Is 24Option a Scam?
Many binary options brokers over the years have been accused of being scams. This is bound to happen since, well, some of them are to be honest.
On the other hand, many times the customer is to blame simply because they do not bother to read the terms and conditions when they sign up, and especially when they opt-in for bonuses.
After reading a 24option review or two, I've noticed that people usually have problems with the bonuses issue.
When you register to a binary options broker, they often offer you increased funds in the form of bonuses. For example, they could say that if you deposit $300, they'll match your $300 so you'll have a whopping $600 in your trading account. However, the fineprint says that in order for this money to become real money, you need to have traded five times the bonus amount. That means in this example that in order for the money to become real, you will need to have traded $1,500. Some brokers actually tie the bonus down to 20 times the bonus amount. That amounts to a staggering $6000 that needs to be traded before you can keep the $300 that they sponsored you with.
The idea behind this is quite obvious. They're hoping that by the time you've finished trading that amount that you will have lost all your money. While this may not be the best practice, it is far from being a scam as all of these terms are clearly written when the trader signs up. Many traders don't bother to read it and are then very surprised when they try to withdraw their winnings before reaching the allotted bonus trading amount.
On the other hand, many times the customer is to blame simply because they do not bother to read the terms and conditions when they sign up, and especially when they opt-in for bonuses.
After reading a 24option review or two, I've noticed that people usually have problems with the bonuses issue.
When you register to a binary options broker, they often offer you increased funds in the form of bonuses. For example, they could say that if you deposit $300, they'll match your $300 so you'll have a whopping $600 in your trading account. However, the fineprint says that in order for this money to become real money, you need to have traded five times the bonus amount. That means in this example that in order for the money to become real, you will need to have traded $1,500. Some brokers actually tie the bonus down to 20 times the bonus amount. That amounts to a staggering $6000 that needs to be traded before you can keep the $300 that they sponsored you with.
The idea behind this is quite obvious. They're hoping that by the time you've finished trading that amount that you will have lost all your money. While this may not be the best practice, it is far from being a scam as all of these terms are clearly written when the trader signs up. Many traders don't bother to read it and are then very surprised when they try to withdraw their winnings before reaching the allotted bonus trading amount.