Beware! Binary24FX is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Just by reading the name of Binary24FX is enough for us to draw a pretty accurate conclusion of this broker. If that were not enough, the broker actually comes to us with a very rundown website, that can easily be used as an example of the common scammer brokerage/investment website. One example is the collage of fake awards the firm awarded to itself. We have seen the exact same thing with some of the worst brokers we have reviewed. And this is just one small detail! Imagine what else we will find! The following review reveals all the crucial issues surrounding Binary24FX.
Registering took us a couple of seconds, and we were sent straight to a client area. Although the user area was a familiar scammer one, we have to say that it might be the cleanest part of the broker. However, everything was blocked, as in all the important areas in the dashboard were blocked to us. We could not access a trading software, nor any of the payment areas.
This puts us in a tight spot, where we must rely on the website for all the trading and payment conditions. As far as we’re concerned, most of the info on the website is not to be trusted. Thus, please take the following with a grain of salt, as they say.
It wasn’t until we had to look for trading conditions that we came to realize that there was nothing in store beyond Binary24FX’s home page. There are zero sub-pages; or one if you count the registration/user area. Because of this predicament, we cannot trace any accurate trading information whatsoever! There are no spreads, no leverages, and, aside from some vague cryptocurrency information, no financial assets.
The website is available only in English.
BINARY24FX REGULATION AND SAFETY OF FUNDS
For a limited broker, Binary24FX sure has filled its plate on regulatory information. The footer discloses that the broker:
- offers the best binary options trading in the United States, which is a complete and shameful lie. The CFTC and NFA would never in a thousand years allow Binary24FX to operate on US soil.
- is regulated by the IFSC of Belize, an offshore agency but one of the best. This is also uncalled for and completely misleading news. The regulator does not mention the company in its list of licensed entities.
- is also licensed by none other than CySEC, one of Europe’s leading FX overseers. This is also not true.
The truth about Binary24FX is simple. This is an UNREGULATED broker and a risk to all investors! It’s also most probably a scam!
Better to invest in an FCA or CySEC regulated broker than throwing it to a scammer/unlicensed broker that will spend it on its own indulgences. Unregulated brokers will not return your funds, and users of these companies will face other issues! That is why we always say to readers that they should always check and double-check for a legitimate license. The FCA or CySEC are preferable regulations, but there are dozens of other equally capable regulators. Check our list for all of them. Crucially, though some FX watchdogs offer compensation schemes that apply to users of brokers that cannot deliver their financial duties. For example, CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
BINARY24FX TRADING SOFTWARE
We can rely on the cryptocurrencies being advertised on the home page to draw a conclusion that the broker offers only crypto trading services. Or we can put our faith in the name of the broker, and predict that Binary24FX offers binary options trading. Moreover, in the user area, we find a tab named “investment plans”, conveying the possibility that the broker actually offers investment packages that are completely fake promises of profit in return for user deposits.
BINARY24FX DEPOSIT/WITHDRAW METHODS AND FEES
It should not come as a surprise that the firm offers no payment information at all. And seeing that the user area is blocked, we have an even lower chance of getting any accurate payment details.
All we can do is rely on our wits. Brokers usually come with a minimum deposit requirement of $250, and the payment methods are typical credit/debit cards, wire transfers, and some sort of e-wallets, including crypto wallets. There are withdrawal fees at times, and unlicensed brokers can apply undisclosed commissions at any time.
Binary24FX is a mess, a scam, unregulated, and a risk. There is nothing for you here. Only financial problems!
How does the scam work?
The crucial moment for scammers happens when a random user decides to click on an ad that promises high profit, luxury goods, a care-free lifestyle, or any other too-goo-to-bee-true prospect.
Said user will be redirected either to the scammer investments site directly or to an intermediary site. There, she will be asked for her phone number and email address, through which the broker’s representatives will contact her. The goal is for the user to deposit the initial deposit.
Once this happens, in come the expert scammers, whose job is to keep the user as invested in the scam as possible, by initiating further deposits and, if possible, extracting sensitive ID documents.
At some point, the user will want to see results. She might see a couple of impressive profit sessions, but these are devices to keep her invested. The crucial part arrives when the client want’s to actually withdraw this money.
At this time, the broker will delay the request, block the account, stop calling the user, shit down the website, or do whatever it can so as to keep the user’s money for itself!
What to do if scammed?
Filling for a chargeback with your credit or debit card is crucial. That is if you have invested by means of a credit card. The good news is that MasterCard and VISA have a chargeback period of 540 days.
Bank deposits are harder to recuperate, but not impossible. Your best bet is to contact the bank and see with the institution itself if it can somehow get the money back. It’s crucial to always change your bank details – user name and password – if you have been defrauded by means of a wire transfer.
Last are deposits made by some kind of crypto method. These are untraceable, and therefore impossible to retrieve. That is why users should never invest by means of any digital currency.
The last line is the recovery agent or agencies. These promise to retrieve all the lost funds, using questionable techniques. Do not trust these for they will take a commission from you and leave you at an even bigger loss!