[Update] since 2017 24option only offers CFD/FX trading
24option is one of the biggest binary options brokers so we decided to test the platform and find out for ourselves if this broker lives up to its reputation. 24option did not turn out to be a scam, but one of their support agents acted poorly and was caught in a lie. In this article, we will explain why we have chosen to put a 24option review on our Regulated Broker List and why 24option scam reports do not hold.
It is important to note how this incident happened at the very beginning of 24option’s binary options journey back in 2012; it’s fair to say that this broker has come a long way since then and proven itself time and time again. After this incident, we never received any more complaints regarding poor support or any other aspect of doing business with 24option. 24option is currently one of the most respectable brokers on the market.
24option Review – Possible Scam Avoided
**THIS ISSUE HAS BEEN SOLVED. We pointed out that what happened was unacceptable and they agreed. A 24option executive has assured it was a mistake and it won’t happen again in the future. Check out the 24option review.**
This issue detailed below was resolved pretty quickly with a little persistence, and the good news is that it never happened again. We received no complaints regarding 24option in the past few years, so it is important to note how this broker proved, to be, respectable and very friendly towards users. Read the full 24option review to find out more about this amazing broker that created some great benefits for traders.
Testing the Broker
FBO takes broker reviewing very seriously so, we are always using the innovative ways to test the platform.
The alarm bells started ringing when our deposit with Moneybookers was not credited instantly to our trading account. This does not mean that 24option scam is real, however, it shows that it was still not experienced with handling funds. Instead of using the instant deposit method 24option decided to use the ‘send money’ option that is normally used among friends and by online businesses that sell goods.
Our funds were credited the day after. We placed a couple of trades to check out the platform and check 24option scam reports. The software turned out to be very good and we were thrilled to see how many languages 24option supported and overall pleased with our experience.
The excitement stopped again when we wanted our money back. Because our duty on Fair Binary Options is to review brokers objectively we do not approach the support desk the first week. We patiently wait to see how they respond to our request.
After seven days we contacted the live chat and asked about our pending cash-out. To our big surprise, the customer care agent told me that he could not see our account and that we had to contact our account manager for assistance. We were quite surprised by the fact that the so-called “Senior Account Manager”, who had been offering us trading advice earlier that week, was responsible for my cash-out? It seemed suspicious since large companies normally have dedicated staff to handle such matters. We were a bit afraid now 24option scam is real.
I was naive and thought it was because 24option wanted to have a more personal service than others. I asked for my money via mail but was told following:
“I have called you three times to verify your request. You haven’t answered the phone or reply. You made two trades. Why are you cashing out (…)”
I confirmed again that I wanted to cash-out (seems obvious by now right?) and told I did not communicate via phone. It is on page one when doing business: Always keep things in writing. Now it got more interesting since I was told following:
“This request must be by phone.”
“Why?” I asked.
“This is the rule with any financial institution. This is the rule here as well.”
This is a straight up lie. This is not the rule of any financial institution nor is it a rule at 24option according to their terms & conditions. I then pointed out these facts and I also showed a quote from the Terms & Conditions:
“18.3. To remove any doubts, all payments demanded by you shall be transferred to you within, and no later than, seven (7) business days following your request for payment.”
How the Problem was Resolved
I ended the letter stating that I was not impressed by the fact it took 24option 15 days to pay me. It turned out by the time I responded to the mail five days later that another employee at 24option had paid me already despite his arguments. Maybe by mistake? We can’t say… My account manager definitely hadn’t realised this.
He did not reply any of my follow up questions and stated he was just the messenger. I was instructed to take it up with his supervisor but once I asked his boss some of the same questions I was told by my account manager that I would be paid to end the debate.
We have to admit that at no point did the 24option manager lose his temper and write in an unpleasant tone. However, he was caught in a lie, did not take it back, did not apologise, did not reply our questions nor respond to why a phone call would hold any significance to 24option when he already had received notarized copies of my photo ID and address.
After reporting the issue to higher management officials within the company, we were pleased to see the matter handled effectively. We can appreciate that everyone makes mistakes sometimes and the fact that they acknowledged this mishap and did what they could to right the wrongs caused by this particular employee shows that 24Option really is a fair and decent broker.