Italy’s financial watchdog, the National Commission for Companies and the Stock Exchange (CONSOB) warned against the binary options broker UniqOption.
According to the announcement on the regulator’s site the companies AL–Trade Ltd, Al Group Ltd and Go Trading Technologies Ltd are not authorised to provide investment services and investment activities by any means, including through the internet site www.uniqoption.com.
According to the information on the website, it is owned and managed by Al-Group Ltd with an address on the Carribbean island of Dominica. It does not provide any regulatory information, but promises 81% payouts, 100% bonuses, easy withdrawals and deposits and a feature, called “Trader’s Choice”, which allows copy trading. The website has versions in English, Arabic, Italian, Russian, Spanish and French.
This is the first time UniqOption’s name surfaces in regulator warnings, but would probably not be the last.
Obviously the reason for CONSOB’s warning are investor complaints. One such is in an Italian financial forum www.finanzaonline.com, where in April a user is complaining that a friend of his has been contacted by UniqOption. He invested 200 euro, got a 100 euro bonus, traded a bit and won another 150 euro. According to the posting, then the trader wanted to withdraw the 200 euro he invested initially and continue to trade with the rest, but the broker wouldn’t give him back his money, quoting “ridiculous excuses”. Naturally, other forum members said UniqOption was apparently a scam.