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24empiresoption.com Review: Is 24 Empires Option Scam?

24empiresoption.com Review: Is 24 Empires Option Scam?

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24empiresoption.com is a binary options broker offering a wide range of trading instruments ranging from the regular call and put options to ladder, iFollow and One Touch. This broker claims that their website is operated by a Cyprus based company called B.O. TradeFinancials Ltd. B.O. TradeFinancials Ltd is allegedly registered and licensed by the Cyprus Securities and Exchange Commission under License Number 216/13. However, TradeFinancials Ltd. B.O is a very controversial entity because for one, their licensing details are questionable. While they claim that their license is valid through all EU member states, the fact is that binary options were banned in all EU states and there is no way a broker can offer them legally. Therefore, 24 empires option is not regulated and there is no way they can legally offer their services to residents of the EU and also across the world.

24 empires option offers 5 different types of trading accounts to their clients. Each account type has its own set of features and requirement. For example, these accounts offer bonuses ranging from 25% to 100% in addition to offering trading education and signals which vary in quality depending on the account type. On top of this, 24 empires option promises risk free trades although we don’t know how real this is because in trading, there must be risks and there is no way a broker can cover your risks.

24 empires option also promises 1 on 1 analysts sessions. We assume that the people who will conducting these sessions are their employees who must be knowledgeable about the financial markets. And if that is the case, we need to see their professional profile and determine whether or not they are licensed to provide financial advisory services to investors. We also need to know who these people are. Unfortunately, 24 empires option does not disclose any details concerning who these people are and we only have to assume that they are qualified to do what they claim to do.

But generally, this level of secrecy does not work in an environment where a client is expected to send funds to a broker’s account hoping to make a quick return on binary options. One of the problems that we have witnessed here is lack of transparency, which is a critical factor in determining the reliability and safety of any broker. If they can’t disclose the most important things, then chances are high that the broker is probably intending to make away with our money.

Having said this, the main question and concern should be whether our money will be safe in the hands of 24 empires option? Are they properly regulated and under what context was this license issued?

Note: Trade with these regulated brokers.

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24 empires option review

The broker is citing the address Corner of Pitt and Hunter Streets, NSW 2000 Sydney. United States which does not make sense unless they are trying to say that they do have offices in Australia and the United States. This is not very likely. First of all, the address which they have given above is incomplete. There is no way to find out the exact location of the premises that hosts this brokerage.

24empiresoption

24 Empires Option also claims to offer CFDs on a number of fiat currencies which include USD, GBD, AUD, BTC, CNY, EUR, CAD and many more. They also claim to provide over 30 options. This is quite a nice selection of trading instruments to choose and if a trader is looking for variety, this could be one of the best places to trade provided the broker is not going to scam them. But as far as evidence is concerned, trading with 24 Empires Option could be the worst decision ever because the site does lacks transparency and the product which it offers is highly controversial. It has been banned in most countries around the world including the US where 24 Empires Option claims to have set up an office at.

No MT4 platform, only the regular binary options trading software

Most traders love MT4 platform because it is diverse and accommodating. However, with the binary options software, some features like trading indicators, custom software and so much more are simply not a reality but a dream. These features dictate whether or not you will become a successful trader because they help with decision making. However, with the binary options trading software, you are presented with a chart that has a line  graph and expected to click call or put in a guessing fashion. This will ruin your finances faster than you could ever imagine.

No user feedback

According to who.is, the domain hosting 24 Empires Option was created back in June 2018. This is a long time enough to get at least one or two regular clients who will be trading on the platform and offering their feedback to those who have not tried the services of this broker yet. However, this is not the case. We could attribute it to poor marketing strategy or the fact that the site is not yet one year old and so its popularity is not that strong. Whatever the case, you should never trade with a broker who has not received any customer feedback. You don’t want to be the first person testing the waters alone.

Regulations

We doubt of the license that is being held by the overseeing company of 24 Empires Option is legit. First of all, binary options were banned in the EU countries. There is no way the CySEC will allow this brokerage to operate and even issue them with a regulator’s license when that is the case. So clearly this license is fake, which means that 24 Empires Option is not authorized to provide its services to residents of the US and the UK in general. In that sense, your money won’t be safe at all.

Our best advice for you

You should avoid trading with a broker like 24 Empires Option because their paper work is not in order plus the product which they are offering is not in favor with authorities in most established countries. Stick with these brokers.

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