This review exposes the 247Premium Options scam broker that is not regulated and not authorized to provide investment services.
What is 247Premium Options
247Premium Options is a broker that allows its clients to trade with currencies, commodities and cryptocurrencies. The broker claims to based in Australia and licensed by the ASIC.
247Premium Options offers a demo and a live account. The minimum deposit for the live account is $100 or $500, it depends on what page on the broker’s official website you believe. The minimum trade size is 0.01 lot, which means 1 micro lot.
And finally, the leverage you can use in trading is up to 500:1. The broker allows scalping, hedging and automated trading.
247Premium Options scam
Is 247Premium Options legit? No, it is not a legit broker, it is a scam. The main reason is that the broker is lying about its license, it is not regulated at all.
When it comes to brokers, you should always use only regulated companies. There are several reasons for that, the two main ones being that deposits are insured and that in case of problems you have a regulator that you can ask for help.
247Premium Options claims to be regulated in Australia, but it is not. It is using the company number ABN 73 139 495 944 and AFSL number 391441 that belong to somebody else, namely a company called Eightcap that has nothing in common with 247Premium Options.
In the world of financial regulation 247Premium Options is what is called an illegal clone. It tries to mislead people into believing that it is regulated, it uses lies and credential that belong to another company.
In reality, 247Premium Options is not regulated at all, it is an illegal broker that cannot offer its services not only in Australia, but in most countries in the world.
Deposits with this broker are not insured, it is a scam broker and it is unclear where it really is located and who runs it.
How 247Premium Options works
A broker that is lying about its license is a clear scam. Therefore, you can’t expect anything good from 247Premium Options. If you deposit, trade and lose money in trading on your own, you might not notice anything wrong.
But if you are a profitable trader, you can expect problems when trying to withdraw money from your 247Premium Options. Scam brokers block withdrawals of their clients and it is always very hard to get money back.
People who are in that situation with 247Premium Options will probably contact the ASIC as the national financial regulator, but they will find that the broker is not regulated. and that the regulator can’t help them.
Brokers like 247 Premium Options works as so-called bucket shop, they take money from people and they need their clients to lose money, because it is their only source of revenue. This is why they often refuse withdrawal requests.
Get your money back from 247Premium Options
If you already have a live account with 247Premium Options with money in it, the best thing you can do is to withdraw your money and leave the broker as soon as possible.
If the broker refuses your withdrawal requests, see with your bank how you could get your money back. If you made the deposit with a debit or credit card, ask your bank for a chargeback. Explain to your bank that it is a scam broker that is lying about its regulatory status.
247Premium Options review – conclusion
247Premium Options is a scam broker, because it claims it is regulated, while in reality it is not. It uses credentials that belong to another company, 247 Premium Options is not authorized to provide investment services.
For financial trading you should always use regulated brokers only. We recommend starting on a demo account and learning how to trade with virtual money.
Only when you have a profitable strategy and a clear understanding of the risks, you can start trading with real money.