72Option is an infamous unregulated binary options broker that entertained clients from all over the world. The number of financial instruments offered by them were very limited, but the main reason for their popularity was their trading bonus structure.
They allegedly used to offer their services to residents of the United States which is outright illegal to say the least. Moreover, they have many noticeable links to a web of scams in the binary options niche. As if this much allegations and data wasn’t enough, we found more concerning facts about them through the feedback section.
Trading binary options or any other instrument with high volatility might seem appealing at first due to the profit potential. However, do not let mere greed blind you from seeing the actual truth.
To know about this broker in its entirety, stick with us till the end and we are sure that you are going to find the following details helpful.
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Legality and Regulation
Binary options since the day it was born was a nightmare for the regulators. A lot of crooks looted the innocent public in the name of trading and the entire industry was so plagued that the government in most developed countries completely banned it.
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While it is true that there are few legit binary brokers around, always make sure to check whether they are regulated or not for your own safety. 72Option is owned by Epic Ventures Ltd and they claim to be operating from Sofia, Bulgaria.
The broker is not regulated by any authority though, they accept people from all around the western hemisphere. Furthermore, many regulatory authorities such as Hong Kong SFC and British Columbia Securities Commission have issued warnings against them.
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As far as trust and credibility goes, 72Option is not the kind of broker you want to indulge with. Thanks to the web archives, we found the contact information of this broker and they are as follows.
Address – Ivan Dimov Nenov 7, Sofia, Bulgaria 1360
Phone – +27 10 594 3775
Email – email@example.com
72Option Lawsuits and Associated Platforms
As we mentioned before in this post, this broker is linked to a lot of scams in the trading sector. The alleged owners of this firm are said to be Anton Senderov and Lior Babazara. There has been a lot of drama in the court with regards to the lawsuits filed against them and their lawyer.
On top of the heat from the government, many of their own firm employees, vendors and insurance companies. For more information on the proceedings regarding the cases filed, check out this complaint form and the article published by Times of Israel. To know the names of the associated firms, take a look at the list below.
- Ivory Option
- Holy Top Media Ltd (Registration Number – 515075091)
- Liantech Finance Marketing Ltd (Registration Number – 514888775)
Note that Holy Top Media is now owned by ABG Altec Marketing Ltd and their registration number is 515581023.
72Option Trading Interface and Conditions
72Option offers Spot Trading interface which is something a lot of binary traders are familiar with. The web based software contains all the basic tools required by the average trader and is extremely light.
On the flip side, for more experienced traders, the platform doesn’t fulfill all of their needs and the default charting solution is not the best one out there. They offer only binary products and the expiry time ranges from 60 seconds to one week. The payouts are higher for short term expiry trades which can go upto 90%, but before you get excited know that it is almost impossible to consistently win them.
Moreover, this broker is known to rig the short term price fluctuation in their favor. This platform doesn’t support any kind of algo trading or social trading methods. So, newbies who want to try out trading without spending much time in front of the screens should avoid them.
Moving on to the asset class, they feature around 12 major forex pairs along with few commodities and indices. The number of financial instruments available to trade is extremely limited compared to the other alternatives.
There are few interesting types of exotic options available such as the ladder, touch or no touch options, but the odds favor the house too much to make it worthwhile. At the end of the day, nothing about this broker can be classified as a “must have” feature and as such it should be avoided at any cost.
Deposit and Withdrawals
The minimum amount required to get started with this broker is $250. Payment methods supported by 72Option includes wire transfer and credit cards. Lack of support for e-wallets is certainly a deal breaker for many and trusting them with any sensitive details is not a wise choice.
There is no information on the processing time taken by them for deposits. However, the withdrawals are said to reach the client’s account within 5 to 7 days. We do not know if there are any withdrawal fees applicable. They do offer matching deposit bonuses which will sound good in theory, but traders should never accept it.
Accepting a bonus means a trader should fulfill certain harsh requirements like trading a certain quantity of lots or reaching other almost next to impossible milestones. A lot of scam brokers use bonuses to keep the client’s money locked in on the platform and that is one of the legal loopholes which exists till now.
So, even if you are dealing with a legit broker, always double check the bonus requirements and accept it only if you know what you are doing?
Is 72Option a Scam?
Obviously, 72Option is a scam platform designed to take money from the retail traders. The number of shady traits they employ should tell you a lot about their character. From manipulating the data feed to tricking the traders to deposit more funds in the name of asset management, they do follow every dirty trick which was ever invented.
A lot of people have lost thousands of dollars to them and till date they are struggling to get their money back. As of now, the official 72Option website is down and judging by a lot of variables present, it doesn’t look like they will ever get online again.
If you have been scammed by this platform and don’t know the kind of actions you need to take, then don’t worry. Get in touch with our experts by filling the contact form below and give us as much details as possible and we will do the rest of the work for you.
As 72Option was very popular, they indeed got a lot of reviews online. Unfortunately, a few of the comments were twisted lies, but thank god for the most part, it provided a clear picture of their true nature.
Below, we have pasted the comments made by the clients on Forexpeacearmy of this brokerage, take a look at them and see for yourself the nasty side of their operations.
This has been a nightmare for me! They are not real, they are simulating the market. Look out guys for the pushing and not writing anything down on paper ie email of what they say on the phone. Don’t be a pushover by niceties or by grandeur talks. Don’t sign anything either, show someone you know is practical or a solicitor, get their opinion first. Don’t be a push over, you will regret it!
Total Scam, 72 options, part of the Ivory Options criminals, this is organised crime from the sewers of Tel Aviv, this is systematic theft from the Tel Aviv Mafia, keep away at all costs.
At this point, we are pretty sure that you have understood the dangers of dealing with 72Option’s platform. Unfortunately, this is not the case with only this broker, but with most unregulated entities online. Always remember, for the best trading conditions and security of funds, you need to stick with the regulated exchanges only and at the end of the day, they are worth it.
On the other hand, if you have already joined them or any other platform which looted you, then do not keep quiet and let them get away with it. Collect as much data as you can and get in touch with our team who will assist you for free.
3 replies on “72Option Binary Platform Review – Fraud!”
Most binary options companies out there are fraudulent. They are all scams. I have been a victim of their activities. I invested about $480,000 and when i wanted to withdraw after some weeks, I was unable to reach their contact numbers or emails with which we stayed in touch. I assumed they were having some maintenance routing check, as that had happened in the past. After some weeks, I was contacted again by them and was asked to invest which i refused and told them i wanted to withdraw my money. After this, i didn’t hear from them again. At this point, I started to feel like i had been duped. I was lost and shattered as i had lost most of my savings. I was depressed for about 4 months. I was too ashamed to tell anyone about it, not even my children.
I was a victim of 72option scam. I was shattered and thought all hope was lost when I lost my money. I made contact with the authorities, all to no success until I made contact with an agency who helped me with some good ideas on how to sort things out and recover my lost funds . I was skeptical at first but i decided to give it a shot since i had seen the worst.
I lost up to $55k while trading on Binary Options .I tried getting my money out from the option broker account and was unable to place a withdrawal. I found my self wading through excessively complicated terms which seemed impossible to meet, all because I traded with an unregulated broker. I did not panic, I have good news . I lost over $55k to an unregulated broker who stocked my trading capital and denied me access to my account.