The 24Option review must be read by every trader before trading with it because this broker is a scam.
Broker 24Option only offers Forex, CFD trading and does not offer binary options, despite the name.
You can find a huge number of negative reviews 2020 about the broker with proof of his scam. But it was not always so. We will tell you about this during the review of 24Option.
Content
Review of trading conditions and official website 24Option
| Official site | https://www.24option.com/international |
| Related brokers | InvestMarkets, ForexTB, Investous, Ubrokers |
| Year of foundation | 2009 |
| Regulated by | IFSC |
| Trading instruments | 260+ assets CFDs on forex, stocks, indices, ETF, commodities, cryptocurrencies |
| Spreads and commissions | High floating spreads From 2.8 pips |
| Most popular | ForexTB in Cyprus, Albania, Italy, Spain, Ireland, Sweden, Germany, Netherlands, Poland |
| Provision of services in the US, UK, Canada, European Economic Area | The European Economic Area The US, the UK and Canada. |
| Min. trade size | 0.01 |
| Leverage | Up to 1:500 |
| Account types | Basic, Gold, Platinum, VIP |
| Minimum deposit | $ 250 |
| Minimum withdrawal | $ 120 |
| Deposit & withdrawal methods | 7+ |
| Payment Fees | 3.5% fees for withdrawal |
| Trading hours | 24/5 24/7 (For crypto) |
| Trading platforms | MT4, Proprietary platform |
| Mobile App | |
| Demo | |
| Copy Trading | |
| AT/Robots | |
| Bonus | Up to 50% |
| Affiliate program |
Broker 24option has stopped working, so the official website redirects you to register at InvestMarkets. Login to your InvestMarkets account is available using the previously created 24option profile. As you can guess from the many similarities, these brands have the same owner.
Apparently, too many Internet resources told about the scam of the broker 24Option. And they created a new broker.
Is 24Option a legit or scam broker?
Now about the legit regulation of 24Option.
The broker is currently regulated by IFSC Belize. This regulation is not the best, but it allows legal financial activities of a broker in many countries.
However, the previous legit regulation of 24Option attracts the most attention.
Previously, the broker was regulated by CySEC until about 2017. This is a fairly reputable regulator of Cyprus that monitors the activities of financial companies. In 2016, CySEC fined Rodeler LTD 156,000 euros (the company included 24option, GrandOption, QuickOption and 24fx). The fine was for numerous violations and scam on the part of the company.
A short list of their violations:
- Refusal to register and take action on complaints from traders: € 10,000. 24Option completely ignored the handling of traders’ complaints;
- Control over operational risks: € 20,000.
There was a risk of bankruptcy as a result of inadequate or faulty internal processes, actions of employees and systems, or external events; - Dishonest management of user bonuses: € 20,000.
The broker did everything to make you take the bonus; - Misleading advertising: €30 000.
The broker did not inform traders about the high risks when trading binary options; - Incorrect assistance to traders in the trading process: € 40,000.
Managers helped clients lose their deposit.
The amount of the fine is small for a binary options broker, but it destroyed the broker’s reputation. After that, 24Option eventually moved to legit regulation by the IFSC. And many sites have posted information about the 24Option scam.
Reviews of traders 2021
You can find quite a lot of 24Option customer reviews for 2021. What unites them all? All trading reviews of 24 Option are negative and claim to be a scam broker.
Based on many customer comments:
- It is impossible to withdraw money. Many people leave complaints about problems with withdrawals. They constantly require new documents for verification. They can also reject them all the time.
- Managers aggressively force you to deposit more. After that, they help you lose all your money.
- The broker has a lot of large fees. You cannot even return your money in full.
24Option trading reviews 2021 prove it to be a scam broker. It is almost impossible to find positive comments about him.
However, some still advertise it as a good option for CFD and Forex trading. This is not true.
24Option login and trade
At the moment, you cannot login 24Option and trade is disabled. According to customer support, the broker has stopped working.
But the official site https://www.24option.com/international continues to work. When you try to register and login, you will be redirected to the Invest Markets broker website.
Apparently, many learned about the scam of the 24 Option broker and their company had to create a new broker. This is how the Invest Markets broker appeared. 24 option and investMarkets have the same website template, trading platform, registration address and everything else. The “new” broker also provides CFDs and Forex trading (bitcoin trading is available). There is also a free unlimited demo account. Demo account has reduced spreads.
The login to the “new” trading platform is available according to the registration data from 24option. You can also trade in the MT4 terminal. It’s obvious from 24option’s review that it’s best not to trade with this scam broker.
24Option withdrawal
Minimum and limit
24Option minimum deposit is $ 250, and the minimum withdrawal for most methods is $ 120. Withdrawals have no limit. You can withdraw all funds that are not currently invested in open trades.
They say that the withdrawal process takes about 5 days, but in fact it can be endless.
As you can see from the review, it is better not to make even a minimum deposit for trading with 24Option.
Options and fees
Broker 24Option offers few payment options. The following options are available for deposit and withdrawal funds: credit card, Webmoney, Neteller, Skrill, Jeton, Bank transfer.
In addition to the huge trading commissions (spreads, swaps) 24Option also takes high fees for withdrawal and inaction of clients. Withdrawal fees can be up to 3.5%. This is a very large number, as many brokers compensate commissions.
But this is not the limit for them. The largest fees you can pay for inactivity – up to 1000 euros per month!
Problems / issues and complaints
Withdrawal issues are common for 24Option. On the broker 24Option huge number of complaints about problems with the withdrawal of funds. Account verification can take a very long time and you will still be refused to withdraw funds.
What can you do if the broker does not withdraw funds? Almost nothing. You can write a complaint to the regulator, but the money will not be returned to you. Previously, 24 Option already received a fine for problems with processing trader complaints. But then there was regulation by CySec. The only solution is to write a negative review about 24Option so that no one trades with this scam broker.
Welcome bonus
24Option gives a 50% welcome bonus on a deposit of $ 5000. Their bonus is further proof of scam.
Firstly, they want you to deposit $ 5000 right away!
Secondly, 24 Option have the worst bonus conditions.
It is not surprising that 24 Option managers impose this bonus on clients. It only complicates the trading process.
For example, you deposited $ 5000 and received a $ 2500 bonus. Every dollar needs to be worked out 10,000 times! $ 2,500 * 10,000 = $ 50,000,000. You need to make a turnover of $ 50 million within 90 days to be able to apply for a withdrawal of funds. In fact, this is unrealistic to do and you will simply lose all funds.
For comparison, Binomo offers the same type of bonus, but to withdraw it, you need to make a trading volume 35-40 times the size of your deposit. Looks more real, but it’s not easy.
The dire conditions apply not only to bonuses, but to all trading with 24 Options. They hid their terms in various documents that are difficult to find.
Final review of 24 Option
As a result of the review, 24Option broker is a scam and is not suitable for Forex and CFD trading. This is also confirmed by numerous reviews of traders and customers.
Despite the fact that the broker is legal and has IFSC regulation, it is not trustworthy. The 2 most common problems of a broker are withdrawal problems and managers “help” traders to lose their deposit. 24 Option has disgusting trading conditions: high spreads and commissions, bad account types and bonus, minimum deposit and withdrawals above average.
Broker 24Option is definitely not worth your attention. Now they are working as a new broker Invest Markets.
For binary options, forex and CFD trading, you should consider a more reliable broker (for example, IQ Option or others). You should pay attention to Plus500 and eToro If you are only interested in CFD trading,.
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