24Option Review | All We Know About 24Option in 2023

The online broker 24Option began operations in 2008. They were initially a binary options broker. Today, binary options are illegal in most major jurisdictions. 24Option now offers forex and CFDs. They adapted their existing platform and user base quickly to these new assets. The parent company that owns and operates 24Option is Rodeler Ltd. The broker maintains headquarters in Cyprus and has a registration with the Cyprus financial regulator, CySEC. Rodeler Ltd also operates a broker called Richfield Capital Limited, which is in Belize.

24Option Review: All We Know About 24Option in 2023

Let’s just say that the company went through many turbulences, which’ll be elaborated upon in this detailed 24Option review. From regulatory warnings to license renunciation, there are many things to discuss.

Firstly, as we already mentioned, the company was fined several times by its primary regulator, CySEC. Then, on May 18th, 2021, their license was officially withdrawn. This was when the broker turned from Rodeler Ltd to Richfield Capital Limited, registered in Belize.

In the meantime, the company earned several regulatory warnings, including BCSC in 2013, OSC in 2014 and CSA during the same month. This has put an end to company operations in Canada.

In 2017, the independent regulator from Hong Kong, FINACOM, issued its own alert. According to it, 24 Option is an unregulated firm placed on the industry alert list. In 2020, FCA slammed 24Option as one of the CIFs using celebrity endorsements for fake promotion of services. In 2021, Singaporean MAS identified and issued a warning against an offshore entity in Belize.

So far, we believe that you understand the point. What’s important, however, is the official investigation that started in 2021. Israeli police raided the house of the founder of the 24options brand, seizing his assets, including luxury cars, jewelry, cash, and more. According to accusations, the brand’s owner was responsible for laundering $65 million obtained through illegal activities of the 24Option platform. Sadly, the case was dismissed 18 months later.

All in all, it’s clear that many have been embezzled by 24Option brokers. If you’re one of them, don’t hesitate to reach out to our professional chargeback experts. We’ll evaluate your case during a free consultation to see if there’s a way to recover your hard-earned money.

24Option Trading Platforms

When they were a binary options broker, 24Option offered users a trading platform designed by Tech Financials. Now they give users access to their proprietary platform known as Scipio. Investors can also trade using the popular MetaTrader4 platform. This platform offers advanced trading tools and is the default option for most traders. There is a mobile app available for trading with this broker on both the iOS and Android app stores. This app includes most of the features that their Scipio platform offers.

24Option – Account Types

24Option has four different account types, running from Basic up to VIP. The spreads improve for higher account types. They also offer a variety of educational assets, including lessons and webinars. Access to these assets increases as users move up the account types. Setting up a basic account requires a standard minimum deposit of $100.

Serious Trouble with Various Regulators

This broker has fallen under the scrutiny of different regulatory bodies several times. In December of 2019, the broker was banned from operating in Italy. The Italian financial regulator, Consob, banned the parent company Rodeler Ltd and all of its subsidiaries from providing investment services within Italy. Consob stated that the ban was due to complaints regarding CFDs and their marketing.

CySEC has fined Rodeler Ltd twice in the past. Once for €156,000 in 2016, and again in August 2020 for €280,000. The 2016 fine was for various violations, including failure to keep adequate records, failure to avoid any unjustified risk in outsourcing to third parties, and misleading advertising. The 2020 fine was for marketing issues such as falsified endorsements.

Having Trouble with Your Broker?

Trading in CFDs and forex can lose new investors a lot of money very quickly. Many brokers unfairly pressure new traders to make risky investments to drive up commissions. If you believe your broker has treated you unfairly, contact us today with the details of your case. Our team can quickly determine if you have effective options to recover your funds.