FSC Warns Against 247 Options Trade for Second Time in 12 Months

The Financial Services Commission (FSC), the Mauritian regulator, announced this Wednesday that an employee of binary options firm 247 Options Trade is using a fake investor-dealer license. Lilly Pearson, if that is even a real name, claims that the FSC issued her the license in 2012.

This isn’t the first time that 247 Options Trade has been in trouble with the Mauritian regulator. In December of 2017, the FSC issued a statement warning investors not to trade with the binary options broker.

As with Lilly Pearson, the firm had falsely claimed that it had been issued with an investment dealer license by the FSC. The regulator’s warning noted that it had never issued such a license to the firm and, in fact, had never issued any license, of any kind, to the binary options broker.

247 Options Trade - a history of lies

Many binary options dealers have been attempting to scam people for years now. Finance Magnates wrote a report three years ago covering a warning list issued by the French authorities that contained 247 different firms.

Like those firms, 247 Options Trade's website presents an array of misleading or false information. For instance, the firm claimed that it was regulated by the Cyprus Securities and Exchange Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term), though it very obviously wasn’t.

As with many other dodgy binary options and Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term brokers, the company also listed a fake address in New York. Alongside this was a landline number, purportedly for contacting their New York office, that was based in California.

Users of the site have reported that they cannot withdraw funds. Again, this is a common feature of scam artists who run forex and binary options brokerage firms.

Overall, all indications are that this is not a firm that anyone in their right mind should trade with. No legitimate business withholds deposits and lies about its regulatory licensing. Stay away kids.