There is a lot of mixed information about Trade24 currently online. According to its website, Trade24 claims to be a broker that was established in 2007 in Switzerland. It further claims to have offices in London, Paris, and Zurich. Interestingly, earlier in 2016, the broker claimed that the company behind them, Trade24 Global Ltd., is registered in the Marshall Islands. However, it quickly changed the address to Belize and uploaded documents of a license from the IFSC (International Financial Services Commission), which is not legitimate. This was then removed from their site.
Trade24 is known to be a forex and CFD broker offering a wide range of trading services to investors worldwide. The conflicting information about this brokerage online is a red flag and the first indicator of a Trade24 scam. Our failure to find unified information about this broker made us wary about the services they offer and as a result, we have put together this honest and unbiased review. Read on as we reveal if there really is a Trade24 scam.
Is Trade24 a Regulated and Legit Forex Broker or a Scam?
Trade24 is an unregulated broker and many reviews online are warning investors to stay away and not sign up with this broker. So, let us look into this in more detail.
As mentioned above, Trade24 claimed to have a Belize IFSC license. However, the financial regulator has stated that the license displayed on the broker’s website is a forgery. The license number is not available on the Belize IFSC official database and is fake. Due to the proven forgery and the current FPA Traders Court guilty vote, the FPA considers Trade24 to be a scam broker. Their consistent failure to resolve client issues and to address the inaccurate information on their site is a clear indication that this broker should not be trusted.
But let’s dig some more.
The Belize regulators are not the only ones to call out the Trade24 scam. The Financial Conduct Authority (FCA) in the U.K. issued a firm warning against this broker on the 3rd of February 2016. Despite this warning, Trade24 has not addressed the claims against them. To top it off, the top regulator in France, the AMF, also issued a warning about the unauthorized forex broker, Trade 24. The French regulator revealed that there are several complaints that Trade24 is a scam broker, and its customers cannot withdraw their funds after trading with them.
But there is more. The leading regulator in New Zealand, the Financial Markets Authority (FMA), listed Trade24 as one of the businesses its citizens have to be wary of, as the company is not properly licensed to provide financial brokerage services in the region. The Trade24 scam becomes even more evident as a vast number of highly suspicious positive reviews were submitted about Trade24. There is no evidence that these reviews were real
The biggest issue traders’ face with this scam brokers is that they are unable to withdraw their funds after trading with Trade24. The enticing features of the broker, such as bonuses and cashback after losses, are not real, and they are all simply marketing ploys to get people to deposit funds with them. After doing so, users lose their money to the Trade24 scam and are never able to recover their capital.
24Trade Account Types
To cater to the wide range of traders, Trade24 offers various account types to its clients. The account types available on the platform include Classic, Silver, Gold, Platinum, Mega, and ECN.
Classic Account
- A minimum deposit of $500
- 30% bonus
- 24/7 customer support
- Free online course
- Numerous assets
- High leverage, 1:200 for forex
- Trade size of 0.01 lots
Silver Account
- A minimum deposit of $2,000
- 30% bonus
- One weekly trade signal
- 24/7 customer support
- Account manager
- Numerous assets
- High leverage, 1:200 for forex
- Trade size of 0.01 lots
Gold Account
- A minimum deposit of $5,000
- 40% bonus or 75% cashback
- One-month trade signals
- 24/7 customer support
- Account manager plus ebooks
- Numerous assets
- High leverage, 1:200 for forex
- Trade size of 0.1 lots
Platinum Account
- A minimum deposit of $20,000
- 50% bonus or 100% cashback on losses
- Unlimited trading signals
- Dedicated service team
- 24/7 customer support
- Analyst manager, online free courses, webinar, ebooks
- Numerous assets
- High leverage, 1:200 for forex
- Trade size of 0.2 lots
Mega Account
- A minimum deposit of $50,000
- 50% bonus or 100% cashback on losses
- VIP trading signals
- Mirror algorithmic trading service
- 24/7 customer support
- Dedicated service team
- Relationship manager
- Free VPS service
- Senior analyst manager, free online course, webinar, ebooks
- Numerous assets
- High leverage, 1:200 for forex
- Trade size of 0.5 lots
ECN Account
- A minimum deposit of $50,000 and above
- 24/7 customer support
- Free VPS service
- Relationship manager
- Dedicated service team
- Senior analyst manager, free online course, webinar, ebooks
- Numerous assets
- High leverage, 1:200 for forex
- Trade size of 0.01 to 0.2 lots
Trade24 Trading Features
Trading Platform
Trade24 offers various trading platforms to its users. The MetaTrader 4 (MT4) is the most popular trading platform, and it is well-known in the online trading space offering a wide range of trading tools and features. Trade24 also supports the WebTrade24 platform, which can be accessed via a web browser. The Trade24 Mobile Trader or the Mobile Web App is also available to users of this broker.
