24ProfitMarket – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
24ProfitMarket - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://24profitmarket.com
Founded: 2017
Regulations: Unlicensed
Languages: English, German, Italian, Spanish, Greek
Deposit Methods: Credit/Debit Cards, Wire Transfer, E-Wallets (Undisclosed)
Minimum Deposit: $250
Free Demo Account: No
Number of Assets: Not Specified
Types of Assets: Forex, Indices, Shares, Commodities, Cryptocurrencies
Trading Accounts and Conditions
24ProfitMarket offers their clients the following trading accounts:
- Bronze: The minimum deposit is 250 Euros and you are given a 20% Bonus.
- Platinum: The minimum deposit is 750 Euros and you are given a 30% Bonus.
- Platinum: The minimum deposit is 1,000 Euros and you are given a 50% Bonus.
There is no mention of trading conditions on their specific account types. The broker, however, does mention that they offer competitive spreads starting from 0.0 pips on their Markets page. They also mention that their commissions are low. There is no mention of leverages or any other trading conditions.
24ProfitMarket – Advantages
There is nothing positive to say about 24ProfitMarket. This is a broker that needs to be avoided.
24ProfitMarket – Disadvantages
Listed below are all the issues which show us that 24ProfitMarket is a scammer:
-
Unregulated Broker
24ProfitMarket claims to be owned and operated by INVEST GLOBAL MARKETING LTD, and the company address provided is in England. The broker also provides a registration number (CN8477509).
When you click on that registration number, you are taken to another web page which supposedly belongs to Ifinma – the International Financial Market Supervisory Authority. Here’s the problem. If you Google Ifinma, you come up with nothing. This regulatory body does not exist. This is a scam, designed to make traders believe that this broker is actually registered with a legitimate government body.
Furthermore, when you check the address that this broker has provided, it actually belongs to a company called Invest Global Marketing Ltd. But, this company is registered with Companies House in the United Kingdom and was incorporated on April 26, 2021. This broker claims to be incorporated in 2011! Therefore, what we have here is a clone firm – a company that steals another legitimate company’s details and passes them off as their own in a bid to appear legitimate.
Added to this, in their Terms and Conditions, this broker claims to follow Estonian laws. Which is yet another lie.
The crux of the matter is that 24ProfitMarket is unregulated. This broker is also a clone firm and is therefore nothing but an unscrupulous scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
-
Issues with Trading Platform
On their homepage, 24ProfitMarket claims to offer their clients the MetaTrader 4, the Web Terminal, and the MetaTrader 4 phone app as the trading platforms.
This broker definitely offers the MetaTrader 4 platform to their clients, but the license of this platform belongs to another entity. This means that this broker is most probably a serial scammer and this platform was registered to another scam broker and is now being presented as 24ProfitMarket’s offering.
-
Unfair Deposit and Withdrawal Policy
According to 24ProfitMarket’s Deposit and Withdrawal Policy, withdrawal requests will take as long as 5 days to process. This is a ridiculously long period of time, especially when you consider how many legitimate brokers there are in the market that can process withdrawal requests in hours – if not instantly.
Furthermore, if you do not reach a turnover target of at least 200 times your deposit, you will be charged an extra 10% fee. This fee is automatically charged to your account as soon as your submit a withdrawal request. This condition is typical of scammers.
The withdrawal fees are also extremely high: if you use your credit card, you need to pay a fee of $35. If you choose a bank transfer, that amount is $50 and e-wallet withdrawals will cost you $25.
These policies are not only unfair, they are also designed to line this scammers pockets.
-
Bonuses Offered
24ProfitMarket offers their clients bonuses, which is a clear sign of a scam. Bonuses come with rather unfair terms and conditions: you will need to meet an impossibly high trading turnover target before you will be allowed to withdraw your funds. You will never be able to withdraw Non-Deposited Funds (read: bonuses) and if you do, the broker reserves the right to take back all the money you try to withdraw. The catch here is that your deposited funds are mixed with the broker’s non-deposited funds, which means that the broker can deny all withdrawal requests – even of your money! This is a typical tactic used by scammers. And this is also the reason why bonuses such as those offered by 24ProfitMarket have been banned in most regulated markets.
-
Lies About Payment Options
This broker claims to offer some of the top payment options: Visa, MasterCard, Skrill, Neteller, PayPal, Bitcoin and so on. However, when you check their real payment options, you will find that the only options available are wire transfers, credit/debit cards and some unknown e-wallets.
These lies just underline the scam that 24ProfitMarket is running.
-
No Trading Conditions
This broker has not bothered providing specific trading conditions, except for claiming to offer spreads at 0.0 pips. We would like to point out that spreads that are so low usually come with high commissions and fees, but this broker has omitted to mention those details.
Legitimate brokers ensure that their prospective clients know exactly what trading conditions they will be dealing with – leverage ratios, spreads, deposit amounts, account types, lots sizes, and so on.
With this broker (and most other scammers), these details are skipped. Which means that traders don’t know the actual cost of trading with them.
Conclusion
24ProfitMarket has lied about their regulation status – we also found out that this broker is actually a clone firm. Their trading software belongs to another entity and trading conditions are mostly unknown. This is not a broker you should trust at all.
24ProfitMarket
Pros
- None
Cons
- Unregulated Broker
- Issues with Trading Platform
- Unfair Deposit and Withdrawal Policy
- Lies About Payment Options
- No Trading Conditions
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more