Polarity Index Review: Scam Cryptocurrencies Broker?

Polarity Index Review: Scam Cryptocurrencies Broker?

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Polarity Index is a broker offering trading on Crypto currency assets through binary options model. This means that they are offering trading in Fixed Return Options which is basically the same thing that Binary Options brokers do. Although the site looks detailed, their trading conditions are not clear. We are aware that the minimum investment that the site has instituted into place is £5,000. This is a very big amount to invest with a broker upfront, and based on this alone, many would be customers will automatically shun this broker even if they are able to afford it. They also claim that payouts are up to 80%. This is typical binary options stuff, and our aim is to find out whether or not this site is legit in its operations.

The first important thing we’d like you to know is that we are quite skeptical about this broker. Polarity Index is not the kind of broker you can trust straight away. So if you are actually here because you are looking for a reliable broker whom you can trust with your investments, this list of brokers contain the right companies that you can invest in safely and securely.

Polarity Index review

This broker offers a wide range of Crypto currencies for trading. If you are an enthusiasts of Crypto currencies, you will definitely appreciate the vast array of digital options that are available for trading on this platform. Among the Crypto currencies offered for trading include Bitcoin, Ethereum, RippIe, Bitcoin Gold, Bitcoin Cash, OmiseGo, Qtum, EOS, NEM and many more. These coins are traded against major fiat currencies like the USD, EUR and even Crypto currencies like BTC and ETH.

Polarity Index

Polarity Index is not regulated by any financial regulator. On their site, they claim that the activities of the website are overseen by their company known as ALTERNATIVE INVESTMENT SPECIALISTS LTD. They claim that this company is FSC regulated but we are not quite sure what the abbreviation FSC means in this case. We also have no idea where the company is based at. But we are certainly sure that this brokerage is based out of an offshore location where such kind of activities are not regulated and criminals escape taxes because this safe haven.

As we speak, the ESMA banned Binary options trading long time ago. That means there are no reliable regulators of binary options since it has been banned as of July 2018. However, before this ban came into effective, most brokers were holding a license issued to them by the Cyprus Securities and Exchange Commission (CySEC).

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Also, there is a warning from the FCA claiming that Polarity Index is not regulated and authorized to provide any kind of financial brokerage services to clients on the internet. Usually when there is such a warning, the FCA goes ahead to blacklist the offending company so that traders can be aware of the fact that the company is not regulated. It is important to stick with regulated brokers only. Those who are not regulated will most likely mess you up with impunity because they don’t feel obligated to treat you professionally. So to avoid the headache that comes from these unregulated brokers, it is best to avoid them altogether.

Not many asset classes are covered

Polarity Index offers a wide range of Crypto currency assets for trading. However, their choice of traditional trading instruments are limited. These include Forex, stocks, commodities and indices. What this means is that clients cannot trade a pair like  EUR/USD. That means if you have a strategy that is suitable for a pair like EUR/USD, this broker won’t be suitable for your needs.

Oversimplified trading platform

They are offering a web based platform but this charting tool is very simple to use and lacks quality analytics. There are no advanced tools to help traders use the platform because with any kind of trading, the use of advanced analytic tool is necessarily to make informed trading decisions since it involves analyzing the market before a decision can be made. Polarity Index insists of ease of use but no advanced trading analytics tools to help with the trading.

This is a huge turn off and as you all know, most traders don’t prefer charting solutions that don’t have these features on board.

What are user reviews saying out there?

Before we published this review, we went out there to find out what users were saying about this broker. Unfortunately, there are a number of extremely negative customer reviews where users were claiming that Polarity Index is an outright scam. These user reviews can’t be wrong. We have also observed that the broker doesn’t care what others are saying about their name out there. They don’t even respond to these accusations to try clearing their name. So this means that these users are speaking nothing but the truth. We wouldn’t want to trust a service that doesn’t care about its reputation.

Pretty high initial deposit

Polarity Index requires very high initial capital to use their service. This amount is £5,000, which is unheard of. Nearly all brokers is this industry have a minimum deposit of anywhere between $100 – $250. So for us to find out that a broker wants £5,000 as upfront capital, that is unacceptable and even ridiculous. This broker needs to work on this if they want to gain the trust of investors.

They should stop pretending that they are targeting high net worth clients because there is no sane investor who can try the platform with this much upfront.

Our best advice for you

Polarity Index is not actually the correct choice if you are intending to trade Binary Options. First of all, there is a warning citing reasons to do with lack of regulations, and secondly, customer testimonials are extremely negative. Most customers say the broker is a fraud. Also, if we factor in the high initial deposit, we see that this broker is up to no good. Having said that, our top recommendations is to ask you to invest with these regulated brokers.

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