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One thing we have learned about many of those who spend the bulk of their time researching how to make the best binary trades, it is that the majority of them having been saving for years and they are looking for that one miracle to get them out of that financial block that has put their lives on hold for so long.
For these traders, it is critical that whatever method they are choosing to invest their hard-earned money is entirely safe and secure. In recent years, so many of these individuals have turned to binary options as a “get rich quick scheme” only to be scammed out of thousands of dollars in the process. However, this is not something that ZoneOptions traders need to be concerned about. We have found that ZoneOptions is a 100% legitimate platform, with legitimate binary options brokers and as well, we have found that ZoneOptions is managed by some of the best experts in the business of binary options.
ZoneOptions traders need not worry about investing with this platform as everything about this site is amazing and professional, so they can be assured that their money will be safe. Traders can learn a lot as they try to determine whether or not a binary trading platform is a scam. They will be able to determine the differences between legitimate and scam networks, and how to quickly determine sites are just out to con them out of their investment and often, their life savings. With the information in this article, they should have adequate knowledge as how to safeguard their investment.
As ZoneOptions is NOT a scam, a lot of traders, especially those new to the world of binary options trading, are most likely wondering how to recognize a scam. Well, there are a lot of key factors to determine this. Being able to spot a scam is one of the most important things a trader needs to know. Scam sites are notorious for their bold-faced lies and empty promises so they all eventually get called out on their schemes.
Scam sites will do anything and everything possible to make as much money as they can before the clever traders or the authorities catch on and they are shut down for their illegal activity. Due to their overwhelming need to make a great deal of money in a quick time, they tend to cut a lot of corners, thus ending up with disgruntled trainers who are more than willing to rat them out. It is good advice for all traders to spend some time researching a platform online for any negative reviews and scam alerts before making a big investment or signing with a broker.
Are There Any ZoneOptions Complaints?
One thing that most seasoned traders try to do on a regular basis is research, to see if there are any complaints about a broker before they sign with them or not. This is a very wise thing to do and it has helped many traders to avoid phony brokers and thus being scammed out of their hard-earned money.
An important fact to know about today’s binary options traders is that the majority of them has saved quite a bit of their hard-earned money, or has set some aside, specifically to invest so they can have a little financial freedom. Therefore, it is good ideas that traders take the time to research if there have been any ZoneOptions complaints before they choose to invest with this platform.
Best Binary Options Brokers 2020:
To answer this most commonly asked question by traders, we researched carefully and we found out that there are no reported ZoneOptions complaints so far. This is an indicator that this company has taken that time and effort to ensure that their binary traders benefit from a superior platform that is to this date unrivaled amongst its peers.
It is always a good idea for users to be able to determine if the platform with which they are about to invest is out to scam them out of their money or safeguard their investment. Occasionally, some traders have learned the hard way by registered with other brokers, that there are scam artists out there who will take their money and run. ZoneOptions goes to great efforts to ensure their clients that this will not be a concern on their platform.
Luckily, there are a great many “watchdogs” in place that currently regulate brokers. Brokers take these watchdogs seriously. An honest broker, like those registered with ZoneOptions, makes certain to adhere to the guidelines and regulations that have been set in place. These guidelines have been set in place to monitor binary options brokers to ensure that trader’s investments are protected and everything is carried out according to regulation. This is what makes ZoneOptions one of the most trustworthy brokerage firms online in existence thus far.
We feel that one of the reasons that there are no registered ZoneOptions complaints is that all of the clients who have registered thus far with ZoneOptions have been satisfied with their service. We believe that the small number who have not been overall satisfied, have failed as a result of their own carelessness, for their part, ZoneOptions has gone above and beyond what the average broker will do, to safeguard the interests and investments of their traders. This is one of the most promising things a trader can expect when investing with ZoneOptions.
Is ZoneOptions regulated?
ZoneOptions provides a type and quality of security that you cannot find elsewhere. As a result this has caused a lot of investors to be inspired. Being registered with CySEC is one of the things that make ZoneOptions stand out as one of the best binary options trading platforms.
A trader will feel most secure when trading with a regulated broker and this helps build a trusting relationship. The majority of traders in today’s market prefer to trade with those brokers who are under the watchful eye of the regulations and guidelines. The investors that choose to do trade with licensed and regulated brokers will benefit from this in the long run. A bonus of this is that they never have to worry about their investments being used for fraudulent or criminal activities.
The fact that ZoneOptions is regulated with CYSEC provides traders with peace of mind that there is a regulated governing body that oversees the way their broker firms are being managed. This ensures that if anything goes wrong, the trader can register a complaint with someone in authority, unlike those platforms that do not register with such an authority.
