24Option Review 2020 A Broker to Trust or Scam For Trading

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24Option Review

24Option regulation.

A broker must pay for regulated licenses to be able to offer trading. 24Option doesn’t pay for licenses but it does offer trading which is prohibited by law.

Your money isn’t safe with 24Option.

To be able to offer trading, you must buy a regulatory license from a country where you want to settle. If you offer trading without licenses, you don’t respect the laws and become a fraudulent broker. Brokers who don’t have regulated licenses like 24Option will not give you your money back because they are outlaws.

Never trust the broker.

It’s essential to always check the licenses of a broker because fraudulent brokers lie to make you deposit the maximum amount of money. If you unfortunately deposit your money and are asked to pay a fee to withdraw your money, don’t do it because you will give them even more money.

Get a chargeback now.

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Our Verdict

24Option is a scam that doesn’t have regulated licenses. We advise you to avoid this broker if you don’t want to have a problem. If you have been a victim of this broker, don’t hesitate to leave us a comment to report this broker and avoid other people from being victims.

24option Review 2020: Can You Trust this Questionable Broker?

24option is among the most widely known brokers in the market, but it still leaves some questions in the users’ minds. Should you trust 24option? Is the company legit?

Is “one of the world’s leading Forex/CFDs trading platform” a scam out to rip off unsuspecting traders?

Never fall prey to false and paid reviews or ads about a trading company. Here, we will give you an honest 24option review.

We’ll assess valid and factual information about the company before concluding. If you have lost your money to 24option, we can help. Simply schedule a free consultation.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Top Binary Options Broker 2020!
    Best Choice For Beginners and Middle-Leveled Traders!
    Free Demo Account!
    Free Trading Education!
    Big Sign-Up Bonus!

  • Binomo
    Binomo

    Trustful Broker. Recommended Only For Experienced Traders!

Let’s get started.

24option: An Overview

24option is a forex and CFD broker. It operates under a Belize-based investment firm known as Richfield Capital Limited. It uses the payment services of Wonderbridge Services Limited, located in Cyprus. The 24option brand is also under Rodeler Limited, also located in Cyprus.

It’s currently not allowed to trade within the European Economic Area, Switzerland, Canada, USA, and British Columbia.

It used to deal in binary options. However, it stopped and now only focuses on forex and CFDs, including cryptocurrencies. Users can trade using 24option’s website or MetaTrader 4.

24option has four account types:

  1. Basic at $250
  2. Gold at $5,000
  3. Platinum at $10,000
  4. VIP at $50,000

We will give credit where it is due. Unlike other trading platforms that only support two major currencies, 24option supports up to seven currencies.

Here are its fees:

Another commendable area for 24option is their quality customer care service. They have a multilingual team that is reachable through email, phone call, or Live Chat.

It also provides numerous learning materials for beginners to train, including eBooks and webinars.

How Long Does It Take to Withdraw Money from 24option?

It takes up to 24 hours for 24option to release the money to your preferred withdrawal method. It can take a further 1 to 5 business days for the funds to appear in your account balance.

You can make withdrawals from 24option using these methods:

  • Credit card
  • Wire transfer
  • Neteller
  • Skrill
  • Perfect Money
  • Qiwi
  • WebMoney

To successfully withdraw or deposit money, you’ll need to verify your payment method. Verification includes providing proof of ID and proof of residence. If you’re depositing using a card, you’ll need to send photos of your card, showing your name, expiry date and the last four digits of the card.

Exorbitant and Unreasonable 24option Fees

There is a withdrawal fee of 3.5% for cards, 30 EUR for wire transfer, and as high as 3.5% for Qiwi and Neteller.

What’s more, if there has been no or insignificant trading in the account before you withdraw, the company charges 80 EUR.

Even worse, there is a monthly trading account inactivity fee, despite the level of account you hold.

If your account has been inactive for two months, expect a monthly inactivity fee of 80 EUR. Accounts that have been inactive for two to six months get a monthly charge of 120 EUR. And there’s a monthly fee of 500 EUR for accounts that have been inactive for 6 to 12 months.

If there has been no activity in your account for a year, the dormancy fees shall be 1000 EUR per month. If you wish to reactivate it, a fee of 2000EUR is charged. Can it get any higher?

On Regulations

Richfield Capital Limited is regulated by the International Financial Services Commission of Belize under license number IFSC/60/440/TS/19. While Cysec licenses Rodeler limited with CIF License (207/13).

Wonderbridge Services Limited, the payment agent, is registered under license number HE351228.

Have there been any complaints about these regulations? We will see below.

24option Scam Warning Signals

Here are some things that stink of a 24option scam.

1) A Skimpy Website

While we have nothing against simplicity, too much of it raises eyebrows. Every online business aims to publish as much information as they can about the company. But this is not the case with 24option.

It makes you wonder, why so much mystery? We all know scam companies have a lot to hide.

