FX Options24 Details
Table of contents
To say that FX Options24’s legal information is a mess would be an understatement. The way it’s presented is so confusing, that the only reason we can think of them doing so is to purposefully obscure their shady nature. We have written a simplified version of it below the snap.
First of all, FX Options24 is said to be a trading name of FX Options24 Group Ltd, a company that is regulated by CySEC, which is untrue for we searched the Cypriot watchdog’s online database and found no trace of it.
Next is a subsidiary of FX Options24 Group Ltd called FX Options24 Overseas Ltd that is allegedly regulated by the Vanuatu Financial Services Commission (VFSC). Allegedly, because in truth it isn’t.
What’s more is that the broker asserts that it is registered with BaFin and the FCA (among other European financial regulators), but again the registers of all these agencies bore no results for FX Options24 Group Ltd.
Furthermore, once we typed in the supposed registration number of FX Options24 Group Ltd in CySEC’s, VFSC’s, and FCA’s register, we found some distressing things. In turns out that FX-options24 is a complete ripoff of a legitimate broker called JFD Bank. The entire interface and functionality of JFD Bank is mirrored by FX Options24. What FX Options24 did is they simply copied the license numbers and made them their own. This move is the peak of unregulated broker arrogance. We urge all traders to forget about FX Options24 for they are not only UNLICENSED and a complete scam, but also thieves.
Always check for a proper broker license within the domains of the regulatory agencies. All of them have access to either an online database of regulated financial services providers, or separate lists of authorized companies. We advise traders to go with FCA/CySEC regulated brokerage firms, since these two agencies are some of the best for the job.
We could not open a trading platform because the broker requires one to verify his or her identity before continuing. So a direct spread we cannot give you. The leverage can go as high as 1:400, which is typical for offshore brokers.
Trading assets are said to be Forex Pairs, Indices, Stocks, Cryptocurrencies, Bonds, Commodities, ETFs, ETNs, and Physical Stocks. Even though impressive, personally, we do not trust these assertions: there is no way to confirm them since we dare not give away verification documents that would have allowed us to open a trading platform.
The website is available only in English.
FX OPTIONS24 LOGIN
When registering, we were given the option to choose between three trading platforms: MT4, MT5, and Guidants.
All the platforms were made inaccessible to us even when opening a demo account. In fact the alleged demo account asked us for verification documents. Even though we reached a dashboard, all the options were closed until we provided said docs.
What can we say about the MT4/MT5 that we haven’t said before. MT4 offers some great features: micro lots, automated trading bots, 500 individual orders per account, VPS’s (Virtual Private Servers), customizable trading indicators, and much more. While the MT5 builds upon these foundations and strives for perfection.
The Guidants trader is a proprietary trading platform of JFD Bank. In our review of it we praised it for its efficiency and abundance in trading options.
As already mentioned a cost of trading cannot be derived, while the leverage is capped at 1:400.
There are commissions on most instruments. For instance currency pairs are burdened by $3 commission per side, while commodities have a fee of $0.10 per side per 1 CFD.
All three platforms are said to be accessible via mobile, but as we have seen, nothing is to be trusted.
FX OPTIONS24 MINIMUM DEPOSIT
The minimum deposit is $500, while the payment methods are Wire Transfer, Sofort, Skrill and Neteller. Yet again, we cannot vouch for these claims because the dashboard requires us to provide verification documents.
We would not deposit with this one if we were you. This broker is clearly not legitimate and not regulated, meaning that who knows what they will do with your investment. Traders should deal exclusively with brokers regulated by exemplary agencies such as the FCA or CySEC, for they oversee a brokers activities from head to toe with a severe case of diligence.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
FX OPTIONS24 WITHDRAWAL TIME AND FEES
All withdrawal info is taken from the website, for we could not confirm it on the dashboard for reasons we already talked about.
Users can withdrawal money via Bank Transfer, Skrill, Safecharge, and according to the FAQ Sofort.
The broker does not charge processing fees according to the FAQ, yet it mentions some fees in the Managing Your Funds section of the website. These fees are 1% for Skrill; if using SafeCharge, 0$.88 for Credit Standard, $7.38 for Credit Extra and $24.20 for RMB. It is not made clear if these fees are charged by the broker, or if they are issued by the payment systems.
Bank Transfer and Sofort fees are not mentioned.
SafeCharge users will have to wait up to 10 days (Credit Standard) to receive their money. Wire Transfers take up to 5 days, but it depends on the banks. Skrill withdrawals take up to 24 hours to process, while Sofort withdrawals are processed within 1-3 business days.
ADDITIONAL FEES AND TAXES
There are no conditions worth mentioning because the broker has not included a T/Cs legal document in its repertoire, which on its own is a sign of fraud.
Heed our words. Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
The most important thing to note is that this broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advise is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.
HOW TO RECOVER
Don’t delay, and file for a charge back ASAP with your bank or credit card company, but also ask them what the situation with your current account is.
If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
FX Options24 is no good liar and thief. Simple as that. It’s unregulated and is a risk to anyone that deposits in it. Do not waste your time with it!
FX Options24 compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines