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Re:

PlusOption Review: Scam or Legit Broker?

PlusOption should be avoided. The platform lacks the transparency expected of a properly verifiable UK broker and presents the risks associated with offshore binary-options services and withdrawal scams.
From TheFinanceBase Team7 min to read
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PlusOption should not be treated as a legitimate broker. The brand is associated with the high-risk binary-options market, a sector that has generated large numbers of offshore and clone-firm scams. There is no convincing basis for trusting PlusOption with money, identity documents or remote access to a device.

That conclusion is not the same as saying every failed trade proves fraud. Binary options can lose money extremely quickly even on a genuine platform. The more important issue is whether PlusOption can be independently verified as an authorised firm, whether it has a clear legal entity and address, and whether customers can withdraw money without pressure to pay more.

What is PlusOption?

PlusOption was presented online as a platform for trading binary options and other speculative products. Binary options typically offer a yes-or-no outcome: a trader predicts whether an asset will be above or below a specified price at a set expiry time. If the prediction is correct, the trader receives a fixed return; if it is wrong, most or all of the stake is lost.

This is not the same as buying shares through a conventional investment platform. The trader usually does not own the underlying asset, and the short expiry periods make losses particularly difficult to manage. A platform can also appear professional while offering little meaningful protection if it is based offshore or operating without proper authorisation.

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Is PlusOption regulated?

A broker handling UK customers should be checked against the FCA Financial Services Register. The search must identify the exact legal entity operating the account, not merely a similar company name, an FCA number copied into a website footer or a logo.

PlusOption does not have the profile of a currently established, transparent UK-regulated investment firm. Prospective customers should be especially cautious if the website:

  • does not name a verifiable legal company;
  • provides no matching entry on the FCA Register;
  • uses an offshore address without explaining the regulator and applicable protections;
  • claims to be “licensed” without naming the licence, regulator and permitted activities; or
  • uses several different company names, domains or payment recipients.

Registration in a foreign jurisdiction is not automatically proof of fraud, but it is not equivalent to FCA authorisation. It may also mean that UK compensation and complaints routes do not apply.

Why PlusOption raises scam concerns

The main risk is not simply that binary options are volatile. The business model associated with many questionable platforms includes aggressive acquisition of deposits followed by obstacles when customers try to withdraw.

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Common warning signs include:

Warning sign Why it matters
Unsolicited calls, emails or social-media messages Reputable firms do not normally need to pressure strangers into making immediate deposits.
Guaranteed profits or “risk-free” signals Every binary-options trade carries a substantial risk of loss. Guaranteed returns are a classic fraud indicator.
A small deposit followed by persistent calls Scammers may use an initial payment to identify people willing to send more.
Pressure to install AnyDesk, TeamViewer or similar software Remote-access tools can expose banking sessions, passwords and personal files.
Withdrawal fees, taxes or verification deposits Fraudulent platforms often demand another payment before releasing a supposedly available balance.
Cryptocurrency-only payments Crypto transfers are difficult to reverse and provide weaker recovery options than card payments.
“Account managers” demanding secrecy or urgency Isolation and time pressure are designed to prevent independent checks.

Could PlusOption be a clone or impersonation scam?

Yes. A website can copy the name, branding or regulatory details of a genuine business. A similar-looking domain is not evidence that the firm is connected to a regulated company.

Check the details independently:

  1. Type the regulator’s website into your browser rather than following a link supplied by the platform.
  2. Search the FCA Register for the exact company name, website domain and telephone number.
  3. Compare the firm’s permissions with the service it is offering. A firm authorised for one activity is not necessarily authorised to offer binary options or investments.
  4. Call a number taken from the regulator’s register or the genuine firm’s official website, not from an email or sales call.
  5. Check the warning list published by the FCA and the regulator in the jurisdiction claimed by the platform.

A matching name alone is not enough. Clone firms commonly copy a real company’s address, registration number and employee names while substituting their own bank account, email address and website.

Can you withdraw money from PlusOption?

Withdrawal problems are a major practical test, but they should not lead you to pay more money. A genuine broker may carry out identity checks, but it should explain the process clearly and should not require an arbitrary “release fee”, “tax”, “insurance payment” or “account upgrade” before allowing a withdrawal.

