BLOCKOPTIONS REVIEW 2023: SHOULD YOU SIGN UP WITH THIS BROKER?

Website address
https://blockoptions.io
Demo account
Yes
Supported languages
Eng
Active
Yes
* The amount that will be credited to the account in the case of a successful deal
Blockoptions.io Screenshot

Content

Blockoptions is a crypto binary options platform.

Disclaimer: The broker isn’t regulated! Read this review first if you’re still thinking about giving Blockoptions your money. Let’s get started!

blockoptions-review

HOW DOES BLOCKOPTIONS STAND OUT?

The platform is a scam and doesn’t have any particular features that make it different from others.

WHAT IS BLOCKOPTIONS?

WHAT IS BLOCKOPTIONS?

Blockoptions came into the market in 2019. Since the broker’s inception, it has seen substantial growth. To find out whether the broker is trustworthy, I have closely reviewed it for you.

A team of experienced traders formed Blockoptions. It’s a decentralized crypto binary options platform that relies on Ethereum. Blockoptions offers a wide selection of trading options, including foreign exchange, commodities, and cryptocurrencies.

It claims to use automated trading software like Bitcoin Buyer to handle all the trader’s actions, from analysis to closing positions. However, it seems too good to be true.

blockoptions-homepage

Blockoptions homepage

The platform mentions passive income for token holders on the homepage. However, the company’s website does not mention how to make that passive income.

Further reading

WHO ARE BLOCKOPTIONS’ REGULATORS?

WHO ARE BLOCKOPTIONS’ REGULATORS?

Obviously, as an experienced trader, I looked into the broker’s regulatory compliance. An essential precaution before trying it out. But this broker has no licensing or regulators. And a lot of information is missing.

who-are-blockoptions-regulators

Blockoptions is neither reputable, trusted, nor regulated. It doesn’t provide a solid trading service. It offers no information on an ‘about us’ page.

I discovered it while going through the platform’s website. So, it lacks the capabilities to offer financial services.

Further reading

HOW DOES BLOCKOPTIONS WORK?

HOW DOES BLOCKOPTIONS WORK?

Blockoptions is built on blockchain technology. It makes use of the Oracle service, which runs on smart contracts. To retrieve asset pricing data from an oracle. Let me tell you more about what the broker says about itself.

It compares the start-time price and expiration price using a built-in wallet. You can get the start-time price and transmit it to the smart contract. Although I wasn’t allowed to trade without a referral code, I still scanned the platform and analyzed it.

The platform’s picture clarifies that there is just a PUT/CALL option. The trading period ranges from 30 seconds to an hour, and there are indicators. You can trade the site’s cryptocurrencies, binary options, and FX.

blockoptions-platform

Blockoptions platform

Blockoptions claims not to make money from traders’ profit or loss. But they charge a fee per trade. It would be approx 0.005-0.01 ETH per trade.

They claim to divide 100% of the profit among token holders via a token reward smart contract. In addition, on the website, they claim:

  • 100% transparency, as you get asset prices on the blockchain
  • A win rate of 175%

Again, these numbers are too good to be true.

WHAT TRADING INDICATORS ARE AVAILABLE?

Trading indicators have always been helpful for traders. They guide traders regarding past trends and future moves.

But unfortunately, when I was analyzing Blockoptions’ website, I didn’t find any recommended trading indicators. But if you want to trade with indicators, I’ll recommend the following for binary options trading.

  • Moving averages
  • Average true range
  • Moving average convergence/divergence (MACD)
  • Relative strength index
  • Stochastics
Further reading

HOW SAFE IS BLOCKOPTIONS?

HOW SAFE IS BLOCKOPTIONS?

The short answer is: not safe. We can both agree that Blockoptions is not a secure platform. I want to explain why the platform isn’t suitable for trading. Shall we begin?

how-safe-is-blockoptions

Lack of information is a major warning sign. Your money is not secure with Blockoptions because of this. It is preferable to avoid it because certain pages do not load.

Let’s imagine that you signed up for an account, you are trading, and you cannot open a page. You’ll feel frustrated. When you join up, the platform guarantees to secure your personal information from hackers. Given the general lack of safety, I’m not so sure.

Further reading

WHERE IS BLOCKOPTIONS LOCATED?

WHERE IS BLOCKOPTIONS LOCATED?

Knowing the broker’s location provides an extra level of legitimacy. We all search out the location of every broker we want to try.

