Beware! 24invest 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.
Bombastic statements and fake-sounding testimonials from ‘clients’ cannot compensate for the broken links and insufficient information on 24invest company.
24invest Regulation and safety of funds
All our numerous attempts to get any information about this broker did not bear any result so we couldn’t find any address of this company’s whereabouts. However, we found something interesting – a warning from the National Securities Market Commission (CNMV) in Spain, the official body that regulates the forex trade in this jurisdiction. From the screenshot below, it is clear that this broker is not authorised to offer any transaction services. Clearly we are dealing with a scammer here and if you ever had any intentions of entrusting your money to this broker, you better forget about it!
If you are looking for a legitimate and licensed broker to trade with, we want to advise you that there are many out there to choose from. The best option is to direct your attention to the well-established jurisdictions of the EU, the UK, the US and Australia. They are the ones that offer the best conditions to forex traders – protection from scammers as well as a guarantee for the safety of your funds. This is done by meeting rigid requirements in order to get licensed. For example, in the US and Australia, forex brokers must be well-capitalised which serves the purpose to ward off scammers. Admit it, no scammers will invest $20 million in the US as initial capital or 1 million AUD in Australia just to look legit. One of the other purposes for having to invest such high amounts as initial capital is to protect the broker’s clients in the case of unfortunate events.
In the EU and the UK, the conditions for forex traders are also favourable. In these jurisdictions to be licensed, forex brokers must have an initial capital of no less than 730,000 EUR. Now, this may not seem as high as the amount of initial capital in the US and Australia, but there are other benefits to forex traders. These two jurisdictions have set compensation funds and schemes from which the traders can be refunded in case of bankruptcy. If the broker is regulated by CySec and contributes to the local Investor Compensation Fund, then its clients will be compensated by up to 20,000 EUR per person. In the UK the amount of compensation is even higher and can reach up to 85,000 GBP per person but only if the broker is regulated by FCA and deducts funds towards the Financial Services Compensation Scheme.
Please use the links we provided above to search and select the forex broker that will suit your trading needs and won’t fleece you.
24invest Trading software
Due to the broken links on this broker’s website, we were not able to find what trading software 24invest offers to its clients or how the parameters of the system are set in terms of spread and leverage. In any case, we hope that you won’t ever choose to trade with this scammer.
We would like to advise you when looking for a licensed broker to trade with, to select one that offers either MetaTrader 4 or MetaTrader 5 trading platforms. They are the most popular and around 80% of the forex brokers sware by them. This is really justified because both platforms are equipped with an amazing package of trading tools and instruments that includes an auto trading option, an app market, a financial calendar, VPS, code base with customs scripts, trading signals obtainable for a subscription fee, etc. We also want to point out that the charting options offered by both platforms are out of this world and offer many charting designs, time frames and colours to choose from or clients can make their own templates. There is a big array of technical analysis indicators as well, such as Bollinger Bands, moving averages, Fibonacci retracements and others that help traders predict the future direction of exchange rates and make a profit.
We also want to advise you to select a broker that offers low leverage for avoiding taking risks with your funds. In fact, if you choose a licensed broker from the EU or the US, you don’t have to worry about that as there is a cap on leverage in these jurisdictions and it cannot exceed 1:30 in the EU and 1:50 in the US. Australia, the paradise of unlimited leverage will shortly follow suit and implement the same leverage as in the EU as of March 2021.
24invest Deposit/Withdrawal methods and fees
Again, broken links on this broker’s website did not allow us to gain any information regarding the deposit and withdrawal methods and fees.
What we can advise you here is to look for a low initial deposit and fees that are not in percentage but are fixed. Also, look for the conditions regarding dormant accounts and what fees are charged for that.
Some brokers may offer different kinds of bonuses or other incentives. Please be aware that licensed brokers do not offer such bonused and be very cautious about the terms and conditions regarding these bonuses.
How does scam work?
No one wants to be duped by scammers, but it happens all the time because they know how to manipulate people. As they say in one popular song “sweet dreams are made of this” and this is what scammers rely on – creating in people’s mind a sweet dream of being rich! Scams usually start by unsolicited telephone calls or ads on the Internet or social media promising quick and easy profit. It is easy to fall into scammers’ trap and once you make a deposit, you are done for! Scammers won’t let you get away easily even if you realise that you are being scammed. They will try to delay you when you try to withdraw your funds by asking you to provide this document or fill out this form, etc., in order to make you miss the deadline when you can file for a chargeback.
What to do if scammed?
You need to act very quickly. First of all, if you have made a deposit using a credit card, you must immediately file for a chargeback. Fortunately, VISA and MasterCard allow for 540 day period in which you can file for a chargeback. This is the good news. The bad news is that if you have made a deposit using bank wire or Bitcoin, the chances of you getting your funds back are nil!
Another thing you can do is cancel your credit card if the scammers have your CVV code. Check your PC and erase the software that gives scammers access to your personal data.
Be careful, because even doing all that we recommended, your unfortunate experience with scammers may not be over. There are so-called recovery agents. One of those may approach you offering to recover your funds for a fee. Do not trust them and always check the legitimacy of the recovery agent and the agency.
Also, be aware that some “victims” of scam may post comments after the review, saying how they lost money and how a recovery agent helped them retrieve their funds. They will even put the contact info for this so-called recovery agent. Do not trust them either as it is another case of scam!