Beware! 24LiveTrades 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.
24LiveTrades is a rare find! It’s a broker that was blacklisted by a British gaming authority, which is considered unusual a scenario! But the ridiculous situation speaks for itself- 24LiveTrades is not a genuine Forex broker, but an illegal online casino you shouldn’t count on if you want to make money in the FX market! And yet, what made us pay attention to this shonky business is the fact that they offer investment products and services to the public. They certainly deserve a seat in the hall of shame, and we’ll show you everything you need to know about in the full 24LiveTrades review.
24LiveTrades REGULATION AND SAFETY OF FUNDS
To start with, we’ll repeat that 24LiveTrades offers investment products to the public, and they also reassure to provide with real-time quotes. This statement itself is bizarre because it goes without saying that a broker offers real-time quotes and spreads. When we delved into their Terms and Conditions, however, we learned that they claim to be licensed by the Gaming authority in the Isle of Man. But that’s not the end of the story because the Isle of Man Gambling Supervision Commission has actually put them in the list of unlicensed websites which comes to show that 24LiveTrades is a fraudulent business creature that the traders should stay away from!
Your funds are not safe if you make a deposit with 24LiveTrades because it’s not even a Forex broker, but an unlicensed online casino that pretends to be an investment company! Report immediately if they contact you!
We advise that the traders should trust only proven legitimate EU (mostly CySEC regulated) or UK (FCA regulated) Forex brokers. We do so because Europe created the safest financial environment for the funds of the traders. What’s most important though are the money protection schemes that were established to guarantee the deposits made by traders and investors. Under CySEC (Cyprus) administration, you can claim up to 20 000 EUR in compensation per client, while in the UK under FCA you are guaranteed of even up to 85 000 GBP per client. Each EU member state is compelled to build and further operate similar insurance funds, which are seen to be the last resort for the traders, in case a Forex broker can’t meet its financial obligations.
24LiveTrades TRADING SOFTWARE
Warning! 24LiveTrades is actually a Binary Options broker that manipulate the price! It’s a pure scam! The so-called platform generate some quotes that have nothing to do with the actual quotes in the FX market!
We recommend that the traders should never trade Binary Options but focus on MetaTrader4 and MetaTrader5 brokers instead because MT is the world’s leading retail FX platform. It’s stable and secure and features sophisticated trading tools such as Expert Advisors or Algo trading. It also comes with a marketplace where the traders can buy or use for free a variety of third-party-developed trading tools, which can help improve the trading performance.
A few words on the Binaries. The Binary Options were so-called trading instruments, but currently, they are considered just a casino game. As an instrument, it has nothing to do with the financial options, where the investors have the right but not the obligation to buy the underlying asset at the end of the contract. The binaries are simply a bet on the potential outcome- whether the price will go higher or lower, and it has no financial implications whatsoever. EU and UK banned the Binary Options a few years ago because of their gambling nature, but also because they are prone to fraud and price manipulation. And that’s exactly the case with 24LiveTrades. You can have a look at their platform at the end of this section.
As a result, no spreads and no leverage levels apply! In a few sentences, the spread is the price that the trader has to pay to open a position, and the lower spreads make trading more affordable and significantly grow the profit potential. The leverage is the other major element in trading because it allows the traders to amplify the potential profits, but the risks increase proportionally. Leverage levels such as 1:500 might be hazardous for the traders, and it made EU, UK and Australia (from 2021) force a leverage cap on the market- 1:30 as a customer protection measure. Canada and the US agreed on 1:50. We advise that the traders should stop searching for brokers that offer increased leverage levels because they are guaranteed to come across a swarm of scammers!
24LiveTrades DEPOSIT/WITHDRAW METHODS AND FEES
The minimum initial deposit is $1000, which is ten times higher than the amount the legit brokers ask from the clients to start trading- $100 on average.
24LiveTrades lists a plethora of funding methods, but we caught them lying again because the only possible payment systems are Bitcoin, Western Union and Money Gram! It’s a scam sign we have to note even though 24LiveTrades was long ago exposed as a fraudulent enterprise. But also, the traders need to know that no chargeback or refund is possible if they pay with Bitcoins!
The minimum amount to withdraw is 70% of the available balance, which is a requirement that’s really unusual and pretty strange whatsoever. There are no fees applicable, and the withdrawal request is said to be processed instantly. But we found them lying not just once, so we doubt that they are so diligent in processing the requests at the moment. Beware! It’s a scam, and no withdrawals should be expected, at all!
No dormant account policy was found, which is a red flag itself. The dormant account policy is a set of rules that determine how the brokers handle the accounts that have become inactive- no login, no trading. The legit brokers usually charge the accounts with an administrative fee of 5 to 10 dollars monthly at most.
24LiveTrades doesn’t offer bonuses to the traders. We have to warn the traders- the bonuses are not free money but a leverage tool that further increases the risk for the traders and worsen the trading conditions. The financial authorities in Europe prohibited the trading incentives precisely because of the risks involved.
You should stay away from 24LiveTrades; it’s a scam scheme!
HOW DOES THE SCAM WORK
Cryptocurrency funding is extremely popular among scammers and offshore brokers because this form of digital money is decentralised and the direct payments made through are totally anonymous. You should know that a deposit in Bitcoin is irrevocable, and the traders have almost no chances to bring their money back. It is an undeniable scam sign if an alleged Forex broker is accepting only Crypto deposits as a funding method. You should not only avoid these but run away as quickly as possible!
WHAT TO DO WHEN SCAMMED
No one is immune to scam, and anyone can fall into the trap. Scammers are always 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 necessary 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!
It’s very important not to rush blindly trying to recover your funds because many scam recovery agencies and individuals are stalking, aiming to double scam the victims. These will most likely ask for an advanced payment, but will do nothing to help you recover your losses!
Share online your experience; it’s important to protect others, as well. Be responsible!