247tradesfx – Are you Making the Right Choice?

247tradesfx

If you have been contemplating the thought of trading online in the financial markets, you would be required to open an account with a brokerage. This is not the difficult part; the real challenge that you have to overcome is finding a brokerage that can fulfill your expectations and provide you the professional services you need. A quick search will tell you that there is no shortage of platforms, but not all of them are legitimate. There are fraudulent ones that are rampant in the markets and they do their best to hide their true nature. This 247tradefx review shows how you can uncover it.

It is a well-known fact that many of the online ‘brokers’ are actually scammers trying to trap you, so they can pocket your money. Despite being aware of their existence, people still end up getting tricked and this is primarily because these fraudsters know just what tactics to use to grab your attention. Their offerings are designed to be legitimate on the surface, so no one can tell them apart from genuine companies. You will have to go a bit deeper to see if there are any issues, but if you don’t do so, it will result in a setback for you.

You certainly do not want to part with your hard-earned money to scammers just because you were not willing to do a bit of in-depth research into a brokerage before signing up. It might take a while, but it can save you from disastrous consequences in the future, which makes it worth it. In addition, it also helps you in finding a brokerage you can use in the long-term and not have to switch companies. One of the options that you will find is 247tradefx and it presents quite an interesting picture.

Given that it claims to be licensed in one of the well-regulated jurisdictions in the world, you will certainly be intrigued by 247tradefx, but it is best to go deeper into its offerings to ensure you are making the right choice. Let’s get started:

Licensing and regulation

The first thing you should bear in mind is that any online broker worth their salt would have a license and be properly regulated by the financial authorities of the region they are in. It is the only way for them to establish their legitimacy, considering how active scammers have become in the markets. With licensed brokerages, traders can expect quality services as well as safety of funds, which can give them peace of mind. You will be impressed with 247tradefx in this regard because it claims to be a licensed brokerage.

According to its website, it is based in Maryland, United States and is regulated by the US Financial Services Authority. It also simultaneously claims to be an investment services supplier that operates under Maltese and European guidelines. Furthermore, it claims to be owned and operated by PFXC Ltd, which caters to the Italian, German, French, English and Arabic markets. Other claims include that of MiFID compliance, which means that it is approved to operate in the European Economic Area (EEA).

This is because 247tradefx claims to be licensed by multiple regulatory bodies in the European Union, including the CONSOB in Italy, the CNMV in Spain, the ACP in France, BaFin in Germany, the Finanstilsynet in Denmark and the FCA in the UK. All of these will definitely impress anyone, but you need to dig deeper and verify all the claims.

First off, the US claim is an utter lie because the regulatory bodies for the US are the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC) and you can check their online register and not find 247tradefx listed at all. Furthermore, brokers in the US are not permitted to operate outside the jurisdiction, yet 247tradefx claims to be based in the EU as well. Next, you can search the online register of all the other regulatory bodies mentioned and 247tradefx is nowhere to be found. This establishes that the company is lying about its licensing and regulatory status. No authentic company would ever do that.

Trading platform

Executing your trades in the financial markets requires a trading platform and it is the job of an online broker to provide you one. You should always take a look at it to know it is an advanced and professional trading solution, but you will not find any such platform at 247tradefx. You can scour through their website and not find any trading platform at all and this becomes evident later when you realize that it is not a CFD provider at all and has a completely different business model.

Trading conditions

Even though 247tradefx promises to give its clients access to trading of indices, metals, cryptocurrencies and energies, it is a lie. As mentioned earlier, it does not have a functional trading platform, so there can be no trading. Instead, it is offering investment plans to its clients in which they can deposit their money and the brokerage will do the trading on their behalf.

It should be noted that 247tradefx is offering returns of 17.5% in just a week’s time, which may be impressive, but is a lie because it is not possible for anyone to guarantee returns in the financial markets. This return is only offered in the most basic plan and others offer even higher ones, which is a clear scam sign because the markets are fairly volatile, so nothing is certain.

Payment options

The fact that you can only make deposits at 247tradefx in bitcoin is a major problem because crypto payments tend to be final and cannot be reversed. This means that unlike credit cards, you cannot file for a chargeback and get your money back. This is exactly the goal of criminals and crypto deposits also provide anonymity, which also works in their favor.

The Answer

You are clearly not making the right choice with 247tradefx because it is not really a brokerage and is just misleading people with its claims.