Attention! Currently BeeOptions is not active, Please check our Recommended Binary Options Brokers
As reported on numerous binary options forums, BeeOptions, which is part of the Greymountain Management group, have been shut down after many binary options traders have been reporting they are a scam binary options broker.
BeeOptions General Information
Headquarters: BeeOptions are owned by UKTVM Ltd., located at 37a Chippenham Mews, London, W9 2AN
USA Traders: No
Available Assets: 130
Min. Deposit: $150
Min. Trade Size: $25
Max trade Size: $2,000
Additional Features: Option Builder, Large amount of assets to choose from.
Platform Provider: Spotoption
Languages: English, French, Arabic
BeeOptions Broker Review
BeeOptions was established in 2011 and seemed to be a very promising binary options broker at their very early days. They were using spotoption technology. Their trading platform, was like most binary brokers offer, a web-based one. When they were still live, there were many complaints regarding their withdrawal system, and many traders simply could not take their fund back out, so it is no surprise that are no longer active.
Who got scammed with Beeoptions?
BeeOptions were operating in 3 main regions, with no licence of course United States, France and a few arab countries. They were also having clients from UK, Australia, Poland, Germany and Italy.
Were there any warning signs for Beeoptions being a Scam broker?
We must say that they were many signs that indicated that beeoptions are scam. On many different binary options forums, there were many traders that have been warning others to stay away, including real evidence regarding many issues they have been experiencing while trading with Beeoptions. Most common complain we have found was regarding beeoptions withdrawal policy, which makes it impossible for traders to take their money back out.
Another common, issue which we have found on many binary options forums was the fact they are being dishonest with assets rates, meaning that traders were getting one rate before executing a trade, but a different rate once the trade was open. So it seems like the given rates were occasionally manipulated.
Were they regulated ?
No! Another red flag was the fact Beeoptions were never regulated and as we always keep mentioning how important it is to trade only with binary options brokers which are regulated. To be fair, we must say that back in 2011, when beeoptions was established, binary options was still not regulated, but they did not bother being regulated, even when it became mandatory.
How can you avoid binary scam brokers?
When trying to figure out if cases like the one of Beeoption could have been forecasted, well it’s not easy but there are some things you should be paying attention to if you are currently trading binary options.
First thing you should verify with the broker you are having business with is as mentioned, do not come anywhere near an unregulated binary brokers.
Another thing which is a must do check in our book, is when start trading with a broker, soon as you have a small profit, try to withdraw it out, why you are asking, well we have found many complains from beeoptions traders, who tried to take their profits out but simply couldn’t.
Another thing we can learn from the Beeoptions case, is regarding offered bonuses and risk free trades. Beeoptions used to offer very high bonuses such as 200% and more, as well as up to $5,000 risk free trades. The main reason is because that way, they simply locked trades in, not allowing them to make any withdrawals before completing the trading requirements.
For conclusion, trading binary options involves enough risk when trading, don’t add more risk to it by trading with unlicensed brokers especially if there are many traders who already complained.