FX Options24 Review Is FX-Options24.com A Scam Broker

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FX Options24 Review – is it scam or safe?

Trading Accounts and Conditions

Trading account Min. deposit Max. leverage Spread
Standard $500 1:400 N/A

FX Options24 presents itself as a forex and CFD broker that offers more than 1000 instruments in 8 asset classes, as well as a choice of two great platforms – the MetaTrader4 and MetaTrader5. The problem is that we could not test the broker’s services via a demo account and verify its claims.

What is worse, we found out that FX Options24 operates without a legitimate license and illegally uses the details of another duly regulated broker. You can find all details about it in the review below.

FX Options24 Advantages

FX Options24 Disadvantages

This broker claims to be operated by FX Options24 Group ltd., a company allegedly regulated by the Cyprus Securities and Exchange Commission (CySEC). Furthermore, the broker says it also has an offshore entity, FX Options24 Overseas Ltd, which is licensed by the Vanuatu Financial Services Commission (VSFC).

When we checked the registration numbers with CySEC, however, it turned out that they actually belong to Cypriot forex broker JFD Brokers. As regards the alleged license with the VFSC, our search in the online register of the Vanuatu regulator revealed that FX Options24 is not present there.

Click on th eimage to zoom in.

In other words, FX Options24 is an unregulated brokerage and a clone firm, illegally using the details of a licensed company with which it isn’t related in any way. A classic scam, so to say.

This clone form obviously targets European investors, although it does not hold any legit license and is therefore not entitled to operate on any regulated financial market, including the European Union.

No clarity on trading conditions

Another worrisome sign regarding FX Options24 is the broker doesn’t provide much details about the trading conditions they offer. Its website does not include information on the account types, nor offers free testing services. These are clear-cut signs of trouble are the usual “tell” of a scammer.

We also noticed some disturbing things about fx-options24.com. First of all, it seems that this scam broker not only illegally uses the CySEC registration number of a legitimate company, but also has cloned its website lay-out. See for yourselves:

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Click on any of the images to view full size.

Second, we spotted another broker’s name on FX Options24’s website – CBX Global. Its website of the latter (www.cbfxglobaloptions.com) is practically identical to fx-options24.com, so we suspect that these two are run by one and the same con-artists in some sort of a serial scam scheme.

Excessive minimum deposit requirement

FX Options24 asks for at least 500 USD for a trading account and that is excessive as most brokers require about 250 USD, while some big names like FBS and IG do not have a minimum deposit requirement at all.

Conclusion

Overall, FX Options24 appears to be a brutal scam that tries to mislead investors it is legit, while it is not and shows typical signs of a scam: cloned website, illegal use of the details of a legitimate forex broker, no clarity on trading conditions, and no demo accounts.

As always, our best advice for traders looking for a reliable forex broker, is to select among those licensed by reputable financial agencies such as the Financial Conduct Authority (FCA) in the UK or the CySEC. Also, don’t forget to check the companies’ names as well as approved domains in the public registers of the respective authorities.

When you invest with a brokerage that is indeed regulated by a prestigious regulatory agency such as the CySEC, you can trade with the ease of mind that their funds are safe and sound and that there is an authority they can turn to in case something goes wrong. Even if a CySEC regulated broker goes bankrupt, its clients can turn to the Investor Compensation Fund.

And finally, here are the highlights of the present review of FX Options24:

Pros Cons
None A clone firm, possibly involved in a serial scam
No clarity on trading conditions
Website is a mess
High initial deposit
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

FX Options24 Review

FX Options24 Review

Reason to avoid: No license

Listed Date: August 18, 2020

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Beware FX Options24 is a Non-Regulated broker. It is NOT SAFE to trade.

  • Our Review
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  • FX Options24 News

Is FX Options24 a scam or legit broker?

No, FX Options24 is not safe to trade with it . FX Options24 is owned and operated by FX Options24 Group Ltd and claims to be located in Cyprus.

FX Options24 offers to trade FX, metals, CFDs (on shares, indices, commodities, bonds, ETF, cryptos) and exchange-traded Physical Stocks. According to the website, the broker is licensed by the Cyprus Securities and Exchange Commission, the Vanuatu Financial Services Commission, the German Bundesanstalt für Finanzdienstleistungsaufsicht, the British Financial Conduct Authority, and the French Autorité de Contrôle Prudentiel et de Résolution.

However, it turned out the broker has just been using the license numbers of the regulated entity JFD GROUP LTD., that is not associated with FX Options24 in any way. We have also discovered another broker that uses JFD Group Ltd. license details, CBFX Global, and has an identical website interface as FX Options24. Neither of them is authorized to provide financial services. Both FX Options24 and CBFX Global seem to be clone firms which just delude customers. You can read our full JFD Brokers review here.

We advise all investors and traders to avoid FX Options24 and other unregulated brokers. The lack of information about the broker’s regulation, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Alpari and FP Markets.

FX Options24 Scam Broker

Know Your Options and Recover Your Funds

FX Options24 Complaint – FX Options24 Review

Is FX Options24 a scam Broker?

If you have traded with FX Options24 and believe you have been scammed by them you have a chance to get your money back. Many unregulated brokers have been found to scam traders. At Broker complaint registry it’s our job to make sure you can fight back and get your money refunded. By filling the form you have taken the first step to recover your money.

Is FX Options24 a scam or legit broker?

FX Options24 has been suspected as a scam broker. We don’t recommend to trade with them and if you are trading with FX Options24 contact them immediately and try to get your fund out. If the FX Options24 has done the following, you have probably a victim of FX Options24 scam broker.

Reason to suspect a scam broker is in action:

  • The broker froze your account
  • The broker blocked your account
  • You cannot login back into your account
  • Money has been taken out from the account
  • The broker doesn’t take your calls
  • The broker shut down his website
  • You noticed the broker took money out from your bank account with out your permission
  • The broker is offering you a bonus
  • The broker is offering you to fund more money into the account after you lost a large sum

Don’t give up. You can fight back and get your money refunded. Start by filling the form above and we will get in touch with you and provide you with information on how to start the process.

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