Note: option24.net's official website: https://option24.net/ is currently inaccessible normally.
option24.net Information
option24.net is a Belize-based brokerage company with its website currently unavailable. It's reported by many that its website used to clone the reputable XM website. What's more, the broker holds four suspicious clone licenses from ASIC, FCA, CYSEC and DFSA, which seems further proves that the broker is prentending to be another trustworthy company to lure clients to trade with them.
Is option24.net Legit?
option24.net is regulated by ASIC (Australia Securities & Investment Commission), FCA (Financial Conduct Authority), CYSEC (Cyprus Securities and Exchange Commission), DFSA (Dubai Financial Services Authority) with licenses numbering at 443670, 705428, 120/10 and F003484 respectively. However, all these licenses are suspected to be fake clones, indicating that the broker is disguised as another reputable broker to mislead investors and conduct fraud activities. You should be highly aware about this and be vigilant with this broker.
Downsides of option24.net
Unavailable website: option24.net's website cannot be opened currently.
Regulatory concerns: The company operates without a status of suspected clone by four authorities: ASIC, FCA, CYSEC and DFSA. This is an alarming red flag about its legitimacy and liability.
Limited transparency on trading conditions: There's very limited information about the broker's trading conditions such as account features, spreads, commissions, etc..
What Can I Trade on option24.net?
option24.net claims to offer trading services in mainly four asset classes:
Forex: Forex trading involves the exchange of global currency pairs, allowing traders to profit from price fluctuations. Popular options are GBP/USD, EUR/USD, and AUD/USD.
Commodities: Commodities are basic goods used in commerce that are interchangeable with other goods of the same type. Common choices are crude oil, gas, metals, as well as agricultural products such as coffee, sugar, corn, etc.
Stocks: Stocks represent ownership stakes in large companies such as Apple, Tesla etc.
Indices: Indices are statistical measures that represent the performance of a group of assets, commonly used to track market trends and economic health.
With option24.net, this might not be true due to the clone website. Be very careful and ensure you make clear of their actual trading assets if you still would like to choose to trade wit them.
Account Type
Option24 claims to offer five tiered live accounts for users to choose from: the Micro account with an entry level of affordable $5, to the highest $10000 at the Shares account. The others account name are Standard, Ultra Low Micro and Ultra Low Standard, but minimum deposits are not disclosed, together with other info such as spreads and commissions are mysterious for the pulic as well.
Leverage
Leverage is a kind of trading tool that allows traders to control large positions with much smaller initial capital. It enlarges both profits and losses at the same time, thus is suggested to be used prudently no matter when and what intrument you are investing in.
For option24.net, leverage level is said to be up to 1:888.
Trading Platform
option24.net was said to offer a couple of links for the advanced and robust MetaTrader 4 and 5 platforms, but since it's already concluded that the their website was a clone one, these links might be invalid and lead to nothing.
Deposit & Withdrawal
option24.net accepts multiple credit cards,electronic payment methods, and bank wire transfers for funding. But in view of the possible scam of this broker, be cautious to deposit money to them.
