What Is ProOption24?Trading PlatformCopy TradingMarketsAccount TypesMicro AccountBasic AccountGold AccountPlatinum AccountIslamic AccountDemo AccountFeesDeposits & WithdrawalsPromotionsRegulation & LicensingCustomer SupportBenefitsDrawbacksProOption24 VerdictAccepted CountriesAlternatives to ProOption24FAQWhere Can I Find Out More About ProOption24?What Instruments Can I Trade With On ProOption24?Is There A User Manual PDF for ProOption24?What Deposit Methods Are Available on ProOption24?How Do I Create An Account with ProOption24?
ProOption24 is a forex, CFD and options broker that is based offshore. The brokerage offers market speculation through a proprietary web-based terminal, alongside a copy trading solution. Read on for an in-depth review of ProOption24, including an outline of the services offered and the general trustworthiness of the platform.
What Is ProOption24?
Launched in 2020, ProOption24 is an online broker that offers retail trading on several popular markets. It is run by Pro Market Group Ltd, which is based in Seychelles. The trading platform is available to investors across the globe in countries such as Germany, Canada and the UK.
Note, that if you are based in the USA, Belgium, North Korea, France, Australia, Israel or Japan, you cannot register an account.
Trading Platform
ProOption24 offers a basic platform enabling customers to execute trades. The terminal only provides Japanese candlestick charts and time frames of 1 minute, 5 minutes, 10 minutes, 30 minutes, 1 hour, 4 hours and 1 day. There are no additional tools provided on the platform, meaning that you cannot overlay indicators on the chart or create alerts. These missing elements make it difficult to complete detailed technical analysis.
ProOption24 Terminal
Fortunately, executing a trade on the ProOption24 platform is straightforward. First, you select the instrument you wish to trade from the dropdown list. Attached to each instrument is the profit percentage for a trade. For example, let’s imagine that you stake $100 for a binary options trade with LTC/USD and the reward is an 85% payout. If the contract finishes “in the money,” you receive a total return of $185.
Once you have selected your asset, you choose whether you want to trade a turbo option, an intraday option or a long-term option and then input the contact expiration time. Finally, you can either click the high button to place a “call” or the low button to place a “put”.
The platform is available as an online web app which you can access through the ProOption24 site, which means there is no need to download and install any software. You can use browsers such as Google Chrome, Firefox, Safari and Microsoft Edge. This means that whether you have a Windows, Mac or Linux computer, you can trade with ProOption24.
While there is no official mobile app for ProOption24, you can find a free-to-download APK file from third-party sites online.
Copy Trading
ProOption24 also provides a copy trading service where you can view the most successful traders and replicate their investments. This service is free to sign up for, and it allows you to see a leaderboard ranking of the most profitable traders, as well as each trader’s win ratio.
Note that these successful traders do not officially have jobs with ProOption24, instead they are customers of the platform. It is also impossible to verify whether these accounts are actually real people. Some beginners might find a copy trading service helpful in order to learn from other traders. However, it’s important to verify the authenticity of any trading information that you find online before you take lessons from it.
Markets
Clients can speculate on:
Cryptos – 6 crypto/fiat pairs such as BTC/EUR and ETH/USD
Forex – 15 fiat pairs including EUR/USD and GBP/JPY
Stocks – The only stock available is McDonald’s (MCD)
Metals – Gold and silver in USD
Account Types
Micro Account
Deposits between $200 and $500
Withdrawals are processed within 72 hours
20% bonus on your initial deposit
Demo account access
Basic Account
Deposits between $501 and $1,000
Withdrawals are processed in 48 – 72 hours
50% bonus on your initial deposit
First three trades are risk-free
Access to Masterclasses
Demo account access
Gold Account
Deposits between $1,001 and $3,000
Withdrawals are processed in 48 – 72 hours
10% bonus on your initial deposit
First three trades are risk-free
Personal account manager
Access to Masterclasses
Demo account access
Platinum Account
Deposits between $3,001 and $5,000
Withdrawals are processed in 24 – 48 hours
First three to five trades are risk-free
120% bonus on your initial deposit
Personal account manager
Demo account access
Access to Masterclasses
Islamic Account
Traders can open any of the ProOption24 account types in accordance with Sharia law, in order to ensure that no overnight swap fees are charged. You simply need to navigate to the ProOption24 home page and select the “Islamic Account” option when registering.
Demo Account
ProOption24 allows all investors to create a free demo trading account with $1,000 of simulated funds. Demo accounts are a good way to test out the trading platform before you decide to trust the company and make your first deposit of real capital. To create a demo account you just need to verify your email address.
Fees
ProOption 24 is not transparent about the transaction fees or the associated deposit and withdrawal charges. For this reason, you should take extra precautions because you may find hidden charges.
There is an upfront fee of 50 USD for any deposit or withdrawal via bank transfer, which is stated in the “Terms” section of the website. The terms also state that ProOption24 can charge an additional “maintenance fee” of 20% on any withdrawal from an account which has not made a 100% turnover rate.
Overall, the ProOption24 fee structure is not clear, and it appears unreliable and unsafe when compared to the standard offered by other trading platforms.
Deposits & Withdrawals
To deposit funds to your account, ProOption24 accepts payments via credit/debit cards or cryptocurrencies such as Bitcoin, Ethereum and Litecoin. The platform states that all deposits are processed instantly.
