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FX Options24 Review - is it scam or safe?

FX Options24 Review - is fx-options24.com scam or good forex broker?

RATING: 1 / 0 REVIEWS FX Options24
FX Options24 is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit   Max. leverage  Spread
Standard  $500 1:400 N/A

  

FX Options24 presents itself as a forex and CFD broker that offers more than 1000 instruments in 8 asset classes, as well as a choice of two great platforms – the MetaTrader4 and MetaTrader5. The problem is that we could not test the broker’s services via a demo account and verify its claims.

 

 

>> Check out the best MT5 brokers <<

 

 

What is worse, we found out that FX Options24 operates without a legitimate license and illegally uses the details of another duly regulated broker. You can find all details about it in the review below.

 

 

FX Options24 Advantages 

 

Not any.

 

 

FX Options24 Disadvantages

 

A clone firm

This broker claims to be operated by FX Options24 Group ltd., a company allegedly regulated by the Cyprus Securities and Exchange Commission (CySEC). Furthermore, the broker says it also has an offshore entity, FX Options24 Overseas Ltd, which is licensed by the Vanuatu Financial Services Commission (VSFC).

 

 

When we checked the registration numbers with CySEC, however, it turned out that they actually belong to Cypriot forex broker JFD Brokers. As regards the alleged license with the VFSC, our search in the online register of the Vanuatu regulator revealed that FX Options24 is not present there.

 

 

Click on th eimage to zoom in.

 

In other words, FX Options24 is an unregulated brokerage and a clone firm, illegally using the details of a licensed company with which it isn’t related in any way. A classic scam, so to say.

 

This clone form obviously targets European investors, although it does not hold any legit license and is therefore not entitled to operate on any regulated financial market, including the European Union.

 

No clarity on trading conditions

Another worrisome sign regarding FX Options24 is the broker doesn’t provide much details about the trading conditions they offer. Its website does not include information on the account types, nor offers free testing services. These are clear-cut signs of trouble are the usual “tell” of a scammer.

 

 

 

>> Compare the spreads of top forex brokers <<

 

 

Website a mess

We also noticed some disturbing things about fx-options24.com. First of all, it seems that this scam broker not only illegally uses the CySEC registration number of a legitimate company, but also has cloned its website lay-out. See for yourselves:

 

 

 

Click on any of the images to view full size.

 

Second, we spotted another broker’s name on FX Options24’s website -  CBX Global. Its website of the latter (www.cbfxglobaloptions.com) is practically identical to fx-options24.com, so we suspect that these two are run by one and the same con-artists in some sort of a serial scam scheme.

 

Excessive minimum deposit requirement

FX Options24 asks for at least 500 USD for a trading account and that is excessive as most brokers require about 250 USD, while some big names like FBS and IG do not have a minimum deposit requirement at all.

 

 

Conclusion

 

Overall, FX Options24 appears to be a brutal scam that tries to mislead investors it is legit, while it is not and shows typical signs of a scam: cloned website, illegal use of the details of a legitimate forex broker, no clarity on trading conditions, and no demo accounts.

 

As always, our best advice for traders looking for a reliable forex broker, is to select among those licensed by reputable financial agencies such as the Financial Conduct Authority (FCA) in the UK or the CySEC. Also, don’t forget to check the companies’ names as well as approved domains in the public registers of the respective authorities.

 

 

>> Trade with the best CySEC-regulated brokers <<

 

 

When you invest with a brokerage that is indeed regulated by a prestigious regulatory agency such as the CySEC, you can trade with the ease of mind that their funds are safe and sound and that there is an authority they can turn to in case something goes wrong. Even if a CySEC regulated broker goes bankrupt, its clients can turn to the Investor Compensation Fund.

 

And finally, here are the highlights of the present review of FX Options24:

 

Pros Cons
None A clone firm, possibly involved in a serial scam
  No clarity on trading conditions
  Website is a mess
  High initial deposit

 

Latest news about FX Options24
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Traders` reviews for FX Options24

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Cons

 

 

Customer service

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Summary

Pros

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