FX24Trade Review – Who Is FX24Trade Brokers?
New online trading scams appear on a daily basis, with appealing offers and false claims to convince people to invest.
Despite the fact that FX24Trade sounds attractive, only inexperienced traders can fall for it. Therefore, in this FX24Trade broker review, we want to give you a heads-up about this investment scam. Please continue reading for more details.
Working with unlicensed brokers, such as those described in the following paragraph, has the same risks XProMarkets, WinGroup, and EasyTrade.
|Minimum Deposit||250 EUR|
Is FX24Trade Legit or a Scam? Regulation and Fund Security
Naturally, when dealing with a forex provider, you should ask about the safety of your funds. Although trading is risky due to the volatile nature of markets, it doesn’t mean you should easily lose your investment to a broker.
Hence, a company must have some risk mechanisms to protect its invested money. The most common means are a reputation of brokerage, trading credentials, and trading conditions.
Regarding FX24Trade standing, even though the company professes that it’s a well-established and trustworthy brokerage, no one has ever heard of this brand.
Moreover, its reputation is tarnished due to many complaints. It’s not surprising since it’s one of the scam brokers.
Concerning licenses, after checking all major financial regulators, there is no FX24Trade on their records, which immediately raises a red flag.
Also, the company is allegedly headquartered in Ireland, which is a very stringently regulated market. However, this broker isn’t approved by the Central Bank of Ireland (CIB).
All of this indicates that FX24Trade operates unregulated and, as such, entails significant risk to traders.
It goes without saying that all legitimate brokers must be authorized by respective financial authorities, which depends on jurisdictions.
So, if a company operates in Ireland, it must be accredited by CIB, with no exceptions; likewise, if doing business elsewhere, it must possess at least one license, such as FCA, CySEC, and ASIC, among others.
Doing business unlicensed is a crime, and only illicit brokers do it. Being unauthorized means that a broker can’t offer quality service nor guarantee your funds’ protection, and you will most likely lose your money. Thus, steer clear from trading with FX24Trade.
Overview of FX24Trade Trading Software
As it’s expected from a phony broker, FX24Trade fails to provide any reliable trading software. Its browser-based trading platform is insufficient for actual trading—further reasons to stay away from FX24Trade.
In contrast, genuine and reputable forex broker provides their customers with modern trading programs such as MetaTrader4 (MT4), MetaTrader5 (MT5), cTrader, and Sirix.
These platforms have advanced tools like automated trading, social trading, stop loss, an economic calendar, and a fully customizable user interface.
Deposit and Withdrawal Procedures at FX24Trade
If we neglect the risk associated with FX24Trade for a moment and consider depositing money with this shady broker, the only way to do it is with crypto.
Funding through crypto wallets is not a problem per se; many legit brokers support it. However, if it’s the only payment means, it raises suspicion since that resembles cyber fraud.
Why? First, if you deposit money using cryptocurrencies, it’s irreversible. Second, it’s safe but not for you, only for fraudsters since it can’t be traced back.
Legitimate companies accept transparent and safe funding methods such as wire bank transfers, credit/debit cards, and trusted e-wallets (PayPal, Skrill, and Neteller).
Speaking of withdrawal methods with Fx24Trade, drawing funds from your account with them is nearly impossible since it’s a blatant scammer.
Here’s How They Execute the Scam
If you wonder how the FX24Trade scam works, here are the details. They can apply various malicious tactics to trick you.
Some methods are to entice you with generous bonuses that always come with preconditions revealed after you invest. Requirements for these bonuses are almost impossible to meet, and prizes are just a decoy.
Remember, genuine brokers, don’t offer bonuses and promotions because they are banned in most jurisdictions due to misuse and manipulation.
When you request a withdrawal with FX24Trade, there will be a million and one reasons for the delay.
Moreover, financial swindlers will try to con you out of money by levying hefty withdrawal charges that must be paid in advance.
When they realize you don’t want to invest anymore, they vanish without a trace. Bear in mind that these scammers can reach you again under a new company name with lucrative offerings, but it’s just the same con artist employing new dirty tricks.
Highly Recommend Forex Brokers
So, instead of risking your money with unscrupulous brokers like FX24Trade, we advise the following reputable brokerage. Each is regulated by top-level financial supervisory bodies, such as FCA, CySEC, and ASIC, contributing to funds’ safety.
Licensing requirements are challenging to fulfill, e.g., a broker must have several hundred thousand to a couple of million dollars of working capital to become certified, ensuring business sustainability, which means that a firm won’t cease trading quickly.
On top of that, some financial regulators run compensation schemes, indemnifying traders if a broker goes bankrupt.
For example, FCA covers up to 85.000 GBP, CySEC up to 20.000 EUR, and ASIC up to 100.000 AUD.
In addition, the recommended forex providers offer excellent terms of exchange and state-of-the-art trading platforms, enabling you to have a good and beneficial trading experience. Check them out; you won’t be disappointed.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
In our FX24Trade review, we exposed yet another bogus broker trying to rip you off through deception and lies.
It’s evident that this company operates anonymously and unauthorized, providing a poor trading platform and unfavorable trading conditions.
Its offer of high leverage (1:100 to 1:500) is nothing more than sweetening the pot since leverage is limited to 1:30 in most jurisdictions.
Remember that fake brokers disappear when exposed, reappear rebranded, and contact the old customers (victims), offering them assistance with cashback.
Still, it’s another hoax to chisel you out of more money. In a nutshell, avoid FX24Trade if you don’t want your funds to fade away.
FAQs About FX24Trade Broker
What Is The FX24Trade Minimum Deposit Amount?
The minimum deposit required at FX24Trade is 250 EUR, higher than leaders in the industry, e.g., with them, you can start trading for as little as 1 USD.
What Are The Trading Instruments Available at FX24Trade?
FX24Trade promises over 200 tradable assets, including forex, commodities, indices, shares, and crypto.
What Account Types Does FX24Trade Offer?
FX24Trade offers the following trading accounts: silver (250 EUR opening balance), gold (10.000 EUR opening balance), platinum (50.000 EUR opening balance), and VIP (invitation only).