If PlusOption says your balance is frozen until you deposit more, stop communicating through the salesperson and preserve the evidence. Do not take out a loan, pay a supposed recovery agent or send cryptocurrency to unlock the account. A visible balance on a trading dashboard is not proof that the money exists in a bank account or can be withdrawn.

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What protection would a UK customer have?

If a firm is not authorised for the service it provides, normal UK protections may not be available. In particular, customers should not assume that they have:

  • Financial Services Compensation Scheme protection;
  • access to the Financial Ombudsman Service;
  • the protections applying to a regulated investment firm’s client money; or
  • a straightforward legal route against an offshore operator.

FSCS protection is also not insurance against trading losses. Even with an authorised firm, it would not normally reimburse a customer simply because a trade went wrong. The first question is therefore whether the specific legal entity and activity are authorised, not whether the website displays an FSCS logo.

What to do if you paid PlusOption

  1. Stop sending money. Do not pay a withdrawal charge or accept a new “recovery” proposal.
  2. Contact your bank or card provider immediately. Explain that you believe you have been defrauded and ask what chargeback, card dispute, transfer-recall or account-protection options are available.
  3. Secure your accounts. Change passwords from a clean device, starting with email and banking. Enable two-factor authentication and revoke unknown sessions.
  4. Remove remote-access software. Uninstall tools you were asked to use and run a security scan. If the caller had control of your device, consider professional technical help.
  5. Report the incident. UK victims can report fraud to Action Fraud. Report the firm to the FCA if it targeted UK residents.
  6. Save evidence. Keep screenshots, wallet addresses, emails, phone numbers, transaction records, contracts and the full website address.

Be wary of anyone who contacts you afterwards claiming they can recover the money for an upfront fee. Recovery scams often target people whose details have already been shared with other fraudsters.

Is binary-options trading itself a good idea?

For most retail investors, no. The fixed-payout structure can create a negative expected return once the platform’s pricing and payout are taken into account. Short expiry periods encourage frequent trading, while the platform may be the counterparty or control the terms under which trades are executed.

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That does not mean every loss is evidence of manipulated prices. It does mean a trader can lose money quickly without owning an investment or receiving the long-term economic benefit of an asset. A regulated stockbroker offering shares, funds or exchange-traded funds is a fundamentally different service.

Final verdict: is PlusOption a scam or legit?

Our verdict is avoid PlusOption. It does not meet the standard of transparency expected from a broker that should be trusted with customer funds. The lack of a clearly verifiable UK-regulated entity, combined with the risks associated with binary-options platforms and common withdrawal-scam tactics, makes it unsuitable for UK investors.

Do not deposit money merely because a representative shows a profitable demo account, provides an apparent licence number or promises help with withdrawals. Verify the firm independently before sending funds. If you have already paid, prioritise your bank, device security and an official fraud report rather than sending another payment.

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FAQ

Is PlusOption FCA regulated?

There is no reliable basis for treating PlusOption as an FCA-authorised UK broker. Check the exact legal entity, domain and permissions on the FCA Financial Services Register before making any payment.

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Can I get my money back from PlusOption?

Possibly, depending on how you paid and how quickly you act, but recovery is not guaranteed. Contact your bank or card provider immediately, report the fraud and do not pay an additional withdrawal or recovery fee.

Does PlusOption offer real investments?

The platform was associated with binary-options-style speculation rather than ordinary ownership of shares or funds. A displayed account balance or successful demo trade does not prove that customer money is held safely or that trades are genuine.

What if PlusOption asks me to pay tax before withdrawing?

Do not pay. A demand for an upfront tax, insurance, verification or release payment is a common withdrawal-scam warning sign. Obtain independent advice from your bank or the relevant authorities.

How can I check whether an online broker is genuine?

Search the regulator’s official register yourself, confirm the exact legal entity and permissions, check the website and telephone number against the register, and avoid unsolicited offers. Never rely only on a logo, certificate or licence number supplied by the broker.

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The Bottom Line

Bottom line: PlusOption is not a broker we would recommend. Treat it as potentially fraudulent or, at minimum, inadequately regulated. Do not deposit funds, install remote-access software or pay a further fee to withdraw. If you have already sent money, contact your payment provider and report the incident immediately.

Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.

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