24livetrades.com is a website that claims to offer Forex and Binary automated trading and investing.
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24livetrades claims that they will return 90% of your capital in the first week.
We doubt these claims, and for that reason, we won’t include this company into our list of recommended trading and investing companies/vendors.
In addition to this, the website is alleging that they they will trade EUR/USD, GBP/USD and 114 other assets to produce daily returns for investors.
24LiveTrades marketing materials suggest that thousands of users are registered on this website.
However, the alexa ranking of this broker indicates that the website does not receive more than 10 visitors per day.
On top of that, the domain where the website is hosted at was registered in 2018 but the current owner has since concealed their internet history to make it difficult for investigators to trace their previous activities.
This makes 24livetrades.com a very suspicious website and broker for that matter.
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We start with ownership details of this website.
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Clearly the about us page does not provide any meaningful insights regarding who these people are and what their experience is.
We do not want to “invest” with a website that is run anonymously as this could be a scam.
If they are legitimately trading and investing in Forex and Binary options, they should not shy away from introducing their team members.
The only identifying information that 24livetrades.com has provided is a virtual physical address.
This address does not lead to the premises of this broker. In fact, when we searched the address on Google, it did not lead us to the actual location of this broker or their offices for that matter.
It appears this broker is determined to maintain anonymity.
24livetrades.com does not actually trade
We signed up just to find out what was going on under the hood.
The website owner seems to have purchased a dirt cheap broker script from the internet to set up this shady operation.
The dashboard contains a demo where users choose whether the price of an asset will go up or down.
Of course this script is designed to look like a game and the earnings that are accumulated on the dashboard and definitely fake.
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The anonymous owners of 24livetrades.com claim that once investors deposit some money, they will trade this money for profit.
However, when we look carefully into the platform, we fail to find evidence of trading.
The only evidence we could find is that this website is running a HYIP.
A HYIP is a shady business operation where investors are paid from new deposits, and majority of people eventually lose their money in this kind of setup.
When there’s no trading, there’s no investing. It’s as simple as that.
But if there’s trading, the broker must present us with an MT4 trading account where we can actually trade for ourselves or assign an experienced asset manager to do it for us.
As you can see, this website lacks the features of a fully-fledged broker.
They’re not licensed or regulated
When you “invest” with 24livetrades, you will lose your money because they are not regulated by any financial watchdog.
Even their location is anonymous, which makes us conclude that they’re a scam.
A professional and well-established broker must be licensed before they can provide trading and investing services to the public.
24livetrades.com exhibits the true characteristics of a scam.
The owners are anonymous, and thus we cannot verify their identity and professional background.
Furthermore, the website has silly rules that automatically deny investors of their rights.
For instance, they can only allow investors to withdraw 70% of their deposit and not all of the balance.
We actually don’t have any assurance that they will process any withdrawals.
Once victims send money to such a website, nothing can ever be recovered.
Thanks for reading this review. Steer clear of Forex and Binary options scams such as 24livetrades.com.