This binary options broker is old enough so it is not difficult to find many 24option complaints. However, I searched a lot to find the most serious of the complaints because most of them are from angry or frustrated traders. I searched many sites and I give the most important comments below. I also give a short 24option review after that.
Update: 24option does not offer Binary options anymore. But it offers Forex/CFDs brokers. For the best binary options brokers click here.
|Free Demo account||Yes|
|Regulation & licenses||CySEC, IFSC|
|Accepted nationalities||All countries except USA|
|Payout (returns)/Refunds||60-88%/ 0%|
|Expiry Times||2 minutes,5 minutes,30 minutes,1 hour|
|Assets||61 stocks, 31 currencies, 11 commodities, 25 indices|
|Account Types||Standart, Beginners, Gold, Platinum, Diamond,Islamic|
|Number of Assets||100|
|Account Currency||USD, GBP, JPY, EUR, RUB|
|Mobile Application||Android and IOS|
|Deposit and Withdrawal Options||Wire Transfer, Credit Card, MoneyBookers, Liberty Reserve|
|Withdrawal Time||3 days|
|24 Hours Support||Yes|
|Support During Weekends||yes|
|Customer Support Languages||English, German, French, Arabic, Italian, Portuguese, Russian, Spanish, Dutch, Swedish, Norwegian, Polish|
|Phone Number||>+357 25 262789|
|Email Address||[email protected]|
24option complaints all over the internet
Most of the complaints are about the “account managers”. They constantly call you and they want you to deposit more and more money. They are so persistent and annoying.
Many complaints were about the account managers that give many wrong signals (by the way, click here for my page of the best binary options signals around). So the trader loses the trades and they get the money. Some traders claim that they give fake signals on purpose.
Otherwise, 24option is a really really good service. No price manipulation, no withdrawal problems reported. Nothing dark.
What is my conclusion? Don’t listen to the account managers or the signals available on the website and you will do really good with 24 options.
It has so many years around and the complaints are relatively few. Brokers that are not legitimate are closed after some years like Banc de Binary and many others. 24option is a serious business and is not here to grab some money and go. Read also my 24 option review conclusion below.
Here are some of the 24 option complaints by traders:
“I’m new to Forex and 24options in Cyprus account manager stalked me continuously to invest more and take a 100percent risk. He didn’t let me close the trade on a margin call. He pretended to be an expert in forex and aususd me that I’m in safe hands and they will guide me step by step. I’ve lost everything within 2 days opening the account. As an expert, he advises me to take a 100percent risk in one trade with 200 leverage. How can I complain about this? What can I do? Now they want me to 1. get a 40K loan and open 40 lots with 100percent risk 2. if not sell my house and invest in their company to recover my loss. Can anybody help me out with this scam?”
Here are more of the many complaints
“I would like to review what I have just gone through with one of your account manager by the name of Eric Smith. I was patiently listening to all stuff he had to say. When we were coming to the end of our conversation, I brought up a problem about a withdrawal problem using Skrill. He asked me if I wanted to close my account as well as I’m looking to withdraw my Money. He said he would not want to work with me if I am looking to withdraw my Money as he will not be making a profit. What good is making Money if withdrawal is an issue??! He was very rude. The problem with the Skrill verification has been dragging for weeks and it has not been resolved till now! He just hung up the phone after saying another account manager will contact me! ”
“This company is the worst and also all the account manager that push the people with the martingale and lose all money”
“i had the serious misfortune of trusting kyri kyirakou of 24 option binary after he induced me to invest money in a binary options program that did not function in ‘good time’ or corresponded with its recommendations n who has continued to harass me for well over a year after I closed my account n repeatedly asked to leave me alone.. they continue to telephone me late at night, once or twice a week n wake the entire household..”
but I also found this positive comment:
“I’ve been dealing with 24 options for the last 4 months. I could say I had a good experience with them. my initial deposit was 2500$ after not touching my money for three weeks, I withdrew $1300 from it, it took like a week but because It was the first withdraw. excellent. besides, I have an account manager who gives me tips on managing my account, and tips on how to enhance my acc. very happy 10/10. recommended. good luck”
Here is a comment I found on a forum by a user that had only one post. This one:
“I joined 24option broker as a newbie to binary options and made my lack of experience perfectly clear to my account manager. This agent of them named Mark was able to help me learn the basics and now I am able to make good trades. Excellent support!”
Many would say that looks like a fake one.
And one about robots
“I paid into 24options because I was guided by a robot to open an account and have the robot work for me. They refuse to make it work for me, they want me to trade with one of their account managers.
