Estimated reading time: 5 minutes
Trade-24 Forex brokerage is a platform that has been misleading traders for a number of years now. Trade-24 is infamous for refusing to process withdrawal requests, forging licensing information and accepting zero responsibility for clients who end up losing all their funds in the hands of Trade-24.
Whereas a few industry sites have already began combating this fraud by exposing false brokerage platforms like Trade-24, it seems that their efforts have not been sufficient enough to deter traders from a fraudulent investment brokerage like Trade-24.
This unbiased review will discuss all the reasons why you should avoid this false brokerage by all means. Some time in January 2017, Trade-24 actually announced that they were in the process of acquiring Cysec licensing with the intention of making amends to their past track record. Fast forward to 2018, it is still not yet clear whether Trade-24 successfully applied and got a license.
We strongly believe that this is the culture of impunity in the Forex trading industry. We definitely have to talk about it in this review.
Their website claims that Trade 24 is an award winning Forex brokerage website which focuses on good user experience among other things.
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Note: If your language is not English, you should use the language dropdown menu at the top right hand side of their page to select your language.
They also claim that they are on a mission to provide a platform where investors would be able to start their careers to path of financial freedom. Besides, they claim that they have been striving to provide the best customer support ever.
You might have dedicated some time to researching feedback about this brokerage platform. If you did so, you might have noticed how user feedback is contradicting what this website tells its visitors. We are better off believing customer feedback than risking our money based on what is written on the website of Trade-24.
The website claims that the operations of Trade-24 are overseen by a company called Moslok Limited. That company is supposed based in Cyprus. Their location is Spyrou Kypianou 57, M. Frangos Court, 3rd Floor, 6051, Lamaca, Cyprus.
Unfortunately, we were not able to locate the presence of Moslok Ltd in all Cyprus registers. This could suggest that Moslok does not exist at all.
This leave us with only two identifying information. This would be a couple of email addresses and demographic-specific phone contacts on their website. Obviously the site won’t mention the owner, operators of CEO of Trade-24. These details seem to be their top-most secret.
This lack of identifying information is a huge red flag. It shows that Trade-24 is on a quest to remain anonymous so that they an continue stealing funds from their traders. If they can make it difficult for people to trace them, they can avoid a lot of problems which are likely to arise in the processing of fleecing their customers. You can bet that they don’t want issues.
Apart from the live chat feature on this site, they only have two email addresses where customers can reach them. But since they are an anonymous brokerage service, it would be risky doing business with them. Providing two email addresses doesn’t instill confidence in people who have heard their bad reputation.
Obviously they run the popular MT4 charting solution. Now, the inclusion of the popular MT4 charting solution does not say anything about the authenticity of this brokerage. Instead, it tells traders that investing in Forex is a real option with this brokerage.
The brokerage also claims that investing in CFDs is also a possibility with this brokerage. Unfortunately, we are yet to confirm whether this is true because we haven’t come across any CFD-related options.
Trade-24 supposedly offers free trading signals, access to education centers and a VPS service. This depends on the account which you choose to open with them. The first two accounts (Gold and Platinum) are offering a bonus of 40% and 50% respectively. In addition to this, Trade-24 claims that they are offering ECN-type of account for those who would like to take advantage of ECN market conditions.
You can rest assured that consumer feedback towards this company is not exactly pleasing. It is the contrary. Nearly all traders who have at one point used this platform claim that these guys are thieves and scammers. There are endless number of complaints which this broker is not willing to address.
This shows that Trade-24 is indeed a scam brokerage service since they do not care about their reputation in the least bit. They are not even professional to start with. If they were, they would have at least made an attempt to clean up their records. That has not been the case so far.
One customer complained that this Forex brokerage was the best to persuade customers to get their funds in. Once that happened, they would proceed to defraud that customer of their hard earned money.
Other former clients say that Trade-24 is a criminal gang who have stolen millions of funds from innocent traders, and are still roaming freely without fear. Basically, every other customer review that we came across is warning us against using this brokerage. It seems that so many people have raised complaints against them, yet they don’t care one bit.
It’s the culture of impunity. These guys aren’t regulated, and so they don’t have the moral obligation that comes with treating customers right. They do not care about anything. All they are interested in is money.
What we know is that Trade-24 is just a malicious scam operation. This Forex brokerage should be exterminated at once. As an investor, you shouldn’t be gullible to the extent of starting with this Forex brokerage. If you do so, you will end up losing all your trading capital.
It appears these guys have resorted to daylight robbery. They are not even remorseful of that fact. If you really want to invest in Forex, you should be investing with trustworthy Forex brokerage services instead. Do not risk your money at Trade-24.
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