24Trading: Analyzing Trading Conditions and Account Types
While reviewing the brokerages for you, we put the main focus on the companies being blacklisted by some regulatory body. These are companies you should always avoid, regardless of how good their offer might sound. Read our 24Trading review and find out everything about this unregulated company.
|Regulated by:||No regulation|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Supported Platforms:||Web trader|
|Types of Assets:||FX, commodities, indices, shares, cryptocurrencies|
24Trading Regulation and Security
The brand is owned by Grey Matter Enterprise Ltd based in Saint Vincent and the Grenadines. The broker does not have any regulation whatsoever. Once we checked the company, we found another brand of the same owner, SolidInvest. More details about this broker you can find in our SolidInvest review.
The company is not regulated and saying so, we can say it’s not safe nor secured for clients to invest with such a brokerage.
Warnings From Financial Regulators
We found a couple of warnings against the owner of 24Trade – Grey Matter Enterprise Ltd. The company was accused of fraud in several EU countries.
Grey Matter Enterprise Ltd is blacklisted by the German BaFin and warned not to provide services in this country.
The same warning came from the Italian CONSOB.
Besides these regulatory bodies, the Spanish CNMV warned their citizens against the company and invited everyone scammed to file a complaint.
Withdrawal issues with 24Trading
As many clients reported, it’s nearly impossible to withdraw the funds from 24Trading.
In terms and conditions, we can see that the minimum deposit is $250, while in the account types we can find the minimum of $3,000. This made us a little bit confused.
However, whatever is the amount you decide to deposit, a low chance that you will get any money back. As per 24Trading reviews, clients cannot access their accounts after the withdrawal request has been submitted. Also, the so-called account manager does not answer phone calls nor emails anymore.
The company states that withdrawal can be made to the same account or card used to make a deposit. However, it’s done proportionally to deposit made using this particular method. Meaning that if your withdrawal amount exceeds your deposit amount, there is no option to get the fund difference until making the next deposit.
Also, what we found strange is that the company says fees might apply, but we couldn’t find the list of fees anywhere.
It takes 3-5 business days to process the withdrawal request for bank transfer and 1-2 days for card withdrawals. In addition, it takes up to 6 business days for the funds to be transferred to your account.
However, since there is clearly a withdrawal issue, be aware of it.
Scammed by 24trading?
If you were in any way misled or scammed by 24Trading, we advise you to report it immediately. You are not the only victim of the 24Trading scam and there is a way to get your funds back. You need to file a dispute and request a chargeback.
But what is a chargeback? It’s a way to return funds to your account in case you were scammed.
Contact us via chat immediately and let’s start the procedure!
What is 24trading?
24Trading is an unregulated offshore trading brokerage.
Is 24trading a scam?
The broker is not regulated and blacklisted by several authority bodies.
Is 24trading regulated?
No, the broker doesn’t have a regulation for providing financial services.