Beware! Cornerfxtrade24 is an offshore broker! Your investment may be at risk.

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Cornerfxtrade24 wants us to believe it is a regulated broker with decades of experience offering the most advanced technology solutions for forex trading. Fact checking reveals another reality – Cornerfxtrade24  is an anonymous website with no authorization or functionality to offer financial services. It is in your best interest to stay away from Cornerfxtrade24.

CORNERFXTRADE24 REGULATION AND SAFETY OF FUNDS

When you visit the website of a legitimate broker, you can expect to find on the index page details of which legal entity owns and operates it, where it is based and what regulatory regime it is subject to. However, on the Cornerfxtrade24 website, we only see the statement that “cornerfxtrade24 is authorized and regulated in various jurisdictions”. It is not clear which company is behind the website, there is not even a contact address listed. This information is also missing from the Terms and Conditions which can be found on the website.

Among the links on the website is one to a supposed “Legal Certificate”. This apparently fake document again lacks a company name but gives a UK address and reference number. To operate in the UK, a broker must be authorised by the Financial Conduct Authority (FCA). A check of the regulator’s database shows that the address and reference number listed belong to Corner Market Ltd, a dormant company without a registered website.

Financial fraudsters often illegally use the details of legitimate companies. Another European regulator, Italy’s CONSOB, explicitly warns that Cornerfxtrade24 are undoubtedly scammers:

Under no circumstances should you trust your money to such anonymous sites full of false and contradictory information. Instead, you can turn to one of the many companies that really work under the supervision of respected regulatory bodies like Cyprus Securities and Exchange Commission (CySEC) or Financial Conduct Authority (FCA) in the UK. As their customer you will enjoy a number of guarantees including negative balance protection and guarantee for your funds if the broker goes bankrupt, which goes up to EUR 20,000 in EU and 85,000 GBP in the UK. Regulations in the UK and EU include some important measures designed to improve investor protection and promote market integrity and transparency, such as transaction reporting. Regulated brokers are also required to segregate their operational funds from the client’s money.

CORNERFXTRADE24 TRADING SOFTWARE

Cornerfxtrade24 claims to use the most popular platform among brokers worldwide, MetaTrader 4 (MT4). However, there are no links on the website to download the software. After registering an account, we get access to a simplified web paltform, which is not the MT4 browser version.

While the platform has the basic features for placing orders, customizing charts and application of technical indicators, it lacks the more advanced functionality found in MT4 or the newer version of the software MT5. These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

CORNERFXTRADE24 TRADING CONDITIONS

There are four types of trading accounts described on the Cornerfxtrade24 website- Micro, Standard, Premium and VIP. The minimum deposit is 250 EUR/USD – which is too high considering that many legitimate brokers allow you to start trading with no or very low minimum deposit.

The trading conditions quoted are close to the industry standard – a spread from 1 pip or a raw spread plus a commission of 6 USD/5 EUR per round turn for standart lot. But we have no reason to believe that Cornerfxtrade24 offers genuine trade. The trading that scammers of this type offer is entirely fictitious and serves to deceive you into believing that your money is being invested.

The main page of the website claims that Cornerfxtrade24  offers leverage up to 1:1000. The description of the account types indicates a level of up to 1:500, and the client pore states 1:100. Such inconsistencies are typical of scammers. But more importantly, all of these variations significantly exceed the levels allowed for regulated brokers – which is further evidence that Cornerfxtrade24 is not one.

High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders. The FCA, like EU regulators, limits leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets.

The website also mentions bonuses, but nowhere are the terms of these bonuses specified. This again proves that the Cornerfxtrade24  are scammers because bonuses and promotions are banned by financial regulators.

CORNERFXTRADE24 DEPOSIT/WITHDRAW METHODS AND FEES

Cornerfxtrade24 provides only one option for depositing money – the unknown provider Cardpayz. The only thing we can say about this highly questionable payment method is that it has been used by other fake brokers we have encountered.

Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as PayPal, Skrill and Neteller.

The text of the Terms and conditions states that  withdrawals are subjected to withdrawal processing and handling fees. Тhe amount of these fees is not specified. However, we can be sure that their amount will be excessive. Cornerfxtrade24 also does not allow withdrawal in the form of refund.

HOW DOES THE SCAM WORK

There are many scammers lurking on the internet, luring people with promises of easy riches. These scammers arouse the curiosity of their potential victims through online ads, videos, comments and other content on social networks. Often the initial hook is get-rich-quick tips that link to websites and mobile apps of fake brokers or fake investment firms. After clicking on the ad or downloading the mobile app and having given their contact details, the victims are usually swiftly called by fraudsters presenting a concrete “investment proposal”.

These scammers are very aggressive and often even try to persuade the victims to allow them to take control of their computer remotely in order to make certain money transfers. The fraudsters also try to convince the victims to invest increasingly higher amounts of money. They also make promises of repayment in exchange for one last money transfer. This is a technique to collect even more money from their victims. When you try to withdraw your money, your request is blocked by hidden conditions and huge fees. Fraudsters can also simply disappear because they hide behind fake names and offshore companies.

WHAT TO DO WHEN SCAMMED

First of all, it is important that you do not try to recover your money by trusting people who claim to offer such a service for an upfront fee. These are also 100% scammers. If you used a credit or debit card for the transactions to the scammers, you could ask for a chargeback. But such a claim could be disputed if you provided the scammers with a copy of an ID or proof of address. Scammers usually get their victims to use cryptocurrencies that don’t allow refunds. In any case, it is advisable to inform the relevant financial authorities in your country and spread the word online to warn others not to fall into the same trap.

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