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Start Options Review: An Unfortunately Lazy Scam

Start Options Review: An Unfortunately Lazy Scam

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Estimated reading time: 5 minutes

Startoptions.com is a platform that operates like an investment brokerage, claiming to provide Cryptocurrency mining, trading and exchange services. Start Options does not provide any information regarding who owns or is in charge of its operations. The domain where this site is hosted at was first registered in December 2005. It was updated on December 18th 2017, suggesting that this is the date when the new anonymous entity took ownership of it.

Start Options Review

The Start Options website provides us with a residential address citing Manilla, Philippines as their physical location. On the other hand, an official presentation by Start Options is providing a Auckland, New Zealand physical address. When we conduct further research into the matter, we discover that Start Options is actually using the address of a cafe and not their own.

startoptions

You can rest assured that Start Options has no physical presence either in New Zealand or the Philippines. It is quite clear from the way they are lying about their physical location.

Also, their support email contains the name “William Adelbert”. But when we carry out further research into the matter, no information is existing anywhere on the internet revealing that Mr. Adelbert is associated with Start Options. Therefore, we can safely assume that this is a fake name.

The current incarnation of Start Options seems to have appeared on or around May 2017. Back in 2016 when binary Options were the main thing, Start Options was operating like a Binary Options broker. This opportunity seems to have collapsed somewhere in October 2016 when the website decided to do a ”facelift’.

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Note: If your language is not English, you should use the language dropdown menu at the top right hand side of their page to select your language.

Later when the current Start Options website appeared, their support email was associated with someone called “Marcello Flaviano”. This was followed with a corresponding Twitter account around June 2017.

Back then, Start Options was featuring a message on the footer of the site. The message stated that Start Options was a regulated entity and that they were being regulated by the New Zealand Securities and authorities. Their licensing number was FSP1623.

Close inspection reveals that this licensing number corresponds to that of City Forex which was incorporated in 2005. We had to go through the corporate records of City Forex. We found that it is owned by someone called Sunil Kumar Cheruvattath. Sunil Kumar Cheruvattath. Last annual confirmation FSP filing happened in July 2017.

After carefully considering this information, we suspected that Cheruvattath was the owner of Start Options. His name sounds very Indian. But you see, he could be operating from anywhere. He could be operating from South East Asia for example.

Now, if you are careful, you should think long and hard about joining something like this. If the owner is not upfront about anything, you should probably treat this like a scam since there is no need trusting someone who is not transparent and at the same time hustling you for your money.

What are the products of Start Options?

It is laughable to think that this website has no real product or service to offer its customers. Instead, it is only offering affiliate membership which investors must participate in. Is this a valid business model especially now that no product or service is being offered alongside the scheme? No it is not.

Investors are promised that if they invest their BTC or USD into this ponzi scheme, they will make anywhere between 25% to 60% per month. In addition to that, an aggressive trading plan is also available which the website says will double your capital in just 30 days. Actually, they are promising 200% in one month,

The minimum investment for joining this site is $1000. The maximum investment is at least $35,000. You have to be careful with sites that claim to double your capital in one month. They are always a scam. Furthermore, the mention of aggressive trading means that you will ultimately lose all your funds with no option to ever recover them. You must be assured of this misfortune.

Of course Start Options is also encouraging investors to put more money into the scheme because the more they invest, the more they are supposed to earn.

The scam website also claims this statement on their website ”one of the world’s fastest growing Progressive Bitcoin Mining & Crypto Currency Trading‘’.

Other claims are ”540,000 active trading accounts, reliable execution with over 150 million trades filled to date, and operation in some 173 countries worldwide”.

Before we did this review, we also checked the Alexa ranking of this site and found that it was just under a million. Considering these numbers, it casts a shadow of doubt over this website’s claims.

The website is also making use of Forex trading Cryptocurrency mining and trading to explain where they are getting such high ROIs. But we already know that this platform is a living lie. If you want to mine altcoins, the only way to do it genuinely is to explore what these companies can offer you. 

We have also observed that the Forex side of Start Options appears to be their failed Binary Options model which was later converted into Forex trading model.

On the other hand, the Cryptocurrency minig and trading side of things seems to be an attempt to cash in on the recent Cryptocurrency craze on the internet.

This is therefore an outright fraud because at no point did Start Options produce evidence which suggests that they trade and mine Cryptos to fund their supposed ROI.

Some time in May last year, this website was even claiming that they were offering automated Bitcoin trading program. They have since pulled down the statement.

This site is also illegally offering unregistered securities to US citizens. This further confirms that we are dealing with a scam.

Our best advice for you

Instead of addressing the question of why they are not regulated, Start Options is trying to circumvent this issue by re-framing their non compliance as a Cryptocurrency issue. Well, we can only say this website is phony. You will not get money out of them once you make the mistake of sending it. Please mine with these platforms.

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