24CryptoExpertOptions – Is This Broker Safe?

Website URL: https://www.24cryptoexpertoptions.com/

Founded: 2010-2020

Regulations: Not Regulated

Languages: English, All Google Translate Languages

Deposit Methods: Bitcoin, Ethereum

Minimum Deposit: $300

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Cryptocurrencies, Binary Options, Forex

Trading Accounts and Conditions

24CryptoExpertOptions offers its clients the following types of accounts:

• Basic Account: The minimum deposit you need to make for this account is $300.
• Bronze Account: The minimum deposit you need to make is $1,000.
• Silver Account: For this account, you need to make a minimum deposit of $5,000.
• Gold Account: The minimum amount you need to deposit to start trading on this account type is $20,000.
• Diamond Account: To trade on the Diamond Account, you need to make a first deposit of at least $50,000.
• Mega Account: The Mega Account requires you to make a minimum deposit of $400,000.

This broker has not provided any information about its trading conditions, so we do not know what the maximum leverage ratios, spreads, commissions and fees, if any, for each of these accounts are.

24CryptoExpertOptions – Advantages

There are no perceivable advantages you will get by trading with this broker.

24CryptoExpertOptions – Disadvantages

Here are the reasons why trading with this broker would be extremely disadvantageous for you:

• Lies about Regulatory Status

24CryptoExpertOptions claims to be based out of Louisville, Kentucky in the United States. It also claims to be a licensed broker, and provides a license number (CH-ID CH72030176844).

To be able to offer financial services in the United States, a broker needs to go through a very long and rigorous process of registration with the NFA (National Futures Association), the FCM (Futures Commission Merchants), RFED (Retail Foreign Exchange Dealers) and the CFTC (Commodity Futures Trading Commission).

However, when we ran a check on this broker with the NFA’s online registry, we found out that 24CryptoExpertOptions was not licensed by the financial authority.

This means that this broker has lied about its regulatory status, and is actually operating outside the law. What this means for you as the trader is that if you contract with them, your funds are at risk.

Regulator brokers are required to follow strict codes of conduct, where they need to ensure that their accounts are segregated from their clients’. Brokers also need to participate in a financial insurance program, where if they declare bankruptcy, or are found to have fraudulent dealings, then their clients are compensated for any losses they may suffer due to the broker’s conduct.

This is the reason why we always advise our readers to opt for regulated brokers. At least their funds will be safe from scamming.

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• Regulatory Warning Against Broker by CNMV

While we were checking for 24CryptoExpertOptions’ regulatory standing, we came across some even more disturbing information – this broker has been blacklisted by the Spanish financial regulator, the CNMV (Comisión Nacional del Mercado de Valores).

According to the regulator’s warning, this broker is not authorized to offer financial services in their territory, and that it is operating outside the law.

The first two points we have listed already indicate that this broker is not just untrustworthy, but also most probably a scammer.

• No Terms and Conditions Available

Every broker needs to present its Terms and Conditions of the service. This is a legally binding document between the client and the broker. It tells the client what the cost of trading will be, what the terms for withdrawal or deposits are, as well as other conditions the broker has put in place.

Usually, the Terms and Conditions are linked to the last step of the registration process. There will be a link or a button that takes clients to the Terms and Conditions page, so that they can read through them before accepting the provisos.

In 24CryptoExpertOptions’ case, the link is there; it just doesn’t lead anywhere. The Terms and Conditions page is missing.

So, if you decide to register with this broker, you will not know what conditions you have agreed to, which means that broker can do whatever they want with your money.

• Trading Platform Doesn’t Work

When we were finally able to complete the registration process, instead of being taken to a trading platform such as the MT4 interface, what we were given was a weird-looking dashboard. The only thing working on this broker’s so-called trading platform was the Deposit option.

Legitimate and reputed brokers offer their clients the use of the MT4 trading platform, which the world’s best trading software today. It offers users a range of features designed to make trading easier and less complicated.

Traders get to choose from an array of charting tools and technical indicators. And they can also set up automatic trading on their accounts through trading bots. And all of these tools are customizable.

• Payment Options are Limited

24CryptoExpertOptions does not have the regular credit/debit card or bank wire money transfer options. The ways that you can deposit or withdraw money are via cryptocurrencies such as Bitcoin, Litecoin, Ethereum and Bitcoin Cash, or through online money transfer services such as Moneygram, PerfectMoney, or Wester Union.

Even the more popular remittance providers such as Skrill and Neteller are missing.

All the payment options mentioned on this broker’s list have one thing in common – they are more-or-less completely anonymous. So, you will never know who has your money, which means that if you have been scammed, there is no way for you to file for a chargeback.

Conclusion 

24CryptoExerptOptions is clearly yet another scammer that is out to con people out of their hard-earned money. We would recommend to all our readers that they should not invest with this broker, and look for strongly regulated and honest brokers instead.

24CryptoExpertOptions

2.8

User Experience

3.4/10

Payment Options

2.7/10

Security

2.6/10

Support

2.5/10

Reputation

2.6/10

Pros

• None

Cons

• Lies about Regulatory Status
• Regulatory Warning Against Broker by CNMV
• No Terms and Conditions Available
• Trading Platform Doesn’t Work
• Payment Options are Limited