Is a legitimate forex trading company?

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. We have therefore decided to provide some useful information about the trading platforms on offer, to protect our clients from becoming a scammer’s easy target.

For more information on the risks and the reality of binary options click here


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.


On their website, it appears 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. They will do nothing to enforce 24Option will not end up scamming their customers.
Officially, 24 Options is regulated by CySEC but this is not mentioned on their website which raises lots of questions.

Unfortunately, a 24Option two-year sponsorship of Juventus convinced people to invest their entire savings with them. They assumed 24Option was trustworthy because they sponsored a famous football club.

MoneyBackHero Experience

However, MoneyBackHero experience has taught us otherwise. For example, our dealings with Iron Forex which sponsored Barcelona was uncovered by CySEC to be a full-blown scam. This proves that being a sponsor of one of the biggest football teams in the world does not necessarily mean they you are a legitimate company.

Our Advice

We do not suggest opening an account with 24Option as we have already had numerous clients who were unable to recover their money themselves and had to instead turn to us for help.