24Option is a Cyprus-based brokerage firm where brokers offer several investment options to their investors. The investment option includes Forex and CFDs. Initially, this brokerage firm was renowned for its binary options trading, but now it has ceased dealing with binary options and is more focused on foreign exchange and CFD trading.
24Option offers their clients four types of accounts, i.e., Basic, Gold, Platinum, and VIP. Each version comes with different benefits. The deposit of 24Option ranges from $250 and ends with $50000.
In the account-type hierarchy, higher-tier account holders are served better offers than the lower ones. Though the Basic account holders do not have access to the web seminars they offer, for newbie traders, it is better to start from a basic account.
IN THIS ARTICLE
Is 24Option a scam? What you must know before you sign up?
As we all know, the company 24Option is based in Cyprus, and crime is more prominent there, so people have always been skeptical about their working procedures. Moreover, as they primarily dealt with binary options trading, where the price flow is exceptionally volatile, many investors lost money in the process. These investors relentlessly accuse 24Option of a scam.
A broker or brokerage firm can only be trusted when registered with a regulatory body, as a regulatory body determines its legitimacy and ensures that the brokers registered to them follow specific guidelines.
In the case of 24Option, it is accountable to significant regulatory authorities worldwide, including FCA, CySEC, etc., that assert that 24Option is not a scam. Moreover, many companies that deal with passive income are based in Cyprus for their regulatory benefits.
Why did 24Option flee the binary market?
A binary option is like a betting game where the investor expects that the price of a particular asset will go above a particular amount within a fixed period and bet accordingly. The profit here depends on the contract holder’s prediction accuracy; needless to say, it is less likely to happen.
As stated in this article before, the price flow in the binary market is highly volatile, and for its volatility, many option investors lose money while investing. As a result, it smeared the reputation of 24Option broker. Moreover, many regulatory authorities consider it gambling and have marked it as an illegal practice.
In 2017, 24Option adopted a new trading policy and ceased offering binary options. Instead, they have started focusing more on forex and CFD trading.
Is it a good idea to invest with 24Option?
As in the other trading platforms, opportunities and obstacles are found in this field. On the one hand, 24Option provides their investors with great educational resources that render them a deep insight into investment strategies and great investment products along with multiple account types. Still, on the other hand, below-average research tools and trading platforms, lack of information, and transparency disappoint its clients.
Not only that, 24Option provides no standard discount to Basic account holders. Prices in 24Option are also higher than average trading platforms.
Moreover, many investors have lost money due to its unclear regulations. 24Option used to provide a bonus that allows their client to earn free money for trading. But they were unclear while mentioning terms and conditions. As a result, many investors were misled into losing money.
How to save yourself from losing money in 24Option scam?
No matter which broker you are dealing with, having a deep insight into their working procedures can save you from losing your hard-earned money. Educate yourself about the nature of the brokers’ investment strategies you have opted for. Moreover, approaching everything with skepticism is a potent antidote against broker scams.
You should verify the brokers’ legitimacy before trusting them with your money. Also, research before making a decision serves as an excellent countermeasure. So it is advisable that you go through an independent investigation, list the red flags of 24Option, and keep an eye out for these warning signs while investing. Some of the warning signs are
- Unsolicited investment proposals,
- Too good to be true offers,
- Rushing the investors into accepting the offer,
- Lack of contact details,
- Incomprehensible company policies,
- Grammatical errors, and spelling mistakes on available content
Unsolicited investment proposals:
Investors should ignore the calls they receive when someone claims to be a broker from 24Option and tries to convince them to invest with them. Scammers try to steal their targets’ money by calling them, creating fraudulent websites and sending emails to their targets providing the link.
Too good to be true offers:
Scammers generally come up with unbelievably true offers to lure investors. Scammers try to entice imprudent investors into transferring money to them and then run away with the fund they collect. So, ignoring offers that sound too good to be true is advisable.
Rushing the investors into accepting the offer:
A legitimate company is less likely to rush investors to accept its offer. Scammers tend to create a sense of urgency while convincing their targets. If a broker mentions some offer with a limited period or deadlines, consider them a red flag!
Lack of contact details:
They are frugal scammers about providing contact information as they intend to run away with the victims’ money from the beginning. They want to make it hard for the customers to contact them after investors lose their money in the process of investments. Contrarily, you will never find it hard to contact a legitimate company.
Incomprehensible company policies:
Illegitimate companies often make their procedures incomprehensible. Scammers do not want to reveal their investment procedures, as they often operate illegally. Avoid dealing with brokers when the company’s policies are not comprehensible or seem suspicious.
Grammatical errors and spelling mistakes on available contents:
Look out for grammatical and spelling mistakes in the contents available on their websites, emails, and messages. A legitimate company generally ensures that the PDFs, emails, and messages shared are free from spelling and grammatical errors.
If you encounter any of these, remember that there is a high possibility that the broker you are dealing with is an impersonation scammer trying to counterfeit 24Option.
What to do if you lose money in 24Option scams?
It has become quite apparent that 24Options is not a scam company, so many readers may think that taking legal measures or resorting to investment or asset recovery companies who deal with the regulatory bodies and file complaints to help their clients recover the money would not help.
But investors should not forget that the danger still lingers as there are scammers who perpetrate impersonation scams. These ingenious scammers impersonate popular brokers and brokerage firms and scam people out of money.
Other scammers utilize various methods and commit forgery. So you should seek legal help or help from investment or fund recovery companies that assist investors in getting their funds back who have lost their money in forgery.
How to recover your money lost in 24Option scams?
It is better to have a preference for fund recovery companies that are entirely dedicated to dealing with such scam cases, as legal authorities are often found nonchalant about money lost in passive income options. However, when you choose us, you opt for a prominent solution for scams, irrespective of their variants and natures. The well-organized procedure of Financial Fund Recovery has helped many investors recover their lost funds.
The team at Financial Fund Recovery first assigns clients a cybersecurity expert who helps them to identify the scam type and then starts working on the fund recovery process accordingly. We frame a plan and then share an outline of it with clients. Then, we start working on it with our client’s consent.
Not only do we help our clients get access back to their hard-earned money, but we also provide them with a guideline that assists them in their future investment plans.
24Option investors are mostly accused of being a scammer, but in reality, it is the nature of the binary options trading that disappoints its investors.
The minimum amount a primary account holder of 24Option deposits is $250.
No, 24Option itself is not a scam. It is an investment platform that initially dealt with Binary Options trading where the price flow was highly volatile. Due to its volatile nature, many investors lost money while dealing with 24Options and accused them of scamming.
In 24Option, they process withdrawal requests after verifying their clients’ identifications. They credit withdrawals in the same funding source from where the deposits are made. However, investors can withdraw money other than the initial deposit by wire transfer.
Has a 24Option scam duped you? Contact us! Our experts at Financial Fund Recovery will help you recover your money.