Optiontrades24 – Can You Trust this Broker?

Website URL: https://optiontrades24.com/

Founded: 2015

Regulations: Unregulated

Languages: English

Deposit Methods: Unknown

Minimum Deposit: $250

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Binary Options, Cryptocurrencies

Trading Accounts and Conditions

Optiontrades24 provides its customers with the following types of trading accounts:

• Starter: To use the Starter account, you need to first make a deposit of at least $250.
• Silver: To be able to trade on the Silver account, you need to make an initial minimum deposit of $500
• Pro: For the Pro account, the minimum deposit requirement is $700.
• Premium: Premium account holders have to make an initial deposit of at least $1,500 to begin trading.

There is no information provided with regard to trading conditions. The only promise this broker makes is that whichever account you choose, you will make a 150% daily profit.

Optiontrades24 – Advantages

There are no perceivable advantages of trading with Optiontrades24, so we have left this section of our review blank.

Optiontrades24 – Disadvantages

Here are the disadvantages of trading with Optiontrades24:

• False Claims about Regulatory Status

There are many things about this broker that cause concern.

The first thing it its corporate anonymity. There is no mention of the company that owns and operates this brokerage. Optiontrades24 claims that it is based in the United States and that it is regulated by the CFTC (Commodity Futures Trading Commission), but does not give its company’s name.

Now, this claim is clearly false, since brokers that offer financial services need to go through a very complicated process to be able to operate in the US. They need to be regulated by the NFA (National Futures Association), and not the CFTC.

Furthermore, binary trading in the US is only allowed on regulated exchanges, and when we checked, this broker is definitely not authorized to offer such services on its platform.

All that digging we did has proved to us that this broker’s claims of being regulated are all lies. This broker is in reality operating outside the law, is anonymous, and all of this points to the probability that they are scammers.

We would strongly recommend to all traders that they find another broker with which to contract.

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• No Information on Trading Conditions

As we stated at the beginning of our review, Optiontrades24 has given no information about its trading conditions. Besides telling us the minimum deposit amounts, there are no other details available. We do not know the leverage ratios or even the spreads offered by this broker, not to mention commissions and other trading costs.

We don’t even have any information about the type of trading platform used by this broker!

This kind of opacity is a clear sign of a scam. Legitimate brokers always ensure complete transparency on the trading conditions they offer, since this is the basis on which a trader will contract with them.

• Ridiculous Promises of Profits

This broker promises its clients that will give returns of 150% every day. Such claims can only be called ridiculous, since speculative markets such as these lead to losses more often than not.

In fact, licensed CFD brokers are required by law to reveal the percentage of their clients who lose funds during trading. On average, most brokers show that between 70% and 80% of their clients lose money.

Thus, it just isn’t possible to make profits of 150% every day, or even per month! Such kinds of claims only further cement the fact that this broker is a scammer and that you should stay well away from them.

• Demo Account Missing

Optiontrades24 does not offer its clients a free demo account, which is another black mark against it. Demo accounts let traders see a broker’s trading conditions for themselves. These accounts also allow clients to test the trading platform.

Scammers usually do not offer their clients demo accounts because they do not want their victims to know the actual cost of doing business with them.

• Lack of a Reliable Platform

Since this broker does not have a demo account, we opened a live account (without depositing any money) to assess the broker’s trading conditions and the quality of the trading platform.

We were surprised to see that this platform offered by Optiontrades24 actually wasn’t even functional. In reality, it is a dashboard that displays a few charts of market data, and there are some quotes by third-party independent data providers.

The only real thing you can do on this broker’s platform is deposit money, which is, in itself, extremely suspicious.

A real broker offers its clients a really good trading platform such as the MetaTrader 4 or the new MetaTrader 5 software. These platforms are designed to make trading more efficient for traders, offering their users charting options, market analytics tools and even trading bots that can help with automatic trading.

And with the MT4 and MT5 trading platforms, you can customize all of these features to the way you would like to trade. Another big advantage of using such platforms is that whether you are a novice trader or a pro, the platforms cater to all needs.

Conclusion

What we have reviewed of Optiontrades24 has clearly shown us that this is a scam broker that is out to steal your money. If you trade with this broker, you will lose all the money you invest with them.

The broker has lied about its regulation status. It is also completely anonymous, and has shown a lack of any kind of transparency. We don’t know the trading conditions at all! We also found out that the so-called platform is a fake!

We would recommend to all traders to avoid contracting with this broker, and instead look for one that is regulated by a reputed financial authority.

Optiontrades24

2.6

User Experience

3.2/10

Payment Options

2.2/10

Security

2.6/10

Support

2.5/10

Reputation

2.3/10

Pros

• None

Cons

• False Claims about Regulatory Status
• No Information on Trading Conditions
• Ridiculous Promises of Profits
• Demo Account Missing
• Lack of a Reliable Platform