Like most of the other legitimate brokers, ZoneOptions has made sure to make it a mandate to ensure their trader that their investment is safe and secure. Most often, traders feel more confident when they know that they will be able to benefit from their broker of choice. This fact is still a great deal of faith, hope and trust in regulated brokers such a ZoneOptions.
This also gives the user a boost in confidence as they consider that fact they have many more options with a legitimate broker on their side. This is a relief for those who have invested so much of their time, effort and money into binary options trading. This is true especially considering that many users have experienced unfortunate encounters when working with unregulated brokers, binary options signals or binary options robot. Signing with a licensed and registered broker is one of the best ways for a trader to ensure that their investments are protected.
There are quite a lot of people who have grown to really appreciate the benefits of binary options. We feel that this is one of the primary reasons that binary options is one of the most widely searched topics on the internet for those who are seeking to trade and make investments. A great number of people are familiar with the binary options trading process.
This is especially true for those users that live in the Unites States of America. Sadly, ZoneOptions USA is not a current option, especially since most brokers want to be able to service investors on a global basis. This might come as a shock to those who residents of the U.S. who are interested in investing in binary options trading as ZoneOptions is one of the best brokers in the market at this time.
You might be wondering why ZoneOptions USA is not available at this time. There are quite a few reasons why this platform is not accessible to US investors at this time. The bulk of these have to do with logistics issues on their end. However, as soon as they have been resolved, ZoneOptions plans to open the market to those traders that reside in the U.S…
So for the current time, it is only fitting to point it out that ZoneOptions USA is not a current possibility. However, it is also critical to note that ZoneOptions is not the only broker that is currently facing the challenge of accepting U.S. binary options traders and this is a challenge which many brokers are facing. It is suggested that any investor living in the US who is interested in binary options trading should ensure that they have their facts straight before they decide to invest with any online broker.
It is highly recommended that traders run background checks and read reviews before committing to invest with a broker, especially those promising that they serve US traders. ZoneOptions is aware that there are both fraudulent brokers and individuals out there who are willing to con unsuspecting traders out of their hard earned money. For this very reason, ZoneOptions has made it 100% clear that they do not currently support US traders.
One of the key aspects that most traders look for in their investors is the withdrawal process for the money they have made as a result of their binary options trades. ZoneOptions withdrawal process has drawn attention from a lot of interested investors.
It is a good idea for a potential investor to pay specific attention to the practices, terms and conditions of the withdrawal process that are part of the binary tradings platform with which they are about to invest their money as this will determine a great deal for them once they have completed their transactions with the broker.
It is also a good idea to invest in a platform where the investor is not only promised security of their funds, but also the nature of the translation itself once the transfer of funds reaches their account from the trading platform. This makes it a great deal easier for the investor to both trust and appreciate the platform with which they are working.
ZoneOptions has worked to make it a priority to ensure that all of their investors feel confident in trading on their platform. Unfortunately, we live in a world were a lot of people are using the internet to scams unsuspecting and trusting individuals out of thousands of dollars on a daily basis. So many people have been scammed by fraudulent brokers that legitimate binary trading platforms such as ZoneOptions go above and beyond to ensure that all of their clients feel confident when trading on their site.
To this date, the traders that have chosen to invest with ZoneOptions have not filed any complaints or claims against this outstanding binary options trading platform. This is due to the fact that there is no suspicious or fraudulent activity on which to report. This is attributed to the fact that ZoneOptions works diligently to safeguard their client’s investments.
Any trader who is interested in utilizing the amazing services that ZoneOptions offers binary options traders first needs to take a moment to learn as much as they can about the ZoneOptions withdrawal process. In the long run, investing is not simply about buying and selling stocks, indices and commodities, it involves the investor being able to have access to the money that have earned on the online platform to their bank account.
Scams and Blacklist
Scams are unfortunately all too common in the field of binary options. Dishonest brokers and reviews, or rigged robots and other auto trading services – the scams can come in many forms. So we feel it’s necessary to create this blacklist and list all known frauds and dishonest techniques in one place. We also go through the steps you can take to identify a potential scam and how to deal with the situation after the fact if you’re already a victim. If you know or suspect something is a scam, and we’re missing it on our blacklist, please let us know and we will look into it!
Why Are Stories of Scams So Common?
When any new financial instrument or form of trading first emerges, a whole range of businesses tend to get involved. It’s a fact of life that some of those product providers are going to be more trustworthy than others. This is certainly true of binary options. It is, after all, an accessible and popular method for individuals to trade the markets. What’s more, at least in their early days, binary options trading platforms tended to operate under the radar of the regulators and from any country over the internet – so it’s hardly surprising that unscrupulous operators seek to take advantage. Thanks to better regulation, a strong online trader community and honest reviews, it’s now a lot easier to tell a scam from a legitimate broker. But as with any international online marketplace, there are still some shady outfits who will leave you with less than you bargained for. So what are red flags to look out for? Here are the points to consider as you go about choosing your binary broker.