I don’t want that, and now I have to see how I can get my money back. A scam! But this happens with other brokers too, they just don’t want to let a robot work for you.”
note: It is absolutely reasonable for a broker not to want a robot. And no serious broker lets robots trade. Only scam brokers like BinaryMate (read my review) cooperate with some Robot owners to trick their customers that they can make money while they are sleeping.
Some of the few 24option complaints about returns, execution times and withdrawals
“Is 6th week waiting for withdrawal process (5 months ago)”
“Have been trading with them for a while. Withdrawals take long sometimes but this is due to the payment method that I chose. Overall, I’m satisfied.”
Note: I found really few comments for withdrawal issues though. Most of them are from impatient customers. They are afraid of being scammed and they leave comments the same day they asked for the withdraw. But the withdrawal takes more than 3 days if it is a bank transfer. This is due to the banking system and depends on the country the broker is registered.
Here is someone impatient, like many other traders:
“Hi I got my money back now! I’ve got it last Friday. True to their words of 1-week processing. I think I judge them to early, I’m a bit hesitant and suspicious with brokers sometimes because I had a bad experience with my broker before. I’ve traded before with a few other firms and had issues withdrawing my money.24Option is responsible broker too. Reliable with straightforward procedures for withdrawal of profits. Sorry for making a fuss about them.”
I would like to mention here that the only broker without major complaints is Highlow. You can click here for my recent HighLow review. It only offers Binary Options though. No Forex/CFD.
Some controversial comments about customer service:
“Update on 24 option. they rang me and gave me the demo account I requested. I will test it out, hopefully, customer service has taken note of my problems. I will update this review later. Let’s keep an open mind lol”
“I was turned-off with their aggressive customer service before, you know when you’re a novice in this kind of things you want to take one step at a time. But now every transaction with them is seamless.”
Some traders do not read the terms & conditions:
“I didn’t use the account for a while and then realized I had been charged a withdrawal fee of about £50”
and the last ones before my 24option review:
“I like 24 Option.com because of the high trade size limits and the interface and decided to deposit £3,000. I was slightly put off with the low returns in comparison to other brokers though. The sales team/managers once you deposit only want you to trade with them so they earn commission on the volume of your trades and are very pushy trying to force you into depositing more money and taking their advice. I received slow execution times up to 3-4 seconds which I think is unacceptable in my opinion. I then asked to get a demo account to practice… and they told me I need to deposit more to get a demo even though I already deposited £3,000 and lost £3,000… Every broker has advantages and disadvantages but these are just too much, unfortunately! 5/10”
“I have traded with 24option binary broker and twice requested my deposit back..quickly they refunded my money..honest broker”
“The platform is good but here is what you need to know! The minimum investment you can make is £24 and they require you to make an initial deposit of £250. This is all good apart from the fact, that if you make a couple of loses £250 won’t be enough to recover.”
Note: now the minimum deposit is 100 euros, pounds or us dollars.
“No bad experience w/ 24option so far. Still trading with them for years now.”
Many comments and complaints are similar with these of the Stockpair broker.
Providing traders the most updated technology and most profitable options in the industry, 24Option broker has already been one of the most renowned brokers in the binary trading industry. They say their goal is to make binary options money-making for every single one of their traders.
24Option has become the world’s one of the leading, renown and popular binary broker platform. With the positive ratings they achieved, it seems that this broker is serious about fulfilling their commitments.
24 option.com focuses on bringing the most profitable financial products to their traders. Recently it brought Bitcoin trading features for their customers. Let me reveal their full review including the pros and cons features from my experience of 2.5 months trading with this broker.
24option is regulated by the Cyprus Securities and Exchange Commission with CIF license number 207/13. Rodeler Limited is located at 39 Kolonakiou street, Frema Plaza, Agios Athanasios, 4103 Limassol, Cyprus.
Cysec regulation was not very strict at the beginning. But now it has become one of the best. It is under European control. That means a lot. Europe sets most of the rules.
24option trading platform, minimum trade, trading assets and expiry times
Unlike most forex/cfd brokers, at 24Option, traders are accorded an opportunity to choose between two powerful trading platforms. I was given an option to use their own proprietary trading platform known as Scipio whose innovativeness is unparalleled.
Their in-house trading platform is web-based and hence I was not required to download/install third party software. The online platform is very easy to use, all buttons are working and the user interface is visually attractive.
