72 Option™ is a SpotOption broker, owned and operated by Epic Ventures LTD. Many people asked us about 72Option over the years because it’s one of the brokers available with Mike’s Auto Trader. Truth is that one of the reason Mike is no longer involved in his Auto Trader project, is that most regulated brokers, such as IQ Option and HighLow, are not allowed by the regulators, and perhaps also not willing, to run trading robots. Now, because we believe you should only work with regulated brokers, we usually recommended to avoid signing up with the software. But there are a few non-regulated brokers that are trustworthy. Good examples include Finrally and Ayrex. So what about 72Option? Are they legit or a SCAM? Keep reading to find out!
Who is behind 72Option
Epic Ventures LTD is the company who runs 72option.com. Their address is: Landmark Building, 14 Tsar Osvoboditel Blvd., 5th Floor, 1000 Sofia Bulgaria. The below picture is from 2012, before 72Option supposedly opened their offices there.
Unfortunately, we were not able to verify 72Option’s address and ownership information because they are using a privacy service, which makes it impossible to find out to whom do the website 72option.com belongs.
We do learn however that the site was created in December 2014, which makes 72Option a well established site. This is not a new broker.
72 Option™ Customer Service team is available 24 hours a day from Monday to Thursday and until 2:00 PM GMT on Fridays.
They can be reached via email (email@example.com), a contact form, live chat and telephone.
Australia +61 283 174 989
Canada +1 4 378 860 972
Malaysia +60 392 127 307
New Zealand +64 98 011 482
South Africa +27 105 940 099
United Kingdom +44 113 868 1206
The 72Option platform is powered by SpotOption. It’s available as a web-trader as well as a mobile app for Android. For those of you who are not familiar with the SpotOption platform, here’s a quick rundown.
Available trading tools include Binary, Forex/CFD, Pairs, Long Term, 60 Seconds, One Touch, Ladder, Spot Follow and Limits. Expiries for Binary run in 15 minute increments. There’s also an EOD (End of Day) option. Long Term enables you to take trades that close next day, EOM (End of Month) as well as other future dates. For those of you who prefer turbo (very short term) trading, you’ll be able to utilize 60, 90, 120, 180 and 300 second expiries.
Leverage with the Forex tool starts at 1:10 and maximum is 1:300.
Another interesting feature is the SpotFollow feature which allows you to copy trades provided by top traders. At the time of writing, the the top trader had a 72.73% win rate, 100 followers and 23 open positions.
Currency pairs: EUR/GBP, EUR/JPY, EUR/USD, GBP/USD, NZD/USD, USD/CAD, USD/CHF, USD/JPY, USD/RUB, USD/SGD and USD/TRY.
Commodities: Coffee, Gold, Gold/EUR, Oil, Platinum, Silver, Sugar and Wheat.
Indices: Bombay SE, CAC (France), DAX (Germany), DOW (US), DUBAI (Dubai Financial Market General Index), FTSE 100 (UK), HANG SENG (HONG KONG), ISE 30 (Istanbul Stock Exchange), KL FUTURE, KUWAIT (Kuwait General Index), MICEX 10 (Moscow Interbank Exchange), MSM 30 (Oman), NASDAQ (US), NIKKEI225 (JPN), RTS (Russian Trading System), S&P 500 (US), SSE180 (Shanghai Stock Exchange), TADAWUL (Saudi Stock Exchange), TEL AVIV 25 and TOPIX.
Stocks: IBM, Microsoft (US), Apple (US), BAE Systems (London), BP (British Petroleum), CITI (US), Coca Cola (US), Gazprom (Russia), HSBC Holdings (London), Lukoil (Russia), Nike (US), Nissan Motor, Reuters (US Thomson Reuters), Rolls Royce (London), Sberbank (Russia), Tata Motors (India), Tesco, Teva TA and Tuckcell (Turkey).
Deposits and Withdrawals
You can deposit using a debit or credit card (Visa, Visa Electron, Mastercard, Delta, Maestro or Maestro UK.) It’s also possible to do a wire transfer. Withdrawals go to the same payment method you used to deposit. Like with all binary options brokers, ID, address and payment method verification is mandatory in order to be able to withdraw.
No where is it specified what the minimum deposit is, but we believe it’s $250. The minimum trade with SpotOption brokers is usually $25.
