Welcome to the 24fxtrade.com review. The site is definitely hosted at 24fxtrade.com and claiming to offer trading in Forex, Commodities, Shares, Crypto and Indices. At the same time, the site is allegedly offering managed trading accounts through their “100% automated trading system” which minimizes risks while increasing returns.
While 24fxtrade sounds convincing, our review team investigated and found out that it is not safe to invest with 24fxtrade.com.
Is 24fxtrade.com legit? Is it a registered and licensed broker? Did they introduce the owners of 24 FX Trade?
We’ll address all of these questions in our review.
It’s not clear what business that 24fxtrade is engaging in. We sense a lot of lies and misleading statements on their promotion material. On one hand, they claim to offer trading in over 114 Forex pairs.
On the other, they claim to offer automated trading in binary options where investors are told they will collect ROIs at the end of an investment period.
This is how scams like Intel-mining and Bithouse mining option run their shady operations. 24fxtrade marketing materials states that the company values integrity, quality, accountability and efficiency.
If this is the case, we would like to know the name of the company behind 24fxtrade and their background as well.
We don’t want to be told of a non-existing company used in the promotion material for the sake of convincing the financially unsophisticated.
The truth is that this physical address “Beylis Forte New York, NY 8577” is leading us nowhere.
24fxtrade has not disclosed details about their company or the people who run it. They’re only providing us with a virtual address in order to make them look legit when they’re not.
These red flags are definitely a giveaway and if you don’t believe us, then we recommend reading the rest of this review because we’ve tackled some issues which need to be thought about.
24fxtrade review: they’re not regulated
Binary options trading is controversial and to some extent illegal in the US. There’s no way that 24fxtrade or any other broker can legally offer them to traders in the US because they’re unregistered.
Secondly, 24fxtrade is offering managed trading accounts where their alleged automated trading system generates ROIs for investors.
Any broker offering return on investment by soliciting funds from members of the public must be registered with the Commodity Futures Trading Commission (CFTC). In fact, brokers and traders engaging in “investing activities” without the knowledge of the CFTC or SEC are assumed to have committed a felony.
If indeed 24fxtrade is a legit broker dealer, they should display their license status on their website.
So far, this information is nowhere to be found on their website. It is either they’re lying about their address or are illegally operating in the US.
24fxtrade review: Who are the people behind this broker?
A professional and well regulated broker does not shy away from introducing their team. Before you invest in a managed account, you need to know about the team’s experience in the financial industry.
This often involves knowing the names of the account managers and where they’ve worked before.
This information is often found in their respective LinkedIn profile.
Unfortunately, scammers don’t bother going this far because they’re simply too lazy to create a profile and secondly, they never have a financial background in the first place.
Their purpose is to scam you by purporting to offer investing services when they are actually not offering any trading services.
This broker’s administration is completely anonymous. It seems that 24fxtrade is a one man army where the thief hides in a basement somewhere in an offshore location.
Whatever the case, always be wary of sites that ask you to send Bitcoin or Western Union funds when the owner is not willing to disclose their identity.
By the way, the names of the people listed on this site are fake. Their pictures are also animated so as to make it impossible to check their images on Google.
24fxtrade Review: not a true broker
They even claim to offer leverage of up to 1:400. But where exactly is the trading platform? Do they offer a trading platform like MT4 or MT5 for example?
Brokers must allow traders to trade for themselves using these platforms. If they are offering managed accounts as a separate service, they should clearly say so and provide proof of performance.
This scam site is doing the exact opposite. They are neither offering a trading platform nor trading for their clients.
They are basically operating like a ponzi scheme. They are operating like a scam cloud mining site called Ultra-miner.com.
If you’re coerced to send Bitcoins, don’t do it. It isn’t fun to lose your Bitcoins to an obvious scam like 24fxtrade because you’ll regret it. You need to ask yourself why they’re purporting to provide a financial service without a regulator’s license. You need to know about their financial background as well as details of the company behind it (if any). You should also listen to your gut feeling.
Thanks for reading our 24fxtrade review. Now you know that this is a silly fraud, a cheap one!