Safe24Options Review
Warning – Safe24Options is No Longer Available.
Editor’s Note – Why does Safe24Options Suck in 50 Words?
“We focus on who really counts. You.” The serial killer of binary options slogans strikes again and the lack of imagination has found a home with Safe24Options. I have nothing against the slogan itself but the fact that it’s being used by so many brokers made it become a monument of their “We don’t care about you traders” attitude. If they don’t bother to find a personalized slogan, why would I think they care about my money?
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Why Safe24Options doesn’t Suck?
This broker uses the SpotOption platform and that is one of the few advantages we can find. The platform is user friendly, has fast execution and all commonly used features are laid out in an intuitive manner. Other than that, it’s hard to find reasons to choose this broker over another.
Safe24Options Full Review – Is it Safe to Say It’s Safe?
Reviewing this broker feels like déjà-vu all over again. Except some colors, there’s not much difference between Safe24Options and the majority of brokers who use the SpotOption platform. The slogan is the same, the website layout and even the Demo video are very similar. A view of the platform is available in the middle of the main page and on the right side they show live news feed and a brief explanation of the easy steps towards placing a binary trade. Nothing fancy or spectacular.
The website is co-operated by Hortense Holdings Limited, the same company which co-operates 777Binary.com and also owns/operates HotOptions.com so it’s good to know who we are dealing with. But this website looks like it has been built in a hurry, with no particular interest for details or functionality. If you visit the Frequently Asked Questions section you will see what I mean: for example the question “What is the time shown on this site?” returns the mind boggling answer – “1,500 on the currency of choice in your account”… All I can say is that if you want to have some fun, you should visit their FAQ, but don’t expect to get too many useful answers. Moving on to the education part of the website, I can say I found nothing really helpful other than the regular empty talk about how easy Binary Options are and how you can profit with limited risk. They do offer Daily market analysis but the article I found was two days old so not very helpful to say the least.
Taking a step back and looking at Safe24Options, I couldn’t find anything meaningful on their website or any reason for me to open an account. Given the fact that we can choose from so many Binary Options brokers, I don’t see what the incentive is to join this particular one.
Is Safe24Options a Scam?
Trust is a very important factor when trusting a broker or anyone else with your money and trust has to be earned. But so far Safe24Options did nothing to show me they are professionals and trustworthy: the Contact Us section only provides some phone numbers, no address and all I know so far is they are co-operated by Hortense Holdings Limited. As mentioned above, this company is also involved with other binary brokers and none of those would be my first choice when opening an account… not even my 99th choice, actually. Bottom line is: I don’t trust this binary options service provider because I have no reason to, but there is no hard evidence of a Scam except a multitude of alarming complaints.
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Safe24Options Complaints
Above I said there is no hard, clear evidence of a scam… but the Internet is full of complaints. People say they were scammed for $15K, $20K and even hundreds of thousands of dollars. To be honest, I can’t imagine how naïve you have to be to keep hundreds of thousands in an account with a shady broker, but people complain on Scambook.com and ForexPeaceArmy.com about being scammed by Safe24Options.com. Indeed, there is no hard evidence of scam –like a finalized lawsuit or a judge’s decision – but are you willing to risk your money when so many people say they got scammed?
Safe24Options Bonus
According to their Live Chat operator, for a deposit of $1,000 you will receive a 50% bonus and for a deposit of $5,000 you will receive 75%. However, this is not found anywhere in their Terms & Conditions so it could be changed when and as they wish. For every dollar you received as a bonus you will have to reach a turnover of 30 dollars and you will not be able to withdraw any money until you reach that volume.
Safe24Options Withdrawal
A withdrawal request is processed usually within 3 business days and it takes additional 3 to 5 business days for the money to reach your account. Credit Card withdrawals are free of charge and wire transfers come with a $25 fee. Withdrawals can be made only after fulfilling the Bonus requirements.
Safe24Options Extras
As much as I try, I cannot find anything that could be considered an extra. Everything is plain, boring and seen before.
Safe24Options Ratings
User Friendly 15/20
SpotOption’s platform is easy to use and provides all the functionality needed for trading Binary Options, but the website is not well structured and the FAQ section is confusing. Also, the available languages are just 2: English and Spanish.
Number of assets and expiry times 15/20
Their Asset Index contains 16 stocks, 13 Currency pairs, 6 Commodities and 22 Indices and the expiry times range from 60 seconds to 30 minutes, hourly and longer like end of month. One Touch feature is available as well.
Commissions, Support and Effective return 15/20
There are no fees to open an account and Credit Card withdrawals are free of charge but a wire transfer comes with an additional $25 fee. Their Live Chat is not very polite and they answer almost any question with another question. The effective return can be as high as 75% and refund for Out of the Money trades can go as high as 10%.
Deposit, Payment and Bonus 13/20
Deposits can be made via Credit/Debit Cards, wire transfer and CashU, with the minimum deposit being $200. For withdrawals the client will use the same method he/she used to deposit so if you deposit with a Credit Card, you will have to withdraw to the same card. All bonus information was received from their Live Chat representatives, as mentioned above in the Bonus section of this review. The trading volume needed to withdraw is too big (30 times the bonus) and all your investments are tied to the platform until you reach that volume.
Website Extras 5/20
As mentioned before, nothing can be considered extra, hence the zero rating.
Safe24options Overall Ratings: 63/100
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