MyChargeBack.com are a company who specialise in helping binary fraud victims recover their money. They liaise with bank or credit card firms in order to get charge backs made to reclaim deposits. They will tell you if you have a valid claim via a free consultation.
Are Binary Options A Scam?
The term “scam” covers a wide range of behaviour, from providing misleading information to lure you in, through to vanishing account balances – and even dishonest trading advice. Likewise, a particular broker might not be technically fraudulent in its behaviour; it’s just that the service available on the platform (such as highly unreliable uptime or failure to reimburse funds in a timely manner) means that this is a broker that really ought to be avoided.
So it’s a matter of doing your homework before you commit to any particular platform. User reviews can be helpful (if they are genuine), but always treat such reviews with scepticism – and never make a decision on the basis of testimonials published on the broker’s website. Even trader forums can be problematic – look closely and you’ll often find that the forum is an offshoot of a particular broker’s website. Independent, thorough and comparative reviews are the safest way to ‘scam-check’ a broker. Ideally, focus on review sites that allow and encourage real-life users to get in contact and report and problems with particular brokers, so you can be sure that what you are reading is up to date.
Below is an always up-to-date list of our top 3 trusted brokers. You can find a list of all the brokers we recommend here.
The UK’s Financial Conduct Authority (FCA) does now regulate binary options. They have already created a list of unauthorised firms. While they are not calling them scams, they are making it clear that these firms are breaking the law by trading with UK visitors – so they are best avoided. The full list can be found here: FCA Unauthorised List
By contrast, the USA along with most other EU countries do regard binary options as financial products. Depending on where they are based, many platforms will, therefore, be subject to oversight from a regulatory body. Examples include the CFTC in the US and CySec in Cyprus. A platform’s regulatory status can be a highly valuable trust-indicator for traders seeking to avoid scams. It shows that the broker has to abide by certain minimum standards when it comes to service and transparency.
Marketing “Too Good To Be True”
Taken in isolation, the act of placing a trade should be a straightforward one; and indeed, the usability of a platform tends to be a big selling point for brokers. Although this aspect of binary options is “easy”, it’s something quite different to claim that profits are guaranteed. Realising a profit through regular trading requires knowledge of how markets behave, the ability to read market conditions and an understanding of strategy. If the risks are downplayed – or outright false assertions are made (along the lines of “95% trades are successful”), these are false assurances. It’s a sign that the broker may be less than scrupulous in other important areas and that the platform ought to be given a wide berth.
Terms and conditions
Transparency is essential. Read the smallprint, and be especially wary of needlessly convoluted procedures for withdrawal of funds. Terms regarding your initial deposit can be another source of contention; for instance, if you are denied access to the deposit until a certain number of trades are made – so your money is tied to the platform from the moment it is handed over. This deposit retention is often part of wider terms associated with a ‘bonus’. CySec have sought to ban these sorts of terms by stopping the use of ‘deposit match’ bonuses. Non-CySec brands are still free to use them however, so T&C’s must always checked.
These tend to fall into two categories. The first is where you are called out of the blue and invited to sign up to a particular platform. The second occurs where you are already tied to the platform and you receive a call (or email) from a “senior broker” pointing you in the direction of particular trades. Reputable brokers do not need to make cold calls. Bear in mind “cold calls” might include emails too – any form of unsolicited approach should be considered a “cold” contact and be treated with extreme suspicion.
You should always be clear about who you are dealing with. In some situations, you might visit what appears to be an actual broker’s site, click the link to sign up only to be redirected to another broker. Alternatively a trading “service” may dictate that you use only their recommended broker. These “funnel” sites are sometimes used as a front by brokers with a poor reputation, or are working alongside them to dupe visitors (often using the misleading marketing mentioned above). A good broker will be upfront about its identity from the outset.
It’s one thing for a broker to give you access to the data and analysis tools to work out your own strategies (in fact, this is one of the signs of a great platform). It’s quite another for that broker to also offer trading advice. After all, with ‘over the counter’ binary options brokers, you are betting against the house; if the ‘house’ is making the trading decisions for you, it’s hardly likely that those decisions will be in your best interests. This form of “upselling” is often the most lucrative for the broker, and is usually the where traders lose the most. Encouraged by an “account manager”, traders are advised to deposit beyond their means and to over trade. On occasion large accounts will be wiped out in hours. The “advice” goes against any sound money management, and increases risk hugely. Always take responsibility for your own trades. Never allow a broker to make trading decisions for you.
