247BinaryTrade Review: Another Copy Scam

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247BinaryTrade Review: Another Copy Scam

247BinaryTrade is a repeat scam of the now-defunct CryptoExTrade. Everything about 247 Binary Trade is suspicious, even their homepage, which looks old school. It’s a design from the last decade which points to scam artists. These offshore scam artists are trying every trick in the book to steal money from investors. We must expose each scam to ensure no investor becomes a victim. 247Binary Trade is the latest scam to avoid. Please read our detailed 247BINARYTRADE Review for more.

247BinaryTrade Review

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247BinaryTrade License and Registration

247BinaryTrade is not a legit platform and does not hold any documents to prove their compliance. The platform is a hoax and a repeat scam with no accountability or transparency.

Once you sign up with the platform, you will be waiving your rights to proper regulation. The regulator won’t protect you from hash trading conditions such as high leverage and minimum account deposit.

The broker fails to inform members of their compliance status. There are no documents to prove that this platform is legit. We did not expect any documents as the platform is a copy scam. These fraudsters will even try to use legit license details from reputable brokers.

You have to check with authorities to confirm whether a broker is legit. You are not safe with such a broker as you are at the mercy of anonymous persons.

A brief look at 247BinaryTrade

Once you land on their homepage, you might get the feeling of excitement. The interface looks engaging, and the imagery is top quality. Our investigators quickly knew that something was wrong due to the similarity in content.

This is a repeat scam of CryptoExTrade. The defunct website has a message claiming that the website is under maintenance. It seems that they are now rebranding into 247 Binary Trade.

The name itself is a giveaway as binary trading has lost its glory. No one wants to associate themselves with an extinct market. Another reason to stay away from this platform is the lack of ingenuity from the scam artists.

These are clearly lazy scam artists who mimic other exposed scams. We still don’t understand why they would think that no one would notice. Since the cat’s out of the bag, we have to expose their features.

Affiliate Program

Scam artists want to enlarge their trap by creating an affiliate program. Before becoming an affiliate member, you should expect no compensation. Affiliate members will face the wrath of the users who signed up after their referral.

The broker won’t be near these affiliate members when they shut down the accounts. It’s best to stay away from this platform as it’s a fraud.

Even the affiliate page has information showing the page belongs to CryptoCapTrade. The broker stole the page’s material from Crypto Cap Trade and used it on the website. These are investors who were in a hurry to put up this website.

The scam artists have now used content from two proven scams. It goes to show that there’s nothing new to expect from 247 Binary Trade.

Assets and trading instruments

247 Binary Trade Assets and Trading instruments

According to the Home tab, there are four different classes of trading instruments. These trading assets include commodities, energy carriers, forex, and stocks. We did see two commodities, gold, and silver with spreads of 5 to 60.

The contract size for these commodities was set at 100 with 0.1 minimum lots. Their leverage is set at 1:50, which is way higher than the industry set maximum leverage of 1:30.

Business owner

P240Ltd is the company listed as the owner of this website. They claim that the company was established by a crew of experts in the financial sphere. You will notice that there are no names given regarding who actually owns the platform.

We also don’t have any name of a broker associated with the platform. These are signs that we are dealing with an anonymous platform. Please stay away from anonymous websites as they rarely allow withdrawals.

Comments from victims

247 BinaryTrade Comments from Victims

Flora Westbrook is one unlucky lady who deposited over $1,000 with this platform. Ever since she made that error, she’s been ruing the mistake. None of her frantic calls to contact the broker has borne any fruits.

According to Flora, her account is now frozen with no way of gaining access. She doesn’t know what to do apart from warning other investors of falling for the same trick.

Domain credentials ( review)

Records show that the website is suspicious beyond a reasonable doubt. As of publishing this review, the website is 101 days old. It went live on December 19, 2020, with the registrant’s name withheld.

These scam artists won’t risk giving out their names for fear of being tracked down. Another interesting feature is their hosting history. The website has made 4 changes over the last 4 years. This is a short-term website that is recycled every year; it’s not worth signing up.

Features of 247BinaryTrade

Account options

247BinaryTrade is offering accounts with different time spans. These plans are divided into weekly and monthly plans. The weekly plan comes with five account types, with the starter account requiring a minimum deposit of $500. account plans

Monthly plan comes with seven accounts, with the luxury account requiring a deposit of $50,000. All these accounts have the same features apart from the deposit bonus.

Deposit bonus

Weekly plan comes with a welcome bonus starting from 10 percent to 50 percent. The monthly plan comes with a welcome bonus of between 75 percent and 250 percent. These are obnoxious bonuses that the broker is using to lure investors.

The welcome bonus is later a huge deal as you won’t withdraw unless you pay back the exact amount. That’s why regulators are against brokers who offer any form of bonuses.

Payment options

Deposit options are widely accessible, which gives the broker a chance to trap any interested party. Withdrawing funds from the platform are not happening any time soon. These scam artists will take your money and block access to your account.

Support and contact

You will notice that the platform does not have any phone number. The contact page has a message board where users leave their messages. It’s a tactic used by scam artists to ensure one-way communication. They can contact you at any time but respond of their own volition.

Safety of funds with 247BinaryTrade

247 Binary Trade Trading Terminal

There’s no safety of funds as this is a copied scam. All evidence points to this being a scam trying to steal from naïve investors.

Scam or Legit 247BinaryTrade

247BinaryTrade is a scam that is going to take you for a ride. Please stay away from it or else risk becoming their next victim.

Our verdict

We won’t recommend a copy scam and hope that authorities will look into it and shut them down.

Please stay safe and use industry-backed brokers for a safe trading experience. It’s the best way to learn and make reasonable profit margins.

We wish you the very best in your trading.

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