Prestige Option Scam Test 2020

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Scams / Frauds

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Broker Name: PrestigeOption
Platform: TradeSmarter
Founded: 2020
Bonus: 100%
Return/Refund: 75-85%/ 0-10%
No. Of Assets: 55
Regulated: CySEC
Demo Account: No
Minimum Deposit: 500
US Traders: Not Accepted

PrestigeOption Review

PrestigeOption is a brand of Leadtrade Ltd., which is a Cyprus Investment Firm (CIF), regulated by the Cyprus Securities and Exchange Commission (CySEC) under licence number 296/16. Their office address is Treppides Tower, 5th Floor, 9 Kafkasou Street, 2112 Nicosia, Cyprus and the company is also registered with the British FCA, the Italian CONSOB and the German BAFIN among others. Leadtrade Ltd owns and operates other binary options brokerages such as TopOption and OptionsClick.

Is PrestigeOption A Scam?

This brokerage is very new (launched earlier this year) so it’s too early to tell. The owning company is regulated by CySEC and registered with several other authorities across Europe so at least for now, things look good for them and we have no scam suspicion. Keep in mind that “registered” does not equal “regulated” and getting a CySEC licence is not the hardest thing in the world, so even if we don’t suspect them of any wrongdoing at the moment, we recommend caution (as with all brokers).

Editor’s Note – Why PrestigeOption Doesn’t Suck In 50 Words?

Apart from the regular binary options platform (with small charts and limited features), they offer a Pro version. Once you click on it, the chart expands on your entire screen and things start looking a lot better (more on this later). This is definitely an improvement and is part of a new trend seen lately, where binary options brokers are starting to give more importance to the trading part of the business.

Why PrestigeOption Sucks In 50 Words?

They offer a Social feature, where you can follow other trades. This doesn’t suck in theory, but in practice, the trades on the Social Wall scroll too fast and there’s no option to quickly copy a trade, so you will have to memorize the asset and price used by the trader you want to follow and then manually open the same trade. More than that, there’s no information about what expiry the trader used and some of the information is outdated.

Should I Open An Account With PrestigeOption?

This new brokerage operates on the TradeSmarter platform and although SpotOption is the “weapon of choice” of more than 70% of binary brokers, I don’t think TradeSmarter is worse. All the regular features are present and on top of that, you can use the Pro version (no special account needed or other type of requirements). Once this version is activated, the platform expands on your entire screen and you can choose your chart type (line, candlesticks, etc.), you can change the timeframe of the chart and you can even add technical indicators such as MACD, SMA, RSI or Bollinger Bands. The good thing is that the entire platform remains simple and easy to use, so you won’t be overwhelmed by tons of stuff happening on your screen.

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Just like the platform, the website is well organized and kept clean but some weird stuff kept happening: whenever I tried to scroll down, the page kept jumping to the top. This wasn’t a problem on all pages, but most of them; anyway, after enough scrolling down, the pages eventually stayed there so looks like perseverance beats internet bugs. If this is a problem on my side, well, that’s not a big deal, but if it’s on their side and more people experience it, they need to fix it ASAP.

This brokerage seems to be focused towards the more “prestigious” clients because their lowest account is $500 and their highest (Platinum) requires you to deposit more than $100,000 (. ). Now I don’t know about you, but to me that sum is gigantic and if I would have it, I surely wouldn’t deposit it in a binary options brokerage, even if it’s regulated. To be honest, their offering as a whole is nothing out of the ordinary and I don’t really understand why the lowest account is 500 bucks when the average in the business is 200 bucks. As for the VIP account (over $50,000 deposit), the advantages you get are not worth it in my opinion: economic info, daily market review, trading videos (among other stuff).

The advanced features of the TradeSmarter platform are Ok, the website is nice, the trading conditions are normal but overall I don’t see them as a major player on the binary options scene. For now Prestige Option is just another new brokerage, a bit on the pricey side and without something spectacular to put them ahead of the pack.

PrestigeOption Complaints

The brokerage was just launched so there are no complaints so far. As always, we will keep monitoring and will update this review when more time passes or when complaints start to appear.

PrestigeOption Bonus

The Bonus starts at 25% (for the lowest account) and goes up to 100% for the VIP account ($50,000). The bonus for the Platinum account (more than $100,000) will be discussed with an account manager. The best thing is that Prestige Option’s bonus is Pending until the required turnover is reached (the client will see a progress bar on the platform and once it fills completely, it means the turnover has been reached and the bonus can be withdrawn). This is the best way to approach the Bonus problem because this way the clients’ money is always available for withdrawal.

The required turnover according to their Terms and Conditions is $10,000 (. ) for each $1 received as a bonus and you have to reach it in 90 days from the day you received the bonus. In other words, if you receive 100 bucks, you will have to trade 1 million bucks in 90 days if you want to withdraw that initial one hundred. Any withdrawal of a client’s own funds will cancel the bonus.

PrestigeOption Withdrawals

The processing time is 48 hours and additional 3 to 5 business days will pass until you will receive your funds. Personal IDs are required due to anti-money laundering policies. The withdrawal methods are the usual ones: credit card, wire transfers and certain e-wallets (WebMoney, Skrill, etc.)

PrestigeOption Extras

Regulation, an advanced trading platform, AutoChartist tool offered for free and a Pending Bonus structure. I would like to mention here the $10,000 for every $1 received as a bonus; it’s something that I haven’t seen before but it’s definitely not a good thing.

Prestige Options Ratings

User Friendly 16/20

The website is available in only 3 languages (English, French and German) but I guess that’s enough because they are widespread languages. The platform takes a bit longer to get used to compared with SpotOption but that’s only because it offers more features. U.S. clients are not accepted.

Number of assets and expiry times 15/20
The trading basket is composed of 26 currency pairs, 41 stocks, 6 commodities, 16 indices and 2 pairs (it’s not the most I’ve seen but it’s definitely enough). The expiry times start at 30 seconds (also 60 seconds, 2 and 5 minutes) as well as longer expiries such as end of day and even Long Term.

Commissions, Support and Effective return 16/20
There are no commissions for opening an account and Prestige Option doesn’t charge fees to withdraw (bank wires may incur a fee). Support was surprisingly helpful but gave me different information than their Terms and Conditions; the effective return goes up to 80%.

Deposit, Payment and Bonus 14/20
Min Deposit is $500 and can be made via credit cards, wire transfers and e-wallets (Skrill). Withdrawals are made via the same methods and take between 5 and 7 working days (including the processing time). The bonus works on a Pending model (it will only be released after the turnover is reached) but the trading volume is huge: $10,000 for each $1 received as a bonus. Also, this turnover must be reached in 90 days (which I believe is impossible).

Website Extras 15/20
Autochartist, candlestick charts, technical indicators and Regulation are positive extras. On the negative side we have the huge turnover required before you can withdraw the bonus.

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.

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.


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

Best Binary Options Brokers 2020:
  • Binarium

    Best Binary Options Broker 2020!
    Good Choice for Beginners!
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  • Binomo

    2nd in our ranking!

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