Cyprus warns against Sycamore Options – a second time?


It looks like CySEC’s earlier warning against TraderXP was for the same company

The Cypriot regulatory authority CySEC has issued another warning against dealing with a binary options broker called Sycamore Options. Just as in previous cases there was no detailed information in the announcement on CySEC’s website as to whether or not the company is registered in anyway in Cyprus or the warning is simply issued to inform Cypriot residents not to deal with an unregulated entity.

Whats pretty clear is that the authority is continuing its crackdown on unregulated binary option brokers. 

The difference this time however is that we have found a stunning similarity between the phone numbers provided by the company for customer support. We have initially noticed the obvious similarities between TraderXP’s and Sycamore Options website designs (only the logo is different), yet once we came to the contact page it became quite clear that the website has been re-branded.

The contact numbers on both websites for all countries match perfectly, with the only difference being the Global Headquarters number which has been changed but still leads to a Bulgarian phone number. We tried calling global headquarters and some of the customer support numbers but got the sound of elevator music instead of an answer.

We don’t really think there would be a company willing to copycat TraderXP having in mind their previous experience with CySEC, so the only other option is that they tried to re-brand themselves. Good luck on that one!

For a link to the full announcement visit CySEC’s website.

For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.

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Cyprus warns against Sycamore Options – a second time?

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