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Stern Options Review
Rating:
Do you expect something great from trading with Stern Options binary broker? In this review, we will investigate Stern Options carefully to bring you the most up-to-date information about this brokerage firm!
Min. Deposit: $500 Demo: N/A
Platform: SpotOption Bonus: N/A
Regulation: N/A US Clients: N/A
Stern Options is a new broker that was found in 2020. During our review we found out that it is located in Scotland and is owned and operated by the BP1 LP. Our Stern Options review has identified that this binary broker is not licensed by any recognized authority. Hence, Stern Options does not accept clients from the US, which is a good sign from traders from other countries, since it shows that this broker cares about its clients and does not want to risk being sued by the US authorities.
Stern Options Trading Accounts
Traders usually expect brokers to provide flexible account conditions that will allow getting most out of their strategies. As for Stern Options it offers one live account that can be opened after depositing 300 USD or the equivalent amount in EUR, GBP or AUD. But, with this account you will be able to get everything right away. All features that are usually available only for VIP users at some of the brokers are available here even with a min. deposit.
Stern Options Trading Platform Review
The most popular software choice among binary brokers is SpotOption. Stern Options follows the suit and you can find this web-platform offered on the website. There are different types of binary trading. Let’s list them further in our Stern Options opinion.
- Binary options
- Pairs
- Long Term
- 60 Sec
- One Touch
- Ladder
- FX/CFD
- Limits
Unfortunately, iFollow feature is not offered here. We hope that Stern Options broker will develop this feature in the nearest future and all of its clients will be able to enjoy social trading.
Stern Options Reviews: Customer Support
Customer support at Stern Options is available via email, telephone and live chat. Unfortunately, live chat is not available 24/7 but the phone support is. Its support speaks English, German and Arabic languages. Also, there are dedicated phone support numbers available for Scotland, UK, Australia, Germany, Switzerland, Austria and Saudi Arabia.
Deposits and Withdrawals
Either to deposit or withdraw funds, you can use credit/debit cards and wire transfers. The minimum deposit amount using wire transfers is $500 with 20 USD commission.
The website tells that the withdrawal process is smooth and fast. Stern Options broker charges a fixed fee of 3.5 % for withdrawing with the card and 15 USD commission for each withdrawal via wire transfers. Also, as a usual practice for the industry, it takes approximately 7 business days for funds to reach your bank account.
Stern Options Review Conclusion
Is Stern Options legit? Yes it is. Even though, this broker does not have any license, it offers the best binary options trading platform as well as good customer support. We hope that it will implement iFollow feature soon and we will be able to test it! We can definitely say that Stern Options scam claims are not true.
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Broker | Platform | Sign Up | ||||||||||||||||||||||||
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Custom | Start | |||||||||||||||||||||||||
Minimum deposit | Min./ Max. bet size | Payout % | Platform | Regulation |
$250 | $25/$15,000 | Up to 500% (70-85% on most) | SpotOption | No |
Stern Options is a very shady binary options provider. At the time of writing of this review, one can’t open an account with the company. Furthermore their entire website is totally unstructured, features contradictory trading conditions and even has advertisement for other binary brokers.
The Company. Security of Funds
Company | Country | Regulation |
BP1 LP | UK, Bulgaria | N/A |
Stern Options probably gained much of its popularity when New Zealand’s watchdog, the Financial Markets Authority (FMA) issued a warning against them. The cause for it is the fact they had received complaints, due to cold-calling. This aggressive tactic is generally seen as a negative by regulators, especially when done by unregulated companies.
The company behind Stern Options is is BP1 LP, which is registered in the United Kingdom. According to the FMA, Stern Options is being run out of Sofia, Bulgaria. That being said they don not fall under UK, Bulgarian or any regulation.
There are a lot of negative comments by users of the company. The most frequent claim is that they can’t withdraw their funds. This is probably the most serious risk, when dealing with an unregulated company – them simply refusing to pay you.
Trading Conditions
Trading Options: Call/Put, 60 second, Long term, Pairs, One touch, Ladder, Spot Follow, Limits
Assets: Currencies, Stocks, Indices, Commodities
Minimum Initial Deposit
The minimum staring deposit at Stern Options is $250. This is quite high In today’s environment. For instance, FinaCom-regulated Grand Capital, requires only $10.
Stern options requires a $25 minimum bet size. This is quite high and limits the risk management posibilities. Smaller levels are awlays preferable, like the one provided by Grand Capital, where you can risk only $1 per option.
The payout for binary options is typically in the 70%t to 85%, at Stern Options. With the more exotic ones, you can increase the payout up to 500%, although that would obviously entail a less-likely to materialize prediction.
Trading Platform
Stern Options offers the popular web-based platform, SpotOption. It is fairly intuitive (as most binary ones are). Here is a preview:
You can easily switch the tabs on top to view the different the different types of options. Some of them may appear to be complicated for beginners, so proceed with caution.
Stern Options do not have any bonus offers at the time of writing of this review.
Methods of Payment
Payments at Stern Options can be made through several methods, which include Wire transfer Credit/Debit Cards and Skrill.
Conclusion
Stern Options is an unregulated binary options broker. The company has a negative reputation, with lots of complaints by angry customers. Sten apparently also applies cold-calling, as the company has been warned against by financial regulators in New Zealand. While the platform, which Stern Options provides is nice, there are many other companies who also do. Here is a summary of everything you need to know about Stern Options:
Pros | Cons |
SpotOption platform available | Not regulated |
Bad reputation among users | |
FMA warning against the company | |
No demo accounts | |
Poor presentation of trading conditions |
Broker | Advantages |
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