Fx24trade Review – How We Exposed Fx24trade.io Scheme
Fx24trade presents itself as a place “where trading is a pleasure.” For us, it cannot be a pleasure trading with an illicit firm and never knowing if getting the money back is possible or not. These risks are just not worth a headache. To avoid it yourself, read this Fx24trade review and find answers to the most important questions about brokerage.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Headquarters Country:||Ireland (allegedly)|
|Minimum Deposit:||250 EUR|
|Types of Assets:||Forex, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||No|
What About the Fx24trade Regulation?
Fx24trade claims to be based in Ireland. However, we have no other information. Nothing about the company owner or the license. Ireland belongs to the Tier1 zone, and the Central Bank can be considered one of the firmest regulators. Upon checking the CB register, we found nothing about Fx24trade. It means that the broker is an imposter who may not even be based in Ireland but instead operating from an offshore country or any Eastern European boiler room.
How Unsafe Is An Unlicensed Broker?
Trading with unlicensed brokers is always an issue. You have no money-back guarantee, and the firm can easily vanish with your funds. If that happens, you have no relevant authority that could reimburse you, as’s the case when dealing with legitimate brokers. That’s why you should avoid Fx24trade and similar bogus investment companies.
Is Fx24trade a Legit Broker or a Scam?
Fx24trade is not a legitimate investment firm. The company is allegedly based in Ireland but doesn’t have regulation by the Central Bank. It provides financial services without any authorization, meaning that your funds are at risk.
Traders’ Reviews About Fx24trade
Traders are not pleased with Fx24trade. In fact, there are numerous negative reviews. The majority of them are focused on withdrawal issues. It seems that once you join the firm, you signed yourself for constantly paying the money and get nothing in return. Those who filed withdrawal requests found themselves without access to a trading account.
What Platforms Does Fx24trade Offer? – Available Trade Software
Fx24trade offers a proprietary WebTrader, bragging that their system is easy to use and no installation needed. Well, we wouldn’t say it’s an advantage, especially when you want to use the platform on your mobile device. Furthermore, web-based servers are not reliable, and your information is stored online, meaning it’s accessible to any hacker.
In addition, scam brokers can access your trades and change them accordingly, showing you high profits and using them as a lure to pressure you to invest your entire life savings.
If you’re considering investing, we advise you to look for a firm providing reputable software, such as MT4 or MT5.
All About Fx24trade Accounts
There are four different account types clients can choose from.
- Silver – 250 EUR
- Gold – 10,000 EUR
- Platinum – 50,000 EUR
- VIP – invitation only.
Accounts differ in the number of tradable assets, bonuses, spreads, and leverage.
Fx24trade.io Broker – Countries Of Service
Most reviews and comments about the broker come from:
However, this illicit broker has no boundaries and operates worldwide. Be aware of it, and don’t buy any story Fx24trade is trying to sell you.
Fx24trade.io Range of Trading Instruments & Markets
Customers can trade-in:
- Currency pairs – EUR/USD, GBP/USD
- Commodities – gold, silver, oil
- Indices – NASDAQ, FTSE100
- Shares – Amazon, Apple, Tesla
- Cryptocurrencies – BTC, ADA, ETH
Bonuses – As A Method Of Fraud
Starting with the Gold account, clients are entitled to bonuses. However, it doesn’t come for free. While broker’s employees will try and tell you that the company wants to participate in your winnings and losses, the truth is hidden in the Terms and Conditions.
Anyone who accepts bonuses from a Fx24trade broker cannot get a withdrawal before repaying the bonus plus the initial deposit 30 times. You do your math.
Customer Support – Communication Channels
Each broker has its own way of contacting customers and persuading them to invest. According to Fx24trade reviews, this firm uses phone calls, emails, WhatsApp messages, and social media. If you have ever signed up for online trading, you can expect many phone calls and messages, as well as emails with different offers and promotions.
If you haven’t registered yet, you may be approached through Instagram and Facebook and prompted to invest based on fake profit guarantees.
Fx24trade.io Minimum Deposit
The company requires a relatively standard minimum deposit of 250 EUR. However, the firm is illicit, and you have no money-back guarantee. Therefore, you cannot invest with this broker and risk even a penny. Instead, find regulated firms and invest a small amount. Be safe and secure.
Fx24trade Trading Conditions
Unregulated brokers determine their own trading conditions without following any rules.
High Leverage And Spreads
Fx24trade has never specified a spread. We only know that by upgrading your account, you’re getting lower spreads, but the number remains unknown. The leverage goes up to 1:400, proving that the broker cannot be Irish-based. EU regulators have a limit of 1:30 for the Forex market and only 1:2 for cryptocurrencies.
Fx24trade Deposit, Withdrawal Methods, and High Commissions
The only payment method Fx24trade accepts is crypto. The deposit is processed through third-party software called Shinepays. Since we’ve never heard of it, we advise you to stay away from Fx24trade and invest your money with any legitimate firm.
Withdrawal fees and the minimum amount are not specified, meaning the account manager can charge you any high amount according to their own will.
Scammed by Fx24trade Broker? – Let Us Hear Your Story
Fx24trade is a fraudulent broker. If you fall victim, don’t hesitate to report it. Our chargeback specialists are here to hear you out and help you find the best recovery solution.
But What Is A Chargeback?
A chargeback is a way for your bank to recover your funds directly from the merchant. Contact us via online chat to book a free consultation and get your money back before it’s too late!
What Is Fx24trade?
Fx24trade is an online Forex and CFD trading provider without a license.
Is Fx24trade a Scam Broker?
Fx24trade is a scam broker without any regulations.
Is Fx24trade Available in the United States or the UK?
The broker is available in the UK but not in the US.
Does Fx24trade Offer a Demo Account?
There’s no Fx24trade Demo account, only Live ones.