There has to be a fair and transparent benchmark against which the broker sets its prices. This benchmark should be what’s happening in the real world; i.e. real-time market prices. If the broker reserves the right to set its own prices, you can assume that those figures will be skewed against you; in other words, a loaded deck.
Scam Brokers and Not Recommended Operators
The brokers listed below have generated a lot of complaints both directly and on the forum. The disputes vary from upselling and encouraging traders to over trade, to non-payment of withdrawals and price manipulation. There is little recourse for traders to raise a dispute with unregulated brokers, so it is generally advised that you look for trusted binary options brokers – preferably regulated in your own country where possible. “Scam” has become widely used as a term to refer to any form of poor service, but it should be noted that many of these brokers may have done nothing dishonest or illegal, but have attracted higher than normal levels of complaints. If in doubt, trade elsewhere. There are plenty of honest brokers out there.
Robot And Signal Scams
These signal providers, or robot services, are either scams or not recommended for other important reasons.
Instagram And Facebook
Beware of scams operating on social media. Again, binaries are not a get rich quick scheme. There are a huge number of accounts promising to trade on your behalf and turn $2k into $8k in a week. If these claims were true, the people behind them would not need to be running ads or signing people up – they would simply trade themselves.
Screenshots of successful trades are exceptionally easy to get – even genuinely. But these operators are unlikely to even bother trading – once you send them money, it is gone and you will not hear from them again (unless they think they can get you to deposit more). Always select your own broker, and always take responsibility for your own trades – dont let someone else trade on your behalf. If you do not understand binary options, or do not have time to trade – then do not trade at all. These scams often prey on people who lack experience.
What To Do If You’ve Been Scammed
Do you think you’ve fallen prey to a binary options scam? Read on to find out what you can do if you’ve been scammed. There are many ways to help ensure that you don’t fall prey to a scam but the reality is that even if you follow all those tips there is still a possibility you will be scammed. If that happens, what do you do? Do you sit back and take it? Do you give up on trading? No, you need to stand tall and look out for yourself. Trading is good, it is rewarding and can lead to a life in which you don’t have to go to a job and punch a clock. You can’t let the actions of one broker, signal service, robot or guru dissuade you from that path. This article is a look at what you can do if you think you’ve been scammed. It’s likely that once an issue arises you won’t be able to get your profits, it is possible to get back your initial deposit but it might take some work.
MyChargeBack.com are a firm specialising in helping victims of binary options fraud. They help claimants to explain the incident to the bank or credit card company, so that they fully understand what has happened. Some banks are unaware of binary trading and are unwilling to listen to claims. MyChargeBack help in this situation. They have a solid record of recovery from genuine claims.
If you are not yet looking for third party help, here are some steps you can take yourself:
How to Spot a Trading Strategy Scam
The internet is loaded with ads, articles, companies and individuals trying to provide you with the next big trading strategy that will make you rich overnight. Take pause my friend, here are tips to help you spot the scam.
A System or Only a Strategy?
First and foremost, trading strategies aren’t really going to help you become a good trader. What you actually need is an entire system. When you make a trading plan it needs to cover how you will enter markets, exit markets and how you will manage your money. It also needs to tell you under what market conditions you do all these things. That is a system, it tells you everything you need to know about how you will trade. A strategy on the other hand only tells you when to enter and exit, and may not tell you under what conditions it works best or poorly. It also may not provide guidance on position size or whether you can trade multiple assets at the same time – issues which are very important to address. In other words, a strategy may have missing pieces of information you need to be successful. We need a complete trading system…but marketers are smart, so they can easily just call the product they are selling a “system” to make it sound more complete. But is it? Here are several things to watch for which could tip you off the product is probably a waste of money:
A boxed system is one where you don’t get to know how the strategy works – it’s an opaque “black box”. For example, the product may just be a series of indicators or a service that tells you when to trade, but not why. This isn’t going to make you a better trader, because you don’t know what is happening behind the scenes. If a product or signal service stops operating you are left with nothing. Even if you made money with the product/service you have to start from scratch all over again. Make sure if you buy something it explains how it works, so that eventually you don’t have to rely on the product/service.
Extremely High Win Rates
Is it possible to have a 90% win rate? Absolutely, yet it is also possible to lose money with a 90% win rate. Stats are easily manipulated to tell partial truths or fabricate lies. Other popular tactics are saying things like “Made $500 in one day!” So what? That doesn’t actually tell you anything. If that was on a $1,000,000 account then making $500 isn’t so grand. And if they lost $3000 they day before, then making only $500 today and bragging about it is rather paltry. Read between the lines. What isn’t being said? To understand performance you need several bits of information: Account size (capital), percentage return, amount at risk on each trade, amount of profit per trade, win/loss ratio, biggest winner, biggest loser, average winner, average loser, number of trades and period over which the strategy was tested/profitable.
