports that Expert Option has been identified as a scam, giving it a trust score of 1/100. It further points out that the platform has been reported to sell fake products.
7. A Fake Expert Option Award
The company further claims that it won the Best Trading Platform Award in China at the Trading Expo Shenzhen, between 6-7 May 2017.
I went to the chinaexhibition.com website to double-check if this was true. But I couldn’t find the award. The only awards that were won on these dates, as displayed on the site, were:
- The 2017 Yiwu Fair Spring – Imported Commodities Fair.
- The WOF 2017 – The 15th Wenzhou International Optics Fair 2017.
- CIBE 2017- Shanghai International Beauty Expo 2017.
- CHINA CYCLE 2017 – The 27th China International Bicycle & Motor Fair.
Expert Option Review and Final Verdict
Expert Option is a scam that many victims regret. Don’t be deceived by their YouTube adverts claiming that this software helps you make money easily trading.
Though the Financial Commission recognizes this broker, it doesn’t mean that they are real. After all, the FC is a non-governmental entity that serves as a dispute resolution organization rather than a regulatory authority with a prosecutorial mandate.
This means that even scam brokers can comfortably join it.
Interestingly, FC has attracted a number of negative reviews on Google Reviews, all suggesting that it does nothing to help victims of broker scams. Perhaps that’s why this broker is bold enough to register with it.
Avoid this broker at all costs. Thank you for taking the time to read my honest review of Expert Option.
Pursue Lost Funds
Have you fallen victim to Expert Option or another scam broker? Visit this page to report the scam and seek help.