I see many traders asking online: Is 24option a Scam? Owned by Rodeler Ltd., based in Cyprus, 24option is a binary options broker that is consistently rated one of the best out there for new and experienced traders alike. It makes use of the very versatile trading platform known as the TechFinancials platform. It has the most currency pairs for trading on the market right now. In addition to this, there are over 100 assets to trade in total on the 24 option platform. The big question that a lot of new traders are asking is if all these features are a front for a big scam? Read the investigation below to find out.
Trading Competition
If there is a scam going on, it isn’t here, that’s for sure. The broker has a regular, annual trading competition for all of the people trading on the site. This lasts through the month of June and has prizes of up to $24000. There aren’t many complex rules to the competition. Basically, the trader who can make the most winning trades lasting one minute wins. Since the opening of an account, if the trader has deposited a total of over $1000, they are entered into the contest.
Security and Regulations
This is something that traders look for without question as soon as they enter into a new broker site. The company that owns 24option was licensed by CySec in July 2013. It is a registered, regulated broker that is consistently adhering to the highest security standards. It is also registered with a number of regulatory bodies such as the Italian CONSOB, German BaFin, French AMF and the British FCA.
The licensing of the broker is the best sign that they are scamming or that they are legit. If a verified, recognized body such as CySEC gave them a license, and if they adhere to the rules of the MIFID in the EU, they are pretty much settled down to not be a scam broker. The site that is presented to traders who aren’t in the EU is one that is run by Richfield Capital Ltd., with a regulation from the IFSC in Belize. The license number is IFSC/60/440/TS/15-16.
What About Customer Complaints?
Most of the time, traders complain about things that a little common sense or some literacy would solve in an instant. After a lot of research, it was found that the most common complaints are that:
- Money can’t be made quickly – Oh, come on. This is a common belief amongst many of the traders out there. They think that it is easy to make money by trading binary options. It isn’t. Without the right strategies, tactics and a whole lot of patience there is no way that the trades are going to come through. Never pay heed to complaints of this nature as they are more ineffectual gripes.
- Bonus offers not getting paid out – the problem here is that people don’t read. The site states that if you deposit $2500, a 50% bonus is paid to the account. The thing is, you can’t just take this money and leave. That would make you the scammer. You have to earn the bonus by satisfying the terms and conditions the broker has set out concerning it. People say that the bonus is a scam. Read through the terms and the conditions of the bonuses to find out what you need to do to earn and withdraw the bonuses without problems. If you don’t do this, you won’t be able to get your bonus. It is as simple as that.
If you want to stay safe during your trades, and you don’t want to go through the hassle of earning your bonuses, don’t. There is always the option to turn down the offer that you have been given. Make sure that you read through the requirements that the broker has specified in order to clear the bonus. If you aren’t comfortable with these, refuse it. Remember that the disclaimer at 24option states that bonuses involve a lot of risk and should be treated with caution because losses can lead to losses in your invested capital.
Always make sure that you read through everything you can before investing in anything. Don’t make any decisions without considering all the options and alternatives first. You should be fine, and try not to believe the complaints you read, especially about a trusted, licensed broker like 24option.