Premium Options is unlicensed forex, CFD and binary options broker that specializes in copy trading for complete beginners. What’s interesting with this new broker is that they claim South African traders can earn up to 95% of their initial investment in just 60 seconds.
So, is this broker a great investment or are they scamming South African traders? Read our full review and verdict below to find out everything you need to know about Premium Options.
All brokers worth their salt offer several account types, to cater to different trading needs and levels of experience. Premium Options is no exception. See the detailed list and features of the 3 accounts offered below:
Bronze Account –> $300 – $1,000 Minimum Deposit
Silver Account –> $1,000 – $3,000 Minimum Deposit
Gold Account –> $3,000 – $25,000 Minimum Deposit
Premium Options makes it very clear that the bigger the deposit, the higher the returns. They also increase the bonus with every higher deposit, which reaches up to 100% bonus.
South African investors should always be very careful when it comes to bonuses, because they are more trouble than they are worth. Especially huge 100% bonuses are usually a red flag. Note that regulated brokers never offer any bonuses – and for good reason.
Premium Options also claims to offer a demo account to all South African users, which means they can practice on a test account entirely risk-free before investing any real money in trading. This is a great way to train and test your trading skills, as well as get used to the broker’s platform. A demo account is especially useful for complete beginners who have never traded before and are scared of investing any money until they feel more confident of the process.
However, this demo account was nowhere to be found and it remains unclear on their website whether the so-called demo account is actually free.
Premium Options is a binary option, CFD, forex and cryptocurrency broker. This means that South African investors can trade a wide range of instruments from all categories available like regular currencies, cryptocurrencies, commodities, stocks and indices.
We could hardly find any information regarding the trading platform though. From the pictures, it appears that Premium Options is using their own platform with a user-friendly and simple interface where South African investors can copy the trades of more successful traders. The entire interface, and especially the fact that the platform appears to be exclusively for copy trading show that Premium Options is a broker for only complete beginners and not more experienced traders.
Traders can also choose to trade on-the-go with the Premium Options mobile app, available on the App Store and Google Play.
Check out specific trading conditions below:
As mentioned above, Premium Options only offers a copy trading platform. So, what does this mean?
Copy trading is usually for complete beginners who have no experience making trades themselves. As the name suggests, it literally means copying the trades of more successful investors. Copy trading is not entirely trustworthy though, as it is simply blind copying, and no one can guarantee that the investors you are copying are not making any mistakes that will cost you a lot of money.
A good customer support team always reflects on the professionalism of a broker. South African users can reach the Premium Options support team through email, WhatsApp or the contact form on their website. They also appear to have a live chat available, which we would not recommend as we tried contacting them and got no answer.
Premium Options is owned and operated by Premium Options Ltd.
There are several payment methods South African users can choose if they want to deposit any money with Premium Options. They accept cred card (Visa, Mastercard), Western Union, wire transfer, MoneyGram, Skrill Neteller, Perfect Money, VLoad and cryptocurrency deposits such as bitcoin, ethereum and altcoins.
Warning: South African traders are not advised to invest any money in this broker
After careful review of Premium Options, we have concluded this broker is a scam and South African investors should stay away at all costs. Whether it be their false promises of 95% profit in merely 60 seconds (which is impossible), their vague website, lack of customer support and non-valid license, one thing is certain: Premium Options is not to be trusted.
Instead of wasting time on yet another scam in the industry, invest your money wisely with an award-winning and regulated broker like IQ Option!
