BEWARE OF 24OPTION!!!

Weixi

Recruit
Messages
2
Dear All,

My experience with 24Option (Rodeler Limited) has totally wrecked my life and I want to be able to warn others to be careful of such fraudulent companies in the future.

Starting trade on the platform in 2018, the recordings and correspondences can clearly show that I received misleading information, false anecdotes and was strongly persuaded to act in a manner that benefited the account managers and the company only, with complete neglect of mine, the client’s best interest, resulting in serious harm.

Originally, they helped me make some ‘profit figures’ to gain my trust, which they later used to manipulate. For example, they kept pushing me to raise my leverage from 1:50 to 1:100, then further to 1:200, falsely advertising that it is a safe move.

They led me into the so called ‘average down’ strategy, stating it is a win-win strategy. They continued to nudge me into buying more and more shares, promising me that opening 4-5 positions each with 4-5 steps was extremely safe based on their careful calculation with my balance.

They operated the system to help me generate tens of thousand pounds figure profit in one trade on 3rd May, and then immediately recommended me to increase my GBP/JPY pair to 315 lots, saying this will bring me over a hundred thousand pounds profit.

In this process, the two account managers also deluded me with ‘stories’ of other customers, such as ‘a successful Shanghainese lady’ who is more than seventy years old, making a number of one hundred thousand profit under their guidance.

When I saw more than £80,000 losses the next day, I closed some lots myself. However, at this point, they phoned me and pushed me to continue, telling me that these losses are mere figures which I should not need to worry about.

When I saw further losses, they promised to refund me their high commission and swap they had charged, which were crucial to my margin level. However, they failed to do anything except watch and wait for the platform to be triggered into closing 220 lots, resulting in my loss of £351,056.00.

I have no idea what their margin call was, the platform closed those 220 lots soon after I had transferred another £50,000 into account as they had pushed me to do. I have kept all records of these transactions, but I am worried that the information I have received has been manipulated by them as well.

Later I was told by another trader Mr Ryan O’Tool who had the same experience as me. On the 2nd of May 2018, the two same account managers Dan Mizrahi and Joseph Tangy guided him into buying GBP/JPY pair, which also made him loose his entire investment in just a day, the day before they started to lay the same trap on me

At the very beginning, I thought their purpose was to gain a commission and swap, but later I realized they wanted much more than that, persuading you to transfer more and more money, increasing your leverage step by step, pushing you to buy more lots again and again until they blow up your account.

Right after my disaster, the company customer service approached me to offer a compensation of £32,080 to close this case, while I need to sign an agreement to promise that I will not take any further action. I did not accept the offer, but rather submitted a formal complaint to the company, and also reported my case to FCA and CySEC.

On the 6th of March 2019, 24 Option agreed to increase offer to £50,000 in cash, but I still insisted that it was unacceptable. This led to them closing my account, even though I still have a small balance left in there.

Having waited for roughly two years, FCA issued the First Supervisory Notice about Rodeler Limited (24 Option) on the 28th of May 2020 after receiving 99 customer complaints between January 2018 to May 2020.

Followed by CySEC’s formal announcement on the 1st of June 2020, it was concluded that Rodeler Limited had violated Article 25 (1), (2)(b), (3), (4)(a) and (5) of the Investment Services and Activities and Regulated Markets Law, hence requesting for “Return of all funds and financial instruments which are attributable to its clients.”

I then contacted the company again and sent two formal letters to the company’s founders Ioannis Ashiotis and Michael Christoforou by post respectively, asking for a review of my case again. However, the company replied on the 17th of July 2020, saying that my case had been closed on the 12th of March 2019, after I rejected their £50,000 offer, totally ignoring the new announcement made by the FCA and CySEC.

As suggested by CySEC, I then submitted a formal complaint to the Ombudsman on the 4th of August 2020, and got a reply on the 24th of September 2020, saying my complaint was submitted too late and that the company has been allowed to operate again after paying a mere penalty fine of 280,000 Euros to CySEC.

Together with hundreds of thousands of other victims, we have not yet received a single penny as compensation for the hundreds of thousands of losses we have been scammed by 24Option.

STAY AWAY FROM 24OPTION!
 

FxMaster

Lt. Colonel
Messages
9,691
Dear All,

My experience with 24Option (Rodeler Limited) has totally wrecked my life and I want to be able to warn others to be careful of such fraudulent companies in the future.

Starting trade on the platform in 2018, the recordings and correspondences can clearly show that I received misleading information, false anecdotes and was strongly persuaded to act in a manner that benefited the account managers and the company only, with complete neglect of mine, the client’s best interest, resulting in serious harm.

Originally, they helped me make some ‘profit figures’ to gain my trust, which they later used to manipulate. For example, they kept pushing me to raise my leverage from 1:50 to 1:100, then further to 1:200, falsely advertising that it is a safe move.

They led me into the so called ‘average down’ strategy, stating it is a win-win strategy. They continued to nudge me into buying more and more shares, promising me that opening 4-5 positions each with 4-5 steps was extremely safe based on their careful calculation with my balance.

