24NewsTrade review – 5 things you should know about 24news.trade

24NewsTrade review – 5 things you should know about 24news.trade

Beware! 24NewsTrade is an offshore broker! Your investment may be at risk.

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24NewsTrade is a Forex brokerage registered in Saint Vincent and the Grenadines. It provides the MetaTrader4 trading platform and a generous leverage of up to 1:1000. Furthermore, the website flaunts with a wide range of trading products, furthermore, the required minimum deposit is the standard $250, but the spread is quite unfavorable at 3 pips on EUR/USD

24NewsTrade regulation & safety of funds

On the brokers website we read that the broker brand is owned and operated by a SVG-based company registered with the name Baumont Group LTD. Saint Vincent and the Grenadines is a well-known offshore zone and a preferred location for shady brokerage. Readers are reminded that the government of SVG has had to publicly state quite a few times in the past that it does not regulate Forex trading and thus we may safely conclude that not only is the brokerage not regulated. Furthermore, trading with an offshore, unregulated brokerage hides a lot of risk. There may be commingling which means that the brokerage may commingle together the finances of the firm and the finances of the clients.  All in all, it’s safe to say that trading with the brokerage carries with it much unwanted risk.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.

24NewsTrade trading software

The brokerage does provide the MetaTrader 4 trading platform which is something we always consider an advantage since the MT4 is among the foremost trading terminals in Forex trading at the moment, close to 80 percent of users prefer it. The platform provides an advanced charting package, lots of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs). Through a demo account we saw a spread of 3 pips on EUR/USD which is double the industry average and quite unfavorable for any interested Forex trader.

24NewsTrade deposit/withdrawal methods and fees

Potential clients of the brokerage may deposit or withdraw via the standard Visa and MasterCard, as well as bank wire, Butcoin and an e-wallet Paytrio. However, preferred e-wallets by traders such as Skrillor Neteller are not supported.

We also could not find any troubling provisions in the terms and conditions of the brokerage, but we did read that there is a dire trading requirement in order for the bonus promotion to be eligible for withdrawal.  This is why we remind readers of all the ways a trader may test the brokerage’s intentions. Firstly, traders are advised to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Even though the forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:

Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or The bitcoin miner where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing achargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.

It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback. 

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!uthi

Rich Snippet Data
Review Date
Reviewed Broker
24NewsTrade
Broker Rating
1.11star1stargraygraygray

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30 Comments

  1. 24 news trade is a scam.I have lost over 10,000 pounds between April 24th to 20th of May 2020. It started when I wanted to withdraw,i was asked to pay commission and tax which I did. Singapore tax office email with their logo was used to send an email to me.i was asked to pay the tax through bitcoin which one of their marketing officer assigned to me did through screen sharing. I was asked to pay a 15% tax on 47,621USD and last week Monday when the fund was not forthcoming, I was told to pay another 5%that the tax has to be remitted to UK tax office. Singapore tax office was contacted and i was told that the mail was a scam. Also, the company was not registered with the financial regulatory body. Please, potential investors, run away from 24 news trade

    1. Absolutely accurate!
      ATTENTION!
      24NEWS TRADE is a complete scam! Your “profits” are not real! These are only payments for fake taxes, etc.
      Bye Bye money!

      1. I need help to get the back the money I invested. 1750 Euro. Is there anybody out there who can give me advices?

  2. I am trading with them at moment some of the things he tell me I wonder if things are ok I am trading on there robot I ask about a withdraw he tell me that the my money is payed it a bank in Cyprus then they keep if they think it not legal and they may ask for the tax up front before I get it don’t sound right to me don’t knowWhat to think

    1. Please what happened at the end, same procedure i followed , I was asked to pay some funds so robots could trade for me , still thinking

      1. I recommend not to pay a penny from not anything. I’m still trying my best to get the money back. Forget what they say 66,847 Euro… my money my 1750 Euro that I’m asking but they said they transferred and it has been 8 days since I’m waiting..bank transfer needs maximum 5 days.

  3. Okeeffe Wellington

    I am in that predicament now where I am ask to pay the tax upfront before I get the money and after doing so I will get the funds released this was said to me just this week. They did not tell me that this was the case in the beginning.

    Xan i get some advice please.

    1. Exactly same story with me..
      And I finally asked my money back.. what I invested..I’m wait since they said they transferred it but it’s already 8th day ..I think I need a professional help. If you think you can help me with this please please please write me back.
      I have no money I’m even in negative konto.

  4. Those agents are so professional that even in the middle of the transaction I began to suspect and asked him some questions about some moves I was not so down with, he tried to convince me till I was scammed. He was on my neck for 3 good days and nights when the transactions refused to pull through as God was flashing me a red light through that but I was too negligent not greedy because I had loved the trade but just not lucky enough to get the right person to teach me.Now I am happy that the research about those guys have brought me here I can identify with those comments above.Anyways,I got some money back after a lot of threats to the guy but half bread is better than none.Please run away from them.Unfortunately,their scamming system of asking for more when one falls a victim is the same.

