24SwiftOption (24swiftoption.com) is a new unregulated broker who offers Binary options and Forex trading to the retail clients. This brokerage has been active for less than 2 months as of writing this review. There is a lot of confusion around the legitimacy about their firm.
If you are wondering whether you should open an account with them or not, read our unbiased review to find out everything you need to know about this broker.
Licenses and Contact Details
Trading with a regulated broker ensures that the clients funds are segregated in a top banks which not only ensures the safety of the funds but also provide them with better liquidity. This broker claims to be regulated by the Cyprus Securities and Exchange Commission but while we were trying to find any information about them on the official website, there weren’t any.
Bluffing about their license details is a major red flag which proves that they are not at all trustworthy. The false claims are made to earn the trust of the investors.
Here are some of the details provided on their website
Licenses number – 216/13.
Physical address – 228 Park Ave S, New York, NY
The contact details provided on their website are
Telephone – +1 (267) 798 8964
Email – [email protected]
Fax – +1 (267) 798 8964
Assets offered and Interface
This platform offers a Forex, CFD and Binary options trading. Note that binary options trading is banned in Europe. The amount of leverage provided depends up on the assets but generally the minimum amount of leverage across forex pairs are 1:50.
If you want to increase the amount of leverage, you will have to contact the support team and set it according to your needs. Leverage acts as a double edged sword so choose carefully.
The Binary Options expiry ranges from turbo to long term. Along with the traditional option contract One Touch option is also available i.e. If you believe an asset will rise or fall to a certain level in a given amount of time, you can invest on that.
The returns for this contract have a huge up side but it is very difficult to predict because of the time decay. However, if you are a beginner do not mess around with this option.
The interface offered by this broker is web based which will run on most of the modern devices with an active internet connection. They claim to have a separate apps for IOS and android but they are all bogus. If you click on the links provided on their platform, they all show errors.
This broker claims to provide an educational outlet consisting of exclusive trading tools which is geared towards the needs of investors at every level but guess what?
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This is another lie, there is no tools or knowledge resources featured on this platform.
The amount of misleading information on this platform is disturbing indeed.
Question marks and Red flags
There is a lot of confusion when it comes to the regulation of this broker. At first they state that 24Swiftoption is owned by B.O Tradefinancial LTD but the picture provided on their website shows the license of some other company called Safetradeoption Limited. What is the connection between those two?
However, remember that, this broker is unregulated.
Most of the regulated brokers offer a demo account so that the users can test out their platform and practice various strategies without risking any real money. 24Swiftoption does not feature a demo account. There is no way to test out this platform without putting your money at risk
This broker is not compatible with some of the most used platforms like MT4 and MT5 which are used by more than 80% of the retail traders. Apart from the web based platform, there isn’t anyway to access the trading account.
The owner of this company which is B.O. Tradefinancial limited provides attractive incentives to anyone who promote their platform. The affiliates are given a percentage of deposits made by their clients. The exact commission rate is not specified.
Deposit and Withdrawal
Since there is no FAQ section on this website, we do not know the the minimum deposit and withdrawal amount. This platform states that it supports the following deposit and withdrawal methods which are Visa, MasterCard, Maestro, Skrill, Neteller and wire transfer but when we tried to open an account with them we found out that the only method accepted by them is Bitcoin.
According to whois.com this domain was registered on 23/05/2018 and it expires on 23/05/2019.
They seem to specifically target users from Canada. The main source of traffic to their website is coming from social media platforms.
Is 24Swiftoption a scam?
The lies sprinkled all around their website combined with the fact that they are unregulated means you should avoid any type of dealing with this broker
24Swiftoption Review Conclusion
24Swiftoption is an unreliable broker, If you are keen on starting your trading journey take a look at some of the most trusted brokers.
If you have been scammed by 24Swiftoption, please let us know by commenting below.
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