Beware! 24Stock Trade is an offshore broker! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
24Stock Trade is a binary options broker, which says to offer “100% profit guaranteed” investment opportunities with seven different investment packages, promising returns of between 107% in just 7 days, and 600% in just 5 days. See for yourself:
Bear in mind that such investment promises are highly unusual and in practice are prohibited by virtually all financial regulators throughout Europe the U.S., Canada, Australia or Japan. See for yourself:
What is worse, it seems that 24Stock Trade is offering managed accounts and that by definition is a recipe for a scam. Bear in mind as well that almost all brokers are market makers and as such they make money whenever traders lose. So if a market maker like 24Stock Trade offers to manage your account, it will be in conflict of interest. See for yourself:
That however is not the only problem with 24Stock Trade, so if you are thinking about depositing your funds with them be sure to read this review first.
24Stock Trade regulation & safety of funds
Honestly we were a bit confuse about the name of the broker. Certainly there is the logo of 24Stock Trade, and yet in their presentation at one point they refer to themselves as ALPHA OPTIONS, while the web based trading platform was branded Pure Crypto Mine. In any case the company that supposedly runs the whole business is CRYPTO AFRICA NETWORK LIMITED and has a UK address.
Here we should note that all financial companies, operating in the UK should be registered with the local Financial Conduct Authority (FCA) or another official national regulator, from another EU country like for example the Cyprus Securities and Exchange Commission (CySEC). So we diligently checked the FCA registers, but were unable to find nether the broker nor the company there.
All of that makes depositing any funds with 24Stock Trade extremely risky.
24Stock Trade deposit/withdrawal methods and fees
24Stock Trade says to accept payments in a variety of ways, from e-wallets like Perfect Money, Payeer and Advcash, to credit and debit cards like VISA and MasterCard and a selection of crypto coins including Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Bitcoin Gold, Ripple, Dash and Dogecoin.
As we proceeded with our registration, however, it turned out the only payment options available were Bitcoins, Ethereum and Bitcoin Cash and that is notable as crypt payments are more or less anonymous and there is no way you can reverse a payment, once it is made.
With VISA and MasterCard on the other hand you can file for a charge back within 540 days, while Skrill does not work with unregulated brokers and as we already established 24Stock Trade does not have a license whatsoever.
Also you should be aware of any trading bonuses that 24Stock Trade might offer you, as too often trading bonuses and the minimum trade volume requirements they are invariably linked to, are used as a pretext to cancel your withdraw requests.
What is worse, when we proceed with our registration with 24Stock Trade it turned out that the file with their Client Agreement is missing, and yet in order to register you have to sign that you agree with it. See for yourself:
Otherwise the minimum deposit requirement for their opening account is 50 USD.
How does the scam work?
Social networks are a favorite venue for scammers to hunt for new victims. There you may happen to click on an ad that will lead you to one of the so called robo scam websites like Bitcoin Profit and Brexit Trader, which are especially designed as traps for gullible investors. Those sites are usually all about a nicely cut video, which will tell you a story how easily you can get rich by just investing a tiny amount with some ground braking trading app, that will generate profits wile you sit back and watch. And all you have to do in the beginning is to leave your e-mail and phone, by filling a simple registration form.
After that instantly you will be transferred to the homepage of a unregulated, scam broker and will be offered a trading account starting from 250 USD.
And trading with the scammers will seem extremely profitable at first. All of your trades will go great and in just a few days the cash in your account will seem to have doubled. That however will not be real, but just a part of the scam. Scammers will be manipulating your account with the single purpose that latter you will be tempted to invest more. And that exactly is what your “senior account manager” will suggest on the phone. By that time you will be getting a lot of calls and the message will invariably be the same – if you want to make some real cash, you will definitely have to invest more – 10 000 USD will definitely be a good start.
And lots of people do invest that kind of money without ever realizing they have been scammed, until the very day they decide to withdraw some of their cash. Than out of the blue they are told they are not eligible to withdraw because of some minimum trade volume requirement, possibly linked to a trading bonus. Certainly the excuse might be whatever, but the result will always be the same – scammers will refuse all of your withdraw requests.
What to do if scammed?
Unfortunately there is not much you can do in case you have bees scammed. And yet there is one possibility if you have payed with VISA or MasterCard, and that is to file for a charge back with your credit card company. Fortunately currently both VISA and MasterCard allow charge back requests within 540 days since the payment has been made.
And if somehow scammers have managed to get to your personal banking details like your credit card number and online banking password, immediately change the password and block your credit card. And in case scammers have tricked you to install Team Viewer, delete the program as well.
And one final note. Do not trust the so called recovery agencies, if one of them offers to help. They will not recover you a single penny. Instead you will have to pay some fees in advance, which will leave you even deeper into the red.