Beware! 247Exness 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.
In this review, you are going to see a scam broker that’s falsely claiming to be a regulated business. They pretend to be authorised in several jurisdictions, including Cyprus, Britain, USA, and Seychelles, but that’s far from the truth. Moreover, they do not provide classical Forex trading but Binary Options instead, which is a major red flag we have to raise. Find out why in the full 247Exness review.
247Exness REGULATION AND SAFETY OF FUNDS
As already stated, 247Exness is introduced as a Cyprus regulated broker. Well, we researched the local regulator CySEC but found that the broker’s claims are baseless because the license numbers provided turned out to be fraudulent. 216/13 is no longer valid, and it actually belongs to a company that never listed 247Exness as a brand of theirs. So, this broker is a clone firm abusing the legal credentials of a company that’s no longer authorised. 247Exness is a scam, and your funds would be in danger if you make a deposit.
Avoid 247Exness and see the high-rated genuinely regulated EU brokers and British brokers by following the links provided. We strongly recommend those companies because Europe is among the few places where clients’ funds are backed by deposit insurance funds. For example, CySEC brokers’ traders can claim 20 000 EUR in compensation, while the British protections are up to 85 000 GBP per person. If you can open an account with a European company, go ahead. It’s a no-brainer.
247Exness TRADING SOFTWARE
247Exness delivers a Binary Options platform, which itself is more evidence of a scam. The Binary Up and Down contracts are considered gambling because it’s an all-or-nothing option, which doesn’t present any flexibility. Moreover, the so-called instruments were found to be prone to fraud and price manipulation and hence prohibited by many financial authorities as a form of gambling. Make sure to stay away from 247Exness because it’s a fishy Binary Options broker.
Instead, see the high-rated MetaTrader4 brokers and MetaTrader5 brokers on these lists, which are adequately regulated and safe to trade with. MetaTrader is delivering market-leading software that includes sophisticated trading tools such as Expert Advisors, Algo Trading and many complex indicators, to name a few. MetaTrader also features a marketplace where you can find more than 10 000 apps and third-party developed solutions you can fit in your strategy.
On their platform, we found no spreads, which once again confirms 247Exness is a fraudulent business. There is no information about leverage, as well. Still, we are going to mention a few words about it because it’s truly dangerous, especially for retail traders with little or no experience.
In fact, leverage is so risky that some financial authorities even imposed regulations to restrict its usage. As a result, EU, British and Australian brokers are limited to 1:30, while the Canadian brokers and the US brokers can’t provide more than 1:50. However, if you are risk-tolerant, you may as well have a look at Swiss brokers, which are reliable but not leverage restricted.
247Exness DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with 247Exness is $300, currently 3 times more than the regulated brokers’ standards- $100 on average. Nevertheless, some legit companies offer $10 micro accounts, so it’s now worth wasting your time with scam brokers like 247Exness.
The funding methods available are Bitcoin, Wire Transfers, MoneyGram and WesternUnion, all of which considered not secure enough because the transfers are final, and it’s almost impossible to get a refund. By far, Credit/Debit card direct funding is seen as the safest option as there are chargeback rights guaranteed, so clients can get at least some of their money back if things go wrong.
Anyway, see the lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred payment system. The high-rated companies on the lists are adequately regulated, so you won’t stumble upon scammers.
There is no information about withdrawal restrictions, so theoretically, it should be possible to take any sum you want out of your account. However, as already shown, 247Exness is a scam, so no withdrawals should be expected whatsoever. Still, in their T&Cs, they claim to process the withdrawal requests within one business day, which is certainly an ambitious statement. For a period of 31 days, the first request would be free of charge, while the additional ones will be subject to a fee of 30 currency units per request. So, it’s allegedly an expensive service because most regulated brokers charge no withdrawal fees at all.
The inactivity fees are also oversize. After 6 months of inactivity, the account becomes dormant and will be charged 45 EUR per month, which is a highly unfavourable clause. In comparison, the regulated brokers charge 5 to 10 dollars per month on average.
There is no information about bonuses or other forms of trading incentives possible, and there is no indication that 247Exness may launch such campaigns in the future.
Overall, 247Exness is a scam broker that fraudulently claims to be a regulated business. That’s more than enough to stay safe and avoid them.
HOW DOES THE SCAM WORK
New types of investment scams come about literally every day. However, most of the new schemes represent a modification of common fraud. These are not typical for the local markets but very similar from country to country.
Nowadays, scammers search for victims on the Internet and social media. Classical tactics, such as cold calling, became less widespread as the Internet got prevalent. The offers scammers make look legit and present exciting opportunities to invest money in the Forex market. Traders got reassured that the people behind the broker have an excellent track record, and they promise high returns, seamless trading and guaranteed profits. The scammers deliberately make people believe that the Forex market isn’t a risky place, but actually, the opposite is true.
What usually happens is that scammers just pocket traders and investors money. Sooner or later, clients would ask for a withdrawal, but scammers would delay or straightforward refuse to send any money back. Whenever traders persist, the guys standing behind the fraudulent broker would usually cut the communication or even ask for additional deposits. Either way, traders are likely to lose some or all of the capital invested. The end is always the same. When fraud becomes evident, the scammers would simply rebrand and start afresh, creating a new scheme under a different name.
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!