FX Options24 Review Is FX-Options24.com A Scam Broker

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    Top Binary Options Broker 2020!
    Best For Beginners!
    Free Trading Education!
    Free Demo Account!
    Get Your Sign-Up Bonus Now:

  • BINOMO
    BINOMO

    Only For Experienced Traders.

fx-options24.com

2020 Copyright. All Rights Reserved.

The Sponsored Listings displayed above are served automatically by a third party. Neither the service provider nor the domain owner maintain any relationship with the advertisers. In case of trademark issues please contact the domain owner directly (contact information can be found in whois).

FX Options24 Review: Is FX-Options24.com A Scam Broker?

FX Options24 Review: this is a Forex broker with questionable location details because we could not find a concrete place for its headquarters. Is FX-Options24.com a legit broker or is it an online scammer?

The first thing we notice about this broker is that the page does not work well. We tried pinning its location but it claims to be located in Cyprus. But also mentions being registered in Vanuatu and the United Kingdom as well as France.

HAVE YOU BEEN SCAMMED? If you have lost your money to online scammers, there is an opportunity you could get back your money.

Click HERE to start the recovery process

FX Options 24 mentions that it provides traders with 8 asset classes that make up to 1000+ trading instruments. It also claims to be affiliated with top banks, MTFs and non-bank institutions.

Further, on the page, this broker claims to be licensed and registered “under strict regulations” and assures clients of funds safety via segregation of funds, compensation and risk protection.

FX Options24 Trading Platform

This broker states that clients who choose it can get access to both the desktop and web version of the MetaTrader 4 and MetaTrader 5.

Regulated brokers usually mention trading platforms such as MetaTrader 4 and MetaTrader 5.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    Top Binary Options Broker 2020!
    Best For Beginners!
    Free Trading Education!
    Free Demo Account!
    Get Your Sign-Up Bonus Now:

  • BINOMO
    BINOMO

    Only For Experienced Traders.

Trading instruments available on FX Options24 includes: Forex currencies, CFDs on shares, indices, commodities, bonds, ETF, cryptocurrencies, and exchange-traded Physical Stocks. They are said to make up the 1000+ trading portfolio.

Leverages are not stated and there is no mention of the spreads that clients are to expect.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal Methods on FX Options24

The means that are made available for deposits and withdrawals are not mentioned on the page.

Standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on. It is not so for Patron FX and this is not a good sign. For the transparency they claim.

We discovered that while FX Options24 does not state withdrawal fees and charges, it places a deposit minimum requirement of $500. This is higher than the obtainable average of between $100 to $250.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is FX Options24 Licensed?

On the page as we have stated in the beginning, FX Options24 claims to be licensed by the FCA, CySEC, ACPR, BaFin and VFSC.

FX Options24 Is A Clone Firm

However, on investigation, we found that none of these authorities have granted a license to FX Options24. The license number it published from the CySEC is actually that of another company, JFD Group.

FX Options24 falsely claims to be licensed

Further, we found that FX Options24 is a clone of JFD Group, designing its website to look like this licensed company.

Support

The contact numbers there are a trap to get traders on the phone and start trying to convince them to invest.

Conclusion

We have found that none of the information on the website is trustworthy, thus, no trader is encouraged to pay any fund to FX Options24.

COMPARE WITH A TRUSTED BROKER

Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

FX Options24 Review – is fx-options24.com scam or good forex broker?

Trading Accounts and Conditions

Trading account Min. deposit Max. leverage Spread
Standard $500 1:400 N/A

FX Options24 presents itself as a forex and CFD broker that offers more than 1000 instruments in 8 asset classes, as well as a choice of two great platforms – the MetaTrader4 and MetaTrader5. The problem is that we could not test the broker’s services via a demo account and verify its claims.

What is worse, we found out that FX Options24 operates without a legitimate license and illegally uses the details of another duly regulated broker. You can find all details about it in the review below.

FX Options24 Advantages

FX Options24 Disadvantages

This broker claims to be operated by FX Options24 Group ltd., a company allegedly regulated by the Cyprus Securities and Exchange Commission (CySEC). Furthermore, the broker says it also has an offshore entity, FX Options24 Overseas Ltd, which is licensed by the Vanuatu Financial Services Commission (VSFC).

When we checked the registration numbers with CySEC, however, it turned out that they actually belong to Cypriot forex broker JFD Brokers. As regards the alleged license with the VFSC, our search in the online register of the Vanuatu regulator revealed that FX Options24 is not present there.

Click on th eimage to zoom in.

In other words, FX Options24 is an unregulated brokerage and a clone firm, illegally using the details of a licensed company with which it isn’t related in any way. A classic scam, so to say.

This clone form obviously targets European investors, although it does not hold any legit license and is therefore not entitled to operate on any regulated financial market, including the European Union.

No clarity on trading conditions

Another worrisome sign regarding FX Options24 is the broker doesn’t provide much details about the trading conditions they offer. Its website does not include information on the account types, nor offers free testing services. These are clear-cut signs of trouble are the usual “tell” of a scammer.

We also noticed some disturbing things about fx-options24.com. First of all, it seems that this scam broker not only illegally uses the CySEC registration number of a legitimate company, but also has cloned its website lay-out. See for yourselves:

Click on any of the images to view full size.

Second, we spotted another broker’s name on FX Options24’s website – CBX Global. Its website of the latter (www.cbfxglobaloptions.com) is practically identical to fx-options24.com, so we suspect that these two are run by one and the same con-artists in some sort of a serial scam scheme.

Excessive minimum deposit requirement

FX Options24 asks for at least 500 USD for a trading account and that is excessive as most brokers require about 250 USD, while some big names like FBS and IG do not have a minimum deposit requirement at all.

Conclusion

Overall, FX Options24 appears to be a brutal scam that tries to mislead investors it is legit, while it is not and shows typical signs of a scam: cloned website, illegal use of the details of a legitimate forex broker, no clarity on trading conditions, and no demo accounts.

As always, our best advice for traders looking for a reliable forex broker, is to select among those licensed by reputable financial agencies such as the Financial Conduct Authority (FCA) in the UK or the CySEC. Also, don’t forget to check the companies’ names as well as approved domains in the public registers of the respective authorities.

When you invest with a brokerage that is indeed regulated by a prestigious regulatory agency such as the CySEC, you can trade with the ease of mind that their funds are safe and sound and that there is an authority they can turn to in case something goes wrong. Even if a CySEC regulated broker goes bankrupt, its clients can turn to the Investor Compensation Fund.

And finally, here are the highlights of the present review of FX Options24:

Pros Cons
None A clone firm, possibly involved in a serial scam
No clarity on trading conditions
Website is a mess
High initial deposit
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    Top Binary Options Broker 2020!
    Best For Beginners!
    Free Trading Education!
    Free Demo Account!
    Get Your Sign-Up Bonus Now:

  • BINOMO
    BINOMO

    Only For Experienced Traders.

Like this post? Please share to your friends:
Binary Options Theory and Practice
Leave a Reply

;-) :| :x :twisted: :smile: :shock: :sad: :roll: :razz: :oops: :o :mrgreen: :lol: :idea: :grin: :evil: :cry: :cool: :arrow: :???: :?: :!: