24Primeoption – Can You Trust Them?

Website URL: www.24Primeoption.com

Founded: 2020

Regulations: Unregulated

Languages: English

Deposit Methods: Bitcoin, Western Union, MoneyGram

Minimum Deposit: $1,000

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Binary Options, Forex, Stocks, ETFs, Commodities, Cryptocurrencies, Indices

Trading Accounts and Conditions

24Primeoption offers its clients the following accounts for trading:

• Bronze: To start a Bronze account you need to make a first deposit of at least $1,000. You are promised a 90% Return on Investment (ROI)
• Silver: To register for a Silver account, your minimum deposit needs to be $5,000. You are promised a 150% ROI.
• Gold: To create a Gold account, you need to deposit at least $10,000. You are promised a 200% ROI.
• Ultimate: To open an Ultimate account, you need to make a minimum deposit of $50,000. You are promised a 250% ROI.

There is no information given on 24Primeoption’s website about their trading conditions. Therefore, we cannot say what the leverage ratios, the spreads or other commissions and fees may be.

24Primeoption – Advantages

We did not see any positives to trading with 24Primeoption.

24Primeoption – Disadvantages

Here are the reasons why it is not a good idea to deal with 24Primeoption:

• Anonymous, Unregulated Broker

24Primeoption claims to be based in the United States. The broker provides two addresses, one of New York State and the other in Michigan. These are fake addresses. The Zip code given for the New York State address actually belongs to the state of Texas. And the address given for Michigan actually doesn’t exist.

Furthermore, there is no information provided about the company that owns and operates this brokerage. Therefore, what we are dealing with is an anonymous entity.

Now, with regard to its regulatory status, 24Primeoption states that it is regulated by the CySEC (Cyprus Securities and Exchange Commission). When we checked the CySEC’s online register (where all regulated brokerages are listed) we did not find this broker’s name there.

In its Privacy Policy section, this broker also claims to be regulated by the FSC (Financial Services Commission) of Mauritius, but also turned out to be a lie.

This means that 24Primeoption is an unregulated broker and is providing financial services illegally.

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• Blacklisted by CySEC

While we were checking for 24Primeoption’s regulatory status on CySEC’s online register, we discovered something even more disturbing. This broker has been blacklisted by the Cypriot authority for operating illegally.

• No Trading Conditions Mentioned

24Primeoptions has omitted to provide any details with regard to their trading conditions. Therefore, if you contract with this broker, you will do so without knowing what kind of leverage you can avail. You will also be unaware of the cost of trading on this broker’s platform; there are no spreads given, and we do not know what the commissions or even roll-backs are.

• High Minimum Deposit Requirement

Even if 24Primeoption were a legitimate broker, we would still not recommend them. This is because of the high minimum deposit requirement they have. To open an account with this broker, you need to deposit at least $1,000. This amount is 5 times higher than what other – legitimate – brokers ask for.

• Promises of Unrealistic Returns

This broker promises you massive returns on your investment. You can check their homepage to see for yourself. No broker can make such promises because by their very nature, forex and CFD markets are extremely volatile.

In fact, regulated brokers are required by the authorities to warn their customers that they could suffer losses while trading on the market. Brokers are required also to show the percentage of their clients that lose money while trading. This figure is pretty high and can range from 75% to 85%.

Therefore, 24Primeoptions’ promising returns of 90% to 250% is just another lie.

• No Trading Platform Available

24Primeoptions doesn’t even have a trading platform! Since there was no demo account available, we registered for an account so that we could check out their trading platform and the trading conditions offered by them.

However, after registering, we were redirected to a client dashboard where there was no option for trading at all. There are just 3 buttons on this dashboard – to make deposits, to request for withdrawals and to upgrade your account.

This clearly shows that 24Primeoptions is a scammer!

• Lies about Payment Options

When you check 24Primeoptions’ homepage, the broker shows the logos of multiple payment providers – Skrill, Neteller, MoneyGram, Western Union, PerfectMoney and Bitcoin.

Then, in their Terms and Conditions section, the broker states that payments made via Credit/Debit cards will only be paid back in the same way (i.e. to your debit or credit card).

However, when you check the client area, the only way that you can make payments is via Bitcoin, MoneyGram or Western Union.

Basically, this broker is lying about the payment options it offers too. What is also worrisome is that all the payment options that the broker does offer do not allow for chargebacks. This means that once your money is gone, there is no way that you can get it back.

• Limits on Daily Trading Volumes

This is a very unusual and worrisome condition that 24Primeoption has. They have put a limit on how much you can trade in one day. You will not be allowed to trade more than $25,000 in trade volume every 24 hours. And you cannot have a cash balance of more than $30,000.

If your balance is more than what is allowed, then you will need to withdraw your funds to bring your account to the proper size limit. However, the broker does not say what will happen if you do not withdraw your funds!

Conclusion 

24Primeoption is not a broker that you can trust. In fact, everything we have researched about this broker shows that it is a scam operation. If you invest your money with them, you will lose all your funds.

24Primeoption

2.4

User Experience

3.0/10

Payment Options

2.2/10

Security

2.3/10

Support

2.1/10

Reputation

2.3/10

Pros

• None

Cons

• Anonymous, Unregulated Broker
• Blacklisted by CySEC
• No Trading Conditions Mentioned
• High Minimum Deposit Requirement
• Promises of Unrealistic Returns