WikiFX - Alert: Beware of Belize FSC-Licensed Broker 24Option

WikiFX | 2022-12-19 10:14

Abstract：Financial losses are part of forex trading, but falling prey to scammers is devastating.

Since forex is one of the world's most liquid markets with an average daily turnover of 6.3 trillion U.S. dollars, it has always been the hotspot for money stealers. 24Option is also one of the flagged entities reported for scamming clients on various platforms repeatedly.

What Is 24Option？

Founded in 2008, 24Option is a forex and binary options broker based in Cyprus. Before 2017, the company was a pure binary options trading firm. However, it ceased offering binary options trading after being reported on various platforms for its malpractices concerning funds withdrawals and price manipulation. Subsequently, it started supporting forex and CFD trading. Although the company's official website isn't accessible these days, it keeps disguising clients through several similar websites redirecting to 24Option.

How 24Option scam clients？

24Option used different methods to trap clients, including email marketing and follow-up calls. Approaching clients via telephonic calls and luring them into profit-making opportunities followed by bonus offers on deposits was one of the most common practices of the company.

After receiving funds, the company used to provide clients with poor money management strategies to trade, leading them to lose their account balances. According to clients, account managers first asked them to follow their instructions. Later they baselessly accused clients of wrongdoing.

On August 10, 2021, Israeli and German Police arrested alleged scammers behind 24Option on account of looting millions of Euros from investors.

According to an article published on the “Times of Israel” website, the company allow clients to wager on currencies, commodity, stock, CFDs, and cryptocurrency price movements. According to TOI, 24Option manipulates investors' trades, so they consistently lose their funds.

Moreover, Rodeler Limited and its local company Rodeler (NL), operating under the brand name 24option.com were fined €15,000 by the Dutch financial supervisory body for violating the country's General Administrative Law Act.

According to online resources, the agency requested recordings of telephonic conversations between Rodeler NL and clients. However, the Rodeler NL failed to produce the required call recordings, obstructing the AFM's oversight and breaking mandatory requirements.

On the other hand, if a client is fortunate enough to survive some time, access to his deposited funds will still be limited. The company doesn't process withdrawals or impose a hefty withdrawal fee.

Is 24Option Regulated？

24Option conducts business activities under the direction of the Belize FSC, bearing the license number 000307/19. The broker is not regulated anywhere else.

It is worth mentioning that even if a broker is regulated, you can still get scammed. Regulators only define rules and require registered companies to abide by them. If a firm is found guilty of breaching the code of conduct, they have the legal authority to impose financial penalties and revoke its permits to operate.

Bottom line

24Option seems to have ceased its operations since its website isn't accessible. However, scam entities always find their way to fool around people. A few online websites keep posting positive reviews about the company and redirect potential clients to similar websites, which is probably another scam setup hosted by 24Option.

Related broker

No Regulation

24option

Company name：Richfield Capital Limited

Score

1.61

Website：https://www.24option.com/international/

5-10 years | Suspicious Regulatory License | Suspicious biz area | High potential risk

Score

1.61

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