Richfield Capital Limited operates the platform www.24option.com/international. Rodeler Limited has operated other trading platforms like www.24fx.com within the past; www.grandoption.com and www.quickoption.com.
The 24option platform offers Forex and CFD trading, and previously binary options.
As of the date of this text , 81.27% of retail traders who have invested within the 24option CFD offer lose.
Rodeler Limited may be a Cypriot investment trust which has been authorized and controlled by the “CySEC” (Cyprus Securities and Exchange Commission) since July 2013.
The principle of the liberty to supply services allows it to supply its services in EU member countries (except in Belgium which has prohibited the marketing of certain derivatives to individual clients, like binary options, CFDs and rolling spot forex. leverage contract).
The French Financial Markets Authority (AMF) banned Rodeler Limited from providing services on French territory on Lammas , 2016 for reasons of non-compliance with certain professional obligations. However, this ban was lifted by the AMF almost a year after July 3, 2017. Since August 14, 2017, Rodeler Limited is registered within the Register of monetary Agents (REGAFI).
What are the obligations of 24option
- The MiFID – Markets in Financial Instruments Directive 1 – requires regulated brokers to respect three guiding principles when providing investment services:
- Act in an honest, fair and professional manner, so as to best serve the interests of traders
- Provide adequate, complete, correct, clear and not misleading information
- Take under consideration the trader’s individual situation (eg his needs, requirements and knowledge of trading financial products).
- In the cases described below, 24option did not respect the principles of respect for the rights of traders and to even encourage savers to require risks.
At the time of the primary contact with 24option, Pénélope V *. was 56 years old, she had been out of labor for a brief time; Catherine M. * was a young stay-at-home mother. the 2 women had no experience in trading binary options, Forex or CDFs.
Like many insiders, they need to know their broker through acquaintance or a telemarketing call. Like 90 percent of retail investors who invest within the Forex or CFDs markets, they suffered heavy losses when trading binary options with the 24option platform.
Binary options appear to be an easy and attractive tool for inexperienced traders, but it’s not; it’s a really risky tool. The trader speculates on the variation of a security (e.g. a currency, index, stock, etc.) over a brief period (one or a couple of minutes, a couple of hours, etc.) and bets higher or lower. of the safety when the binary option in question expires. If the trader has correctly evaluated the movement of the worth , he obtains a gain fixed beforehand . If he has anticipated badly, he loses his entire stake. The wins and losses are often big and fast, sort of a game of chance.
Like many other investors in online trading platforms, they need invested in 24option for its reputation and recognition . The broker promised to form their savings grow easily. This attractive promise seemed credible to them and that they therefore requested the opening of their trading account.
Penelope V. *
At the start of 2015, Pénélope V. contacted 24option through a lover who was already a client of the broker. After registering online, she was contacted by a 24option employee who introduced her to the alleged benefits of trading on their platform, like eg. :
– Safe and accessible
earnings – Increased income through trading
– Simplicity of trading on the platform
– Obtaining bonuses
Pénélope V. trusted the 24option message and opened a trading account with the broker “in two clicks”. She didn’t shall invest large sums and deposited only 4,500 euros for 3 months.
After several months, 24option assigned him a replacement advisor, which he presented with a “7-level” trading strategy. His system of algorithm, invented consistent with his own words, should generate significant gains for Penelope V. with minimum risk.
“David C. was far more incisive in encouraging me to trade higher and better and reassured me on several occasions that i used to be not taking risks with his” 7-step “system”, says Pénélope V. ” He pushed me to deposit extra money with 24option and open another trading account by promising me bonuses to be ready to trade more ”, adds Pénélope V.
Put simply, the “7-step” strategy consisted of accelerating the back an equivalent stock within the sort of a pyramid and following the signals. If an edge taken at the first level was losing, the trader moved to the 2nd, 3rd level, etc. by increasing the stake until an edge finishes up winning (example):
David C. managed to realize the trust of Penelope V. He led her to open another trading account and deposit larger sums to require advantage of bonuses of several tens of thousands of euros. Thus, Penelope V. was under the influence of David C.; she believed in his advice. For quite seven months, she deposits with 24option quite 260,000 euros. “When I suffered losses, David C. pushed me to deposit the cash back to form up for my losses. When he sensed my doubts that I not wanted to pursue his “7-level” strategy, he always knew the way to find a pirouette to urge me back to trading. », Says Pénélope V.
“I trusted him, we were excellent friends on the phone. But with hindsight, i noticed that he really knew the way to manipulate me ”Pénélope V.
