24Option Review 2021: –History of Trouble

The online broker 24Option began operations in 2008. They were initially a binary options broker. Today, binary options are illegal in most major jurisdictions. 24Option now offers forex and CFDs. They adapted their existing platform and user base quickly to these new assets.
24Option Review 2021: –History of Trouble

The parent company that owns and operates 24Option is Rodeler Ltd. The broker maintains headquarters in Cyprus and has a registration with the Cyprus financial regulator, CySEC. Rodeler Ltd also operates a broker called Richfield Capital Limited, which is in Belize.

24Option Trading Platforms

When they were a binary options broker, 24Option offered users a trading platform designed by Tech Financials. Now they give users access to their proprietary platform known as Scipio. Investors can also trade using the popular MetaTrader4 platform. This platform offers advanced trading tools and is the default option for most traders. There is a mobile app available for trading with this broker on both the iOS and Android app stores. This app includes most of the features that their Scipio platform offers.

24Option – Account Types

24Option has four different account types, running from Basic up to VIP. The spreads improve for higher account types. They also offer a variety of educational assets, including lessons and webinars. Access to these assets increases as users move up the account types. Setting up a basic account requires a standard minimum deposit of $100.

Serious Trouble with Various Regulators

This broker has fallen under the scrutiny of different regulatory bodies several times. In December of 2019, the broker was banned from operating in Italy. The Italian financial regulator, Consob, banned the parent company Rodeler Ltd and all of its subsidiaries from providing investment services within Italy. Consob stated that the ban was due to complaints regarding CFDs and their marketing.

CySEC has fined Rodeler Ltd twice in the past. Once for €156,000 in 2016, and again in August 2020 for €280,000. The 2016 fine was for various violations, including failure to keep adequate records, failure to avoid any unjustified risk in outsourcing to third parties, and misleading advertising. The 2020 fine was for marketing issues such as falsified endorsements.

We will be happy to hear your thoughts

Leave a reply

Top Forex Reviews
Reset Password