In 2023, Traders Union conducted an in-depth investigation into the controversial broker, 24option. The review highlighted customer experiences, revealing mixed sentiments and practices that have earned the company a questionable reputation.
Notably, this 24option review pointed out aggressive marketing strategies and regulatory fines. It also revealed the broker’s failure to honor payouts, signaling unreliability and risk to potential investors.
Expert review of 24option
Traders Union, after conducting a comprehensive evaluation, has made some critical observations about 24option. Here’s the expert review:
- 24option has been flagged for its aggressive and intrusive advertising practices, which have been largely off-putting for potential investors.
- The broker’s reliability has been questioned due to numerous complaints about unfulfilled obligations, specifically failing to make the promised payouts to clients and partners.
- There’s a significant controversy surrounding the company, with an array of both positive and negative reviews, reflecting inconsistency in their service quality.
- It’s important to note that 24option was previously penalized by the Cypriot regulator, CySEC, due to a breach in regulations when advertising binary options. Although the fine was reduced considering the broker’s feedback, this raises concerns about their adherence to trading regulations.
Trading conditions for 24options users
TU experts have summarized the key features of the 24option trading platform as follows:
- Trading platforms available: MT4 and Mobile Platforms
- Types of accounts offered: Basic, Silver, Gold, Platinum
- Account currencies supported: USD, EUR, ZAR, RUB, GBP
- Deposit/Withdrawal methods: Credit/Debit Card, Bank Transfer, Skrill, Neteller, Qiwi, AstroPay, Jeton, Perfect Money
- The minimum deposit requirement: 250 USD
- Maximum leverage available: 1:500
- PAMM-accounts availability: No
- Minimum Order Size: 0.01
- Spread: Starts from 1.5 pips
- Trading instruments offered: Forex, CFDs, Crypto
- Margin Call / Stop Out levels: 20%/80%
- Liquidity provider: None
Summary of 24options trading company
Traders Union analysts have gathered key insights regarding the 24option trading company, summarizing them as follows:
- 24option has been declared unreliable due to its failure to fulfill obligations towards its customers and partners, including a lack of payouts.
- The company’s aggressive marketing approach has been mentioned by customers, leading some to avoid opening accounts due to excessive advertising.
- The broker’s reputation is controversial, with a significant mix of both positive and negative reviews from clients.
- Notably, the company was fined 156,000 euros by the Cypriot regulator CySEC due to violations in advertising binary options, indicating non-compliance with trading regulations.
- Despite the reduction in the fine considering the broker’s feedback, it raises questions about the company’s operational integrity.
Comparison of 24options with other Brokers
Traders Union presents an in-depth broker comparison, including 24option, to assist traders in making well-informed decisions. Here are the details:
- RoboForex: RoboForex offers a wide range of trading instruments and account types, while 24option has faced controversy regarding unfulfilled obligations and aggressive marketing tactics.
- Pocket Option: Pocket Option provides a user-friendly platform for trading binary options, while 24option has been criticized for its questionable reputation and non-compliance with regulations.
- Tickmill: Tickmill offers competitive spreads and a variety of trading instruments, while 24option’s reliability has been called into question due to issues with payouts and customer satisfaction.
- EXNESS Group: EXNESS Group is known for its tight spreads and diverse account options, while 24option’s reputation has been marred by regulatory fines and mixed customer reviews.
- AMarkets: AMarkets offers a wide range of trading tools and educational resources, while 24option’s aggressive advertising tactics and failure to fulfill obligations have raised concerns among traders.
In addition to the aforementioned brokers, another noteworthy option for comparison is OspreyFX. Mainly, the OspreyFX pros and cons include a variety of account types and platforms, competitive spreads, and reliable customer support. However, some traders have reported occasional withdrawal delays, and the educational resources could be more extensive.
In conclusion, Traders Union’s 2023 review of 24option reveals a controversial broker with a mixed reputation. The company’s aggressive marketing strategies, failure to honor payouts, and regulatory fines raise concerns about its reliability and adherence to trading regulations. Traders are advised to visit the Traders Union website for further information and comparisons before making any investment decisions.