Been Scammed By This Broker? We Can Help!

Making money through online brokers almost seems too good to be true. While there are many reputable and honest broker services available to the masses, there is also a sizeable amount of scam brokers looking to con you out of your savings.

24option is one of the many online brokers on the market with mixed views on the quality of its services. So, some might claim it a scam, others a service.

Broker Data

24option: An Overview

24option is an online broker established in 2009. It began mainly as a binary options broker, but it is now based in Cyprus and Belize and operated by Rodeler Limited and Richfield Capital. They provide access to Forex Currency pairs, stocks, CFDs, indexes, and other trading commodities.

Customers who are already used to forex trading via Metatrader 4 can use this platform to trade currencies. They also own their trading platform and a mobile app for trading on the go. This broker offers a leverage ratio of 400:1 for their forex pro traders and provides several currency pairs.

24option offers four different kinds of accounts for various trading and service needs. Their account managers will need to evaluate the type of account that will suit their needs before offering their services.

Their site also provides educational resources for investors, including webinars and other technical analysis resources, Fundamental analysis, the economic calendar, and additional info featured in ‘trading central.’

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Is 24option a Scam?

The regulatory history of 24Option would usually suggest that they are a legitimate and responsible company. In the early stages of their business, they moved away from the binary sector to maintain their reputation.

In terms of regulating parties, they were regulated under two regulatory agencies. For operations within Europe, they or regulated by the Cyprus Securities Exchange Commission, also known as CySEC. For operations outside of Europe, they come under the International Financial Services Commission of Belize jurisdiction. Evidently those licenses from the regulatory bodies have been revoked!

24Option is a legal and well-regulated broker, making it unlikely that their services are a scam. Another indicator that this isn’t a scam is that their financial claims come with a warning label. If you visit their site, you will likely be bombarded with warnings that CFDs are complex investment instruments, and there is a high risk of losing money rapidly due to leverage. They warn that 83.29% of retail investor accounts lose money while trading CFDs with 24Option.

Scam sites offer huge earnings claims and aim to conceal their fraudulent scheme under the guise of superficially friendly service. Whereas the terms, conditions, and warning signs are all proudly listed on the 24Option page, they do not need to conceal information. They keep legal details on the same site on their webpage, so customers are fully aware of the trading risks which come with this platform.

This site appears to be more of a service than a scam but warned, this is a service with a warning label. When planning to invest with this site, you should ensure you are well educated before investing significantly if you invest in CFDs. You should consider if you understand how CFDs work and if you can afford the high risk of losing the money invested.

This is a no-frills, down-to-earth, and severe investment platform and may appear threatening to less experienced investors. Learn to understand the difference between an educated risk and a scam and read up on your investment before trading with this investor. Costs for making an account are high, and the chance of losing your money could be higher.

The key to investing with this broker is caution and knowledge. Make sure you know the game before you start playing. Be warned that every time you invest, someone else is making money off it, and you should inspect all avenues before coming to a singular investment decision. Exercising caution is your most significant utility.

But also, be warned that there have been reports of fraudulent behaviour and great financial losses whilst using this platform. This is a high-risk licenced broker and 24option could still very well be a fraudulent platform.

24option: Scam Warning Signs

Spotting a scam broker:

Here are some possible warning signs for spotting a scam broker:

  • Unclear terms and conditions
  • Unregulated business
  • Lack of company information
  • Fake addresses or lack of an address
  • Big promises but no follow-through
  • Customer support is unavailable
  • Lack of website security for bank detail protection
  • Vague and unclear website content
  • Misspelling, grammatical mistakes, and strange sentence structure
  • Logos or fonts not looking quite ‘right.’
  • the broker freezing your account
  • blocking your account
  • being unable to log back in
  • money has been taken out from the account without any information
  • the broker isn’t answering your calls
  • the broker shut down their website
  • the broker took money from your bank account without permissionthe broker is offering a bonus or large sum to make up for losing a large sum

24option was until recently  a regulated broker with nothing to hide, all of the risks, terms, and conditions are well outlined on their website, and they don’t make substantial wealth promises. This broker is well established and has been in the industry for over a decade now. Their company information is easy to access instead of concealed and covered with false promises.

However, just because they were regulated and well known doesn’t excuse them from fraudulent activity. Let’s begin by talking about the licences themselves and what they mean. Their CySEC licence is within the tier two category meaning that they are moderately regulated. Licences depending on where and who they are issued by will have an effect on the types of regulations the broker is subject to. Their Belize license is in the tier 3 meaning that their company isn’t well regulated by this license. It is well worth checking a company’s licences before choosing to invest because just because a company is licensed doesn’t mean they aren’t capable of conning you out of your savings.

The mixed options on this broker are likely due to this platform’s high-risk nature and high account prices. This service is aimed at intermediate and experienced investors, and its user system isn’t well optimised for beginners. Suppose you are a beginner investor, before investing using this platform. In that case, you should read up on the information available on their site and elsewhere and ensure that you have enough disposable income to account for any losses, as financial losses on this platform can come at a high price.

But also, be warned that there have been reports of fraudulent behaviour and great financial losses whilst using this platform. This is a high-risk licenced broker and 24option could still very well be a fraudulent platform.

Though please be fully aware that even if a broker isn’t clearly a scam and is well regulated users still lose money through these platforms and can be scammed by a legally regulated platform so always exercise caution whilst investing. 24option is still capable of fraudulent activity and even if they slap a warning label on their services, they are still capable of scamming you out of your hard-earned cash.

Been Scammed by this Broker?
How can you be helped?

How can Trader Defence Advisory help?

If you have reason to believe that 24option is a scam broker and need legal support and assistance in regaining your funds, then Trader Defence Advisory would be happy to lend its services for your cause. You can visit their webpage for a free consultation today. You can also you their ‘report a broker’ service to report a fraud and get their team of legal professionals on the case or point you in the right direction.