They operated the system to help me generate tens of thousand pounds figure profit in one trade on 3rd May, and then immediately recommended me to increase my GBP/JPY pair to 315 lots, saying this will bring me over a hundred thousand pounds profit.

In this process, the two account managers also deluded me with ‘stories’ of other customers, such as ‘a successful Shanghainese lady’ who is more than seventy years old, making a number of one hundred thousand profit under their guidance.

When I saw more than £80,000 losses the next day, I closed some lots myself. However, at this point, they phoned me and pushed me to continue, telling me that these losses are mere figures which I should not need to worry about.

When I saw further losses, they promised to refund me their high commission and swap they had charged, which were crucial to my margin level. However, they failed to do anything except watch and wait for the platform to be triggered into closing 220 lots, resulting in my loss of £351,056.00.

I have no idea what their margin call was, the platform closed those 220 lots soon after I had transferred another £50,000 into account as they had pushed me to do. I have kept all records of these transactions, but I am worried that the information I have received has been manipulated by them as well.

Later I was told by another trader Mr Ryan O’Tool who had the same experience as me. On the 2nd of May 2018, the two same account managers Dan Mizrahi and Joseph Tangy guided him into buying GBP/JPY pair, which also made him loose his entire investment in just a day, the day before they started to lay the same trap on me

At the very beginning, I thought their purpose was to gain a commission and swap, but later I realized they wanted much more than that, persuading you to transfer more and more money, increasing your leverage step by step, pushing you to buy more lots again and again until they blow up your account.

Right after my disaster, the company customer service approached me to offer a compensation of £32,080 to close this case, while I need to sign an agreement to promise that I will not take any further action. I did not accept the offer, but rather submitted a formal complaint to the company, and also reported my case to FCA and CySEC.

On the 6th of March 2019, 24 Option agreed to increase offer to £50,000 in cash, but I still insisted that it was unacceptable. This led to them closing my account, even though I still have a small balance left in there.

Having waited for roughly two years, FCA issued the First Supervisory Notice about Rodeler Limited (24 Option) on the 28th of May 2020 after receiving 99 customer complaints between January 2018 to May 2020.

Followed by CySEC’s formal announcement on the 1st of June 2020, it was concluded that Rodeler Limited had violated Article 25 (1), (2)(b), (3), (4)(a) and (5) of the Investment Services and Activities and Regulated Markets Law, hence requesting for “Return of all funds and financial instruments which are attributable to its clients.”

I then contacted the company again and sent two formal letters to the company’s founders Ioannis Ashiotis and Michael Christoforou by post respectively, asking for a review of my case again. However, the company replied on the 17th of July 2020, saying that my case had been closed on the 12th of March 2019, after I rejected their £50,000 offer, totally ignoring the new announcement made by the FCA and CySEC.

As suggested by CySEC, I then submitted a formal complaint to the Ombudsman on the 4th of August 2020, and got a reply on the 24th of September 2020, saying my complaint was submitted too late and that the company has been allowed to operate again after paying a mere penalty fine of 280,000 Euros to CySEC.

Together with hundreds of thousands of other victims, we have not yet received a single penny as compensation for the hundreds of thousands of losses we have been scammed by 24Option.

STAY AWAY FROM 24OPTION!
FPA Warned long time back about them, you can read it here https://www.forexpeacearmy.com/forex-reviews/8634/www.24option.com
 

Thandi Martin

Private, 1st Class
Messages
63
This is so painful. It is disgusting to be rejected by institutions as big as CySEC who claim to protect traders from these vultures. What's the use of checking the brokers if they are regulated or not?
 

4evermaat

2nd Lieutenant
Messages
2,014
This is so painful. It is disgusting to be rejected by institutions as big as CySEC who claim to protect traders from these vultures. What's the use of checking the brokers if they are regulated or not?

Regulatory action is "after-the-fact". No one will look out for your best interest more so than.........YOU!!
 

Scam Reporters

Master Sergeant
Messages
378
This is so painful. It is disgusting to be rejected by institutions as big as CySEC who claim to protect traders from these vultures. What's the use of checking the brokers if they are regulated or not?
Meanwhile Rodeler website works normally https://www.rodeler.com/ , they still emphasize they are under strict CySEC rules, etc etc ... while also stating Richfield Capital Limited from Belize co-owns the platform. What can a simple man who has been scammed do a bout it? Probably not much...
 

Weixi

Recruit
Messages
2
FPA Warned long time back about them, you can read it here https://www.forexpeacearmy.com/forex-reviews/8634/www.24option.com
Thanks for your reply, I should’ve gotten onto this website sooner. There are just too many scam cases with Cyprus brokers simply because CySEC only cares about issuing licenses without any proper regulation, while Financial Ombudman can do nothing to help as well. Is there a way for the FPA to gather together all these cases and make a lawsuit against CySEC? I’m willing to help in any way possible.
 
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