ProOption24 – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
ProOption24 - DO NOT TRADE WITH THIS PROVIDER
2.6/10
$100
Minimum Depositupdated 2020
ProOption24 offers its clients the following types of trading accounts:
- Micro Account: The deposit range for this account type is $200 to $500. Withdrawal processing time is up to 72 hours and you are awarded a bonus of 20% when you open this account.
- Basic Account: The deposit range for this account type is $501 to $1,000. Withdrawal processing time is between 48 and 72 hours and you get a 50% bonus when you open this account.
- Gold Account: The deposit range is from $1,001 to $3,000. Withdrawals take from 48 hours to 72 hours and you get a 100% bonus when you open a Gold Account.
- Platinum Account: The deposit range is from $3,001 to $5,000. Withdrawal requests are processed in 24 to 48 hours. Bonuses are 120%.
- Islamic Account: There is no Riba (investments are commission and interest free).
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://prooption24.com
Founded: 2020
Regulations: Unregulated
Languages: English
Deposit Methods: Cryptocurrencies (Bitcoin, Ethereum, Litecoin)
Minimum Deposit: $200
Free Demo Account: Yes
Number of Assets: N/A
Types of Assets: Forex, Oil, Precious Metals, Stocks, Cryptocurrencies, Indices
Trading Accounts and Conditions
ProOption24 offers its clients the following types of trading accounts:
- Micro Account: The deposit range for this account type is $200 to $500. Withdrawal processing time is up to 72 hours and you are awarded a bonus of 20% when you open this account.
- Basic Account: The deposit range for this account type is $501 to $1,000. Withdrawal processing time is between 48 and 72 hours and you get a 50% bonus when you open this account.
- Gold Account: The deposit range is from $1,001 to $3,000. Withdrawals take from 48 hours to 72 hours and you get a 100% bonus when you open a Gold Account.
- Platinum Account: The deposit range is from $3,001 to $5,000. Withdrawal requests are processed in 24 to 48 hours. Bonuses are 120%.
- Islamic Account: There is no Riba (investments are commission and interest free).
ProOptions24 offers trading in binary options, so leverages are not required. The broker states that it offers payouts that are as high as 90%, but since we were unable to access a demo account, we were unable to verify this information.
ProOption24 – Advantages
We did not see any advantages of trading with ProOption24.
ProOption24 – Disadvantages
Here are all the disadvantages we found with ProOption24:
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Anonymous, Unregulated Brokerage
ProOption24 is an anonymous broker. The name of the company that owns and operates this brokerage is not mentioned anywhere on the website. There are two phone numbers provided as contact information – one for the US and one for the UK. There is no physical address provided. So, we do not know the name of the company or even where it is located.
This clearly indicates that we are dealing with a scam broker. Legitimate brokers always ensure that their corporate information is clearly mentioned to ensure credibility.
Now, ProOption24 goes on to claim that it is authorized to offer its financial services by major agencies. However, the broker omits to mention which these agencies are.
Furthermore, what the broker does not seem to understand is that there is only one country where binary options trading are legal, and that is the United States. And at this time, in the US, there are only two exchanges that are authorized to offer binary options, and ProOption24 isn’t one of them.
All of this information simply points us to one conclusion. This broker is unregulated and is operating anonymously outside the law. Therefore, if you invest with them, you are putting your funds at risk.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Poor Trading Platform
All you get if you sign up with ProOption24 is a simplified web-based trading interface that allows you to do little else that bet on the potential prices of assets.
Added to that, the range of trading instruments on offer is ridiculously small. You get to bet on 8 crypto-fiat currency pairs, 15 forex pairs and gold and silver. That’s it.
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Conflicting Information on Minimum Deposit Requirement
On its website, ProOption24 states that the minimum deposit requirement (for its Micro Account) is $200. However, when we registered for an account, we found that we were only required to make a $50 deposit.
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Lies About Payment Methods
ProOption24 states on its website that you may make payments using credit cards, bank transfers and cryptocurrencies. However, when we registered and went to the payment section, we found out that the only way that you can deposit money is via cryptos. In the payments section, the only way to make payments is with Bitcoin, Ethereum or Litecoin.
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Discrepancies in Withdrawal Policy
There are a number of discrepancies in this broker’s withdrawal policy which lead us to believe that while depositing money may not be a problem, withdrawing you money may be extremely challenging. Here are the reasons why:
- Withdrawal Request Processing Time: ProOption24 claims to be the first brokerage in the world that processes withdrawal requests in just 1 hour. However, when you check their account type information, it clearly states that it will take as long as 72 hours for your request to be processed.
- Minimum Withdrawal Condition: The broker has put in a clause that you cannot withdraw less than $50 from your account. This is an unfair condition since traders should be allowed to withdraw all their money if they wish to do so.
- Withdrawal Conditions Relating to Bonuses: As we have already mentioned, clients are offered a bonus when they open an account with ProOption24. There are many things wrong with this.
First, bonuses are banned in most jurisdictions in the world because of their unfair terms. So, the fact that this broker offers bonuses is in itself a red flag.
Next, the broker promises that these bonuses are not mandatory and that clients can opt out of them by simply sending an email to customer services. However, while this request to remove bonuses is being processed, traders can still open new positions. But if they do so, then the bonus is activated. Which then means all the terms and conditions attached to withdrawals if you accept bonuses are in force!
Now, traders will have to meet trading turnovers of a minimum of 3 times the bonus amount and your initial deposit. Furthermore, you will not be allowed to withdraw your bonus at all! And if you do not meet that turnover target, then you will be charged 20% for each withdrawal!
Conclusion
ProOption24 is an anonymous and unregulated broker that is clearly out to scam unsuspecting traders. We would recommend that you find another broker that is legitimately regulated and has fair trading terms.
ProOption24
Pros
- None
Cons
- Anonymous, Unregulated Brokerage
- Poor Trading Platform
- Conflicting Information on Minimum Deposit Requirement
- Lies About Payment Methods
- Discrepancies in Withdrawal Policy
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.