Siam Option Review is SiamOption Legit or Scam Trading Platform

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SiamOption Review: is Siam Option a Scam or Legit Broker?

SiamOption is a binary options broker owned and operated by Iron Trade and Investment Limited, Siam Option have their address at 91 Battersea Park Road London, United Kingdom, SW8 4DU. They are targeting people from Thailand mainly.

SiamOption Trading Platform

Binary platforms are the interface where the trading on assets such as commodities, currencies, stocks or indices are done. A good binary options platform should have charting tools and indicators, it should also be easy to use and very fast in executing trades. Siam Option broker uses their propriety platform, it has more than 70 of assets to trade on.

Withdrawal and Deposit Method

SiamOption withdrawal and deposit methods could be carried out by the following means: Visa, Bank Wire transfer, MasterCard, Maestro. Siam Option minimum deposit is 400 Baht (about $12)

License and Regulation

SiamOption is regulated by the VFSC in the Republic of Vanuatu. They are not regulated or licensed in the UK.

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SiamOption Review – is siamoption.com scam or good binary options broker?

Trading Accounts & Conditions

Minimum deposit Min. bet size Payout % Platform Regulation
400 THB 50 THB Up to 90% proprietary No

SiamOption is a binary options broker that targets mainly traders based in Thailand and across South East Asia.

Its website is available in English and Thai and it claims to be provide financial services since 2020. However, SiamOption is not regulated and seems quite shady. Read on before you decide to deposit with SiamOption.

Also, note that The financial services offered by this broker are not available to residents of the following countries: USA, Canada, European Economic Area, Switzerland, Israel, New Zealand, Australia, Japan, North Korea, Puerto Rico, Sudan, Iran, Liberia, Pakistan, and Syria.

SiamOption Advantages

The payouts promised by SiamOption are quite high, reaching 90% on EUR/USD and other popular pairs. Most binary options broker offer СЏ payout percentages in the range 81% – 86%, so the offer of SiamOption might seem attractive.

Nonetheless, keep in mind that most frequently those companies promising high , quick and easy profits turn out to be scams.

Nice web platform

SiamOption uses its in-house web-based platform, which is quite nice actually. Its charting is nice, with various layouts offered and numerous technical analysis indicators. This is quite rare among binary options providers, most of whom provide very basic trading interfaces, with no analytics whatsoever.

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SiamOption’s web platform. Click to zoom in.

Many tradeable instruments

Clients of SiamOption are offered bets on wide range of tradeable assets, including currencies, cryptocurrencies, indices, commodities, and stocks. Although this broker offers trading in three of the most popular coins – BTC, ETH, and LTC – we would advise those of you who are into cryptos to choose among reliable forex brokers who also offer trading in such.

Low initial deposit, free demo account

The minimum deposit amount needed for a live trading accounts with this broker is 400 Thai Baht (which is around $12). The smallest trade size is 50 Thai Baht around (1.5 US dollars). Lower initial investments and bet sizes are always preferable, because you risk less.

SiamOption Disadvantages

Not regulated and involved in scam

SiamOption is allegedly owned by Barrtoli Management S.A., a company registered offshore, on the Seychelles. Its office, on the other hand, is located in Nicosia, Cyprus. We have clarified the risks of trading with offshore brokers numerous times and will not go into detail now, but overall, SiamOption is a very dubious broker.

Several sources suggest that previously it claimed to be operated by Iron Trade and Investment Limited, a company that was registered in another offshore zone, Vanuatu.

What is worse, SiamOption is believed to play a critical part in a $22 million investment scam in Thailand, as recently reported by the local media Phuket News. More than 1.4 million Thai people have been scammed out of their money with about 100,000 new accounts being opened each month, overall generating a total monthly income of about 20 million Baht, Thai Police reported.

No long-term options

SiamOption offers trading in options with expiration times from thirty seconds 30 to 4 hours. Most traders will do better if they start out with longer term options which last a few hours or days, and then work their way up to 30/60 seconds.

Withdrawal limits apply

Potential clients of the brokerage may deposit or withdraw via Visa and Mastercard, which is a bit limiting, since more such companies allow transfers via bank wire and various e-payment systems. What is more, we founf that certain withdrawal limits apply according to SiamOption’s terms & conditions uploaded on the website:

Conclusion

No matter how many tradeable instruments SiamOption offers, nor how high its payouts may seem, it is not recommended. This unregulated binary options provider is very shady and involved in fraudulent activities, so you’d better stay away from it.

Thailand’s financial market is still in its infancy, so if you are looking for a reliable broker operating legally in the country, you’d better choose among some of the forex companies licensed by reputable agencies in Europe who have their websites available in Thai language and also maintain a Thai customer help desk.

Here is a summary of everything you need to know about SiamOption:

Pros Cons
High payout Not regulated and involved in scam
Nice web platform No long-term options
Many tradeable instruments Withdrawal limits apply
Low initial deposit, free demo account
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

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Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Top Binary Options Broker 2020!
    Perfect For Beginners and Middle-Leveled Traders!
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    Free Demo Account!
    Big Sign-up Bonus!

  • Binomo
    Binomo

    Good Choice For Experienced Traders!

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