There are also some other metrics that could help you out, but if you ask the company for these bits of information, and they can’t or won’t give them to you, be suspicious. You can usually get a sense of what vulnerabilities and tendencies a system has by looking at the above stats. One of the main things is that the strategy should be tested over a long period of time, and in all market conditions–up trends, down trends, ranges, volatile and sedate conditions. It doesn’t necessarily have to profitable in each of these environments, but it should have at least been traded through them all so you know that the system is profitable overall. Often marketers will only publish results for a period where strategy did very well. But this doesn’t give you a real idea of how the strategy or system works over the long-term.
Only One Direction
Avoid a system that only trades in one direction, for example only buys assets but won’t short sell them. Markets rise and fall, you want to participate in both trends.
No Trial Period
You should be able to test a product and be able to cancel without a fuss if the service isn’t for you. Usually a quick trading forum search on Google will reveal what others have shares about a product or service. No trial, no deal. Don’t trust anyone, test things out for yourself. If they won’t let you, then be wary.
Final Words on Identifying Scams
A product or service shouldn’t make you reliant on it. It should show you behind the scenes so that eventually you can trade on your own. Good products will always have customers since there are people who don’t want to do the work themselves, and there are always new traders. There is no reason to make every customer totally dependent. Be wary of stats that are thrown out. Ask yourself what the stats aren’t telling you. Also, if the stats they provide are legitimate, then you’ll need to trade all the signals to take advantage and get results typical of the service. Of course remember though, past performance is not indicative of futures results. That is way it pays to do some homework, and make sure the strategy/system/service/product is based on a long history, and has proven itself profitable over all types of market conditions. Test out a product/system/service before buying it. If they won’t let you try, be suspicious.
Case Study – JV Affiliate Marketers
In this section we will look at how you can avoid being scammed by Binary Options JV Affiliate Marketers. Its not so hard, but requires you to let go of your emotions and examine things in a logical manner, as many of the scammers use emotional greed/fear tactics to get your money. Once you understand this you can quickly and simply save your time and money with these unscrupulous dolts. Some scams are simply comical in how stupid they are, while others can be very well done con jobs that lure you in with seemingly genuine people/systems/reviews which later you find are the exact opposite, as you look at your $0 balance wondering “Where did my money go!?”.
As you will see in the numerous scam videos, all you have to do is “NOT DEPOSIT” then these scams no longer work. So next time you see videos that are of a similar nature, just know they are supporting scam systems/marketers. Understand if they require a deposit they are fly by night and even if they were not they are supporting the scammers by the nature of requiring you to deposit with a new broker. So just refuse to deposit and they go away. Not the same stories kind of stories and promises over and over all to get you to sign-up to their “free” system/bots… They are not free you have to deposit and they get paid on those deposits… So remember limited time/fast money/can’t lose!/just fund your account = don’t do it!
In this image above you can see many of the scam systems are connected to each other on the same servers most often. These JV marketers have tons of these turnkey scams as they are very low maintenance. The reason you see so many of them is after a few weeks of the new story line wares off and becomes boring they will start production on another one and keep it all fresh and new thus avoiding the wrath of their old scams being complained about and those complaints shared with others. If they keep it new they avoid this along with the fact most newbies jump from one scam to another hoping one of these will work, which none of them do because trading is a learned skill/job… So again, understand their stories and how they work, and don’t deposit .
Case Study – Scams on Social Media
Social media is a “perfect” platform for scammers and can be even more insidious and convincing, and unlike the JV marketers these people will talk to you directly, but only to a point. Once they figure they can’t get any more from you or you no longer have value to them, they will un-friend you in a heart beat. The one thing they are all after is your money, so be on the look out for them asking for deposits or sign-ups telling you about amazing profits and opportunities, which will have you end up with empty pockets. Videos such as those used with both “The Green Room” and “FB Wealth Group” will pretend to be traders/friends, while they are really just out to get your money through either signups or even trying to have you pay them directly.
Also – if you see them mention anything MLM (Multi Level Marketing) related, they are trained to lure you in, so run the other way. These people don’t play around and will say whatever is needed to get you to sign-up and invest. There is a 45 minute long interview of a person that was scammed by both “The Green Room” and “FB Wealth Group”. We named it Binary Options Horror Story because that is exactly what it is in all its gory details. If you are new to binary options read, and absorb the above warning signs fully to see how they scammed people out of their money so it does not happen to you. Notice also how the worked with the brokers directly, which implies that they can be directly involved as well.
