24iCapital review – 5 things you should know about 24icapital.com

24iCapital review – 5 things you should know about 24icapital.com

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Beware! 24iCapital is an offshore broker! Your investment may be at risk.

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24iCapital tries to convince us that it is “the number one trading company available today on the market“. The website also promises to make it easier for beginner investors to enter the financial markets. We don’t doubt that 24iCapital targets people with no experience, not to teach them how to trade, but to scam them. This is actually a typical fake broker and is highly advisable to be avoided.

24ICAPITAL REGULATION AND SAFETY OF FUNDS

Even a cursory glance at the website reveals why the 24iCapital is not trustworthy. 24iCapital is completely anonymous. Neither the website nor the Terms and Conditions name the legal entity that owns and operates 24iCapital. This is completely unacceptable, especially when your money is on the line. 24iCapital does not even provide an address or other contact information.

The only clue in the Terms and Conditions is a clause stating that disputes between the anonymous company and the customer will be resolved under current UK law.

But this is a highly regulated jurisdiction that does not allow anonymous websites to operate as financial service providers. For this purpose, a broker must be licensed by the Financial Conduct Authority (FCA). But we find nothing about “24iCapital ” in the regulator’s database.

It is quite obvious that 24iCapital  is not a licensed forex broker. If you want to trade on financial markets without being scammed, you can turn to some of the legitimate brokers that actually operate from established financial hubs like the UK. These brokers have to meet stringent requirements for financial stability and transparency of operations imposed by the FCA. They must provide clients with negative balance protection and to participate in a guarantee fund that covers up to GBP 85,000 of a client’s investment should the broker go into insolvency. These brokers are also required to keep their clients’ money segregated from their own operating funds in separate bank accounts.

24ICAPITAL TRADING SOFTWARE

Like most financial scammers of this type, 24iCapital uses a fairly basic web-based trading platform. The presence of a trading platform does not make this website any more legitimate and does not guarantee that this alleged broker offers real trading. Many scammers have trading software to fool their victims that their money is being invested.

This platform has the basic functionalities for displaying technical indicators and placing orders, but cannot be compared with the capabilities of the software used by legitimate brokers, namely platforms such as MetaTrader 4 (MT4) and MetaTrader 5 (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.

24ICAPITAL TRADING CONDITIONS

24iCapital claims to offer four types of trading accounts. The description of the trading conditions provides plenty of additional evidence that 24iCapital  is not a legitimate broker, especially one based in the UK.

The leverage offered reaches 1:100. It is not possible for a UK licensed broker to offer such risky levels of leverage. The FCA, like EU regulators, limits leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets.

24iCapita promises generous bonuses and promotions, which is again a practice prohibited to regulated brokers.

The cost of the trade is described in a way that is out of line with standard industry practices. 24iCapital claims to simultaneously charge fees as high as 7% and commissions as high as 2.5%. With legitimate forex brokers, the trader pays either only the spread, measured in pips, or a commission per standard lot of 100,000 currency units traded. This price rarely exceeds 20 USD per lot. So the trade that the 24iCapital allegedly offers is extremely disadvantageous.

According to the home page, the minimum deposit is 500 USD, but the FAQ section indicates a level of 250 USD. In comparison, a number of leading brokers allow you to start trading with token amounts as low as 50 USD.

24ICAPITAL DEPOSIT/WITHDRAW METHODS AND FEES

The home page advertises that 24iCapital allows deposits and withdrawals via credit and debit cards, Bitcoin, WebMoney, Skrill, Neteller, Sofort and QIWI. The legal documentation mentions wire transfer and Cashu.

But after registering an account we do not get access to a functioning deposit menu. It appears you need to send a request to the anonymous website owners to be directed to their preferred payment method. Scammers prefer cryptocurrencies because these transactions are not subject to refunds.

The Terms and Conditions specify a fee of up to EUR 25 for withdrawals by bank transfer. But you are unlikely to be able to make a withdrawal from the 24iCapital. If the account has received a bonus, withdrawals are prohibited until a very high minimum traded volume threshold is reached – 100 times the bonus amount. This is a very typical scam trap.

24iCapital  also charges a whopping 500 USD fee for inactive accounts. It is not clear after what period the account is considered inactive.

HOW DOES THE SCAM WORK

Many people are looking for ways to make money passively, but do not have the necessary knowledge to invest in the financial markets themselves. This makes them a target for the many online scammers posing as brokers. If you come across some of them and give them your contacts, you will be contacted by skilled scam artists who will assure you that they can take on the incomprehensible aspects of investing for you. You will only be required to invest and take profits.

But when you try to collect even just a fraction of your money, it will turn out to be impossible. Your supposed profits will suddenly evaporate, or you’ll find that you have to meet impossible traded volume requirements first. Fraudsters often insert huge withdrawal fees into client agreements amounting to 10%, 20% or even more. You won’t be able to hold scammers accountable because they hide behind fake names and shell-companies offshore. Scammers also typically use non-refundable payment methods.

WHAT TO DO WHEN SCAMMED

First of all, you should be very careful not to fall straight into the clutches of other scammers. Another common scam is to promise money recoveries from fake brokers for an upfront fee.

If you used a credit or debit card for the transactions, you can charge a chargeback. Visa and MasterCard have a long period in which they allow such requests – 540 days. But keep in mind that fraudsters can dispute if you have provided them with a copy of your ID and proof of address. It would also be helpful if you alerted the authorities in your country and other people online to the activities of the scammers.

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