One-on-One Live Trading Sessions
As a client of 72Option, you are entitled to receive a one-on-one live trading session with a professional broker. The problem with this type of service is that your “professional broker” is working for 72Option and due to the inherent conflict of interest in binary options trading, it would probably be a good idea to waive this “perk.” If you do choose to consult with your personal broker, keep in mind that he gets paid to make you lose… the more you lose, the more money the company makes.
SuperTrader TV and Signals
A video channel run by 72Option offering market reviews, trading tips and tactics & analytics.
A short article explaining a number of technical indicators, specifically Bollinger Bands, Moving Average and the Relative Strength Index (RSI).
Bloomberg’s flash news app and economic calendar is embedded in the 72option.com website.
Refer a Friend
If you refer a friend to 72Option and your friend deposits at least $500, both you and your friend will receive a bonus of $100.
Regarding all the above “special services,” our advise would be to be careful. In our Guidelines to Dealing with Binary Options Brokers page we explain why you should NEVER accept bonuses or use account management services or signals offered to you by brokers.
We received quite a few complaints regarding 72Option.
a brokerage had an error which is compounding and my credit card has had more than i authorised to have removed because it did not confirm anything I unfortunately kept trying so many deductions were taken without me know. 72Options is not responding appropriately to me i got told on the chat that someone would call me but they have not. 72 options took 1750 in US $ all up when they were only meant to take $250 us so i have had over $4000 aud taken out that I was NOT expecting.
I just wanted to know how I could claim my money back from a company called 72option its a binary company, I was talked into a trade by a broker , I even said I had no money , but he said lets try 2500 pounds which unfortunately went through and tried again for another 2500 which declined, so I was told to trade in a long term trade , which started 04-05-2017 and was to end 31-05-2017. Half way through the trade he told me that he was going to put money into my account, but I never seen it ,then he rang me to say I should invest more money even wanted give my a bonus, I said I have no money, he again told he will put money into my account, but he didn’t do this again, I have written so many times and phoned too. I checked my trade every day until it finished and I did not make a loss but the trader told me lost the trade, I know I was scammed
There were some positive/neutral reviews as well:
72 Option seemed quite legitimate as when I traded down to $169.50 . I requested to withdraw my funds which took about 4 weeks but I got it all back
Avoid Account Management Services!
Many of the complaints we received about 72Option are about how they push their account management service, that 1 on 1 live trading session we mentioned earlier.
I was introduced by StarkTrading to their recommended broker – 72Option – and depositied my $250 – which was not going well. I was then approached by a 72Option trader [ name is available] who talked me into investing £6500 on the supposed expertise of the Analysts/traders etc of 72Option. They have lost money on a daily basis for 3 months or so – even after apparently adding some ‘bonus’ amounts to the trading. The ‘account’ is currenlty showing abour £3000 after starting at their enhanced £26000. I have requested a return of my £6500 capital, and also asked Visa ChargeBack to help, and have just told 72Option that if they do not pay up by Thursday 23 June I will refer my complaint to the Regulatory Authorities in the UK, EU and US.
In fact, many people complained about opening an account with 72Option in order to use Mike’s Auto Trader and other trading software. Once a client opens an account, the access to the software is blocked and the client is talked into letting the broker trade for them.
According to Alexa.com, 72Option is currently less popular then ObjectiveBinaryOptions.com! With a global rank of 858,329 at the time of writing, 72Option.com gets some traffic from South Africa and the United Arab Emirates. Other significant sources of traffic include the UK, Malaysia, Germany and the Netherlands.
72Option Review Conclusion
Remember, if you let your binary options broker trade for you, don’t be surprised when you lose all your money. The broker makes money when you lose, and losses money when you win. So why would you trust any of their investment tips?
If you came into this 72Option review wanting to know if you should fund an account with them in order to use a specific trading software, we would advise against it! There’s a good chance you will not be allowed to use the software after funding your account.
Our recommendation regarding 72Option is to AVOID trading with them altogether! Even if the above comments about stealing money are false and sent to us by the competition (highly unlikely), it is a bad idea to sign up with a non-regulated broker, especially when their whole business model is based on selling account management services.
If you were scammed by 72Option, please make sure to let us know by leaving a comment below this review.
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