Beware! 24fxhub 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.
24fxhub is broker that advertises trading in Forex, Stocks, Indices, Commodities, Cryptocurrencies and Binary Options. They do not offer different account types, but say you can trade with a Demo account without any limits.
When we accessed the trading area, the surprises continued. The promised Demo account was not available. Overall, just like the website the trading dashboard looked very plain and unprofessional, like a high school project.
24fxhub Regulation and safety of funds
Regarding Morris Processing Ltd we find that there is a company registered under that name in the UK, although the address does not match what the broker put on their website. In addition, this company has been dissolved about a week ago.
The broker invites you to “invest securely”, but considering the facts so far, we believe traders’ funds will be everything but safe with 24fxhub. Top watchdog agencies such as the UK’s Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC) have many rules in place to guarantee the stability of the brokerage, as well as the safety of the traders’ funds. Some of these are: Minimum Capital Requirements (€730 000) to safeguard the company’s good financial standing, Client Account Segregation (traders’ funds are kept in a separate account from the broker’s operating account) and Compensation Schemes designed to provide additional security to clients’ funds and guarantee refunds of money lost up to a certain amount (85,000 GBP in the UK and 20,000 EUR in the EU).
24fxhub Trading Software
There is no trading platforms available in the website or the dashboard. Although in the latter we see an interactive chart, it is not really a trading tool, but just a live chart provided by the company TradingView, which is only a first step to having a full trading platform in a web browser, as the company says on their website.
Respectable forex brokers provide access to established trading software for their traders, such as the MetaTrader 4 (MT4) or MetaTrader 5 (MT5) platforms. MT4 is considered the world’s number one platform, preferred by over 80% of users. It offers an intuitive and user-friendly interface, advanced charting and analysis tools, as well as copy and auto-trade options. Its successor, MT5, has some advantages – it allows traders to execute trades on different financial markets through a single account and there is a hedging option. Both platforms are available as desktop and mobile (iOS and Android) application as well.
24fxhub Trading Conditions
It is not clear what trading conditions, if any, this broker provides. There is the bold statement of “No spread” we see on the Home page, but this is simply an empty and even absurd claim, as anyone with little familiarity about forex trading would know.
There is no information about trading leverage too. Generally, the more we progress with the research of 24fxhub, the more certain we become that this is an anonymous scam brokerage that is trying to lure unsuspecting investors with empty promises of big earnings.
24fxhub Deposit/Withdrawal Methods And Fees
In the website we find nothing specific about available payment methods. The deposit section in the trading area has four cryptocurrency options on top, then the standard Bank transfer, credit/debit card, PayPal and preferred by traders e-wallets, such as Skrill and Neteller.
As it turned out, however, these are mere images/ logos, because for every one of them we got the message that locality is not supported. Of course this is just an excuse – all these methods are truly global and there is no reason why they should not be supported anywhere in the world. The real reason is that while with standard payment methods one can file for a chargeback with their financial institution, bitcoin is completely untraceable and anonymous – a preferred tactic of con artists is to offer only that.
The Terms are quite vague regarding the fees the broker charges. They state that there will be a maintenance fee for accounts considered by the company as dormant, but to become inactive there should be “no transactions during a certain period” – how long is this period? Also how big is the maintenance fee? According to the legal document, it should be specified in Clause 29. General Fees. This clause, seen in the screenshot above, only looks like a link, however, so we have no idea regarding fees and other charges the broker may impose.
Last but not least, we notice this broker advertises a referral bonus. This is another common practice of scam brokers, as such promotions are strictly prohibited by US and European regulators. In conclusion we must advise our readers not to invest with 24fxhub, since it an anonymous and non-regulated entity.
How does the scam work?
This section is dedicated to showing how the most common scams work. Usually they are pretty simple and straightforward. Through internet ads promising quick and easy profits from forex trading potential traders are induced to enter their personal information, such as email and phone number. Once the users input this information, they will start receiving unsolicited calls from illegitimate broker representative whose job is to persuade them to make the first deposit of about 300 USD, from which they make a fat commission. When this is done, the traders are transferred to senior scammers who are very good talkers and will start working on them to deposit even more money. At this time, if not earlier, most people will start suspecting some fraudulent activity and will want to withdraw their funds.
This however often proves impossible to do as the scammers put all their resources into convincing them that now is not the right time or that such action will lose them a lot of money in “potential profits”. If the users persist, these con-artists will find a number of excuses, usually hidden in the clauses of the accepted agreements, to delay withdrawal requests for as long as possible. The end purpose is to miss the limited time period for filing a chargeback with their bank and thus lose any chance of getting their money back.
What to do when scammed?
If you have deposited with VISA or MasterCard there is still a chance to get you money back since recently both companies extended their chargeback period to 540 days, especially when an online scam is involved.
Scammers will not stop at stealing directly from your bank account if you have provided sufficient details, so if this is the case be sure to change your password or security code right away.
Also beware of being scammed again by so-called “recovery agents”. They will ask you to pay a fee to recover your losses, but after paying them you will never hear from them again.