Table of contents
Optiontrades24 will be revealed for what it really is. In fact, this broker does not hide its true identity very well. Read the review for more.
The broker blatantly claims to be regulated in the United States…Looking at it, we can simply rule out this based only on appearances. Nevertheless, the Unites States is the most demanding forex environment, in turn allowing only a handful of brokers to be operating there within the legal framework.
We assure users that Optiontrades24 is NOT REGULATED in the United States, nor any other place. This puts Optiontrades24 directly in the category of risk brokers.
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are actually regulated by the FCA. The FCA strives to enforce strict industry standards, requires detailed reports from brokers, and oversees that the broker’s activities are within the boundaries of the law. Those under the wing of the FCA are members of the Investors Compensation Fund allowing for client compensations of up to £85 000 if the broker cannot meet its financial obligations to the trader.
Opening an account, the dashboard seemed like your common scammer broker client area, with just enough to fool novice users, and just the perfect amount of revealing content for us to further solidify Optiontrades24 as illegitimate. The so called trading platform is actually not a terminal at all but a array of irrelevant charts. More on this next.
We cannot give yo any trading conditions, because as we shall see, this broker technically does not encompass a trading software.
The website is exclusively in English.
As we mentioned there is no trading platform. The Trading Center section of the user area gives us graphs form third party providers, and a buy/sell option. Yes, apparently users can buy and sell crypto, but the spreads are irrelevant.
OPTIONTRADES24 MINIMUM DEPOSIT
According to the payment area the minimum deposit is $250.
Once more: this broker is clearly unregulated, and if you choose fund an account with it, it will put you directly at risk of losing all funds. For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
Never give away your CVV code without first making sure that the broker is regulated by an efficient agency. By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
These two softwares allow for others (in our case the people behind the shady brokerage) to log-in to your PC and flip through all files and browsers, essentially taking over your computer as another user and having access to your personal information like bank account passwords, credit card information etc. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
OPTIONTRADES24 WITHDRAWAL TIME AND FEES
The only source of information on withdrawals is found in the withdrawal section of the dashboard. There we discover that Optiontrades24 processes requests immediately, which we highly doubt. As for any fees, the broker has hidden them all, if any.
ADDITIONAL FEES AND TAXES
There are no legal documents. This lack creates a hole which the broker can fill with anything it wishes. It can launch fees, and similar charges without warning.
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 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.
We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.
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 advice 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
The only way to recover is by filling for a charge back, and hoping it’s not too late.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.
The last line of defence 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!
Optiontrades24 is your typical scam. If you do not want to lose money, do not deposit there!
Optiontrades24 compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines