Read this in-depth RaceOption review, we will analyze broker’s operations, identify scam signs/red flags, and highlight why traders should avoid this broker at all costs.
When choosing a broker for online trading, traders seek a platform that offers transparency, security, and fair trading conditions. However, not all brokers operate with integrity. One such dubious platform is RaceOption, which has been flagged by numerous traders as a potential scam.
What Is RaceOption?
Race Option presents itself as a global trading platform offering Forex and CFD trading with high-speed order execution and attractive bonuses. It claims to provide a seamless trading experience, but upon closer inspection, there are multiple issues that raise concerns about its legitimacy.
Lack of Regulation and Licensing
One of the biggest red flags with RaceOption is the absence of proper regulation. Unlike reputable brokers that operate under the supervision of regulatory bodies such as the FCA, CySEC, or ASIC, Race Option does not provide any verifiable licensing details. This means that traders have no legal protection if they fall victim to fraudulent practices.
Suspicious Ownership and Background
There is little to no information about RO parent company or headquarters. As we found out during our RaceOption review, they are not transparent about ownership, which is a common trait among scam brokers as it allows them to operate without any accountability. Many traders have reported difficulties in obtaining any corporate details or support contact information beyond generic email addresses.
Trading Conditions and Deceptive Promotions
RaceOption lures traders with enticing promotions, such as large deposit bonuses and risk-free trades. However, these bonuses come with hidden terms that make withdrawals nearly impossible.
High Deposit Requirements and Unfair Bonus Conditions
- Traders must meet extremely high trading volume requirements before they can withdraw bonus-related profits.
- Many traders have reported that after meeting the conditions, their accounts were suddenly locked or their withdrawal requests were denied.
Manipulative Trading Environment
- Reports of manipulated price movements have surfaced, where traders experience sudden and unexplained price spikes leading to forced losses.
- Execution delays cause traders to miss out on favorable trading opportunities, which is a tactic often employed by fraudulent brokers.
Customer Complaints and Withdrawal Issues
During our RaceOption review, we found out that the most significant complaints about this trading platform come from traders who struggle to withdraw their funds. While deposits are processed instantly, withdrawals are often delayed for weeks or even months. In some cases, traders never receive their money at all.
Common Withdrawal Issues Reported by Traders
- Unjustified Withdrawal Delays: Requests remain pending indefinitely without a valid reason.
- Account Freezing: Accounts are suddenly suspended after withdrawal requests.
- Unresponsive Customer Support: Traders receive automated responses and never get a resolution to their issues.
Fake Positive Reviews about Race Option and Paid Promotions
Another deceptive tactic used by RaceOption is the creation of fake positive reviews. Many review sites feature overly positive testimonials that appear fabricated. Additionally, RaceOption collaborates with affiliate marketers who promote the broker in exchange for commissions, leading to biased and misleading information online.
Conclusion: RaceOption is a Scam
As a result of the review, RaceOption exhibits all the characteristics of a scam broker – lack of regulation, withdrawal difficulties, deceptive promotions, and manipulative trading conditions. Traders are strongly advised to stay away from this platform and opt for a regulated, trustworthy broker instead. If you have fallen victim to RO, consider reporting the broker to financial authorities and warning others to prevent further losses.
Do not trust RO with your investments. The numerous bad reviews from RaceOption traders, shady practices, and lack of regulatory oversight confirm that this broker cannot be trusted (nor is its “clone” FinRally). In addition, this company has about 6 identical platforms, and most of them are on the red lists of some regulators. Always do thorough research before choosing a trading platform to protect your funds and trading experience.
If you are looking for a more reliable Fixed Time Trades broker to trade with, we suggest you consider Quotex, IQ Option and Olymp Trade.
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