Broker Paidoption24.com offers Forex, stock, indices, shares and Crypto CFDs.
They tell traders that Paid Option 24 offers the next generation CFDs trading platform which is user-friendly, highly customize-able and guarantees fast execution.
Other features that Paidoption24 boasts of include:
- Industry-leading tools and data
- Segregated accounts
- Live chat 24/5
- Quick withdrawals
- and multi-language support
Paidoption24 also claims that it has won multiple awards in the past. They list a few of those which include China awards, FX Empire (2016), FFXPO awards, AtoZ Forex and 2016 Forex report awards.
The website was setup in March 2019. So this means the awards they are listing on their site are for feigning legitimacy and earning trust from potential customers.
Another thing to take note of is that Paidoption24 is not regulated yet they continue to operate like a fully-fledged brokerage company.
In fact, they’ve been put into the Financialcommission.org’s warning list, meaning that any trader who ignores this warning will most likely lose his funds.
The website of Paidoption24 appears to be heavily consuming PC resources and we suspect that the rogue broker is probably mining Cryptocurrencies using visitors’ browsers.
To be certain that Paid option 24 is a scam not worth trading with, please keep reading this review as we’ll expose the ugly things that made the Financial Commission blacklist them in the first place.
We start by locating their physical address and company background.
According to this website, the face behind the broker’s website, Paidoption24.com is located at 3368 Felosa San Angelo.
The website does not disclose any information about their company.
Furthermore, their FAQ page suggests that Paid Option 24 is not even a broker as they’re operating like a high yield investment program.
While they claim that Paidoption24 provides an award winning trading platform for fast execution and real time data, they don’t seem to offer the popular MT4 or MT5 for trading.
They seem to have cobbled a basic binary options trading platform because this does not look like our regular options and CFDs trading platform used by reputable brokers such as IQOption.
They claim that over 1300 traders have registered on their platform and that average profits is $2437.
These numbers are obviously misleading since this broker is highly fraudulent. Anything they say cannot be trusted.
Their anonymity is shocking and their way of operation suggests that Paidoption24 is operated by internet scam artists.
In the about us section of the website, they state the following things:
Paidoption24 is a recognized leader in online trading with years of experience and a global presence. The Paidoption24 platform has everything you need to become an effective trader.
A professional broker cannot use two statements to describe who they are.
There are many reasons as to why you shouldn’t trade with such a corny broker.
The avalanche of promises
They have created a mobile app for Android and iOS. They want traders to know that their mobile app will grant access to extensive trading tools.
Traders can also open and close trades on this mobile app. The contradicting thing however is that PaidOption 24 is claiming to manage the funds of their investors.
In other words, they’re saying that no trading will be conducted by traders since the people in charge will be investing client funds on their behalf.
Deposits are made via a number of options which include Western Union, Moneygram, Bitcoin, Skrill and bank deposits.
The operator of Paidoption24 claims that they’ll pay interest on a daily basis depending on the size of one’s investment.
Lack of transparency
Minimum deposit requirement has not been disclosed. There’s zero discussion about leverage and spreads which means Paid Option 24 is not a Forex broker.
There’s no disclosure of the name of the company in charge of this website. So definitely they operate without a regulator’s license.
Without a regulator’s license, Paidoption24 is committing a securities fraud just like F1 Trade and the rest.
The website does not list the countries from which they server customers and those they don’t serve customers from.
With no such disclosure, Paid Option 24 is committing securities fraud in every jurisdiction where they target customers.
This is a clever scam to the financially unsophisticated.
But the word “scam” screams everywhere on the face of this website if you know how a scam looks like. You should avoid PaidOption24.com as any deposits paid will not be returned, let alone profits.
Thanks for reading the Paid Option 24 review.
Drop your comments to let us know whether or not you have been frustrated by these scammers.