Is 24Option A Scam?

by The Suit on September 28th, 2012

Is 24Option a Scam?

These days with everyone on the net buzzing about binary options, it’s hard to tell what’s a scam and what’s not.

Firstly, trading binary options isn’t a scam in and of itself—it’s just one way you can invest your money.

Secondly, there are scam artists pretending to be binary options brokers on the web, but there are also a lot of real, legitimate brokers. 24Option is not a scam; the company is regulated and lists its license number directly on its website under Legal information in the Terms and Conditions.

Bonus Offer
100% to $500
24Option Quick Facts
  • Best Payouts On FX Pairs
  • Regulated
  • $250 Minimum Deposit
  • 30 Second Options

Trading Details
  • Awesome 60 Second Options!
  • Free Demo Account With Deposit
  • 70-89% Returns - Exotics to 300%+
  • Stellar Reputation & Fast Payouts

There are few brokers that are actually regulated right now, even among the better brokers. Many are still working on getting regulated, so this is a major recommendation for the company.

So why does everyone say that binary options are a scam?

Because there have been plenty of scams in the binary options industry and because many traders blame anyone else for poorly chosen trades.

It comes down to the way that people trade them—perhaps even more than the fact that some brokers out there are less than reputable.

Binary options are traded by three kinds of people. There are people who are trading for entertainment reasons, and people who are trading to try and make money. There is a huge swath of people in between, however, who are ostensibly trading to try and make money, but doing so in an irresponsible and foolish way.

These people are gambling without meaning to or realizing that’s what they’re doing. When they lose money on binary options, they have a tendency to lay blame anywhere but on themselves. These are usually the types of people who come out and say “24Option is a scam.”

Avoiding Binary Option Scams

There are a couple of ways you can prevent yourself from losing money in the binary options market. The first way is to make sure you choose a legit broker who is regulated like 24Option and really won’t be responsible for costing you money. Make sure that you thoroughly understand the terms of service and all fees and commissions associated with investing with the company.

Secondly, educate yourself on binary options (more here)and learn how to test.

While you may see promises online like

“Make $100 into $100,000 overnight,” or “Make $20,000 in 60 seconds with binary options,”

These are not realistic promises. The reality is that if you’re going to ever trade professionally, it’s going to be slow going unless you already are sitting on a huge bankroll and have some knowledge of what you’re doing.

Come up with a method for trading binary options that you can reliably test on historical data for profitable trading. Once you’ve proved that you can trade reliably on historical data, try going to demo somewhere (this feature is sorely lacking with almost every binary options broker in existence right now, except 24option and a limited other few), and then trade live with a reputable company. Follow the method you develop with discipline. Don’t trade randomly, and don’t blame your failures to trade with discipline on your broker. You can’t gamble your way to success. You can only become a profitable professional binary options trader by applying due diligence and hard work.

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6 Responses

  1. Winko says:

    How is everyone doing getting withdrawals to go through lately? I’ve been hearing some payout delays at 24? Can anyone confirm or deny please?

  2. Lou says:

    I have used 24option and i love their platform.
    even though they are not regulated, i still trust to trade with them.
    I also used Binary Interbank and they are great as well on withdrawals.

  3. Hamad says:

    I have used 24option and i love them and i also used Binary interbank and they are really good but a bit smaller than 24option.
    i have used and i had a great headache with withdrawal as they wont answer my calls

  4. Jose says:

    Both brokers are good.

  5. Achraf says:

    Binaryinterbank and 24option seem to be the best.
    I worked with both of them and i can say that it is been the best.

  6. amed says:

    LEGAL INSIDER BOT is a scam.,I deposied money in their recommended broker, banc de binary and their automatic super robot start trading in forex. In one month it lost 60% of trades and now all my money is gone.That guy Greg of legal insider bot is looting the fools like me.I just warn others to not give their. hard earned money to him.thanks

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