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While there is no doubt that financial trading has the potential of helping you make massive amounts of money, you shouldn’t forget that it also comes with risks. Yes, there are inherent trading risks due to the volatility of the financial markets, but that’s not all. With online trading, you also have to consider the risk of falling pretty to scams and frauds that happen quite routinely. In fact, they have become more common than you would expect, even though people should have learnt how to identify scam brokers. Why hasn’t that happened? This My24coin review can shed some light on the matter.
First off, it is essential to bear in mind that the number of brokers continues to increase with each passing day, keeping up with the demand. This has given cybercriminals the perfect opportunity to exploit people, but they have had to up their game because everyone is now cautious because they are aware of the existence of these fraudulent platforms. Therefore, spotting these scammers is harder than ever, as they appear to be quite legitimate by design.
At first glance, you will not be able to tell if the broker is a genuine one, or just another scam. It is only through evaluating their offerings and claims that you can get to the bottom of it. This applies in the case of My24coin as well because it seems to be a legitimate platform at first glance. It is only through a closer look that you learn the numerous problems associated with the brokerage and come to a conclusion about it. Are you ready to find out? This review can give you some answers:
Regulation and Licensing
The easiest way to find out whether a broker is worth your trust or not is by checking their regulatory and licensing status. A company that has a license to operate and is monitored by a regulatory organization is worth trusting because you know there will be accountability and transparency. But, brokers that are unregulated and don’t have a license are a question mark and cannot and should not be trusted. The problem with My24coin is not just that they are unregulated and don’t have a license; it is that they lie about it.
First off, if you take a look at their location, you will discover that they claim to be owned and operated by a company named 24 COIN HRS LIMITED and it is based in London, United Kingdom. At least that’s what the address on the website indicates. As far as regulation is concerned, My24coin states that they are under the oversight of Lebrn.com. This is basically a made up regulatory body and other shady companies have also credited it with their license.
The fact is that for a brokerage to exist and operate in the United Kingdom, it would have to have a license from the Financial Conduct Authority (FCA), which is the regulatory body of the region. But, you can run the name of My24coin and its parent company in their online register and you will not find them listed anywhere. Thus, this indicates that either they are lying about their location altogether, or are operating illegally because they do not have a license.
Terms and Conditions
After going through the regulation and licensing details of a brokerage, you should also check out their Terms and Conditions for knowing what to expect from them. A look at the Terms and Conditions of My24coin just provide additional proof of the company’s fraudulent practices. These are downright malicious in nature and are only meant to exploit people, as you will soon realize.
First off, is the bonus policy and it should be noted that brokers operating in the UK cannot offer trading bonuses because they are forbidden by the FCA due to their exploitative nature. Yet, My24coin is offering these bonuses and it has added a non-deposited funds clause, which is just an excuse to prevent people from making withdrawals. As per this clause, traders’ profits from trading bonuses are ineligible for withdrawals, while those from their own deposits can be withdrawn.
The problem is that there is no way to distinguish between the two profits, which means that My24coin will simply deny all withdrawal requests. In addition, if you wish to withdraw bonuses, they require you to achieve a minimum turnover, which is so high that no one can reliably achieve it. More worrisome are the withdrawal charges and fees that they have mentioned in the Terms and Conditions.
These indicate that traders have to pay a fee of $35 and then also a 10% levy is applicable on accounts that don’t meet the turnover requirement. Lastly, a very high inactivity fee is also charged and no authentic broker would ever have such excessive fees.
You will find that My24coin is promising a leverage of 1:1000, which is excessively high. If it was truly operating from the UK, it wouldn’t have been able to offer such ratios because the FCA has forbidden brokers to do so. In fact, such high leverage is not permitted in plenty of other regulated markets as well.
The problems with My24coin don’t end as yet because there is still the trading software to take into account. It is a well-known fact that the MetaTrader platforms are the best ones in the market and this broker is offering the MT4 to draw people in. However, this turns out to be a false claim because My24Coin’s distribution is branded by another company. This should immediately send up a red flag because no authentic broker would do such a thing. A web-based platform is also provided, but it doesn’t hold a candle to the MT4 or the MT5 for that matter.
The breaking down of the many claims that My24coin has made on their website indicate just how elaborate this scam really is. You will not have any trouble realizing that this broker does not deserve to be trusted and you should avoid it at all costs.