Warning! Premium Option 24 is an offshore company! Your deposit may be at risk.
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Premium Option 24 reveals itself quickly as to its true intentions. Read on to see all you need to know about this one.
Two things came up while scouring through the website: two addresses, one in Cyprus (the agent), one in St. Vincent and the Grenadines (the parent company). The Financial Services Authority (FSA) of St. Vincent and the Grenadines does not regulated the forex market, as it has officially stated, and thus cannot issue licenses for brokers. This means that any broker claiming to be operating from this location is most certainly unregulated. As for the address in Cyprus, the broker is not regulated there because it neither says it’s actually licensed there, and second, we went to the official CySEC online database and found no result for the broker.
All these elements point out to the fact that Premium Option 24 is UNREGULATED, and therefore a risk to all investors.
We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
We were not able to open an account because the broker required id document, which is actually a reassuring thing, yet that does not change the fact that this company is unregulated.
Needless to say, all trading terms will be derived from the information provided by the website. Note that illicit brokers almost always provide misleading information.
The broker seems to offer some kind of undisclosed bitcoin trading conditions. Without opening an account we were unable to see a proper trading platform, so we cannot reveal what these conditions are. As for a spread there is no indication of one. The main home page claims that the leverage is capped at 1:100.
The website is available only in English.
PREMIUM OPTION 24 LOGIN
As mentioned, the registration process required a proof of id, which is actually a very good sign of security. Nevertheless, without a registration we cannot confirm that the broker is actually in possession of a proper trading license. Unfortunately, this is all that we can give you in terms of trading platform evidence.
PREMIUM OPTION 24 MINIMUM DEPOSIT
There is no indication on deposit methods, and minimum amounts. The only piece of info that we found was in the Payouts page, which gives us a long list of bitcoin addresses that seem to be fake proof of user profits. However, once we clicked on one btc address, we were redirected to the blockchain.
However, in terms of depositing info, we are sad to say that we cannot give you any details. Yet, we can assume that the only depositing method is via bitcoin.
We have to warn users that his broker is not to be trusted due to its lack of regulation. It’s only logical that we advise traders against it. Brokers with proper licenses from the FCA and CySEC (among others) operate in ways that put the trader’s security of funds and personal information as a pivotal priority. These agencies are the top non-US financial license issuers, which should give you an idea of the brokers working under their oversight.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
Furthermore, for safekeeping your money NEVER share your credit card number and CVV code with a salesperson. All online payments require this 3 digit number in order to complete purchases or transactions, and by giving yours away to some offshore broker may lead only to the complete drainage of funds from your credit card.
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.
PREMIUM OPTION 24 WITHDRAWAL TIME AND FEES
The broker has given one piece of info of withdrawing in the FAQs section: the waiting time for the withdrawal process is max. 5 days.
All other details have not been included. And the fact of the missing terms and conditions is not helpful.
ADDITIONAL FEES AND TAXES
Since there are not terms and conditions, any fees and charges clauses cannot be disclosed. Don’t let this soften you up. Brokers that have no regulation are known to launch incoming fees without notice. For this reason they try to postpone any withdrawal request. 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.
Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.
HOW TO RECOVER
The only way to recover is by filling for a chargeback, and hoping it’s not too late.
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.
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 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!
Premium Option 24 has some potential, but many aspects point to a different direction. We advice users not to deposit here. Stay away!