24Option Broker Review
Online broker 24Option began its activities in 2008. Initially, they were a broker of binary options. Binary options are now forbidden in the majority of important countries.
FX and CFDs are now available through 24Option. They immediately adjusted their current platform and user base to these new assets.
Rodeler Ltd. is the parent company of 24Option, which is owned and run by it. The broker has its primary offices in Cyprus and is registered with CySEC, the country’s financial watchdog. Additionally, Richfield Capital Limited, a broker located in Belize, is run by Rodeler Ltd.
24Option Traiding Platform
Users may access a trading platform created by Tech Financials when 24Option was a binary options broker. Now they let consumers access to their exclusive Scipio platform.
The popular MetaTrader4 trading platform is available to investors as well. Most traders use this platform by default because it has extensive trading features. This broker offers a mobile trading app that is accessible on both the iOS and Android app stores. Most of their Scipio platform’s features are present in this app.
Types of Accounts 24Option
There are four different account kinds available at 24Option, ranging from Basic to VIP. For more advanced account kinds, the spreads get better.
Additionally, they provide a range of educational resources, such as classes and webinars. As users advance in account kinds, they have more access to these resources. A normal $100 deposit is needed to open a basic account.
Significant Issues with Several Regulators
This broker has been investigated by various regulatory organizations on multiple occasions. The broker was restricted from conducting business in Italy in December 2019. The main business Rodeler Ltd and all of its subsidiaries are not permitted to offer investment services in Italy, according to the Consob financial authority in Italy. According to Consob, complaints about CFDs and their marketing led to the prohibition.
Rodeler Ltd has previously received two fines from CySEC. Once for €156,000 in 2016 and once more for €280,000 in August 2020. The 2016 penalty was imposed for a number of offenses, including failing to maintain proper records, taking unwarranted risks while outsourcing work to third parties, and using deceptive advertising. The 2020 fine related to marketing problems like fabricated endorsements.
CFD and FX trading can cause inexperienced investors to lose a lot of money very rapidly. Many brokers unfairly coerce novice traders into making dangerous bets in order to increase commissions.
24Option is a broker operating under CySEC regulation. But because it didn’t adhere to the rules, CySEC fined it twice. Because of fraud, it is also prohibited in Italy. This broker is not secure, thus we can draw that conclusion. Check the broker’s reputation online before creating an account to ensure that it is trustworthy.
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