Beware! 247FirstInvest is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
247FirstInvest is a Forex broker which claims to have over 35 years of experience behind its back. Their products are pretty expensive, and that is the least we can say, because the minimum deposit required is 50 000 USD. Also, the registration process is a bit obscure, we were refused registration because we didn’t have a Metatrader account created. But all of these are simply details compared to the fact that 247FirstInvest has already been confirmed as a scam! Also, its twin website shares the same fate, find out more in the 247FirstInvest review.
247FirstInvest REGULATION AND SAFETY OF FUNDS
On September 7, 2020 the Italian financial regulator CONSOB issued warnings against 11 websites which offer financial services illegally, including 247FirstInvest in the list. The government body has ordered the black-out of all of these.
It is actually an official confirmation that 247FirstInvest is a scam and you should never deposit money with them. But let’s have a quick look on their website, first. They enlist two addresses- in Australia and Cyprus, but fail to provide the potential customers with any factual information, that will undoubtedly prove they are a legit Forex broker. We searched for 247FirstInvest in both of the agencies, but in vain, there isn’t a trace of that company in their database.
In the Company’s Profile page is mentioned that their highly equipped head office is located in Dubai, while in the Contact page, however, we see an UK headquarter address, insane! They cannot even remember their own lies!
247FirstInvest.com has a twin, actually, and it is called RichmondsFinance.com, which was blacklisted by CySEC last year! It is using the credentials of a licensed and regulated company called Crowd Tech Ltd., headquartered in Limassol, Cyprus, thus way trying to deceive the traders that it is a legit Forex broker.
Your funds are not safe if you deposit with 247FirstInvest, it is unlicensed, unregulated and unauthorized to offer Forex and CFDs services to the public, and recently blacklisted by CONSOB! Choose a broker which is legit and properly regulated, such an entity really makes the difference for the investors. In EU and UK, for example, the foreign exchange agents have to comply with many strict rules and regulations, which are put in place for the benefit of the traders. There are also money protection schemes in operation which guarantee the deposits of the clients. Under CySEC(Cyprus) supervision you can claim up to 20 000 EUR in compensation, while in UK under FCA you are guaranteed even of up to 85 000 GBP.
247FirstInvest TRADING SOFTWARE
We were refused registration, probably because we didn’t have a code, and a strange message popped up saying that user was not created on MT4 . We can only guess what was the reason for the refusal, but our guesses suggest that 247FirstInvest will only accept clients upon invitation.
They claim to offer MT4 web trading only. But there isn’t a trading platform to be downloaded or accessed through the web, so we have no idea about the real trading conditions. Demo trading unavailable, of course.
Their trading conditions are filled with pieces of conflicting information. In their Trading Accounts page they offer an MT4 bridge accounts with leverage of 1:50 and spread as low as 0.8 pips. Hovewer, on their Account Type page the spreads advertised are as low as 0.2 pips and the leverage level can be as high as 1:500. But we can also find another irrefutable proof that 247FirstInvest has nothing to do with CySEC or FCA regulation. The stop out level is set at 10% of the funds while the EU regulated Forex brokers are forced to close out a customer’s position at 50%. Stay away.
247FirstInvest DEPOSIT/WITHDRAW METHODS AND FEES
The minimum initial deposit required is 50 000 USD, which is an enormous sum for the retail trading market. The standard amount for the industry is around 100 USD, and you can actually find brokers which will accept as little as 5 to 10 bucks!
There is no minimum withdrawal requirements. The funding methods are not specified in their T&Cs, and as we were refused to open an account, we have no information about the real process. They mention debit and credit cards in their T&Cs, so we assume that it’s a possible payment method.
However, there is a really strange clause which states that no refund is actually possible!
Their dormant account policy, however, is pretty good compared to other scammers. There is an annual maintenance fee of 25 USD for accounts which have been inactive for more than 12 months. No other fees are specified in size and scope.
There are bonuses or special offers applicable, but these are subject to specific T&Cs which are not available at the moment.
247FirstInvest promotes affiliate and introducing program, in fact, they pay much more attention to this part of the business. But there aren’t any conditions specified, upon clicking on the Find Out More button you are being redirected to RichmondsFinance sign-up page, where you can only register if you have an invitation code.
Avoid 247FirstInvest, it is a proven scam!
HOW DOES THE SCAM WORK
A group of scammers usually operates many different scam brokers, scam websites and call centers. Sometimes they will simply rely on the quantity, they will publish tens or hundreds of websites and will just wait for traders and investors with little or no experience to bite. Nowadays, it’s very cheap to create one, and it looks like a profitable strategy, as they carry on doing it.
Scammers introduce financial or investment opportunities which are often too good to be true. Lucrative returns with low or no risk at all, groundbreaking trading conditions, trading robots and bots that always execute the winning trades, the scammers will promise you the moon and the stars only to gain your trust.
They are heavily operating in the social media nowadays, literally more and more scammers first introduce their “services” to the people through Facebook or Instagram. You will click on a page, they will contact you, probably offer you demo account and after some time an invitation code will become available. Once you are signed-up they will ask you to deposit money and this is just the beginning. The end is always the same, a robbed-off investor who lost his hard-earned money.
WHAT TO DO WHEN SCAMMED
No one is immune to scam, anyone can fall into the trap. Scammers are constantly looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!
Stay away from 247FirstInvest, it is a confirmed scam!