Central Bank of Ireland: Watch out for 365BinaryOption

The verdict is in - watch out for 365BinaryOption. On Thursday, the Central Bank of Ireland became the latest in a series of financial institutions to warn against the firm, which also goes by the name of 365-FX, Oproserv Limited, and Fintech Software Inc.

According to the warning released by the central bank, the firm is operating in Ireland and offering financial services without the proper authorization. The bank has highlighted that this is a criminal offense in Ireland and therefore consumers should be wary of this company.

365BinaryOption operates via its websites www.365binaryoption.com and www.365-fx.com. It claims to be a Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term broker, specifically, “one you can trust,” that offers investors the chance to trade currencies, shares, indexes, and commodities. However, the list of warnings against the company states the complete opposite.

On its website, it claims to be one of the leading Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term platforms in the world - quite a big claim to make. But don’t let this statement fool you because, as the central bank reminds in the statement, if you invest in a firm that is not authorized and lose your money, you won’t be eligible for compensation from the Investor Compensation Scheme.

FCA and ASIC Warn Against 365BinaryOption

As stated above, the Central Bank of Ireland is not the first regulator to warn about this broker. Here at Finance Magnates, we have reported on warnings about this broker twice - once from the Financial Conduct Authority (FCA) in the United Kingdom and another time from the Australian Securities and Investments Commission (ASIC) last year.

According to the warning from the FCA, 365 Binary Option is owned by Oproserv Ltd. The broker came up on the watchdog’s radar back in August for promoting or selling financial services or products in the United Kingdom without authorization. As a result, the FCA flagged the firm as suspicious and identified that it could be a scam.

So do yourself a favor and give this broker a wide berth.