How Safe Is Safe24Option.com?

How safe is Safe24Option.com? I’m not to sure, from what I can tell there are some serious red flags you should be aware of. Of course I’m also sure that as an astute binary options trader you wouldn’t fall for some wannabe broker trying to piggy back off of a good broker’s name. If you don’t know what I’m talking about there is a well known and reputable broker called 24Options.com that has no connection to the broker in question here today. I first became aware of Safe24Options when researching a potential signal service provider scam and was shocked to find out that it was in cahoots with the SSP.

Safe24Options Binary Options Platform

This is yet another Spot Option white label. If you don’t know what Spot Option is it is a binary options platform provider that is used by more than 50% of the current on line binary options market. It is one of the best platforms out there, I like it. The thing is though, using a good platform does not mean the broker is any good. The trade screen is super easy to use and displays three assets at one time. Traders can choose between a variety of options types including call/put, OptionBuilder, One Touch, 60 Seconds and the Open Platform.

The Call/put is the standard in binary trading and is known as up/down or high/low on other platforms. The OptionBuilder is a SpotOption feature that allows traders to customize the payout and risk levels for each option. One touch options require only one close above the target level and 60 second options are binary options for ultra short term trading. The Open Platform is a larger chart screen where traders can get a more in depth look at assets they are trading. It is possible to trade directly from the Open Platform.

The asset index is extensive but not as good as most of the top brokers. There are only about 3 dozen stocks, a dozen or so currency pairs, most of the global stock indices and 5 commodities listed. Deposits are super easy, of course, and can be made by credit card, wire transfer and a handful of online wallets. Withdrawals may be another matter. According to the brokers terms of use once documentation is processed it will take up to 10 business days (two weeks) for a withdrawal to process. According to the complaints I have been reading it may take a lot longer and you may not even get your money back.

Safe24Options.com Scams

The bonus is only one of the scams I think this broker is trying to pull off. At first glance the bonus may seem like it’s on the up and up but I wouldn’t count on it. Bonuses are offered on a client by client basis and come with a trading minimum of 30 times each dollar of bonus. There is nothing mentioned of the original deposit so this is a good thing when compared to other bonus offers. The scammy part is that you cannot make any withdrawal once you have accepted a bonus, period. Usually you can withdraw your deposit and forfeit the bonus, this broker specifically says you can not forfeit the bonus or make a withdrawal before the minimum is met.

The other scam I uncovered was the signal service provider Binaryoptions-live-signals.com. This is a supposedly free SSP that provides signals on forex binary options for 60 second trading. The service provides signals during preset global trading sessions that are centered on the openings of the international trading markets. The catch is that the only free part of the signal is the 3 day free trail. You can use any broker you want for the trial but in order to get the full service you have to sign up and deposit with the trusted broker which just happens to be Safe24Options.com. Not only that, to truly get everything the SSP has to offer you must deposit at least $20,000. When I first discovered this SSP I thought it was merely an affiliate scam, I was more than shocked to find out that it was actually being run by the broker itself. I learned this when reading the complaints about withdrawals, the broker’s representatives defended their withdrawal procedures and did not deny their ownership of the signal service.

Safe24Optoins.com Is Not Very Safe

This broker is not very safe. Although based on a well respected platform it does not inspire much confidence in me. As a white label broker it is nothing more than a copy of a much better broker and a pale one at that. Adding to that the potential scams being perpetrated by it only makes me want to say farther away. The use of the  SSP to lure innocent traders to blow their money on 60 second options makes me suspicious of their motivations. If the signals are good, and really meant to enhance the lives and experiences of the traders, then why must they hide it behind the screen of another web site?