GUILTY Case# 2016-166 | hailg vs 24option.com

[roger66]

I have a similar experience with this company, I lost an amount several times the size as the person who started this thread. I do not see any chance of getting it back. These guys will convince you that the mistakes made in webinars were an anomaly and never happened before, and that they can be recovered, but all they want is for you to deposit more and trade more. Binary Options are not linked to liquidity providers like forex, they are pure administrative transactions on the balance sheet of the broker, like a casino, the winners wins are paid for by the losers losses. The company is credited with 100% of every lost trade, and pays out 61-88% of winning trades to the winners, which means they make at least 39-22% of every single trade net. You can bet your account manager makes 10% of every 'trade', won or lost.

As someone earlier said, if you use these guys, do it placing your own trades using your own skills, then you have nobody to blame.

Read up on 'Martingale system' - it is the gambling strategy which requires doubling your bet to win the next spin of the roulette wheel. This company's 'risk management' is to tell its customers to use the Martingale system (worse than martingale because you need more than double to keep doubling up) - In the end it is a zero sum game, you can win 100 times, but all you need to do is lose one run, and your loss equals the size of your initial stake and all your wins.

 

[ruseneca]

roger66, I can assure you that they have a contract with liquidity providers but clearing is something different! Without LPs you will not receive any quotes.
The problem is that some BO platforms do not use clearing services, e.g. they do not sell the options to other counterparty, thus receiving part of the profit.
You are right about the percentages!

As per the martingale, you can use it in casino and you get 25% chance to win but on Forex, the martingale does not work! You can't use it!
Martingale is a system that requires very high amount to be risked and there isn't any theorem that claims your bet will be successful if you bet on black after 6 consequent reds. The same is valid for Forex where if you continue to sell the dollar while it is in uptrend, you will face the bankruptcy and that is for sure!!!

And something more, do not give up, you can probably recover part of the funds, if not the whole amount. Contact your bank and the local police department. Then sue them!

 

[ahmed226]

Main problem is nearly all of these brokers DO NOT pay their staff a fixed salary!!! Their income is purely commission based. So that explains their desperate behaviour, begging u to deposit more and more money. A recipe for disaster. I am done with binarys. Just sticking to safe stocks like Apple etc.

I have a similar experience with this company, I lost an amount several times the size as the person who started this thread. I do not see any chance of getting it back. These guys will convince you that the mistakes made in webinars were an anomaly and never happened before, and that they can be recovered, but all they want is for you to deposit more and trade more. Binary Options are not linked to liquidity providers like forex, they are pure administrative transactions on the balance sheet of the broker, like a casino, the winners wins are paid for by the losers losses. The company is credited with 100% of every lost trade, and pays out 61-88% of winning trades to the winners, which means they make at least 39-22% of every single trade net. You can bet your account manager makes 10% of every 'trade', won or lost.

As someone earlier said, if you use these guys, do it placing your own trades using your own skills, then you have nobody to blame.

Read up on 'Martingale system' - it is the gambling strategy which requires doubling your bet to win the next spin of the roulette wheel. This company's 'risk management' is to tell its customers to use the Martingale system (worse than martingale because you need more than double to keep doubling up) - In the end it is a zero sum game, you can win 100 times, but all you need to do is lose one run, and your loss equals the size of your initial stake and all your wins.

 

[Kurt Jacobs]

When I started at tixfx trading company, the first broker that I spoke surcharge would have been 4%, but I was passed onto another broker who would have charged me 10% but before any trades started I was once again passed onto a third broker and his charges would have bee 15%, see the inconsistencies, the would always try and dry you out.
Guilty

 

[waleed sharaf]

guilty

 

[George M.]

I invested 30.000€ (I took bonus 100%, so I had to turnover my investment 60 times), I followed their advices (100% stupid) and my account became zero finally...

 

[snapped2002]

Those bonuses are B.S
When I sign up for an account I make damn sure no bonuses etc are applied to the account.

 

[KenJo]

Sound like the normal bad Broker when they don't wont you to make a withdrawal then ask for more money after 5 very high risk trades to loose most of the account funds, this is a lot of money to loose in 5 trades that in itself shows how much they are not got brokers and possible scam artist.
I assume this is a binary broker.
There are way to many scam brokers out there, not much seems to be done to shut them down and put them in goal.
Sorry for you loss keep trying to get your funds back, keep hassling them.

 

[upteen2]

I've traded with Option24 for almost 1 year and had bad experience as well with the AM and also their trading platform which I felt it it can be rigged by the backroom technicians where your trades are not actually place in the market. When you key in your orders for a PUT/CALL in short term trades, the striking price is very different from your order price. Never trust them, they always tell you they will help you to make recovery trades and give you bonus 100% for all you losses if you deposit more money. They will than make sure that you will lose again.

 

[Pharaoh]

roger66, I can assure you that they have a contract with liquidity providers but clearing is something different! Without LPs you will not receive any quotes.
The problem is that some BO platforms do not use clearing services, e.g. they do not sell the options to other counterparty, thus receiving part of the profit.
You are right about the percentages!

As per the martingale, you can use it in casino and you get 25% chance to win but on Forex, the martingale does not work! You can't use it!
Martingale is a system that requires very high amount to be risked and there isn't any theorem that claims your bet will be successful if you bet on black after 6 consequent reds. The same is valid for Forex where if you continue to sell the dollar while it is in uptrend, you will face the bankruptcy and that is for sure!!!

And something more, do not give up, you can probably recover part of the funds, if not the whole amount. Contact your bank and the local police department. Then sue them!

There is no LP for binaries. What LP will pay a broker 85% of a wager on success and collect 100% of a wager on failure, when success and failure could be 1/10 pip or 10,000 pips. All trades are handled in house, just like a casino. The difference is that licensed casinos let players cash in their chips.

What binaries have is nothing more than a price feed, and most are more than capable and willing to manipulate that price feed in whatever way suits them.