Forums Brokers

Empire Options

randy1953randy1953 Posts: 18
Be very careful with this one. I don't feel they are a scam broker but they do come close in some areas. I live in the US my choices are limited so I took these guys on as a broker. They use SpotOption just like my other broker so I felt what could go wrong. Well I trade 60 seconds and what went wrong was just about everything. their Spotoption platform for 60 second trading is much to slow. It is far slower than the SpotOption platform I trade over at Bloom bex options. Just to test it I ran my MT4 on 1 window and Empire on another window both windows on display at the same time. what I first noticed was the price compared to the MT4 was off by 8 or 10 on the USD/JPY if MT$ had 123.290 Empire has 124.03 or something it was always off. Well that part is fine with me you won't find the prices to be the same because the entry price on Empire is the average of the bid and ask price.
However when I did the same with Bloombex options the prices were still different but much closer.
However here's where the problem is because Empire Options platform is so slow it does not behave correctly at following the market price there is a lot of changes between the 2. For example when watching the actual price on the MT4 when it goes up I expect it to do the same on Empire Spot Option but it does not because of the slow processing so you can't trade like that at all. Not on Short term trading.

So I traded for 2 days and decided to close my account with them. I thought I fulfilled all the conditions but here it gets tricky. I was given 5 $100 risk free trades at a turnover of 10 times each trade if I lost. I lost only one trade winning 4. So my total turnover was $1000 in volume in my account. Well I had that in a day or so of trading. Then I find out that the turn over does not begin until you actually get credited the risk free trade so now since the credit came after I had my account turned over once I have to again turn it over $1000 which is not that much of a issue. But here's the kicker and why I feel they are close to be calling a scam broker. To withdraw or close your account under the terms and conditions it says you need to make at least 15 trades. So I though hell I made over 50 60 second trades I'm fine ..Nope because under that on the next paragraph it says though 15 trades Must be made in Normal Binary Option Mode. So now I find out that according to them none of my 60 second trades fulfill this condition because they are not considered normal binary option trades. So now to close this account I need to make 15 trades at the min of $25 each in the normal binary option way.
Now here's the thing I did read this but in no way did I consider that my 60 second trading was not a binary option trading. All of this would be a non issue if the broker simply put next to this cause that Short Term trading foes not apply to this cause. But they don't and they leave it that way so it adds more problem to the account holder.

Sorry about the long story but like I said be very careful with this broker

Oh just in case you are wondering I went back to Bloombex option and began again winning short term trades go figure.


Sign In or Register to comment.