Scammers will repeat the common element of wanting you to deposit or even asking for money directly and from there you can tell them “no thanks” and make sure to unfriend them.
24option.com Review Visit site
July 2020: A representative of OptionsXO.com told the FPA that 24Options had acquired OptionsXO. Later, the owner of 24Option denied any relationship between the two companies. When the FPA email both of these people for clarification, neither responded.
February 2020: OptionsXO is now considered to be a Scam by the FPA.
24option is a Forex broker. 24option offers a WebTrader, MetaTrader4 trading platforms. 24option offers currency pairs, stocks, commodities, crypto currencies, CFDs for your trading options.
Join live discussion of 24option.com on our forum
24option.com profile provided by alper, Mar 23, 2020
24option leads the way with ”European Union Regulation”! Its unique platform also offers special assets that attract investors’ attention. Trading Twitter is now available with 24option! 24option is most certainly the broker for anyone looking to profit big. We’ve taken a good look at 24option and compared this company’s offerings to those of other binary options brokers.
Founded in: 2020
Headquarters: Limassol, Cyprus
Minimum Deposit: $250
Minimum Trade Amount: $24
Maximum Per Option: $50,000
Languages available: English, Spanish, French, German, Arabic, Portuguese, Romanian, Japanese, Turkish, Italian, Indonesian, Korean, Swedish, Chinese, Danish, Russian, Latvian
24option is the world’s leading binary options platform that focuses on bringing the most profitable financial products to our traders. Earn up to 89% with every trade on a variety of assets using your choice of trading options. Trader success springs from our dedication to providing our traders with the latest and best in binary options trading, searching for only the best assets to trade with, and offering the highest and most profitable returns in the industry. 24option prides itself on its 3 core fundamentals: Global Appeal – our variety of assets, flexible trading platform and multilingual support is the reason that traders from all around the globe choose 24option as their sole binary options broker. We’re constantly updating our platform with additional global assets aimed at producing profitability for our traders, no matter where they live and trade; Trader Support – ensuring that our traders enjoy a successful and profitable trading experience is our #1 concern. We have built a vast education center composed of education videos, binary options eBooks, traders’ manual and more. At 24option, we know that the most successful traders are knowledgeable traders and our library reflects our corporate values; and, finally: Commitment – at 24option, we are committed to creating the most user-friendly trading experience for all our traders while achieving maximum profitability. We strive to implement and offer the most advanced technology and constantly develop new tools to allow traders to trade with confidence and success
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Length of use: 6-12 Months
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I am a resident from Singapore where I have invested my hard earn savings in the past with 24 Options from 2020 till 2020. I have a detail 9 pages of complaint made to this company where I will summarize them below:-
(1)Mislead by Account Manager to Deposit Funds and Accept Bonus
In each of the points, all the necessary details has been included. I have made my complaint to them directly since March 2020 where they responded in just one sentence no wrong doing by them instead of replying them in details to me
As I have been pushing for more transparent answer, they refuse to do so and told me that all the records of my account is not available in the archive to investigate further despite as per CYSEC regulation, company shall retain client information for the last 5 years.
I have also informed them the names of several individual who has been communicating with me in the past but they refuse to look at it. Then, on 19th April they send me a threatening legal letter from Athos Demetriou Associates to stop me from pursuing this case
However, I did not give me and still continue my complaint to all relevant parties including the Financial Ombudsman of Cyprus. Then, on June 2020, the company representative call me to speak about my case and we had a good discussion for more than 70 minutes and he ask me to send all the details to him to be forwarded to his head office in Cyprus and will get back to me in 2 business days.
It is totally a waste of my time how this company treat me and for the last 6 months I am following up with them but no response at all.
I have 24Option representative here could assist me accordingly. I have suffered GBP33,500 from this scam.
P/S: Please be informed if required I can share my detail 9 pages complaint and the legal letter send to me for review
Brutally Honest Review of IQ Option – IQ Option Exposed!
A while ago I wrote my first review of IQ Option, but since then a lot has changed. That is the reason why I am updating this review of IQ Option. Back when I wrote my first review of IQ Option, they were mainly a binary option broker, but now they offer other ‘investment products’ as well.
Binary options are a blatant scam and therefore, I couldn’t recommend IQ Option back then. The question is, has this changed or is IQ Option still an untrustworthy, shady and scammy broker?
Let’s start with regulations. Regulations are the most important aspect to look at when looking at brokers. Without regulations, a broker isn’t trustworthy at all.
The good news is that IQ Option is regulated. But the bad news is that they are regulated and licensed by CySEC. CySEC is a regulator based in Cyprus and therefore, this regulation isn’t really trustworthy.
