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One of the biggest trends that have emerged in the last few decades is that of online trading and it has not shown any signs of slowing down any time soon. The coronavirus pandemic also drove people towards the financial markets and this has seen trading volumes reach new heights. Consequently, the demand for online brokers has gone up because they play an instrumental role in the process. You cannot start trading without their services due to which everyone is looking for a reliable platform to begin. But, this is easier said than done because there are some companies that need to be avoided completely. This Fx24trade review gives you an example of such brokers and you need to be familiar with them.
Why? If you are unfamiliar with such brokerages, then you could possibly end up getting scammed and all your money will go to waste. This is an outcome you want to avoid at all costs and it can only happen when you know how these fraudulent schemes operate. Most people are under the misconception that they will have no trouble in spotting a shady platform because they will come with some warning signs, but this is not true. Gone are the days when these fraudsters did not have decent websites, so you were able to understand that they were not to be trusted.
These days, things have changed because of the availability of software and now anyone can devise a professional and top-notch website. Thus, you cannot simply distinguish a fraudulent website from a genuine one just by looking at it. Instead, you have to make some effort to find out why a particular company should be avoided. It means you should take a close look at their offerings to see if they are genuine, or if they should be avoided. The same should be done in the case of Fx24trade, a platform that claims to be a trusted and renowned forex broker.
You will find that Fx24trade promises consistent income to traders all around the globe and claims to be fully regulated. Furthermore, it aims to revolutionize the forex trading industry by offering people pricing that was only previously available to high net worth individuals and investment banks. All of this sounds very spectacular, but is it really true? Let’s take a closer look:
No licensing and regulation
You should always look for a licensed and regulated brokerage because they can offer you protection that you cannot find elsewhere. These companies have to comply with high standards and rules and also need to be transparent and open about their services. One of the biggest claims that Fx24trade makes is about being fully regulated and this will definitely attract your attention. The brokerage also claims to have its headquarters in Ireland, which means that it should have a license from the regulatory authority there.
This would be the Central Bank of Ireland (CBI), but if you check the online register of the authority, then you will not find Fx24trade listed there. It means that the brokerage is lying about its regulation and so you cannot trust the credibility of the Dublin address it has provided either. Moreover, when you take a look at the address, you will see that it does not amount to much either. The address does not make a difference either.
Malicious bonus policy
It is necessary to go over the Terms and Conditions of a brokerage before you sign up with them because you want to be sure of what you are agreeing to. Doing so with Fx24trade is also a good idea because it gives you further reasons to avoid this broker. When you go over their Terms and Conditions, you will discover that they are offering trading bonuses to their clients. Is this a problem? Yes, this is a big problem.
First off, Ireland is part of the European Union where it is forbidden for online brokers to offer trading bonuses to their clients. As Fx24trade claims to have its headquarters there, it should not be offering these bonuses either. Yet, it seems to be breaking the rules and this shows that there is something fishy about it.
Secondly, when you check the bonus policy of Fx24trade, you will find just how malicious it is. The policy states that traders have to fulfill a minimum trading volume requirement before they can make a withdrawal. You should bear in mind that a genuine company would never stand in the way of your withdrawals. It gets worse because Fx24trade has even added that it can change their bonus policy whenever they want. This means that if you come close to fulfilling their turnover requirement, they will simply change it to ensure you cannot make a withdrawal at all.
Excessive leverage ratio
Another offering of Fx24trade that you will come across is leverage, which is a vital part of the trading process. You will find that the brokerage is offering leverage ratios as high as 1:500 and this is definitely a problem. Brokers in the EU are not allowed to offer such high leverage ratios because they are very risky. In fact, regulatory authorities have imposed a cap on the amount of leverage that can be offered and this goes way beyond it. This is also a solid reason to avoid this brokerage.
Only crypto payments available
The payment methods that a broker offers are also importance because you want to be able to make your deposits and withdrawals easily and get your money back when you want. Unfortunately, this does not seem possible in the case of Fx24trade because when you check their payment options, you will discover that they only support bitcoins. This is very typical of scam platforms because bitcoin payments are final and irreversible. It does not come with the option of chargeback, so you will not be able to get your money back if you want.
Due to these problems, it is apparent that you should avoid Fx24trade because it does not bear any indications of a legitimate brokerage.