Updated on April 24, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding 72option due to the issues we've identified.
Is 72option Scam or Legit Broker? ▲
Engaging in trade with 72option is highly discouraged. This entity represents a significant risk to investors' capital, as it is a confirmed fraudulent company. The firm operates under the business name of Epic Ventures LTD and purports to have its operations based out of Sofia, Bulgaria. However, it lacks the requisite authorization to offer financial services, a critical red flag for potential traders and investors.
Safety of Funds
Registered in: Bulgaria
Type of License: No License
Is 72option safe to trade: No
Recommended Licenses: FCA in UK & ASIC in Australia
The absence of a legitimate trading license from reputable regulatory bodies such as the FCA in the UK or ASIC in Australia renders 72option a perilous choice for traders seeking a secure trading environment. The safeguarding of investors' funds is paramount, and trading with an unlicensed entity like 72option exposes individuals to unnecessary risks.
72 Option™, a trading name under Epic Ventures LTD, offers binary options trading services. The company asserts its location in Sofia, Bulgaria, yet lacks authorization from Bulgaria's Financial Supervision Commission or any globally recognized financial regulatory authority. This lack of licensure is a significant concern, particularly since the broker aims its services at residents in the UK, Australia, New Zealand, and various other countries.
Regulatory Warnings
Unlicensed Activity
Targeting Multiple Countries
The world's leading financial regulatory bodies have issued alerts against 72option and similar unregulated financial service providers. These warnings serve to protect the investments of clients who might otherwise be unaware of the risks associated with trading with such entities. The absence of regulatory oversight is a glaring issue that potential traders should not overlook.
Our extensive research and analysis have led us to strongly advise against engaging with 72option and any other unregulated brokers. The lack of transparency regarding the broker's regulatory status, trading conditions, and contact information is a significant concern. Companies operating without regulatory oversight often engage in investment scams, putting traders' capital at risk. It is crucial for traders to opt for brokers that are regulated by reputable authorities such as those in the UK or Australia.
Our latest investigations reveal that 72option has ceased its operations, with its website now inaccessible. There is no available information to confirm whether the broker continues to operate under a different guise or has completely shut down. This development further underscores the risks associated with offshore-based brokers, which often operate without adequate regulatory oversight, leading to a lack of stability and security for traders' investments. We reiterate our recommendation to steer clear of any brokers that are not backed by credible regulatory bodies, as their reliability cannot be guaranteed.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
72option Review 2024
