Remember, nobody has a right over your money. As you all might know, the regulation is one of the most important checkpoints that one must look for while searching for a brokerage firm. Due to the increasing inflow of scammers in the market, the regulations set up barriers to make sure that the scammers stay away from the market. For this, they introduced the licenses. For a company to acquire a license, it must go through a variety of tests. However, these tests are not as easy as they might sound like.

In our case, if Redwood Options is unregulated, then this raises the first red flag against Redwood Options in this Redwood Options review. Read More Scam Broker Reports The minimum deposit is generally asked in very small amounts by the legitimate brokers as taking huge amounts as the minimum deposit is not advised by the regulations.

However, the tradition of taking huge minimum deposits is extremely common in scam brokers as their main aim is to steal as much money as they can from the trader before they get suspicious. If Redwood Options asks for an amount more than the average, chances are that Redwood Options is a scam. You may deposit in USD, GBP, EUR, CAD, AUD, or JPY.

The deposit methods which you can use include credit or debit card, wire transfer or CashU. While the withdrawal thresholds are annoying, they are also standard for the binary options industry. No fees for credit card withdrawals is awesome, since this allows you to maximize your profitability and enjoy flexibility when it comes to accessing your own money.

A lot of other binary sites make it hard to get at what is rightfully yours. Redwood Options uses SpotOption as a trading platform, a white-label interface which is commonly re-branded by various brokers for use on their websites. So if you have traded on other binary options sites, you may get déjà vu while looking at it. This is a great selection. Below, you can select the asset you want to trade, enter in the expiry, amount, and direction, and place your order.

Customer service on Redwood Options is provided through several channels. You can fill out a web form, you can email, or you can use live chat. The most recent time I tried to contact the company on the live chat line, it malfunctioned. I think this must be a temporary setback though, because it has worked fine for me in the past. What were my past dealings with the team like? In my experience, the line is answered pretty quickly. Agents do try to help, but they do not seem like the most knowledgeable support staff out there, and they have given me hard-sells.

Of course, this was a while back, so things may be better now. He mentioned special promotions as well, which seemed like a bit of a hard-sell to me—particularly given that I was not even a customer.

He steered carefully around my questions about regulation , stating that Redwood expects to be regulated within a few months which is possible, but unlikely. He also was baffled when I asked him about TradeRush, which seemed unusual to me, given TradeRush is so well known. I appreciated that the service agent was trying to be helpful, but it was clear to me he had been told to take any opportunity he was given to sell me on services. Redwood Options certainly has a lot going for it.

The website is very nice; I had no problems whatsoever finding information. There are also a lot of third-party reviews of Redwood, many of which look legitimate. This implies to me that they are already forging a strong reputation in the binary options community—even if many reviewers are confused about their relationship to TradeRush or lack of one.

Redwood provides traders with numerous resources and promotions, and the option of saying no to a bonus and receiving free trades instead is a wonderful one. The biggest red flag with this company is the hard-sell from the customer service agent.

On one hand, it is great that they are actually providing customer service. That already puts this company miles beyond most of their competitors. On the other hand, it is always good to be cautious when someone is clearly more interested in making a commission than they are in helping you out. This broker definitely has positive potential, but if you are interested in trading with Redwood, it would be wise to talk to a customer service agent first on the phone to see what kind of treatment you receive.

Redwood Options Rating: 7.

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Sixty-one different currencies, stocks, indices, and commodities are available to trade on Redwood Options. The agent answered all my questions, which was also a pleasant surprise. In my experience, the line is answered pretty quickly. We noticed this in our Redwood Options review of the platform and business in general. When you sign up with Redwood Options you will get your own personal account manager. Get more updates from Scam Victims Help Twitter page.

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