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With everyone talking about the financial markets these days, it is not surprising that many people want to try their luck with online trading. Since you don’t need copious amounts of money to trade and neither are there any other barriers to entry, it can be very appealing. You just have to find a good broker to begin, but this is no piece of cake either. You have to remember that not all companies that claim to offer you trading services are legitimate and there are twice as many scams that exist. Therefore, you have to proceed with caution, lest you fall into a trap. This INVESTS24 review can shed some light on this dilemma.
A look at the website of INVESTS24 gives you a good impression and many like you would think about opening a trading account with them right away. But, even if they are a legitimate platform, not doing your due diligence is a grave mistake. Every trader is different and their expectations, requirements and preferences vary, so they need to find a platform that fits the bill. This doesn’t mean that every legitimate broker can suit your needs, so you have to be diligent. Let’s take a close look at INVESTS24 to find out the truth about this broker:
Regulation and Licensing
The easiest way for you to distinguish between a scam and a legitimate broker is through their regulatory status and licensing. The former category will never be licensed and regulated because they will simply not be able to meet the tough criteria that’s usually required for this purpose. They would not be able to exploit clients because standards have to be maintained. Therefore, you need to check whether INVESTS24 is licensed and regulated or not and unfortunately, they fall in the latter category.
As a matter of fact, it seems that INVESTS24 is actually outright lying about their licensing and regulation. According to their claims, they are operating from Germany and if that were the case, they would have to have a license from The Federal Financial Supervisory Authority (BaFIN) and yet, it is not listed in its register. Secondly, the brokerage cannot be licensed in Germany at all because they offer trading bonuses, a practice that’s not permitted in the European Union because of their malicious clauses.
This doesn’t end here because you will come across another claim of regulation at the INVESTS24 website; they state they are regulated in Mauritius. While the region is a bit more lax in terms of regulations, you will not find the brokerage listed in the Mauritius regulator’s register either, which means this is another lie.
Now, the question is where exactly is INVESTS24 based and you will discover that they are registered in the Commonwealth of Dominica, which doesn’t actually count because it is considered a haven for scam brokers. This is because this offshore jurisdiction does not regulate its forex markets in any way, which means the registration does not really make a difference. You will be dealing with an unlicensed and unregulated brokerage, which is more likely to be a scam.
Terms and Conditions
When you are signing up anywhere, you will be asked to agree to some Terms and Conditions and the same is true for an online broker. However, this doesn’t mean that you just agree to them without taking a look because you need to know what you are getting into. These dictate the policies the broker implements and the costs they charge. You will find that INVESTS24 has some downright malicious Terms and Conditions on their website.
As mentioned earlier, trading bonuses are offered at INVESTS24 and traders cannot withdraw them until they achieve a certain turnover. The problem is that they have not specified how much turnover they have to have. Secondly, they require clients to deposit five times the bonus amount in order to make a withdrawal. Again, this doesn’t make sense because no authentic and legitimate broker would ask people to deposit more money to withdraw their own money. It is just a tactic to get more money from people and to prevent them from withdrawing it. This is primarily why trading bonuses were banned in the first place.
You would also want to know how much leverage a broker offers to you because it affects your trading flexibility, but you will find that INVESTS24 doesn’t offer any leverage. As a matter of fact, it appears that they are misleading people about the services they offer because there aren’t any CFD trading products available on their platform. The only thing they let you do is buy and sell crypto assets and nothing more, which is surprising because they have advertised themselves as a forex and CFD broker.
Of course, taking a look at the trading software you are provided is also a must because you want to be able to trade easily and have access to the best features and tools. You will find a web-based platform offered to you at INVESTS24, but you cannot really call it a trading software. This is because there really isn’t anything to trade, so it doesn’t really matter. Therefore, you cannot even compare this web-based platform to the market-leading and award-winning MT5 trading platform that offers the tools and technology that can make trading easy and hassle-free for everyone.
Checking the payment methods supported by a broker is a must for your deposits and the fact that only crypto deposits are available at INVESTS24 means they are a scam broker. This is because crypto payments are a favorite of shady companies as they are permanent and relatively anonymous. They are not eligible for a chargeback as in the case of credit card deposits. When you combine this with the other issues highlighted above, scam is your answer.
After you have gone through the different aspects of INVESTS24, it is not that tough to conclude that you are dealing with a scam broker that you shouldn’t engage with at any cost.