Beware! 247FxOptionTrade 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.
247FxOptionTrade isn’t even a broker, but a fraudulent business that can’t deliver anything, at all. It’s a sham investments provider that was actually blacklisted by a European financial authority. Find out which was the regulator that exposed this so-called broker as a scam scheme in the full 247FxOptionTrade review.
247FxOptionTrade REGULATION AND SAFETY OF FUNDS
247FxOptionTrade poses as a UK entity, but that’s falsehood. Well, they present an FCA license number on the website, but it doesn’t belong to them. In truth, 247FxOptionTrade illicitly uses the credentials of an authentic company that’s regulated in Britain. This is a clone and as such it deserved a warning issued by the British financial regulator FCA. Your funds are in danger if you deposit with 247FxOptionTrade because it’s an exposed scam scheme. For more information, look at the picture on the bottom of this section.
Clones are pretty dangerous because they abuse names, addresses, registration numbers, license numbers and so on to mislead people and entice them into the scam scheme. Firm cloning is a common type of fraud, but a very dangerous one and probably too efficient because nowadays there are more clones than ever.
Avoid 247FxOptionTrade and see the high-rated EU brokers and British brokers, which are adequately regulated. We recommend those because the companies licensed in Europe are covered by deposit insurance funds laid down to further protect customers. As a result, CySEC brokers’ traders can claim up to 20 000 EUR in compensation, while the British guarantees are even up to 85 000 GBP per person. Europe offers high-grade security, so it’s safe to trade with EU and UK regulated FX companies.
247FxOptionTrade TRADING SOFTWARE
247FxOptionTrade can’t deliver any trading software whatsoever. In fact, they offer some fishy investment plans and act as an HYIP by offering ridiculous interest rates.
As there is no software available, you’d better see the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists. MetaTrader is the leading Forex platform and it comes with sophisticated features such as Expert Advisors, Algo Trading, as well as many complex indicators and excellent charting tools. There is also a marketplace with more than 10 000 trading apps available, which you can use for your own benefit.
Therefore, we can’t show you spreads or leverage. However, we’ll shortly present some info about leverage and it’s regulation because it’s a notably dangerous tool which can cause significant losses if not properly used.
In fact, leverage is so risky that many financial authorities enforced regulations to restrict its usage. As a result, EU, British and Australian brokers are limited to 1:30 for FX majors, while the Canadian brokers and the US brokers can’t offer more than 1:50 for retail clients. Most of the high-leverage FX companies are poorly regulated, so be cautious.
247FxOptionTrade DEPOSIT/WITHDRAW METHODS AND FEES
The minimum initial deposit with 247FxOptionTrade is $600, which is 6 times more than the sum regulated brokers ask- $100 on average. The single funding method is direct Bitcoin payment, which itself presents evidence of a scam. The digital coins are beloved by scammers because the transfers are anonymous and final. The safest deposit method is Credit/Debit cards because of the chargeback rights guaranteed by card issuers like Visa and MasterCard. On paper, it’s possible to get a refund for an extended period of time if things, unfortunately, go wrong.
Even so, do not miss to see the high-rated Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have trusted payment systems. The brokers on top of the lists are strictly regulated and you wouldn’t come across scammers.
Overall, 247FxOptionTrade is an exposed scam, so make sure to stay away from this fraudulent scheme.
HOW DOES THE SCAM WORK
Internet is plagued by scammers’ fraudulent ads and deceitful social media profiles, promising get-rich-quick schemes, and it’s tempting to at least have a look.
If you click on and provide your e-mail and contact numbers, they’d ring you at once. You’ll be offered bonuses, managed accounts, risk-free deals, guaranteed profits and so on. Most scammers are seasoned manipulators, and while trying to strike a deal, they would inevitably ask for your bank card details so that you can start investing straight away. However, their actions would indicate urgency, and that’s a treacherous sign and evidence of a scam. So if someone pushes you over the phone to start trading ASAP, then it’s most probably a scam.
Nevertheless, the first deposit is just the beginning. Gradually they’d ask for more money from you no matter what. If you lost on the market, they’d persuade you to put more money and recover the losses. If you traded well, they’d convince you to put more money and increase the profits. The troubles start when you ask for a withdrawal. The scammers would do anything to discourage you and would even ask you to deposit even more funds if you want to withdraw. The scammers’ mantra is “give me your money”, they’d demand from you to fund your account over and over again for no obvious reason. Reputable companies wouldn’t push you to make deposits, so if you feel pressurised, that’s apparently a scam.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If you get scammed, the first thing you need to do is to protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money, but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!