Beware! 24FinTime 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.
Are you looking at 24FinTime forex company and thinking whether you should entrust your money to it and dip your toes in the forex trade using their accounts and trading software? We can help you make an informed decision, so let’s start.
24FinTime trades in CFDs, forex, indices and stocks. It offers numerous accounts – 3 basic accounts, 3 advanced accounts and 1 pro. Registration is basic and doesn’t take long.
24FinTime Regulation and safety of funds
Trying to identify this company is like solving a puzzle. Here are the facts we found:
In Terms and Conditions, there is no mention where the company is registered, nor is given any address. However, it says in the document that users must be aged 18 years or older to be legally permitted to use it under the St. Vincent and the Grenadines laws. Does that mean that the company is registered in St. Vincent and the Grenadines? If so, you should know that the Financial Services Authority in SVG does not regulate forex companies. Non-regulated forex company is a big no-no in the forex trading world. Forex traders should avoid such companies like the plague! It is a sure sign that this company is a scam!
On the other hand, forex trade companies from well-established jurisdictions will provide you with security for your funds and you will be able to avoid great financial loss and disappointment. We advise you to research and choose from forex companies that are in the EU, UK or US jurisdictions. Forex companies from there must meet very strict requirement to be licensed. For example, they must have an initial capital of 730,000 EUR if they are in EU or UK jurisdictions. In US the initial capital is much higher – 20 million USD! In addition to that, brokers regulated by CySEC must contribute to a compensation fund from which clients will be compensated up to 20,000 EUR if the brokerage goes bankrupt. Similarly, brokerages regulated by FCA in UK must contribute to a compensation fund which will compensate clients with up to 85,000 GBP if the brokerage goes bankrupt.
24FinTime Trading software
To its clients, 24FinTime offers MetaTrader 4 trading platform. If you look at the screenshot below which displays an unbranded MT4 platform, you will see that on the left side you have a menu for the forex currencies with their bid/ask price and underneath, the menu for the navigator with different tools and instruments. In the centre, you see displayed 4 charts containing 4 forex pairs with the fluctuation of their prices in a give timeframe. If we look at the EUR/USD pair, we’ll see that the spread is 2 pips.
Although quite ‘ancient’ the 15-year old MetaTrader 4 is still going strong (about 85 % of the brokers are using this platform) due to its excellent features. It offers many tools and instruments, including auto trading options, a financial calendar, an app market, trading signals which can be obtained for a fee, VPS and code base with customs scrips. However, an excellent trading platform such as MetaTrader 4 is not enough to compensate for the other shortages of this company.
If we look at the information in the account section of the company’s website, we’ll see that the leverage is extremely high – 1:1000 in one of the basic accounts and in the advanced accounts it goes as high as 1:2000! We hope that you are aware of the huge risks a high leverage may signify for your financial funds. If you are not an adrenaline junkie betting your money on big win/big loss, please know that the odds are not in your favor and that statistically over 70% of the traders lose money.
So, please avoid forex companies offering such crazy leverages and compare to the leverages in EU where they cannot exceed 1:30 ratio or in US where the leverage cap is 1:50. These limitations in leverage are imposed so traders are protected from losing too much money in a transaction.
24FinTime Deposit/Withdrawal methods and fees
The minimum deposit amount is 10 EUR/USD/GBP. On the company’s website, you’ll see possible payment methods, such as wire transfer, Piastrix, Verified by VISA, VISA, Maestro, MasterCard. However, when you open an account and click on the deposit box, the only payment methods that appears is Paytrio
If you do not log into your account for 3 months (dormant account), then each month 10% will be deducted from it. This definitely is to your disadvantage! At least some of the other brokers give 6 months for an account to be inactive. Obviously, this company is out there to rob you of your money, but we hope that by now you have realised that!
Withdrawal appears to be a lengthy undertaking – first you need to print a withdrawal form, fill it out, sign it, scan it and then email it. Then, it takes 2-5 business days to process your withdrawal request.
It looks like the deposit and withdrawal methods are not designed for client’s convenience, not to mention the fees that will eat up a portion of your funds.
But that is not all! The company offers bonuses and non-deposited funds. Please note that bonuses and non-deposited funds belong to the company, not the client, and think carefully before you decide to accept any as they carry heavy rules. First of all, non-deposited funds are not available for withdrawal. It looks like the company may be doing you a favour by allowing you to use non-deposited funds to close a position, for example, but you cannot be further from the truth because they may only be withdrawn if the client executes a minimum trading volume of 30 times the deposit amount plus the bonus. We do not think this will be an easy undertaking even for experienced traders. After all, you know the saying ‘there is no such thing as free lunch’!
How does scam work?
If scammers make a movie, it will probably be called “Dream on”. They make everything sound credible and build their scam on your dreams of getting an easy and quick profit. People get duped if they decide to deposit money into one of the scammers schemes. What you probably do not know is that your hard-earned money goes down the chain to the scammers. Next, you get inundated by daily calls. First, the scammers congratulate you for joining their business, next they try to persuade you to invest even more money. After all, the more money you send, the bigger money fall you can expect. This of course is not how things work. By the time you realise that no money is coming your way, it might be too late. All you want now is to get your money back and get out of there but the scammers have other plans for you and they won’t late get away so easily. Now they try to delay you so that you miss the deadline for chargeback.
What to do if scammed?
If you get scammed, our advice is to act immediately and if you have paid your deposit via credit/debit card you may still have a chance. Visa and MasterCard allow you 540 days time limit to file for chargeback which gives you a fighting chance to recover your money.
However, if you have used bitcoin or bank wire for your payment, the chances of you recovering your money are really slim.
Cancelling your credit/debit card in case you have given the scammers your CVV code may be another good idea. Also, make sure to remove from your PC any software that my give scammers access to your private data stored on your computer.
Whatever you do to recover your funds, beware of the so-called recovery agents. Please make sure that you are dealing with a genuine one by checking their credentials and company’s information transparency. Otherwise, you may fall victim to another form of scam.