Beware! 24Se7entrading 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.
24Se7entrading has an unspeakable name, and it’s a pure scam. While we were assessing the broker, we were predominantly thinking about another fraudulent FX creature we recently reviewed, and you’ll see why in the following review. You should avoid 24Se7entrading, but read on to find more details about this scam.
24Se7entrading REGULATION AND SAFETY OF FUNDS
24Se7entrading is purportedly registered in St. Vincent and the Grenadines, but that’s not true. We claim so because the broker has the same registration number as WeberFXTradex– another suspected scam we encountered a few months ago. Moreover, most of the links on the 24Se7entrading’s website redirect to WeberFXTrader, too, including the registration page. In fact, out of 5 sign-up buttons, only one was working, and it took us to the other broker mentioned. We don’t know what the link between those is, but 24Se7entrading is positively a scam!
Anyway, we’ll have to warn you about St. Vincent and the Grenadines brokers in general, as they carry significant risks for investors. The jurisdiction mentioned is a shady tax haven, where the local financial authority SVGFSA doesn’t supervise the Forex market or license financial services companies offering leveraged trading services. Not surprisingly, the Caribbean island is overcrowded with scammers and that’s precisely due to the regulation deficit, so you’d better stay alert when seeing an SVG broker.
Avoid the fraudulent 24Se7entrading and see the high-rated EU brokers and British brokers by following the links provided. The companies topping both lists are licensed and a part of money protection schemes created to secure clients deposits if things go wrong. For example, CySEC brokers’ clients can claim up to 20 000 EUR in compensation, while the British guarantees are up to 85 000 GBP per person. So if you are eligible to open accounts with European companies, you can safely go for it.
24Se7entrading TRADING SOFTWARE
24Se7entrading seemingly uses the WeberFXTradex’s software, which is indeed fraudulent. It’s a web-based Binary Options platform with third-party provided charts and no spreads whatsoever. The Binaries aren’t considered financial instruments any longer because these options were already proven to be prone to fraud and price manipulation. Binary Options are traded on certified US exchanges only and can’t be provided by brokers. So, WeberFXTradex and 24Se7entrading are scammers offering prohibited trading instruments and you should stay away from both.
While talking about software, why don’t you see the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists? The companies we recommend are licensed and deliver the best platforms available. Both MT4 and MT5 are packed with advanced tools such as Expert Advisors, many complex indicators, sophisticated charting tools and a marketplace featuring more than 10 000 apps.
As for leverage, it’s probably 1:200, but we can’t validate this as we are talking about the other broker’s platform. We have no idea what’s the link between 24Se7entrading and WeberFXTradex, so it would be foolish from our side to confirm leverage levels.
Nevertheless, leverage is too dangerous in general and you should always be careful with it. In fact, many financial authorities now restrict its usage and because of regulations, EU, British and Australian brokers have to limit their clients to 1:30, while Canadian brokers and US brokers can’t provide more than 1:50. On the other hand, most of the high-leverage brokers are poorly regulated, or not at all, which poses threat for their clients.
24Se7entrading DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $300, and that’s everything we know about the 24Se7entrading trading provisions. There is no information about withdrawals, fees, inactivity procedures or anything else valuable. As already mentioned, the websites’ links redirect to another fraudulent entity, but we can’t use the information there as we don’t know how they are actually connected. Most likely, both are run by the same scammers, but it’s also possible that 24Se7entrading is cloning WeberFXTradex, which is funny even to think about it. However, that’s a possibility we can’t disprove for now.
24Se7entrading mentions a few deposit methods, but we can’t validate this information either. Still, while talking about funding, we’d like to suggest our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred payment system. The companies on top of both lists are adequately regulated, and you won’t face scammers.
Overall, 24Se7entrading is a scam scheme we exposed. Still, we can’t say how this particular fraud actually works because it’s ridiculous, but you should stay away no matter what.
HOW DOES THE SCAM WORK
The Forex scam is a popular type of fraud, and it’s actually a process. In the typical scenario, the victim clicked on a fraudulent ad, then received a phone call, and at some point got convinced to deposit money. To make people accept fraudulent offers, scammers would present deals that sound too good to be true, bonuses, get-rich-quick schemes, and so on. Their imagination is rich and would invent as many stories to get the craved deposits.
Unfortunately, the first deposit is not the end but the beginning. Gradually, scammers would manipulate victims and would urge them to invest repeatedly. For example, con artists may not allow people to trade themselves but would pretend to manage the accounts. Forged results would show victims massive profits, and scammers would ask for more money, promising to secure more gains.
The first indications of a scam come forth when people ask for withdrawals. Scammers would make excuses to refuse withdrawals and even require additional deposits to let people take their money out. Those criminals won’t stop asking for funds, no matter what. In the worst case, the victim would believe in the scammers’ falsehood and deposit again and again. However, sooner or later, the scam would become evident, the fraudsters would cut the communication and eventually disappear. They would drop the website, create a new one and carry on with their criminal business untouched, while people would be left with losses almost impossible to recover.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scams. If this unfortunately happens, the first thing to do is to protect yourself from further risk. Contact your bank and explain what happened so that they can give you instructions and help, 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, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush to recover 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!