I wanted to trade with Raceoption, but I saw some negative comments online. I am not sure about its validity now, could you please make a confirmation?
Raceoption is NOT a legitimate broker and should be avoided at all events. Raceoption claims to be operated by Makerun Corp. that is registered in the Marshall Islands Registry (IRI). However, IRI does not issue any licenses for forex trading or brokerage, nor does it regulate or license international companies engaging in such activities. Besides, we didn't find such matching from IRI. So Raceoption is currently not regulated by any financial regulator. That means investors' funds in this broker is unsafe and cannot be protected by any laws.
What's worse, the Spanish regulator CNMV and the Portuguese regulator CMVM have successively added Raceoption to the alert list to warn the public that this firm is not authorised to provide the investment services in their countries. You can check full alert or warning from CNMV and CMVM on Raceoption respectively.
Our final verdict is that Raceoption is thoroughly a scam on account of running its business without any relevant license approved by a reputable regulator. Therefore, we would recommend traders to stay away from unregulated brokers and trade with licensed brokers.
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