247Exness – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
247Exness - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2021
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://247exness.com
Founded:2021
Regulations: Unregulated
Languages: English
Deposit Methods:Unknown
Minimum Deposit:$300
Free Demo Account:No
Number of Assets:N/A
Types of Assets:Cryptos, Commodities, Forex, Indices
Trading Accounts and Conditions
247Exness claims to offer its clients 3 types of trading accounts:
- Bronze Lite: The minimum deposit you need to make is $300.
- Silver Lite: To use this account, you need to make a minimum deposit of $750.
- Gold Lite: To use this account, you first need to deposit at least $1,000.
There is no information whatsoever about the trading conditions offered by this broker. And we were unable to gain access to their trading platform, so we could not check for ourselves what these conditions could be.
247Exness– Advantages
Do not trade with this broker. It is a scam and there are no advantages to contracting with them.
247Exness – Disadvantages
Here are the many points that clearly show us that this broker is a scammer:
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Anonymous, Unregulated Clone Firm
There is no clear information on 247Exness’s website with regard to its location, who owns this brokerage and whether it is actually regulated or not.
On its home page, the broker states that it is registered in the Seychelles (#8423606-1), and that it is regulated by the country’s Financial Services Authority (FSA) and its license number is SD025. And then address is blank.
Then, when we checked the broker’s Legal page, we found that it claimed to be regulated under the laws of the Republic of Cyprus (registration #295102). And then it provided a registered office in Nicosia in Cyprus. As it turns out, that address also belongs to another proven scammer by the name of Regal Options.
Furthermore, when we checked the CySEC’s (Cyprus Securities and Exchange Commission) website, we found out that this address was linked to a company called Lomonosov Investments Fund AIFLNP V.C.I.C. Ltd. This company is legally registered with the CySEC, which means that this broker has used a legitimate company’s details and passed the information off as its own – which is illegal and makes this broker a clone firm.
But that’s not the end of it. It gets even murkier. The broker also claims to be regulated in the UK and the US, which is a lie. To offer its services in the UK, this broker would need to be regulated by the FCA – there is no sign of this broker on the financial regulator’s online register. And to operate in the US, a brokerage needs to be regulated by multiple authorities before it is allowed to operate – this broker has none of these required permissions.
All in all, what we see here is an anonymous broker that has stolen the identity of a legitimate entity and has lied about its regulation status. A 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.
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Links to Proven Scammers
As we mentioned earlier, the address that this broker has provided has been linked to Regal Options. But when we investigated further, we found out that that very same address was also used by other scam brokers –SmartOptionFX, AceTradeOptions, FXTradeOptions, TradeSecure247, BinaryCent24 and IQMarketsCFD.
Thus, we can say that this broker is just an old scam with a new name – a part of the serial scamming network.
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No Trading Conditions
There are no trading conditions mentioned anywhere on this broker’s website. So, we do not know what kind of a leverage this broker is offer – or even the spreads being given.
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Unable to Access Platform
We were unable to gain access to 247EXness’s platform. When you try to open an account with this broker, you are asked to provide your bank statements as well as copies of valid IDs as part of their verification process. This is completely not done! If you upload such documents, you could end up being a victim of identity theft.
Because of these dangerous requests, we did not go through with our sign up, which is why we were unable to get an idea about what their platform was like – or whether it actually existed.
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Payment Methods
There are no payment methods mentioned on this broker’s website. Our investigation revealed that customers that had been duped by the broker stated that the only way they had been able to make deposits was when they were sent bank account details in their emails by 247Exness.
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Customer Feedback
There are tons of complaints against this broker. According to the reviews, clients have been scammed by 247Exness. Once the broker has got your contact details, they keep calling you with promises of big returns. Once you have deposited your funds in their account, you will suddenly find that you will not be allowed to withdraw your money anymore. And then, you find out that your withdrawal option has been blocked and there is no way to get in touch with the broker.
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High Minimum Deposit Requirement
247Exness requires you to make a deposit of at least $300 to open an account with them. This is higher than the industry standard for regulated and legitimate brokers, which ranges from $100 to $250.
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Contact and Support Details Don’t Work
If you check their contact page, there is an incomplete address provided. The phone number listed does not work. The email is generic and the only real way to get in touch with them is by filling in the Contact Us form. There is no live chat support either.
Many traders have found out how impossible it is to track down this broker.
Conclusion
247Exness is an old scam broker with a new name. It would be best to avoid this broker completely and look for a broker that is reputed and where your money will not be at risk due to the broker.
247Exness
Pros
- None
Cons
- Anonymous and Unregulated
- Links to Proven Scammers
- No Trading Conditions
- Unable to Access Platform
- High Minimum Deposit Requirement
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.
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