PrestigeOption broker officially ended operations in 2017

PrestigeOption broker officially ended operations in 2017. It was one of the brands of LeadTrade Ltd, which has opened other brokers: PlatiniumOption, ExcellenceOption, OptionsClick, TopOption. All of them worked under the same license from the Cyprus regulator CySEC under the number 296/16 of February 2016. The company's office was located in Nicosia, Cyprus.

PrestigeOption broker offered the following conditions for traders to work:

  • the minimum deposit was $250 to start trading;
  • the minimum bet was $10;
  • the site used English, German, and French; 
  • trading platform was TradeSmarter;
  • the account currency was EUR, USD;
  • there were various payment and withdrawal methods, including bank cards, e-wallets, and bank transfers;
  • the services were not provided to US customers.

PrestigeOption is blacklisted on many sites, and most resources do not recommend working with it. The international resource Forex Peace Army qualified this broker as a fraudster in 2017. All other LeadTrade Ltd's companies are also included in the blacklist.

During the activity of PrestigeOption, many negative reviews from traders have appeared:

  • inability to withdraw funds;
  • blocking user accounts with far-fetched reasons;
  • cancellation of profitable trades;
  • frequent failures in the terminal operation;
  • unexpected delays in transactions;
  • write-downs of profits and blocking accounts.

The Cyprus regulator CySEC in March 2017 suspended the license of PrestigeOption and other LeadTrade brands. It was officially announced that this is a consequence of the detected violations: the company does not have enough authorized and actual funds. In April 2017, the license ceased to be valid, and the broker announced on its website that it would stop working.

When closing, there was no information about payments to traders, and customers were asked to contact technical support. The websites of other LeadTrade Ltd projects did not even have an email address for customer requests. Many traders did not receive their funds, and it was impossible to find out about compensation for losses and return of deposits. The company is still under the supervision of CySEC, as it has not fulfilled its obligations for investment services, including customer complaints.

According to some sources, PrestigeOption resumed operation in early 2020, although the license has not been renewed. There were technical failures in the operation of the site, an increase in the minimum deposit - up to $500, an investment of own funds per bonus unit - 10,000 to 1. However, the broker's site is currently not available. Due to numerous negative reviews and location in blacklist, it is not recommended to work with PrestigeOption, it is better to choose reliable and proven brokers.