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PeakOptions24 Review - is it scam or safe?

PeakOptions24 Review - is peakoptions24.com scam or good binary options broker?

RATING: 1 / 0 REVIEWS PeakOptions24
PeakOptions24 is not regulated. We cannot guarantee your money is safe.

Trading Accounts and Conditions

 

Trading account Min. deposit Min. trade size Payout
Stater  $250 N/A up to 81%
Regular  $1 000 N/A up to 81%
Premium  $5 000 N/A up to 81%
Executive  $10 000 N/A up to 81%

 

PeakOptions24 is an unregulated binary options broker allegedly based in the US. It offers the accounts listed above, but has not fully disclosed its trading conditions, and does not offer access to any platform either (before verification). Besides, its service is anonymous and it shows every possible sign of investment scam.

 

 

PeakOptions24 Advantages

 

In an attempt to be objective, we always strive to point out some possible benefits of any forex or binary options broker we review, however we cannot find any strong sides of PeakOptions24.

 

 

PeakOptions24 Disadvantages

 

Incomplete corporate information, not licensed

The website of PeakOptions24 features an address in New York, USA, as well as some contact number, and that is all. Nonetheless, the broker’s terms and conditions state that “this agreement shall be governed by and interpreted in accordance with the laws of London”, whatever that means.

 

In any case, PeakOptions24 is not regulated. We keep reiterating that doing business with unregulated brokers is very risky, as investors have no security for their funds and no authority to turn to in case they have legitimate grievances.

 

Regulatory warning against it

Furthermore, we found out that the British Columbia Securities Commission (BCSC) has issued a warning against PeakOptions24. This is yet another major red flag regarding this binary options broker.

 

The regulator obviously became aware that the broker had accepted funds from local investors, although the company is not registered to trade in, or advise on, securities or exchange contracts in BC, nor anywhere else.

 

No clarity on trading conditions, platform, etc.

As we pointed out in the beginning of the present review, PeakOptions24 has not presented well its trading offer. It has only specified the minimum deposit amounts it requires for the different account types, as well as some referral bonus percentages. PeakOptions24 also mentioned a payout of up to 81%, but it is not clear for which pairs it applies, nor to which account types.

 

Furthermore, the broker does not offer free demo accounts, nor an access to any trading platform whatsoever prior to verification, which is also a very worrisome sign.

 

Unfavorable clauses in the Terms and conditions

When we went through PeakOptions24’s Terms and Conditions, we discovered some disturbing clauses, which are rather unfavorable to the broker’s clients. For example, the broker reserves the right to refuse to distribute profits to any person for pretty much any reason. We find one of the reasons stated in the T&C especially amusing, given the fact that the broker’s operations are illegal on any regulated market -  “If peakoptions24 has reason to believe that a person’s activities on our site may be illegal.”

 

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Conclusion

 

Given the incomplete corporate presentation, lack of financial oversight and the fact that BCSC has blacklisted PeakOptions24, we may safely conclude that this binary options broker is most likely a scam. All the more so, considering the lack of any essential trading information and the fact that PeakOptions24 does not even provide an access to any trading platform.

 

Generally speaking, binary options are the closest to gambling in the trading world, and are therefore not allowed in most jurisdictions. For example, in the US one can legally trade only in exchange-traded options, and there are only two regulated exchanges for that. In the European Union binaries trading was banned as of July, 2018, and ESMA keeps extending the term of the prohibition ever since.

 

That is why we would advise you to trade forex instead, which is similar, but less risky. Furthermore, there are a number of brokers offering trading in forex and CFDS, which are reliable, as they are licensed and overseen by reputable financial regulators.

 

 

>> Trade forex with a broker regulated in the UK <<

 

 

Our highlights of the review on PeakOptions24:

 

Pros Cons
Not any Incomplete corporate information, not licensed
  Regulatory warning against it
  No clarity on trading conditions, platform, etc.
  Unfavorable T&C

 

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Traders` reviews for PeakOptions24

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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Customer service

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Summary

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