Education Materials
Trade24 has expansive educational content on its platform. All account members have access to free educational materials such as eBooks and other training material about forex trading and more. The broker also claims to offer webinars and they will assign dedicated account managers to their clients.
Access to Numerous Markets
In addition to forex and CFDs, Trade24 grants users with access to other financial markets such as commodities and stocks. Traders can trade various types of Forward Contracts, including Closed Forwards, Open Forwards, and Non-Deliverable Forwards, using the MT4 trading platforms. With the wide range of assets to trade, Trade24 traders can diversify their trading portfolios with ease.
What Makes Trade24 a Scam Broker?
No Withdrawals
Trade24 is a scam broker because it does not allow users to withdraw their earnings. On their platform, the broker supports multiple payment methods such as credit and debit cards, bank wire, Skrill, Neteller, and CashU. Traders and investors are able to deposit their funds with ease on Trade24 using any of the above payment methods. In most cases, the deposit is almost instant.
However, the downside to the platform is when you come to withdraw your funds. According to the Trade24 official website, withdrawals are made by completing an online withdrawal form. The funds are returned to the trader’s original account and can sometimes take up to five days. However, it has been proven that this information is false, as many attempts by traders to withdraw their funds have been unsuccessful. Trade24 often does not credit users after they initiate withdrawals despite sending them confirmation messages about the success of their withdrawals. Traders then believe that the issue might with their bank or card when, in fact, it is Trade24 that refuses to remit the funds owing to the trader.
Unavailable Customer Support
The customer support team at Trade24 is readily available for new traders, listing all the features of the platform and urging them to deposit and start trading with them. However, when you initiate a withdrawal request, it is almost impossible to contact the support team again.
The broker claims that users can contact their support team via email, telephone, and live chat, and they have 15 different offices throughout the world. Their customer support team also attends to users in 16 different languages. All this information is inaccurate as there is no known registered office under Trade24. Also, there customer support team is not always reliable and tends to block a user when they request a withdrawal. Based on this, we highly suggest that investors need to be careful not to fall into the Trade24 scam.
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Poor Customer Review
To understand what a broker is all about, simply look at the reviews written by its current and former users. Trade24 does not have a good track record online. The various financial regulators, such as the IFSC, FCA, FMA, and more, have all listed Trade24 as a scam broker and have advised traders to steer clear of the platform.
Trade24 also has poor reviews on TrustPilot and other customer review platforms. Users have written about their unpleasant experience on Trade24 and how the platform made it impossible for them to withdraw their earnings or bonuses after trading with them.
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Lack of Regulation
Perhaps the most significant indicator of the Trade24 scam is that the broker is not regulated. The license, which the broker claims to have received from the Belize IFSC, has been branded as fake by the regulator, which adds forgery to one of their sins.
Several regulatory agencies, such as the FMA in France, the FCA in the U.K., the FPA, the Belize IFSC, and the FMA in New Zealand have all come out to officially declare Trade24 as a scam broker.
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Final Thoughts
Trade24 offers numerous services and benefits to its users to lure them in so they can scam them out of their hard-earned money. The many negative online reviews and testimonials clearly indicate that Trade24 cannot be trusted. This broker is not regulated, and it has been shown that they do not allow users to withdraw their earnings. Based on this review and everything we have revealed in this post, we advise that you do not partner with Trade24 when you venture into the forex and online financial market trading world.
Overall Rating: 2/10