2) Noncompliance with Regulations

In December 2020, Consob, an Italian securities regulator, banned 24option from trading in Italy, citing repeated failure to comply with specific regulations.

The trading company had also violated an EU directive that mandates negative account protection. Negative account protection ensures that customers do not lose more than they deposited.

According to Cosnob, the complaint about 24option was forwarded to the regulatory body by Italian investors. They reported serious irregularities by the company.

3) The French Ban

Again, on 1 st August 2020, the French financial markets regulator AMF banned Rodeler Limited from operating in the French market. Like we mentioned earlier, 24option operates under both Richfield Capital Limited and Rodeler Limited.

In the statement by AMF, the company had failed to act honestly and fairly to the French market, causing harm. 24option had failed to act in the best interests of their clients by not providing accurate information.

Caroline Leau, a spokeswoman for the French financial regulator, said that trading with 24option is “not in accordance with the balance of risk and opportunity.”

Although the ban was later lifted on 3 rd July 2020, we can’t help but wonder what other consumer protection regulations the trading company is ignoring.

4) The Never-Ending 24option Calls

Once you sign up with 24option, be ready for never-ending calls. First, they’ll pressure you to deposit money. After that, an account manager or senior account manager will push you to start opening trades.

However, they rarely tell you when to close a trade. In case you end up in a loss, the account managers tell you to deposit more money.

The callers are very persuasive. As a new investor, you may even feel like you’ve struck gold. This feeling only lasts for a while, until you start losing money or blow your account.

Don’t fall for that trick. You may keep depositing and losing till you wipe out your savings.

Word in the Market Indicating a 24option Scam

According to the 24option review on TrustPilot, 76% of the reviewers rate it as poor and bad.

The company’s star rating is equally bad at Forex Peace Academy

Let’s just say this 24option review from a customer who lost their money gives a pretty good summary of what you can expect from the company

24option Review Conclusion: Should You Trust the Company? Is it a Scam?

Based on this data-backed information, our 24option review verdict is that the company is a scam.

Yes, it is regulated, but it is unethical and does not have the clients’ interest at heart. Signing up is smooth, but losing funds is equally easy. They keep pressuring you to deposit money and illegally tell you which trades to open daily.

Though regulated by Cysec and FSC, it has failed to comply with regulations multiple times. And yet these regulations have been put in place to protect you, the consumer.

Operating a trading account with 24option is highly expensive, with unnecessarily high fees for inactivity. And the complaints by previous customers indicate that you could easily lose your money there. This proves that trading on the platform is likely to result in one scenario – lost money.

Our advice to you is:

  • Always take the time to read through the terms and conditions thoroughly
  • Understand the fees and commissions
  • Know your consumer rights regarding trading
  • Don’t blindly trust the trading advice and signals given by 24option account managers. Learn how to trade professionally and place informed trades.

Remember, when trading forex and CFDs, you should always protect your capital. In case you’ve unfairly lost money to 24option, we can help you recover it. Simply schedule a free consultation and let’s chart the way forward.

Is 24Option Scam? Broker review

On the web, you can find a lot about 24option. It is no surprise, because according to the statistics, 24option is the 2nd largest binary options broker in the world (Banc de Binary is 1st) However in this review, we will show you all information combined, making a big list of reasons why 24option is a scam or not.

24option is a binary options broker established in 2020 with headquarters in Limassol, Cyprus . Some may think this is s red flag, but, in fact, that is completely normal for binary options brokers. Most of them have their headquarters in Cyprus, because of regulatory purposes.

24option basic info

  • Official Website: www.24option.com
  • Headquarters: Limassol, Cyprus
  • Trading Platform: Tech Financials
  • 2nd largest binary options broker

Why is 24option scam?

I’ve read many complaints against 24option, saying that they scam people, they never let you withdraw your earned money, or even they lie about giving you free money and such. Those are all invalid reasons. Read on to see what I mean.

People complain, that they were offered free money (24option bonus) but then when it came down to paying customers out, there were problems. Yes – this situation can occur. But only if a customer has accepted a bonus AND has not completed all procedures needed for the bonus to be withdrawn. In order to withdraw money including the bonus offered by 24options, a customer is required to:

  • Upload necessary documents to prove the customer is, in fact, the person they claim to be
  • Complete wagering requirements (40x the value of the bonus)

If any of the above is not met, the withdrawal of the bonus funds is not possible. If you have this kind of problems, please, contact the customer support.

Another reason why clients might complain and dislike 24option is: losing their money. Trading binary options simply involves risk. Everyone should know that. It is an investment, with which your money is at risk if you do not invest (make trades) wisely. If you do not know what you are doing, please, learn something about binary options first and try trading on a demo account. You can do that either with 24option, but also with our demo account: x Binary Options Demo.