The minimum limit for both deposits and withdrawals is $50. However, clients will need to also comply with the account thresholds which start at $200 for the Micro account.
The amount of time taken to process a withdrawal is determined by your account type. Withdrawal requests made using a Micro account can take up to 72 hours whilst for users with the platinum account, they can take between 24 and 48 hours.
Promotions
ProOption24 runs a bonus scheme with strict rules. Each account type is entitled to a bonus that is a percentage of the initial deposit, with the largest bonus of 120% offered to Platinum account users. However, the bonus rules state that you must first treble the deposit and bonus amount before it can be withdrawn. For example, if you deposit $200 and receive the 20% Micro account bonus, you will need to generate a turnover of $720 [3 x ($200 + 20%)].
ProOption24 also offers a referral scheme to encourage you to invite friends to register an account. Each user is provided with a link to send to friends and family, and if they use the link to sign up, you will receive a bonus equal to 30% of their first deposit. If you refer 10 people, the bonus increases to 40% for every subsequent user.
Finally, the platform hosts a weekly giveaway where prizes such as AirPods, iPhones, iPads and a MacBook can be won. Depending on how much you deposit, you will be entered into a draw for one of these prizes.
Regulation & Licensing
Pro Market Group Ltd has a license with the Financial Services Authority (FSA), a regulatory body in Seychelles. However, on the FSA’s register for regulated companies, neither ProOption24 or Pro Market Group Ltd are listed. Therefore, the brokerage is classed as an unregulated or offshore trading platform.
Because of the lack of regulation, it is unlikely that ProOption24 will offer standard safety measures such as negative balance protection or compensation. You should carefully consider whether to trust any offshore broker with your capital and personal information.
Customer Support
If you have an issue with ProOption24, there are several methods listed online for contacting customer support. Multilingual support is also offered.
Live chat on the website is open 24 hours each day of the week
Email either support@prooption24.com or info@prooption24.com
Phone call: +1 347-947-7400 in the USA and +44 203-808-9156 in the UK
Social media pages including Twitter (it is worth noting that ProOption24 has hardly any verifiable social media presence)
Benefits
Free demo account with an option to replenish funds
24-hour customer support
Binary options trading
Copy trading service
Market scanner
Drawbacks
Unregulated
No social media presence
Shady bonus scheme practices
Basic trading platform with limited features
High minimum withdrawal and deposit amounts
Contradictory information on the website & platform
Bank transfers do not work for deposits and withdrawals
ProOption24 Verdict
ProOption24 is a questionable broker that does not have a genuine license with the Financial Services Authority of Seychelles. The web app trading platform is limited and does not compare to other regulated platforms such as eToro or PocketOption. Basic information such as the fee structure and address of the company are also not stated on the website.
Overall, this broker is not reliable or trustworthy, and it is best to choose an alternative provider. Read reviews of other brokers to find a good trading platform.
Accepted Countries
ProOption24 accepts traders from Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use ProOption24 from United States, Japan, Korea, France, Australia, Israel, Belgium.
Alternatives to ProOption24
If you are looking for alternatives to ProOption24 we have compiled a list of the top 5 brokers that are similar to ProOption24 below. This list of brokers like ProOption24 is in order of similarity and only includes companies that accept traders from your location.
RaceOption – RaceOption is a binary options and CFD platform offering trading contests and prize giveaways.
BinaryCent – Deposit and trade with a Bitcoin funded account. BinaryCent offers binary options, FX and CFD trading. 1:100 leverage is also available.
Videforex – Videforex accepts deposits in a range of cryptos and fiat currencies. Payouts reach 95% per trade.
FBS – FBS is a top online broker offering MT4 & MT5 trading across a range of instruments.
FP Markets – FP Markets is a multi-asset broker offering a choice of trading platforms.
FAQ
Where Can I Find Out More About ProOption24?
The information on the ProOption24 website is limited. To learn more about unregulated brokers, you could also consult other sources such as independent reviews or general trading advice, for example, investing blogs such as Blogspot and Medium, social media websites such as Twitter, Instagram and Facebook, plus the ProOption24 YouTube channel. If you have specific questions regarding the platform, contact the ProOption24 support team.
What Instruments Can I Trade With On ProOption24?
You can trade six crypto/fiat pairs (such as Bitcoin to USD), 15 forex pairs, the McDonald’s share price as well as gold and silver.
Is There A User Manual PDF for ProOption24?
Unfortunately, there is no ProOption24 user guide available to help users understand the platform. There is an education center on the website called the “Knowledge Base,” but it only provides basic definitions for CFDs and binary options. Official rules such as the terms and conditions for bonuses and withdrawals can be read on the website.
What Deposit Methods Are Available on ProOption24?
Users can deposit funds to ProOption24 via cryptocurrency or debit/credit cards. If you choose to trust this platform, it is recommended that you first use a card with a bank that permits chargeback. This way, you can request to reclaim the payment if you cannot trade.
How Do I Create An Account with ProOption24?
To create an account with ProOption24, visit prooption24.com/login and click the “sign-up” button. This will redirect you to a page that asks for your name, phone number, email and to create a password. From here you can choose whether you want to start with a demo account or make a deposit.