  5. Audacity and invisible gang. Greek sites with Cyprus mafia. Center of the gang Cyprus with English Greek and Cyprus telephone. I didnt play at all I deposit 250eur, the second day I understood everything and I asked from account manager Alex Maurus +447309885220/+442035198658 to take my money back. I did withdraw. And the game started . Diana Hansen 6970289938/00442035193530 support team locked my account locked all the email from my email and thousands lies and lies. It is like to express or to answer to a very very stupid person. Indifference to send my money or to communicate with me. Because I asked my money back. And started by the financial manager Wilson with Cyprus telephone 0035722008099 with crude infringements and threats.A second account manager with email [email protected] or Nikolas Gage. Someone must stop them.

    1. How did you manage to withdraw your money?

  6. All the above are absolutely true, same names, sane inappropriate techniques, same inappropriate behaviors, same unacceptable lies from swindlers who move like rats.

    JUST STAY AWAY!!!!!!!!!!

  7. Finally the Mr Edward Wilson, Mr Alex Mauer and Ms Diana Hansen from 24News Trade are very famous………..

    1. Katrin Reichert is the one who have been contacted me. The first 2 persons names are Eva and Anna.
      Please don’t work with this ppls

  8. And after a small investigation I found out that the Europian company to whom belongs 24 news trade is the Wiretech solutions S.R.O. The bank of the company Czechia and the account in where they are acceptance stolen money is 9468000000001201182896.
    The teacher as the student.They refuse communications and there email [email protected] without reaction.I will write to all there suppliers.now is not for the money but for the scam from huge companies like wiretech.

    1. Evan good job, awaiting your news.

    2. Hi

      Did you manage to get your money back?

  9. The gang of 24NewsTrade are all in Cyprus. Before two days I investigated that changed their numbers phones. Everyone who filled that must send a pain message to them, inform the cyprus police by internet. Second to write something to mother company wiretech solution s.R.O in cz who are the acceptance stolen of our money. Noone say only that “avoid 24 news trade ” these persons must go to [email protected]
    Are liars thieves pings bums and gangs. Dont afraid them.

    1. Hello!
      Please! Do you found address of 24 NEW TRADE on Cyprus??
      How you investigated Wiretech Solution s.r.o. in Czech Republic??

      Very thank you!!

      Tim

  10. Same here it begins like everything is fine my account making profit and all, they keep calling me and saying “your account is best keep it up” and when i asked them that i want to withraw
    some money they keep quite for 2 days and then they started to warn me that my account went into 99% minus which is impossible to go from 2 days to 99% minus without doing it on purpose and i dont know what to do now if you have any suggestions i would like to hear it

    NOBODY TRUST THIS PAGE

  11. I was also caught with the same scam to pay risas the taxes upfront before I can get my money from the trades

  12. Please can somebody in estimate this scam risas with this emblem they misused to fraud people out of there money

  13. I was also caught by this scam in south Africa I lost about 30000 dollar and was asked to pay upfront taxes with risas also a fraud it does not excist 4291 taxes watch for brokers Oliver de wit and Elizabeth bailey they are the two big scammers for new24 trading

    1. I’ve just been scammed out of circa £8k by ‘Eva Green’, this person & company are just scum!!. You pay more & more taxes and get nothing back, close to losing house move after dealing with these SCAMMERS, do not touch with a barge pole!

  14. They use also luno account to defraud people from their money this mr Oliver de wit and Elizabeth bailey this is for payment of the fraud e mails from risas that does not excist

    1. J also have a invoice 30007935 dd 28.5.20 for the amount of 3p80 dollars for taxes risas and commission for the broker they are very proffecial in what they doing with this scam to defraud people out of there money watch out for mr Oliver de wit and Elizabeth bailey they are behind this scam I hope they will disappear or been lockup for fraud

  15. For all of you….

    When they suggested me to pay the 250 eur to start the trade, they gave me also their bank and the name of their company to which belongs that account to deposit the money.So acceptance bank czechia acceptance money the famous company Wiretech solution S.R.O. Account CZ9468000000001201182896 code acceptance bank VBOECZ2XXXX. New person in that gang other bum with name Mark Hallen. They changed phones. The sure solutions for all of them is: everyone who have lost money from them (they stole the money) to write to mother company with proper way (they afraid the prison), and to European sites regarding similar complains. We must send them to the prison.

  16. Is there a way to get my money back?
    I believed l was trading and have just paid commission as well.

  17. Watch out it is not cypress taxes anymore they started with finma taxes in Switzerland this is big scams watch out for it your money is very safe in your pocket dont waist if on new 24 trading you will never it it back again

  18. This is big fraud scam they making their money from taxes people paid and you will never get your money back .I wish that somebody can stop this trading company 24 news trade with their scams and and defraud people out of their money they making a double bonus your trading money and the taxes you paid

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