24Option regulations

24Options are regulated by important regulatory authorities of the world including the FCA in the United Kingdom, CySEC, Financial Market Authority and more. The complete list of regulators, that have approved trading with 24options can be found below – all of these official authorities have said “24Option is NOT a scam,” and gave them regulations.

A list of regulations found at www.24option.com

Their platform (Tech Financials)

Tech Financials is a platform programmed by a third-party company that creates binary options trading platforms not only for Banc de Binary but also for other brokers. 24Option is, however, one of the few brokers that use this platform.

This means that trading program, where traders make all the trades is not programmed by the broker itself, but by a different company. In the company’s intents is to make the platform as good as possible, in order to sell it to their clients (24option). If it was any sketchy, they would not buy it.

24option’s platform had to be reviewed by all regulatory authorities.

Have you been scammed by any broker? MyChargeBack might be able to help you! Fill the form below.

More information about 24option

Author

More about the author Step

I’ve wanted to build a business of some kind and earn money since I was in middle school. I wasn’t very successful though until my senior year in highschool, when I finally started to think about doing online business. Nowadays I profitably trade binary options full-time and thus gladly share my experiences with you. More posts by this author

190 Responses to “Is 24Option Scam? Broker review”

I lost a house worth of money. DO NOT GO HERE it ruined my life

The worst trading plataform, don’t trust them, they will rip you off.
The worst trading plataform, they just rip me off 300 dollars from my account with the explanation was that the account was inactive for 1 month scammers, they don’t ever let you know that there is a fee for this and before they made close all my operations, because they had to makes changes to the plataform, without any notice. Im going to redraw my money now from this scammers.

Sir, is Premium 24option a scam? Can i still get my money from them?

Hello, I don’t know anything about 24option premium, I’m sorry.

Everywhere page I open that has to do with binaryoption or forex investments all have great customer reviews but when I tried investing with binaryoption, from plus option, to binomo to IQoption, I lost a lot. I still have someone helping me with my trades but I keep losing and now they want me to invest more money. I need to speak with people who have invested and had similar situations. Please reach out to me on my username

Hello, thank you for sharing your story. Trading is really complexive and long term activity. It took some time to find the right strategy, broker and the power to influence own psychology. Be patient. We wish you good luck.

24 option is a scam organised by Israelis, do NOT trade and watch out. you will find more infos on YouTube. Good luck to all of you

HI, so Option 24 is a scam. i invested money about 3 weeks ago, now they say i must pay 10% of the total profit made. they say because the american government and the IRS tax officials have found that a lot of money is made the thought binary trading. am i scammed or what. when i asked why they did not tell me prior they are not giving clear answers. is there a way of getting back the funds i invested??

Mlu did you get any help regarding your account. I also need help.

We are on the same boat. $100 =$1000, did I get No. Now they want withdrawal fees unexplained. That is 24option.

I 100% hate 24Option with all my heart.. They are thieves… Complete liars… Scammers….

Did you get your money back? Being Approached by a guy called Franco Lunga to invest

Got approached by Annika Luan, I haven’t invested anything, am so doubtful more especially being approached on social media . And they say they are using 24 option investment

hello sirs,,do you know Tatiana Konoplina > She said she is an account manager in 24option.please help me,,Ihave jnot invested yet but receiving calls from her and emails too.

The job of the account manager is to help you make your first deposit , if you don’t your account is not completed , they don’t call you to start trading or to take your money. Because when you deposit you get assigned to the Senior Account Manager who will be basically your mentor and tell you everything about trading. After that if you don’t want to trade or you don’t like it , you just withdraw your money and close your account , no questions asked and no fees! I know many people that work there.

HI I’m new to trading, my question is how is it possible to trade with minimum $200 investment under your own account? Normal broker would put you in a pool of shares under their account and managed by them, you have the option to join or not. When you trade using 24option is it your own share as in buying actual lot, or just your small portion under their share?

Dear Mozzax11, with 24Option and any other CFD brokers, it’s only a CFD. You don’t buy the stocks directly through them. However as you can read in the comment section below, it is not recommended to use 24Option!

Mr j.pro i had a friend of mine who meet a woman in facebook in the name of EDNA PEARL he says that within 48hrs we could have our gain profit. My friend immidiately finance because he trust EDNA. After 3 days jhon have his profit , but when he tried to withraw ,the company ask him 770 USD for withdrawal charges. Yes he paid it. But until now he had not withdrawn any money. Very negative. Help him . Im planning to invest or trade. But i have doubt now. Pls help us

Dear Michael, as we tell others – never trust anyone who says they will trade on your behalf. Always manage your own money. I am sad to say it, but I think you got scammed by this EDNA. Do not pay her any more money, she will never send you money back, be carefoul.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Top Binary Options Broker 2020!
    Best Choice For Beginners and Middle-Leveled Traders!
    Free Demo Account!
    Free Trading Education!
    Big Sign-Up Bonus!

  • Binomo
    Binomo

    Trustful Broker. Recommended Only For Experienced Traders!

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