Beware! Best24option 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.
Best24option is just another fraudulent broker who tries to convince you that they are a good investment choice. The broker has put together a decent-looking homepage – but provides no legal documentation, no information about trading conditions, and no functional trading platform. If you deposit with this broker, you will never see your money again – so turn to them at your own risk.
Best24option REGULATION AND SAFETY OF FUNDS
Best24option claims to be based in the UK and has even offered a UK Certificate of Incorporation. However, even if this certificate is not a fake – and we have certain doubts about that – it would only mean that the broker is registered as a company in the UK. It does not, however, prove in any way that this broker is licensed and authorized to offer any sort of financial services. For that, a license by the FCA – the UK financial authority responsible for regulating forex brokers – is required. The FCA is a merciless regulator which just so happens to maintain a thorough database of all brokers under its jurisdiction. We checked that register for Best24option (since we did not have the name of the company behind the broker) and got zero hits – which means that Best24option is in no way regulated and or supervised by any financial authority.
Working with unlicensed, anonymous companies is not a good idea – you will have no way of knowing if your broker is conducting business in a fair, transparent, and legal manner. You will also have no guarantees that your money is going where it is supposedly going and not in someone’s pocket. Finally, you will just not be entitled to all the protections clients of legitimate brokers get access to.
UK-regulated brokers are a good, safe choice. Such brokers are obligated to meet a ton of requirements if they want to start offering services – like maintaining a minimum capital of €730 000 in order to prove their financial stability or keeping client money in segregated bank accounts to prove that your deposits would not mix with their own funds. Such brokers also provide funds for the Financial Services Compensation Scheme (FSCS) – so in case one of them goes bankrupt, each of their clients could receive compensation of up to £85 000. Negative balance protection is also ensured – that means you can never lose more money than you have in your account.
Best24option TRADING SOFTWARE
Best24option does not offer any sort of functional trading software – when we opened an account with this broker, we were only presented with a simple chart tracking various markets. As a result, we were unable to trade – which means that opening an account with this broker would be pretty pointless.
Better check out brokers who can actually offer you a worthwhile trading platform – like MetaTrader 4 or MetaTrader 5, for example. Both of these platforms have been the most popular in the industry for decades due to their high level of accessibility and functionality. MT4 and MT5 offer a wide array of charting and analysis tools as well as many additional features – Expert Advisors that track markets and trade automatically, a Strategy Tester, the chance to develop custom scripts or set trading signals, a market for additional trading apps, etc. Do not hesitate to try out one or both of these platforms with a legitimate, licensed broker.
Best24option TRADING CONDITIONS
As mentioned, Best24option does not offer its clients any opportunities for leveraged trading – that is why talking about spreads or leverage is quite pointless. However, we would like to talk a bit more about this broker’s business model.
Best24option seems to offer various investment plans – no minimum deposit amounts were specified but we were allowed to invest as little as $1. This might sound affordable but hold your horses. Even on the most basic investment plan, the broker promises enormous returns – 50% of the deposited amount in just 7 days. All you would have to do is deposit – this investment is completely risk-free and does not require any effort on your side. The broker does not explain how such high returns are even possible – just consider the fact that even the best investors of our time rarely get a return on investment higher than 40% annually. Most retail investors should be happy to see around 15% annually – not 40% in just a week. No legitimate broker can promise you certain profits – that is a trick only reserver for scammers. Do not fall for it.
Check out some legitimate, licensed brokers who can offer trading accounts for $100 or less instead.
Best24option DEPOSIT/WITHDRAWAL METHODS AND FEES
Best24option claimed that it accepted a huge number of payment methods – credit or debit card, wire transfer, various local banking solutions, online payment systems such as Skrill, Neteller, POLi, FasaPay, GiroPay, and Sofort, as well as different cryptocurrencies. However, the truth was completely different – the broker only accepts wire transfers as well as payments made in Bitcoin, Ethereum, and Tether. This is a huge red flag since both crypto transactions and wire transfers are irreversible – you would not be able to get a chargeback if you have already deposited with this broker. On top of that, crypto payments are also anonymous and impossible to trace to a specific person – that is one of the many reasons why scammers urge their clients to deposit in crypto specifically.
Do not deposit with Best24option – if you do it, you will never see your money again.
HOW DOES THE SCAM WORK?
It is vital to know how such scams work – this will also mean that you know how to avoid them.
One day, while you are casually browsing, you stumble upon an ad for a broker’s website. You think to yourself that earning a little extra sounds nice, especially since you have heard of people trading professionally. You take a look at the broker’s website and want to see what they have to offer so you register. Once you have provided the scammers with a phone number and an email, they won’t leave you alone before you deposit – keep in mind, that these are experienced scammers and they surely will manage to convince you. And if you have transferred money once, you will have to do it again and again – and you will readily do so since at this point you might even be turning a profit.
However, when you try to withdraw those profits, reasons, why this is impossible, will appear – additional taxes, unfulfilled clauses in the Terms and Conditions, etc. At some point, you will figure out something is wrong – but the scammers will be long-gone at this point – with your money, of course.
WHAT TO DO WHEN SCAMMED?
The first thing you should do is change all your banking passwords and information you have given the scammers access to. If you have installed any remote access software, make sure to remove it. Scammers often claim that they will provide you with technical support or with help while trading if you install an app like TradingView or AnyDesk – but all they want is access to your computer and your banking systems.
If you have deposited with Visa or MasterCard, ask for a chargeback as soon as possible – both card providers have a policy that allows chargebacks within 540 days. If you have deposited in any other way, the chances of retrieving your money are much slimmer – but still, make sure to contact your bank to see if something could be done.
Notify the responsible authorities, and share your story with others – online, or in your acquaintance circle. This way, they will know to avoid scams like the one you fell victim to.
Finally, don’t trust anyone who calls themselves a “recovery agent” and promises to retrieve your money for a small fee – this is just another type of scam targeting desperate victims.