FX Options 24 review – 5 things you should know about Fx-options24.com

FX Options 24 review – 5 things you should know about Fx-options24.com

Rating: 1.3

Beware! FX Options 24 is an offshore broker! Your investment may be at risk.

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FX Options 24 is an offshore Forex brokerage supposedly registered in Vanuatu which gives quite unclear corporate information. It purports to provide both the MT4 trading platform and the MetaTrader 5 trading platform, as well as a generous leverage of up to 1:400. Further trading conditions, however, remain unclear and are not disclosed.

FX Options 24 regulation & safety of funds

The information presented nn the brokers website is a complete mess. First of, we read about a Cyprus-based company registered with the name FX Options24 Group ltd which is supposedly regulated by CySEC. Going through the online registry of the Cypriout authorities we do not find mention of the company which leads us to conclude that not only is the brokerage not regulated but it also states false information. We further read that the company in question is also licensed by a whole amalgam of different regulatory agencies like the German BaFin, UK’s FCA, and the French ACPR. Having in mind that the company is not licensed by CySEC we are inclined to believe that all the other claims are bogus as well. Regardless of that, the corporate info mention another, Vanuatu-based company with the name FX Options24 Overseas Ltd. We even read it is “regulated” by the Vanuatu Financial Services commission.

We remind readers that the VFSC does give financial dealer licenses to Forex brokerages, however, the regulatory oversight and financial mechanisms for compensation cannot compare with renowned European agencies such as FCA or CySEC. Nonetheless, a Vanuatu license is certainly better than nothing. The commission supports a website where you may download a pdf file with a list of all the licensees.

The company does not in fact have a financial dealer license from the Vanuatu authorities and we also point out another worrying aspect of the broker. Nowhere on the website do we find the terms and conditions of FX Options 24 which is a crucial document in Forex trading. Essentially it outlines the contract between the brokerage and the client and every potential trader should have access to such information.

On top of all this we actually discover that the brokerage has stolen its website design from the legitimate CySEC-regulated company JFD Bank.  Here are two screenshots to prove it:

This is a popular trope among scammers but could be easily exposed, however, this surely cements our view that the brokerage is up to no good. All in all, we fear that due to the lack of credible regulation potential clients of the brokerage may be open to substantial risk.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.

FX Options 24 trading software

As was stated above, the brokerage provides both the MetaTrader 4 platform and the MetaTrader 5, which are among the foremost trading terminals in Forex trading at the moment, close to 80 percent of users prefer them. The platform provides an advanced charting package, lots of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs). Beginner traders will find the trading platform easy to use as well, due to its user-friendly lay out. However, we were not able to register for a demo account since the broker requires a photo of the traders ID in order to verify which we consider quite excessive and intrusive. We always view the lack of a demo account as a big disadvantage since it is the most transparent way of getting a hold of the trading conditions of the brokerage. Unfortunately, FX Options 24 does not inform us about its conditions on the website and they remain unclear to us.

FX Options 24 deposit/withdrawal methods and fees

Potential clients of the brokerage it appears may deposit or withdraw via the standard Visa and MasterCard, as well as Bank wire and popular e-wallets such as Skrill, Sofort, Wirecard and Safecharge.

As was said above – the brokerage does not offer its terms and conditions which we cannot help but view with a certain suspicion. Many scammers choose not to disclose such information to would-be clients. Without proper information on the website we cannot be certain whether clients won’t be charged with any unexpected withdrawal or deposit fees once they invest. This is why we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Even though the forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:

Through clicking an ad with promises for fast money, you will be redirected to a website such as DaxRobot or CryptoContracts where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.

It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback. 

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

 

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4 Comments

  1. I want to make clear that fxoptions.com is NOT affiliated with fx-options24.com. We received tons of aggressive emails and threats, but we have nothing to do with them. Thanks.

    1. Now Micheal can you please assist on how to get hold of them. I want to make fire underneath them…

  2. FX Options is a total scam!!! They stole 2,000 dollars from me. After investing my money with them for one month. And was told it would double in that short of time. After one month I called and tried to get my money. And was told I had to send in 10 percent of the total to withdraw my money. I told them just to take it out of the money they’d owed me. These low life lazy pieces of shit. Who hid far from the U.S stealing people’s money. Because they are to stupid and lazy to get an honest job, or start an honest company. And they are so dumb they believe they’re going to live forever. Because no one with a half a brain would do this to people. Knowing that some day you are going to die. And when that happens you go meet your maker who that maybe. And standing in front of your maker your going to be asked what you did during your time on this giant rock all us are just short term guests on. And it’s at that time you will be totally F$CKED!!!! And you will start your punishment. Which will last a long,long time. So enjoy your evening and probably weekdays and weekends on the beach. Drive around in your expensive car. All while living in your giant house. Because everyday you wake up your one step closer to death. It may not happen today or tomorrow or even this year. He’ll you could live to be 200 years old. But one you,me and the 9.6 billion people on this fuc#ed up planet is WE ARE ALL GOING TO DIE. So get it while you can, and enjoy life to the fullest. On every one else hard earned money. They actually worked for. FX Options people are going to have one hell of a time in the next.

  3. it is good that I have seen it I was going to invest with them. Thanks alot

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