In addition to the web-based trading platform, traders are at liberty to use the intuitive MetaTrader platform. As you well know, MetaTrader is a top of the line trading platform that comes with unlimited charting capabilities courtesy of dozens of free indicators and charts.
To add to that, I was able to place trades even when I was away from my home desktop via their innovative mobile app. Unlike most other brokers, their mobile app is fully functional and you can even deposit or request a withdrawal.
When choosing the underlying asset at 24Option, I was always spoilt for choice. 24Option offers traders a wide array of assets to choose from. Since their shift from binary options to forex, 24Option has substantially increased the number of assets on offer.You can trade major and minor currency pairs, not to mention exotic currencies. Also, they offer numerous commodities- hard and soft, a bunch of indices and a wide range of global stocks.
To accommodate different trading styles, assets available at 24Option can be traded with two option types. There is the classic forex Buy/Sell and the unique High/Low option.
Even better, the options can be traded within diverse expiry durations with some as short as 60 seconds whereas some are as long as a few months. Additionally, they have low spreads and zero hidden fees and hence trading can be profitable in the long run.
Learn trading with 24 option
Traders can learn how to make analysis and strategies. They can learn how to understand financial news and make fundamental analysis and much more. Ther is an outstanding collection of educational tools given by 24Option broker.
The broker will provide Trading eBook, free eCourse, Trading Videos, Interactive eBook, Early Closure, and Expiry Calculations for its traders. This way they can learn trading if they want so easily without going any other platforms, forums or blogs.
Let’s continue with my 24option review.
In terms of usability, 24Option’s website is definitely ahead of the pack. First things first, their website has a responsive layout which allows for seamless browsing from any browser including mobile browsers. In addition, to improve accessibility, information is condensed into a few pages with a clear hierarchy. All the links are functional which further improves accessibility.
From my observation, the homepage loads fairly fast and navigation is made easy by the fact that their buttons are placed strategically including an impeccable search feature. Also, the website has a great visual appeal with great contrast between the background and text.
24option Demo account
Like other standard binary options brokers, 24option provides its customers a free demo trading opportunity.
Its existence is not fully obvious on their website. Although they provide a demo, it is somewhat obscured.
24Option accepts traders from virtual anywhere. Since they are regulated by CySEC, they can legally accept traders from all European countries. For instance, 24Option accepts traders from Thailand, , South Africa, United Kingdom, Singapore, Hong Kong, , Germany, India, Norway, Sweden, Denmark, United Arab Emirates, Kuwait and Luxembourg just to mention a few.
However, 24Option does not currently accept traders from United States, Canada, Japan, Australia, Israel, France, China, Bosnia, Iran and Belgium.
All brokers regulated by CySec do not provide any bonus due to Cysec restrictions. And it is a good thing sometimes.
Depositing money into my 24Option account was swift, simple, and most secured. The complete procedure takes only a few minutes to complete and you will be instantly reported of any matters with your deposit.
The available deposit methods to fund my account were Visa, MasterCard, Maestro International or even ewallets like Skrill, Neteller, Qiwi, and Wire Transfer. However, I chose to use Visa Card and it was pretty quick to get my fund into trading account. Yet, 24option minimum deposit is at
$250, (now the minimum changed to 100 euros,pounds or dollars) which is obviously a negative . Because there are many good brokers that offer $10 to $50 as minimum deposit amount.
The good thing is that for regular traders, first withdrawal is always free of charge. And if you use Platinum account your every withdrawal will be free of charge for lifetime. There is no minimum withdrawal amount for ePayments, so you can even withdraw $5 from your account anytime and within seconds.
You can withdraw your funds per for a one time in a month. Next withdrawals during the same month are charged at $30 per transaction, which is really high for mid-level traders.
The broker is providing support to its customers in 12 different languages through live chat, email or phone. Over eleven dedicated International support lines are provided to connect you through to your appropriate regional account manager. You can see the 24option contact number in the table at the beginning of this post.
Is 24Option a Scam?
This broker may not be so ethical in its way of approaching customers but it is definitely not a scam. Just do not listen to the signals that they suggest and you will do fine 😉 . You will definitely get your winning money back. No price manipulation. No freezing platform. It is regulated by a European commission and it is totally secure.
24option review summary & Your reviews
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Thank you for reading my 24option review and the complaints by the traders that have actually tried this service. Give your review above to help traders decide.
Major sources for the 24option complaints: forexpeacearmy.com,binaryoptionsblacklist.com,binaryoptionsthatsuck.com,pissedconsumer.com