Good legitimate brokers are usually regulated by trustworthy regulatory firms like the SEC or FINRA.
I won’t go into too much detail with all the different available features at IQ Option because this would be a waste of time. Here is a brief list of available features:
‘Investment’ Products: Let’s start with some ‘investment’ products. IQ Option offers stocks, forex, cryptocurrencies, and ETFs. Sounds great you may think? However, they only offer these in form of CFDs. I will tell you what exactly this means in a few moments.
Furthermore, IQ Option offers binary/digital options, another illegitimate product.
Multipliers: IQ Option’s ‘multipliers’ aren’t anything else than leverage. The leverage ratios vary a lot. As far as I know, the maximum available leverage ratio is 1 to 300. This allows you to lose your money 300-times as fast as you usually would.
Mobile App: IQ Option also offers a mobile app or at least they used to. I am not 100% sure if they still have one. Their mobile app got banned from Apple’s App Store because even Apple knows that binary options are a scam.
‘Education’: Furthermore, IQ Option has a few educational series on their website in which they show you how you can lose your money the fastest possible way.
Technical Indicators/Charts: Just like every broker platform, IQ Option also offers customizable charts and technical indicators. These exist to create the illusion that you can make money with IQ Option by using some fancy indicators and charts.
Practice/Demo Accounts: If you don’t feel like losing any real money yet, you could also try your luck with IQ Option’s virtual accounts. In these accounts, you can gamble with virtual money. Ideally, these demo accounts make you think you actually stand a chance with real money.
Traderoom: This is a chatroom in which other fake accounts tell you how to lose your money the fastest way. Furthermore, you can read about all the fake accounts that are making tons of money with IQ Option in this chatroom.
Competitions: IQ Option also hosts trading competitions. These competitions work more or less in the following way: 1. You deposit money to a designated competition account, 2. You lose the money as fast as possible.
24/7 ‘Support’: IQ Option also offers 24/7 support. So if you have questions about why you can’t withdraw any money, this is the place to go.
Smooth and Easy to use platform: Generally speaking, IQ Option’s platform is quite simple and easy to use. This means that the platform makes it as easy and as straightforward as possible to lose your money.
Very wide Bid/Ask spreads: Another thing that makes it even less likely to ever make money with IQ Option is their really wide Bid/Ask spreads. Due to their wide spreads, you will have to buy far above the current market price of an asset and sell far below the current market price of an asset. So picking the right direction isn’t enough to make money. The asset has to go far in that direction just to break even.
By now there are probably even more unnecessary and useless features.
Is IQOption a Scam?
I don’t want to waste your time with tons of unnecessary information. Therefore, I will get straight to the point with this.
IQ Option is NOT a legitimate broker.
Here are 5 reasons why this is the case:
So one more time, is IQOption a scam?
In conclusion, IQ Option is an untrustworthy, illegitimate, shady, sketchy, scammy… broker that I can’t recommend!
You may ask yourself why I am the only person on the internet saying this. The reason is that 99% of all other sites aren’t being genuine. Why aren’t they being genuine?
Because IQ Option is paying them to be dishonest. IQ Option and most other binary option brokers for that matter offer very lucrative affiliate programs. So these sites promote brokers like IQ Option and earn juicy commissions every time when someone signs up to IQ Option.
Sadly, most people aren’t smart enough to see through this bullshit. So please do yourself the huge favor and avoid IQ Option and any other (former) binary option brokers. Don’t fall for the lies!
I hate it when people think that binary options and brokers like IQ Option are legitimate because of all the shady promotional tactics.
I truly don’t want you to be the next victim of these scams. But it is only you that can decide this. So make the correct decision and don’t deposit any money to these firms.
Binary options and companies like IQ Option just shed a bad light on the financial industry, on trading, and on real options. Options are real and legitimate investment vehicles. Sadly, many people fail to distinguish between real options and binary options even though there is a huge difference. Normal, vanilla options are legit, whereas binary options aren’t. If anyone tells you otherwise, he/she either is a binary option broker, affiliated with a binary option broker or just stupid.
If you want to learn how to trade real options, you should definitely check out my free beginner course !
Recently IQ Options sketchy business model got harmed due to EU’s new ESMA regulations . But I am confident that IQ Option and most other similar brokers will come up with new products (that aren’t affected by these regulations) to steal money from their clients.
Thanks for taking the time and going through this review of IQ Option. Have you had any bad (or good) experiences with IQ Option or other similar brokers?
Please let me know in the comment section below!
