Beware! ExpertTradings247 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.
ExpertTradings247 does not get our hopes up at all. Just take a good long look at it, and you will sooner or later realize that this firm is certainly unregulated, or worse. A scam. The website is confusing, and is kind of a mess, while the texts that adorn the interface is not only sloppy, but also filler and thus provided almost no help at all. Furthermore, the structure of the site oozes with uncertainty and sloppiness all around. This are just our first impression. For a more detailed look at this brokerage we advice you to read the review.
To register users must go through a simple and very suspicious looking process that looks like it was taken from a dead website. What followed was a user dashboard that was even worse than the sign up process. This user area is a complete joke, as you can see.
There is no real trading platform to begin with, so we must take trading info from the website. The whole thing is a complete mess, yet shameless. There was more to reveal, but we were unable to scroll down. There is no need to get into further details.
The website is available in English only.
EXPERTTRADINGS247 REGULATION AND SAFETY OF FUNDS
A couple of things to note on the alleged regulation of ExpertTradings247 will follow.
The first of these is a clause taken from the Term and Conditions.
There are two things of value here. The paragraph talks of the T/C being prohibited in jurisdictions where the local law would ban them. This is rhetorical trickery, because the text does not specify where the T/C are legal and where they are not; it’s the user’s own responsibility to check on that, and this should not be.
Next, no broker can be allowed to proceed with trading offers if it holds a Gambling Supervision Commission License. As the name clearly suggest, this commission is in charge of gambling supervision.
There is also a very vague mention in the Terms and Conditions which suggests that the company may be based in the Baltic nation of Estonia. Yet, there is absolutely no other proof of this to be true.
Furthermore, the footer locates the broker, in a broad sense, in the United States. This is clearly impossible, for the local CFTC and NFA, the two most severe regulatory agencies around, would never in a million years allow for a entity like ExpertTradings247 to offer legit services in the US.
Without a drop of doubt, ExpertTradings247 is UNREGULATED, a scam, and a risk to all investments!
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
EXPERTTRADINGS247 TRADING SOFTWARE
We would like to refer you to the first snip in the intro of the review, where you see some kind of chart, which is a third party chart, that seem to be offering trading. This is not the case, as this is not a platform for trading. In fact, as far as ExpertTradings247 is concerned, there is no terminal used for FX and CFD trading.
The Terms and Conditions talk of tournaments. The company calls these binary options tradings tournaments, yet does not treat them as such. Instead, these tournaments are defined in the scope of an e-gaming product. So, are we to believe that ExpertTradings247 is an e-gaming platform? Read the clause for yourself…
Just to make it clear, ExpertTradings247 is not a binary options trader. There is no platform that enables users to bet on the volatility of a given asset.
EXPERTTRADINGS247 DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is technically non existent, because all the payment methods are crypto based, and incredibly questionable.
The withdrawal section in the user area is a joke, while the website offers no insight at all. We presume that users cannot withdraw.
The following clause is a very peculiar one for a couple of reasons. First of all, it clearly says that the Terms and Conditions may be deemed invalid by a competent authority, which is ExpertTradings247 way of saying that their legal doc is a sham. Next, the company states that the English version of the Terms and Conditions are the ones that prevail in case the T/Cs in other languages are different than the English version. This puts certain non-English speaking users at an unfair disadvantage.
Those users that have no funds in their accounts and have been inactive for the last 12 months will have their accounts closed down. If, however, there are funds in the account, but still no activity for a 36 month period, ExpertTradings247 will charge the user a $30.
ExpertTradings247 may at its sole discretion change, add, or remove its trading services, bonus offerings, or anything else. It may also change the Terms and Conditions. This is important to note, because with this clause, ExpertTradings247 can add any sort of fee or provisions that works in its favour.
All that has been discussed so far is enough. If you cherish your money, do not deposit in ExpertTradings247!
How does the scam work?
The usual scam operates on a multi-level, though very basic model. The users will be tempted to click on an Internet ad promising quick and easy profits. If they do, it will take them to a website that will ask for their personal details, including email address and phone number. Once they submit this information, an avalanche of emails and phone calls will be unleashed. Scammers will promise the world to these potential traders in order to induce them to make an initial deposit between $200 and $300.
These “brokers” will get a fat commission from the deposited sums and will transfer the unsuspecting users to “senior” scammers. The latter are smooth talkers who will try to persuade users to invest more funds, using phrases like “now is the right time” and “the moment is perfect for making hefty profits”. Of course, these are empty words, and traders will soon have doubts whether they have not been played.
When they try to withdraw their money, these doubts will be confirmed: the con-artists will do anything to deny or at least delay their withdrawals. From trying to convince the traders that they are making a big mistake to withdraw funds now because they will lose big profits, to asking for additional documents or citing clauses in the accepted agreements, to transferring you to another department, there is a single objective to delay the users from filing for a chargeback with their financial institution and lose any chances of recovering their money.
What to do when scammed?
Anyone can fall prey to such a scam. In the unfortunate event this happens to you, there are a few things you can do. If you deposited using a credit card you should immediately file for a chargeback. In an effort to combat online fraud VISA and MasterCard have extended the period in which one can file a chargeback to a year and a half, so there is a big chance that you may be able to recover your funds. If however, you used a bank wire or bitcoin to deposit, chances to get your money back are almost none.
We should also warn against “recovery agencies” who prey on victimized traders by claiming they can recover their funds. These scammers will ask you to pay a fee for this service, but will only take your money and do nothing.