Beware! 24ForexTrades 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.
24ForexTrades is a by-the-book scam – there is not one thing on their website that could make us believe otherwise. From absent regulations to ambiguous terms and payment methods – all the signs of fraud are there. Of course, there is also 24ForexTrades’ constant boasting – you will find plenty of entertaining material on the broker’s website. ‘For more than 30 years, we’ve been empowering clients by helping them take control of their financial lives’, ‘an established authority in forex trading’, ‘We nourish and aim to work hard to become the fastest-growing investor’s company’ – all of these things are far from true. You would not be turning any profit with 24ForexTrades – in fact, you are very likely to remain penniless after opening an account with this broker.
24ForexTrades REGULATION AND SAFETY OF FUNDS
We are pretty sure 24ForexTrades has never set foot near any reputable regulatory body – they are as far away from regulation and transparency as possible. The broker has provided an address in the US – surprising considering the fact that the laws regarding forex trading in the States are probably the most rigid in the world and the requirements – very hard to meet. Additionally, in their supposed FAQ (which did not actually contain any questions or answers, just some very general info about company logos and such), 24ForexTrades stated that the company name and logo are currently only registered in the US and Canada. So there is no doubt this broker is trying to present themselves as a US enterprise.
Not so surprisingly, we did not find any matches for 24ForexTrades in the NFA register – and every licensed company is sure to turn up there.
So you can be sure of the fact that 24ForexTrades is not a regulated US broker. As mentioned, it is not at all easy to obtain a license from the NFA. Firstly, brokers should maintain the enormous minimum capital of $20 million to ensure they are well-capitalized enough to survive all sorts of unexpected events the financial markets have to offer (and are famous for). Brokers in most countries have to meet some sort of minimum capital requirements but the amounts are usually much lower – A$1 million in Australia and just €730 000 in the EU and the UK. Brokers are also required to provide clients with certain records and are therefore asked to keep thorough documentation. Hedging is not allowed – traders are obligated to close their oldest positions if they have multiple trades open on the same pair at the same time and of the same size. The US financial authorities do not allow foreign brokers to accept clients from the US – which is why you could read in the footer of many legitimate brokers that if you are based in the US, you should find a broker regulated there.
It is highly doubtful that a small broker like 24ForexTrades has managed to meet all these requirements and has remained completely unknown in the trading community. Working with someone licensed is what we would always recommend – since your broker would be answering to strict financial authorities and following many rules. Regulated brokers don’t incorporate companies with the idea to escape the law and rob people – this is what scammers do.
24ForexTrades TRADING SOFTWARE
24ForexTrades offers access to a generic web-based platform which was not half-bad but is nothing in comparison to the software MetaQuotes has created – the most famous platforms in the industry, MetaTrader 4 and MetaTrader 5.
Both MT4 and MT5 offer you the opportunity to trade pretty effortlessly because they are intuitive and easy to get used to. Although different other types of software have tried to overshadow MT in the past 15 years, these are still the platforms most traders decide to put their trust in. Both MT4 and MT5 offer functionality and virtually every trading tool you could ask for. You can use the Expert Advisors the software is famous for – trading bots that track that markets and trade automatically – create your own bots and indicators, or use the strategies other people have shared. The possibilities these platforms offers are really endless so go and get acquainted with them if you still have not.
24ForexTrades TRADING CONDITIONS
The broker did not have that much to say in terms of trading conditions – we were not even given access to any sort of official Terms and Conditions which is an enormous reg flag. You should always make sure to read through those carefully when conducting any sort of financial business – more often than not, you would be able to detect scammers through the huge inconsistencies and peculiarities in the Terms and Conditions.
We only established that the minimum deposit with 24ForexTrades is $50 after trying to deposit different amounts – they have not bothered to provide that information themselves. We could not find anything about spreads or leverage either – on the website or in the platform. This is quite unacceptable as the terms a broker offers are, of course, one of the elements that will determine if you would want to work with that broker or not.
24ForexTrades DEPOSIT/WITHDRAWAL METHODS AND FEES
The only deposit and withdrawal methods available with 24ForexTrades are direct transfers in different cryptocurrencies.
This is less than ideal as no legitimate broker would only have this payment method available – although it might be an option since cryptocurrencies are a completely legitimate payment method. The problem is that such payments are irreversible and you would only have to count on the broker’s good faith if you were to ask for a chargeback, Which, in the case of 24ForexTrades and other such scam brokers, would not be an option.
HOW DOES THE SCAM WORK?
It is amazing how simple such scams are and how alike they work.
It all starts with you are casually browsing on the Internet and seeing an ad for the scammer’s website. You are quickly impressed by the promises of an additional income and the possibility to make your life a little more like those of the rich and powerful. So you make a registration – after all, who would not want to earn a little extra so easily and without a lot of effort. The moment the scammers get access to your phone and email, they won’t leave you alone before you deposit. If you do, you will probably see you are turning into a master trader soon, beating all odds and earning even more than you expected – a trick aiming to make you invest more.
Time passes and you decide to withdraw. This is the moment one of two things will happen – the scammers will start making up additional taxes and reasons why you cannot withdraw just yet. If they don’t stop answering your phone calls immediately, that is – and that always happens at some point.
WHAT TO DO IF SCAMMED?
Don’t trust any so-called “recovery agents” that claim they could get your money back in no time. They will require a fee for that and disappear as soon as they receive that payment. This is a whole other type of scam taking advantage of desperate victims.
The reasonable thing to do is to ask your bank or credit card provider for help. With credit and debit cards, chargebacks are possible within 540 days. Cryptocurrency transactions are non-refundable so beware of any broker urging you to use that specific payment method. And don’t get your hopes up because unfortunately such situations rarely get a happy ending. If you have verified your account by sending a picture of a personal document or proof of address, the scammers might try to revoke your claim and say you have done everything voluntarily.
Make sure to change any passwords the scammers have received, notify the authorities, and let other people know about such scam – post about it online and don’t let others get lied to in the same way.