Prime24 Options Review: Prime24options.com is a Scam
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Prime24 Options (Prime24options.com) is falsely using MFSA’s regulation to attract unsuspecting investors. They are claiming to contribute to the US Investor Compensation Scheme, which is a lie. The brokers behind this platform are offshore based, which means no compensation scheme is in play. Victims from around the world are coming out guns blazing with tales of how they were duped. Before signing up with Prime 24 Options, know the truth. Read this genuine and transparent review for more.
About Prime24 Options
P240 Ltd is the company behind this unofficial trading platform. And this is why investors are having a hard time trying to contact the broker. Anonymous trading platforms have become an enormous problem. They tend to go under once they have your funds. It is best to stay away from this and any other broker who shares similar characteristics. To get ahead, the best option is to have a reliable and reputable broker. A genuine broker is a safe bet in making a realistic profit margins
Disclaimer at the footer of their homepage is proof this is a scam. They claim to be located in Beeston Rd, Nottingham, UK. Prime24 Options is claiming to be based in the United States, which is a lie. None of the two locations has the physical location of the broker. These brokers want to fool American and European investors. They want to gain trust by choosing to post false location details. Brokers and investors in these two regions have never heard of this platform. It is another concrete proof Prime24 Options is a scam.
Affiliate Programs
The page which links users with their affiliate program is missing. One of the victims signed up with the affiliate program and is back against the walls. Her friends are angry at her for suggesting this broker. She was promised compensation for every member she helped sign up. The affiliate programs listed on the platform are not paying members. It is another reason why more victims are popping up thanks to affiliate links.
Assets found on the platform
Prime24 Options is offering four classes of assets. These include Forex, Futures, Indices, and pairs. Forex includes Bitcoin paired against USD. Other instruments available include Crude Oil and indices from other countries. The broker claims to have more than seventy available trading assets, which are not the case. Information on these assets is missing from the site. Lack of crucial information means the broker is hiding valuable data from investors. Members signed up without knowing the trading conditions available on the platform.
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Site Details
Whois.domain records show the domain prime24options.com was created on 7th February 2020. The claim of having a turnover of 54 percent in the last 12 months is a lie. Disclaimer at the footer of their homepage claims the broker has a posted income for the previous 12 months. Where did they get the profit when the website is barely a year old? These are scam brokers who will do or say anything to get their platform accepted by traders.
Features of Prime24 Options
Account Details
The weekly accounts listed are five, which include Starter, Classic, Pro, Executive, and Premium. Each of these accounts comes with a guaranteed deposit bonus. The accounts come with negative balance protection claims which do not hold any bearing. These scam artists have used the allure of protecting investors and offering deposits. Stay away from weekly accounts as the projected income is not achievable.
Monthly account types include Luxury, VIP, VIP Luxury, Silver Platinum, Gold Platinum, VIP Gold Platinum, and Gold Luxury Platinum. They also come with a hefty claim of a deposit bonus and negative balance protection. Members of monthly accounts get daily signals and a financial plan. And this is where the problem starts piling up for exclusive account holders. They deposit more funds expecting a higher profit margin. Once they deposit funds with the platform, the broker shuts down communication.
Contact and Support
They are furnishing visitors with a bot chat service. The problem with their bot service is the lack of valid answers. Visitors are directed to a personal account manager once they sign up. No one can talk to a live agent unless you sign up. The bot is also harvesting personal data such as email and phone address. The platform is selling contact information to third parties.
Demo Account
The problem with their demo account is that it is rigged to produce positive results. Scam brokers will ensure the user gets a 90 percent success rate whenever they click the buy or sell option. Newbies get tricked into believing they can make the same profit with a real account. And the trap is set for such investors to open a new account.
License and Registration of Prime24 Options
Prime24 Options is NOT Licensed or registered to offer any trading services. The disclaimer at the footer of their homepage tells another story. The truth of the matter is this website is using random numbers to act as their registration number. And this is what we did to find out whether the broker is regulated in either of the jurisdictions. The FCA and NFA do not have a broker licensed under the name P24O Ltd.
Restrictions/ Disadvantages of Prime24 Options
Deposit Bonus
The broker offers a hefty deposit bonus to anyone who signs up. Such rewards are a thorn in the flesh for investors. Even if the account has enough funds to cover the bonus, the broker insists on a new deposit. And this is where the trouble starts as the funds in one’s account should offset the bonus. Scam brokers use the bonus to trap investors into depositing more funds for no reason.
High Minimum Requirement
Weekly account holders must deposit a minimum of $500 to start trading with the platform. Monthly account holders must deposit a minimum of $50,000 to start trading. The industry has set $250 as the acceptable minimum deposit. Prime24Options is taking advantage of unsuspecting investors and hiking the price.. And this is another valid reason not to sign up with the platform.
Withdrawing funds
Withdrawing funds with the bot is not happening any time soon. The majority of members are having a hard time trying to withdraw funds from the platform. After sending a withdrawal request via email, the broker decides to shut down the account. Trying to contact the broker after they block withdrawals is next to impossible. Several members are facing this problem as the broker shuts down all avenues.
Safety of funds with Prime24 Options
The security of funds is not guaranteed by a broker who is not regulated. Segregation of funds is not taking place, which is a huge problem. The pooling of funds in one account by the broker is evident since they use the same account number. There is no compensation plan on the platform. Scam brokers will do or say anything to lure investors into signing up. It is the case with Prime24Options as they claim to offer a compensation plan.
Scam or Legit Prime24 Options
After reviewing all data, it is clear Prime24 Options is a scam.
Bottom Line
To protect our readers, we will add the platform to our scam blacklist. Mark their emails as spam and warn loved ones on the impending danger of this platform.
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