After suffering significant losses, Pénélope V. stopped trading for a short time . Following the ban on Rodeler Limited pronounced by the AMF, as of Lammas , 2016 24option could not provide its services on French territory. As a result, Pénélope V. recovered the balances of her two trading accounts. His total losses suffered during his years of trading with 24option amounted to quite 145,000 euros.
Catherine M *
Catherine M. was contacted by phone at the top of 2014 by an account manager of 24option so as to present the services of the platform to her. The “7-tier” strategy was directly presented to him as a reliable guarantee of generating profits.
On the idea of those pledges of confidence, Catherine M. opened a trading account on the platform. During the primary weeks, she only deposited a couple of hundred euros and didn’t shall invest larger sums.
Shortly after these first steps on the platform, Catherine M. was contacted by an account manager at 24option who encouraged her to extend her deposits on the platform. supported the “7-tier” strategy, he promised her bonuses within the same amount as her deposits.
“The bonus amount had to be traded 50 times in order that I could turn the bonus into real money and make winnings withdrawals. »Catherine M.
Catherine M., reassured by her new account manager Olivier M., she invested a further amount of 30,000 euros and her account was credited with bonuses to an equivalent amount.
By following her manager’s advice and therefore the “7-level” strategy, Catherine M. believed that she would realize gains that she could withdraw. However, after her last investment, she suffered heavy losses by taking positions of such importance that her real capital was lost and she or he only had “virtual” money left – the bonuses.
“I suffered from a significant anxiety problem following this example , I invested all my assets in 24option and that i trusted my advisor’s trading strategy”, Catherine M.
In order to recoup her losses, Catherine M. continued to trade with the balance in her trading account. the quantity of trade set to rework the bonuses into real money was found to be insurmountable to realize and Catherine M. finally also lost this virtual money that constituted her bonuses.
Penalties imposed on 24option
Due to infringements of traders’ rights, CySEC ordered 24option in October 2015 to pay 156,000 euros.
Broadly speaking, the almond was pronounced due to the subsequent failures:
– Rodeler Limited has not kept an adequate register of its customers’ complaints and its advertising actions and has not put in situ an efficient procedure for handling complaints and measures adopted for his or her resolution;
– Rodeler Limited failed in its obligation to act honestly, fairly and professionally in accordance with the simplest interests of its clients by awarding them bonuses;
– the knowledge provided by Rodeler Limited on its website, banners and in its advertising messages has not been correct, clear and not misleading;
– the knowledge provided by Rodeler Limited to potential clients has not been appropriate so as to be ready to reasonably understand the character and risk of the investment service;
– Rodeler Limited did not ask its clients for necessary information regarding their investment experience and knowledge;
CySEC took into consideration the implementation by the broker of corrective measures through the subsequent elements: implementation of efficient and transparent procedures regarding the examination of customer complaints; review of all advertising materials and inclusion of warnings associated with trading risk.
Despite the sanction imposed on 24option in October 2015 and corrective measures implemented by CySEC, the AMF declared in its handout on July 29, 2016 that “Rodeler Limited didn’t comply, in France, with certain of its obligations in terms of of excellent information, also as that of acting during a fair and honest manner, within the best interests of its clients, to the detriment of investors residing or established in France ”2; As a result, the AMF banned 24option from providing its services on French territory.
This exceptional measure suggested that a lot of traders continued to fall victim to questionable 24option processes.
Legal representation of traders victims of brokers
The experience of losing a web investment thanks to a malicious act may be a very trying and stressful experience for traders who fall victim thereto .
In the event of a violation of the law by a broker, the personal representative must seek the responsibility of the broker for his irregular losses within the markets.
In the case of Pénélope V. and Catherine M., Mikov & Attorneys resumed the defense of their rights and losses suffered with 24option.
If you’ve got the sensation or the proof of getting been the victim of bad practices of your broker, contact us for a consultation without obligation.
Nota Bene: this text doesn’t represent a general or complex opinion / assessment of the corporate Rodeler Limited which operates the 24Option platform and its services. it’s written in straightness on the idea of the testimonies of investors who have lost significant sums with the broker 24Option and whose cases are appropriated by the firm Mikov & Attorneys. For ethical reasons and for the sake of anonymity, the names and surnames of the victims are changed. Its objective is to share their experiences with the general public and thus warn investors within the Forex / CFD markets of their rights. Mikov & Attorneys disclaims all liability for any errors, omissions or inaccuracies within the facts provided by their customers that are utilized in reference to this text .
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