Today’s review is about a new Forex broker called 24FinTime.
24FinTime.io fails to disclose ownership information on its website. However, we already know that this company is new since their website was registered in April 2020.
In addition to making the mistake of not disclosing their ownership details, the broker is not disclosing their location either.
Lack of transparency is the biggest problem that affects the integrity of 24 Fin Time.
24FinTime does not even talk about their licensing or regulatory status.
This review is going to discredit the service because critical information is missing throughout the official website.
Even if you’re going to skim through this review, we want you to get the exact details and why we do not feel safe trading with 24fintime.io.
The only thing that they are focusing on is to tell traders what products they offer and the supposed advantages of using their service.
Currently, support is provided via 2 phone numbers (+7 495 957 48 47 and +7 495 957 48 45) and 4 different email addresses.
The following table highlights details of their account types:
|Stock CFDs||1:10(US shares), 1:3 (Europe shares)||N/A||$250|
|ECN Pro||1:200||Starting 0||$250|
The broker is advertising fast execution trading with servers based in US and Europe.
Trading is provided through two software namely WebTrader and MetaTrader.
These two platforms are provided by nearly all brokers, so it does not set 24FinTime apart from the competition.
Deposits and withdrawals are processed through MasterCard, Visa, Wire Transfer and Piastrix.
Withdrawal processing time can be up to 5 days, which is a very long time indeed.
Even if we were to use this broker, we would complain since the billing department is inefficient.
In addition to this, the broker levies a fee of 10% if accounts are inactive for at least 6 months.
A word on Spreads
We tested the EURUSD pair and found that spreads were floating at 1.8.
The most reliable Forex brokers will charge 1.3 or less. So 24FinTime is a very expensive broker to trade with.
This Forex broker disregards the rule that requires all brokers providing financial services to have a license.
It is illegal in all countries. The UK regulates brokers through the FCA financial watchdog.
In the US, brokers must be regulated by the CFTC and SEC if they promise ROI to their clients.
It is illegal to provide financial services to citizens of the United States if you are unlicensed.
However, 24FinTime.io is accepting US citizens without flinching.
Not only is this illegal, but it is also a common hallmark of scammers running doggy financial services.
Is 24FinTime Legit or Scam?
You do not need additional information to establish that anyone who sends money to this broker will never get it back.
This is the sad truth with offshore, unregulated brokers who run anonymous companies such as this particular one.
In short, this company is a scam. It cannot be legitimate.
We’ve never encountered a bold scam like 24FinTime.io.
They are confident yet very canning. Their website is aesthetically attractive which ensures that they can capture as many victims as possible.
As soon as you “invest”, they will stop picking your calls and can even blacklist you altogether.
You must avoid doggy Forex brokers like 24 Fin Time.