24Option review: Be aware of scam brokers

In this limitless ocean of Forex Brokers, it is tough to find the real one, which won’t steal your money and won’t make the withdrawal procedure struggling for you. Though, our honest reviews will guide you to find the most suitable and trustworthy broker. Today, we will introduce you to the 24Option broker. Hopefully, Our 24Option Broker review will help you get away from the fraud’s claws.

General information about 24Option Broker

24Option claims to be the ex-second-largest broker globally, having binary options trading. Besides, 24Option offers Forex and CFDs trading options as well.

Certainly, it seems 24Option broker tried hard to spread the dozens of fake positive reviews all over the internet, making its performance reliable.

At first glance, 24Option.com looks like a decent trading website, providing information regarding trading accounts and pricing. 

We respect 24Option Broker’s dedicated attempt to build a high-performance website with classified and detailed data sections. 

Yes, you can see the ‘Trade’ section. Probably, an essential part of the website. However,  you are transferred to a blank page once you click. 

Data regarding fees, the safety of funds, withdrawal terms, and conditions are also unavailable, making it hardly believable that the broker deserves trust from anybody.

Additionally, 24Option.com offers four general trading accounts: Basic, Gold, Platinum, and VIP.

Primary account holders can even use one free withdrawal privilege.

However, we can not guarantee if your profit ever appears on your credit card.

 According to the 24Option broker’s website, the company is headquartered in an offshore zone, Cyprus. 

Furthermore, to cut it short, offshore zones are the homeland of scammer brokerages. Generally, offshore brokers are unregulated ones, allowing traders to open accounts outside of their original country’s jurisdiction.

Regulation issues

24Option broker claims regulation privileges. Though, According to the website, the broker is only licensed by the local regulatory body,  Cyprus Securities and Exchange Commission (CySEC)

However, local regulations are banned and not recognized by international regulatory bodies. Thus, they have a much higher ratio than the U.S. limit. 

Researching unregulated broker companies will help you understand their pros and cons. Though, keep in mind that not all unregulated brokers are dishonest, but they often are connected to high risks.

How safe are your funds with 24Option Broker?

24Option broker did not consider funds safety topic important enough to had the info about it separately sectioned.

Thus, how are your funds kept? How do they ensure you won’t lose your funds after the company’s bankruptcy? What are withdrawal conditions?

If you’re eager to find the answers to these questions, you can simply visit the FAQ section, scroll down, where you will reach the very “detailed” and “informative” answer: 24Option broker claims to be using up-to-date high-techniques and secure transmissions with 128bit SSL encryption. 

Bonuses: Real or Not?

Even though the front page of 24Option.com offers up to 50% bonuses if you sign up, according to the latest news, deposit bonuses and free trades are currently prohibited on the website. Why?

Bonuses with the scam brokers translate as stealing customer’s money. Thus, don’t let them trick you.

Hidden fees

Furthermore, Transparency is another crucial feature every forex trading platform should offer.

Unfortunately, 24Option broker doesn’t outline trading costs properly. Only high spreads are visible.

More importantly, swap notes on overnight leverages are not provided; three-page terms and conditions don’t mention fee structure.

Overall, we consider the lack of transparency as a severe and unacceptable issue. 

High leverage risks

While leverage could be a suitable method for boosting the trading volume and returns, it also brings lots of disadvantages.

High leverage might lead you to lose money. Leverage loss might be even higher than your deposit. 

Meanwhile, when markets fluctuate against your open trading position, be it with spread betting, forex trading, CFD trading, the liability increases to match losses from the total trade.

Leverage at 24Option broker is 1:500, which is pretty risky rate for your trade.

Customer support at 24Option broker

24Option broker several contact methods. On the right side of the platform, you will see the headphones icon. Pressing on it will reveal the phone number and the email address of the company. 

24Option also supports Live chat. Thus, feel free to contact them.

However, we can not guarantee they will respond.

Besides, unlike other brokers, we couldn’t find the broker’s info on any social media platform.

Conclusion

Overall, 24Option broker has gained a very glorious status of a scammer. Somehow, they manage to exist for around ten years already. We hope our honest 24Option broker review will save you from the scammer’s claws and guide you to a safer trading environment.