How to Avoid Forex Trading Scams in 2020
Forex markets trade trillions of dollars a day. Traders around the globe are always looking for the best broker to trade forex, CFDs, binary options, stocks, cryptocurrencies, etc. With new forex brokers popping up constantly, determining the legitimacy of a broker can be a real challenge. As a consumer, it is vital to research a company before depositing money to trade. At ForexBrokers.com, it’s our mission to assist you as much as possible with that research.
Most Trusted Forex Brokers Comparison
Taken from our forex broker comparison tool, here’s a comparison of the must trusted forex brokers.
Questions to ask to avoid a forex trading scam
1) Is the broker regulated?
Unregulated brokers do not have to report to a governing body. This means that if they scam you in any way, whether it be “glitches” or “malfunctions” causing sever slippage in their system, or you go to make a withdrawal and they don’t process it (steal your money), you are out of luck. Beyond posting a bad review online, there is little you can do because these brokers have no legal authority to answer to.
How do I check if a broker is regulated? The easiest way to check a broker’s registration is to look for it at the bottom of the website. The picture below is the bottom of 12Trader, a broker we recommend avoiding. You’ll notice that nowhere in this picture is a regulatory body mentioned. The “about us” pages on the site link to an account login prompt. Nowhere on the site is there any mention of regulation or company history. All of these warning signs should make you cautious.
Now let’s look at the bottom of the homepage of City Index, a trusted and regulated broker.
You will notice 1) the company specifically warns of the risks involved in trading CFDs, 2) the company is registered in England and Wales and has posted an address, and 3) the company is authorized and regulated by the Financial Conduct Authority, and has posted a registration number.
Conclusion: A regulated broker is required to include proper risk disclaimers and regulatory information at the bottom of all their website pages. To make it easy for investors, ForexBrokers.com includes a Trust Score for each broker, which assesses overall trustworthiness based on where the broker is regulated and its history as a firm.
2) If regulated, how trustworthy is the regulatory body?
Some scam brokers claim to be regulated and registered by a governing body that does not monitor or regulate forex companies.
For example, let’s look at Evolve Markets.
The disclosures at the bottom of the homepage give the appearance of a regulated broker. There is a warning of the risks of trading CFDs, and there is a legal section. Upon further examination of the legal section, you’ll notice that while the firm is registered as an international broker company in St. Vincent & the Grenadines, it is not regulated.
This statement from St. Vincent & the Grenadines shows there is a warning against false claims of registration or license.
How do I know what regulatory bodies are legitimate?
Forex brokers that are regulated in a major hub are always more trustworthy. Brokers in emerging hubs can also be trustworthy, but caution is warranted. Based on our annual study of regulatory trustworthiness, here is a list of the regulatory bodies we track and how trustworthy each one is:
Conclusion: Double check the authority of the governing body that regulates the broker you are looking at. You can go to the website of the governing body to search for the registration number and verify its legitimacy. To help investors find a trusted broker where they live, we have created country-specific forex broker guides.
3) Is the broker offering profits or rewards for opening an account?
Scam brokers often make claims such as “make $50 a day from a $250 investment” or “make 80% returns on profit signals” or “96% success rate.” These claims are a scam, regardless of whether they are being made for forex, CFDs, or binary options. Forex brokers should not promise returns at all, small or large. Simply put, if a broker is promising to make you money, it is a scam. Other common scam practices include advertising pictures of expensive cars that are given away to lucky investors.
This Wikipedia page on binary options does a great job of summarizing risks related to binary options:
“Many binary option “brokers” have been exposed as fraudulent operations. In those cases, there is no real brokerage; the customer is betting against the broker, who is acting as a bucket shop. Manipulation of price data to cause customers to lose is common. Withdrawals are regularly stalled or refused by such operations; if a client has good reason to expect payment, the operator will simply stop taking their phone calls. Though binary options sometimes trade on a regulated exchange, they are generally unregulated, trading on the Internet, and prone to fraud.”
Conclusion: If a binary options or forex broker promises you big returns on your money, this is a clear sign of a scam. You will not make $100,000 on a mega-trade; you will not make a 96% profit in 30 seconds; and you will not win a $40,000 car by depositing $2,000. Save your money and STAY AWAY.
4) Is the broker offering a cash bonus for opening an account?
When a broker offers an abnormally high cash bonus, is not regulated, and does not show offer details for the bonus, then you are likely dealing with a scam broker. For example, 1000Extra hints at a bonus of $1,000 with their vague promotional offer. If you click around trying to gather more information you are redirected to sign up for an account.
1000Extra is not regulated, has minimal information about the company, and has scam reports across the web.
Conclusion: In most regulated regions around the world, promotional bonuses for opening a new account are not allowed. The two exceptions are the United States, which is for US citizens only, and Asia.
Best Binary Options Brokers 2020: