Why is this scam
Trade24’s website site claims the broker was established in 2007 in Switzerland and has offices in Zurich, London, and Paris.
Earlier in 2016, the site claimed that the company behind the brand, Trade 24 Global Ltd., is registered in the Marshall Islands. But soon after it, they changed the address to Belize and uploaded a license from IFSC.
After Belize’s International Financial Services Commission (IFSC) warned that the license of Trade24 is a complete forgery, it was removed from the site. According to various user forums, Trade24 Services has had addresses on Seychelles, in London and Cyprus.
New Zealand’s regulator, the Financial Markets Authority (FMA) has added Trade24 to its list of “businesses to be wary of”, as it is not properly licensed to provide financial services in the country.
The French regulator AMF has also included Trade24 in its forex warning list. There are numerous complaints that Trade24 is a scam broker and traders cannot withdraw their funds.
Official website: https://www.trade-24.com/
The signs of confirmation
We concluded they’re trying to make a mess.
Trade24 clearly targets novice traders, as there are a number of web tutorials, trading analysis articles, and other educational materials on its website.
But how that look in RL?
When an inexperienced client put an initial deposit, brokers try to get some bigger amount. For example 10 000 euros or dollars. Then the broker opens, e.g. two positions with the knowledge that a massive loss would come.
The broker opens positions in “sell” though the prices had not stopped going up since for years. The trusty broker should have to open in “buy”.
In this way, they made a massive loss for traders.
A lot of traders told us they were asking them again for another deposit in order to “save” trader’s account.
Let’s see the other signs.
With several regulatory warnings issued against Trade24, it is hardly a reputable broker.
Despite offering a variety of trading instruments, solutions, and accounts, we suspect that not only this broker is not regulated. Hence, it is likely to be a scam.
We found they are not experienced and they can take traders money and not return it even if trader make the profit. Or they try to delay the return of initial deposit back.
But they don’t want to give it back.
Furthermore, they don’t want to give back initial deposit when the trader asks for it. They just send a part of the money and cut the communication.
They promise to give the bonus and never do that.
And they are rude when customers complain.
We have to say, they too often do not reply back on traders’ emails.
Recommendation
This platform is not at all worthy of trust. This is a simple scam.