Beware! My24Coin 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.
My24Coin claims that it empowers traders by providing the latest technology, transparent trading conditions, high standards and a secure environment. Well, that’s not actually true, and we’ll explain why we say so in the full My24Coin review.
My24Coin REGULATION AND SAFETY OF FUNDS
My24Coin gives a British address and says to be regulated by Lebrn– allegedly a Latvian body authorising brokers. Two problems here. First of all, to call itself a legit UK broker, My24Coin needs a license issued by the local financial authority FCA. Then, Lebrn is not a regulator but merely a dubious website created to falsely legitimise fraudulent brokers. The same one also purportedly regulates Reserve4Trade, Platin Markets and EU-trade4u, the latter of which is an exposed scam. My24Coin is also a scam, so you’ll lose your funds if you deposit.
My24Coin is a trap, but it’s also an unregulated entity providing Forex services. We need to emphasise this because it’s always a bad idea to deposit with brokers under no regulatory oversight. These are working while being held responsible by no authority and can do anything they want with your funds. Most usually, your money goes offshore or to another country where no one can guarantee it’s kept in safety. When this happens, it’s even challenging to track the money down, let alone reclaim it.
The absence of regulation also makes it possible for scammers to hide their true identities so that they can operate anonymously. Eventually, if you deposit with My24Coin, you won’t know where your money is, what happens with it and who’s handling it. That’s all that you need to know to avoid the broker we are reviewing.
Instead, you’d be much better off with strictly regulated brokers holding licenses issued by trustworthy authorities, like the UK and EU ones. The European brokers are bound to follow many customer protection regulations, including the account segregation rule. Accordingly, deposits should be stored in segregated bank accounts, which improves transparency, increases security, speeds withdrawals up and prevent fraud, to name but a few benefits. Above all, though, if a broker goes bust, people won’t lose their money as debt collectors can’t claim it.
Now, we’d like to offer the high-rated EU brokers and British brokers on both lists instead- note that the licensed ones are also covered by deposit insurance funds. Hence, clients of CySEC brokers can get up to €20 000 in compensation, while the British protections are even greater- up to £85 000 per person. The licensed European brokers are safe, so you can go for it if eligible to open accounts there.
My24Coin TRADING SOFTWARE
My24Coin delivers MetaTrader and another Webtrader that’s in no way better than the first one. However, the MT provider is FxToAll, which is known to work with numerous scam brokers. Click here to see the ones we already reviewed.
My24Coin is a scam, so we’d like to offer the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists instead. We recommend MT brokers because both terminals are market leaders packed with sophisticated indicators, reliable charting tools and EAs making automated trading possible.
We accessed only the Webtrader, solely to show you how it looks like. The MT4 distribution is already installed on our computers, and it’s proven fraudulent, so there was no point in opening it. Anyway, the EUR/USD spread delivered by the Webtrader is competitive- 0.0-0.2 pips, so the service is generally affordable, but that’s irrelevant in this case.
As for leverage, it’s said to be up to 1:200, which is a level prohibited by the British FCA a few years ago- another proof that My24Coin is not legit. However, while opening the account, we saw that even 1:1000 is available– a red flag because of the inconsistency.
In fact, leverage is so dangerous that it’s now a part of the licensing regime imposed by many regulators. Namely, licensed EU, British, and Australian brokers have to limit clients to 1:30, while the US brokers to 1:50. In contrast, most of the high-leverage brokers are unregulated, and you’d better be careful with these.
My24Coin DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $250 allegedly via Credit/Debit cards, Wire Transfers and OKPay, but we can’t prove these claims as the broker insists on submitting ID verification documents. Well, it’s out of the question to send anything whatsoever to scammers.
Anyway, since the broker reviewed is a scam, check the high-rated Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a trusted payment system. The brokers at the top of the lists are adequately regulated, and you won’t come across fraudsters.
Discussing withdrawals doesn’t make sense in this case, but the policy is worth mentioning. So, the minimum withdrawal is $250 for Wire Transfers ($50 transaction fee) and $100 on other methods ($25+10$ fee). Moreover, if clients haven’t reached 200 in turnover, they should pay another 10%. That’s a scam!
However, if clients accept incentives, they won’t be able to withdraw any sum. That’s because there is another minimum trading volume required: 30 times bonus plus deposit to become eligible for withdrawals. As My24Coin fails to specify what 30 times means, it can ask 3000 lots traded (300 mln USD in turnover) for a $100 bonus. That’s a scam.
The inactivity fees are also fraudulent: an account becomes dormant after 6 months of inactivity and will be charged 10% of the balance per month. Well, regulated brokers take 5 to 10 dollars per month, not 10%. My24Coin is a scam.
HOW DOES THE SCAM WORK
We exposed My24Coin in this review, so you should avoid it. The paragraphs below show how scams usually happen, and we firmly believe that the broker reviewed acts in the same or very similar manner.
It all starts when you click on a fraudulent ad or suspicious social media profiles offer you deals that sound too good to be true. Once scammers get your e-mail and phone numbers, they will immediately approach you, and being seasoned manipulators will start insisting that you should deposit as quickly as possible. They will promise bonuses, promotions, risk-free offers, Bitcoin opportunities, and anything else you could possibly imagine to lure you. To make an impression, scammers often pretend to work with reputable firms, banks, governments and so on, and if you are not careful enough, you may get tricked into believing it’s a serious business.
Usually, scammers pretend to manage your account, and soon, they’ll show you fake profits on your name. Thinking that you are in the money, you’ll probably ask for a withdrawal, but they’ll promise even greater gains. If you believe them, you’ll increase the deposit size, and those criminals will ask for even more, again and again. At some point, you’ll insist on getting your funds back, and as soon as the cons realise they have milked you for your savings, they’ll disappear. But before they get lost, they’ll give it a last try, asking you to pay a hefty tax if you want to withdraw all the money in the account.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is safe from scams. If you get defrauded, the first thing you need to do is 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. Seek help actively!
Remember, it’s crucial not to rush blindly to recover your funds because fraudulent fund recovery agencies are trying to double scam the victims. They ask for upfront payment, take the money but don’t do a thing to help you!
Last but not least, share online your experience; it’s important to protect others, as well. Be responsible!