A Real 24Option Review
Is 24Option.com a scam?
This 24Option review will be addressing exactly that. We’ll be explaining who 24Option is, what their regulatory status is and how they operate. We’ll also be helping you decide if they are a company that you can trust.
Is 24Option Regulated?
24Option is regulated under the Cyprus Securities and Exchange Commission (CySEC). Being regulated by CySec allows them to operate throughout the European Economic Zone (EEZ).
The 24Option brand is one of the five approved domain names owned by Rodeler Ltd.
Update June 2nd, 2020: Following the lead and request of the FCA. CySec has suspended the license of 24Option (Rodeler Ltd.) This effectively means that 24Option is currently not within the legal framework of offering services within the European Economic Zone.
Does this mean that 24Option is a trusted company?
As we’ve seen in many instances before, being regulated by CySec doesn’t necessarily inspire confidence when dealing with a Market Maker. It also means that one can expect scammy type of behavior to be somewhat acceptable.
If you’ve already signed up with 24Option a and you feel that you were scammed, we can help you understand how you can get your money back.
Who is 24Option?
The History of a Binary Options company turned Forex. And most recently, Cryptocurrency as well.
24Option started out as a Binary Options trading platform in 2010 owned by Richfield Capital Limited. This meant that you would place your bets on financial instruments to go up or down. If your prediction was correct you would get a specific amount and if you were wrong you would lose everything. They slowly fazed out from the Binary options market due to increasing regulations and turned into a CFD and Forex trading platform in 2016.
Where is 24Option located?
24Option is registered in Belize under the name Richfield Capital Limited. They are located at Richfield Capital Limited Unit 303, No. 16 Cor. Huston and Eyre Street, Blake Building, Belize City, Belize.
What payment service does 24Option Use?
For the sake of pursuing the 24Option scam, it may help to know that their payment service provider and partner is Wonderbridge Services Limited. They too are located in Cyprus at Wonderbridge Services Limited (Registered Address: Kolonakiou 39, Frema Plaza, Agios Athanasios, 4103 Limassol, Cyprus).
Why is the above important?
In many instances Cyprus based scam brokers have often had their payment processors working closely with them, and in some cases the payment processors are owned by the scam brokers themselves.
24Option Review – Tech Specs
What services does 24Option offer?
24Option is primarily a Forex and CFD broker, however they recently added crytocurrency trading options as well.
They offer five different account tiers. Basic, Silver, Goldm Platinum and Diamond. Their minimum deposit is $100 USD and it comes with floating spreads from 3 pips using EUR/USD. The accounts increase in requirement and feature progressively.
As often is the case, the Metatrader 4 is the platform of choice for 24Option.
More on 24Option Regulation
On their website, 24Option claims that they are regulated by the International Financial Services of Belize. In our experience, this particular financial authority does not hold much weight and will not stop 24Option from pretty much doing what they want. There a no documented cases of the IFSB enforcing any of their regulations. Most importantly the IFSB certainly has not done anything to prevent 24Option from continually scamming their customers.
Why not mention CySec regulation?
Officially, 24Option is regulated by CySEC but this is not mentioned on their website which raises lots of questions. Why put the scammy regulator on the site and leave the official regulation to discovery. With all of the cloudiness surrounding CySEC, they are an official recognized regulatory body throughout the EU.
24Option Scam Incidences
Banned From Doing Business in France
Back in August of 2016, the AMF (Autorité des marchés financiers) banned 24Options from providing services to clients in France. It should be noted that 24Options or Rodeler Limited took measures to address the conduct issues and the AMF ban was lifted the following year. This in it of itself doesn’t provide any conclusive evidence to the 24Option scam, but it does to the overwhelming amount of red flags and first hand reports.
CONSOB – Italian Regulator Bans 24Option Scam
This past December, 2019 24Option was prohibited from providing investment services in Italy. Rodeler Limted, the company that 24Option operates under in many European countries was the name the ban was placed on.
It included the five internet domains that Rodeler Limited owns and operates. 24Option.com, rodeler.com, 24fx.com, grandoption.com, and quickoption.com.
The ban also prohibits Rodeler from soliciting any services in Italy.
Rodeler Limited Review and Richfield Capital Review
Any review of 24Option is in essence also a Rodeler Limited review and a Richfield Capital review for that matter as well.
The above incidents of Country wide bans by government regulators are evidence in the form of public knowledge and they are without a doubt a major cause for concern.
However, there’s something even more concerning…
As a recovery company who’s daily efforts are focused on helping individuals get money back from scams like 24Option, we receive a large amount of cases and reports every single day. These reports provide us with inside information regarding the ongoings of these brokers.
What are we being told regarding 24Option?
It’s almost the same story over and over. Pushy salespeople, withdrawal problems at every turn and an overall overwhelmingly stressful experience. We know what’s going on and in many cases we are able to help. If you paid 24Option with credit card, there may be options to pursue a credit card chargeback. If not, there are other methods to recover your money.
Because 24Option is a regulated broker and they do their best to conceal their nefarious intentions, there are cases where foul play is difficult to prove. We know what they’re up to and we know how to get your money back. (Assuming your case is recoverable, there are situations where all may be lost, we will let you know when that is unfortunately the case).
Let us know what your situation is and we’ll get back to you as soon as we can.
If you’re not sure if you’ve been scammed by 24Option watch the video below.
24Option would seem to be a scam, a next level scam, how then do they gain clients and reputation?
Regarding reputation, well that’s up to interpretation. We don’t believe that 24Option has a very positive reputation. But they do keep gaining clients. Most notably, a 24Option two-year sponsorship of Juventus convinced thousands of people to invest their entire savings with them. They assumed 24Option was trustworthy because they sponsored a famous football club.
They’re not the first to use Sponsor Publicity
MoneyBackHero has seen this many times before. For example, in our investigative research of Iron Forex which sponsored Barcelona in the end was uncovered by CySEC to be a full-blown scam. Yet another proof that being a sponsor of one of the biggest football teams in the world does not necessarily mean they you are a legitimate company. Quite the opposite.
How can an operation like this get away with taking so much money from so many people?
The unfortunate answer is, because they are regulated. By working as close to the guidelines as possible they make sure that if and when they are caught or reported, they “correct the issue” as quickly as possible. This of course doesn’t say a whole lot regarding the regulator.
24Option Reviews Online
With a quick google search it’s easy to find hundreds of 24Option complaints online. One place to start would be the 24Option trustpilot page.
24Option trustpilot review page
Tons of Negative reviews followed immediately by Positive reviews
This is a common practice by scam Forex companies. They receive a tremendous amount of negative reviews. After negative reviews are left the company has “agents” leave positive reviews to follow and drown out the negative ones. They also report the negative reviews to have them temporarily blocked by Trustpilot in hope that the reviewer will not respond or know what to respond to keep their review up.
Based on all of the above we do not suggest opening an account with 24Option. We’ve dealt with countless clients who have been scammed by 24Option. Fortunately if you have been scammed by 24Option, you have where to turn to get your money back. We’ve been extremely successful in recovering money back from companies like 24Option. We’ll let you know upfront if your case is recoverable. Contact us right away to start your recovery process and find out if you can get your money back.
Click below to get started today.
As a wealth recovery company MoneyBackHero receives countless inquiries from clients looking to determine the legitimacy of their Forex, CFD, Bitcoin/Crypto, and Binary Options trading brokers. Feel free to comment below and help us provide useful information about the trading platforms on offer, and try to protect individuals from becoming a scammer’s easy target.
For more information on the risks and the reality of binary options click here