But does Blockoptions have a location? Let’s see!

If you’re looking for Blockoptions’ location, you’ll be disappointed with this platform again. They haven’t mentioned on the website where they operate. So no one knows their exact location. Another major red flag!

Further reading

WHO OWNS BLOCKOPTIONS?

WHO OWNS BLOCKOPTIONS?

It is important to know about the ownership of the platform. Surprisingly, Blockoptions has mentioned its founder. But is that enough? Let me share something with you.

According to the website’s information, Mr. Gary Luo started Blockoptions. He also used his platform for fundraising. Besides that, he was one of the top-rated ‘ClickBank’ sellers of 2005, making his way from e-commerce to cryptocurrency.

Gary Luo has made the team worldwide. But when I searched for this successful man on Google and social media, he didn’t appear to exist despite being so successful.

who-owns-blockoptions-1

who-owns-blockoptions-2

Further reading

HOW TO CONTACT BLOCKOPTIONS

HOW TO CONTACT BLOCKOPTIONS

Blockoptions doesn’t provide good customer service. It depends on you to trade with them in the end. I expected to encounter email, phone, or live chat help. Here’s what I got.

They have given their email address to contact them for help But don’t expect them to reply soon!

The broker has given no number to contact them directly. A broker should be able to show us how to contact its office easily.

blockoptions-contact-page

Blockoptions contact page

Further reading

HOW TO DEPOSIT/WITHDRAW FUNDS WITH BLOCKOPTIONS

HOW TO DEPOSIT/WITHDRAW FUNDS WITH BLOCKOPTIONS

Every platform or broker provides multiple deposit and withdrawal methods. The payment methods should be hassle-free. So, what about Blockoptions? Let’s see which deposit and withdrawal methods Blockoptions provides.

The Block Option system for deposits accepts eight cryptocurrency methods.

  • BTC
  • ETH
  • XRP
  • EOS
  • LTC
  • DASH
  • USDT

blockoptions-payment-methods

Blockoptions payment methods

Currently, Block Option offers two primary withdrawal methods

  • BTC
  • ETH

All transactions are more or less anonymous. Because they accept only crypto payments. It is even another warning sign.

DOES BLOCKOPTIONS OFFER PROMO CODES?

Offering promo codes is not a new strategy for a trading platform. It encourages traders to trade more with the broker’s platform.

Some provide referral promo codes or occasional promo codes. But what promo codes does Blockoptions offer?

The platform offers nothing that would help traders. Blockoptions doesn’t offer any promo codes.

Further reading

DOES BLOCKOPTIONS OFFER BONUSES?

DOES BLOCKOPTIONS OFFER BONUSES?

Many trading platforms offer bonuses to attract new traders. Getting a bonus allows you to have more equity. It also helps the traders to level up faster. Let’s see which bonuses Blockoptions offers to its traders.

Blockoptions does not mention bonuses anywhere. It requires a referral code for registration.

DOES BLOCKOPTIONS CHARGE TAXES ON PROFIT?

Some brokers charge taxes on profits. Taxes are part of trading. But does Blockoptions charge taxes on profit? Let’s take a look! Blockoptions doesn’t provide any tax info.

Further reading
HOW DO I MAKE MONEY WITH BLOCKOPTIONS?

HOW DO I MAKE MONEY WITH BLOCKOPTIONS?

I initially attempted to create an account with the broker. It said that a referral code is required to complete registration. Trading on the platform is by invitation only.

However, neither the real account nor the demo allowed me to trade. I could not register because of this. But luckily I was able to dig deeper into the platform’s website, and that’s why I’m writing this review.

Further reading
FAQs

FAQs

Is Blockoptions a scam?

In terms of functionality, Blockoptions does not appear to place a great value on its users. It lacks regulators, licensing, proper addresses, and information on payouts. So it’s safe to say it’s a scam.

How long do withdrawals take on Blockoptions?

There is no information on the website about deposit/withdrawal time limits.

How can I close my Blockoptions account?

There is no information on how to close the account.

FINAL THOUGHTS 

There you go! I recommend you avoid this broker. If you carefully examine this platform, there are several red flags. These include:

  • No licensing
  • No address
  • No proper contact info
  • People on the team don’t appear to be real people

As a result, I’d rate the broker as 0/5. I hope this review was helpful and you will stay away from the platform. If you are looking for legit forex brokers, you can check the complete list of brokers here.

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