247FirstInvest – Can You Trust Them?

Website URL: https://247firstinvest.com

Founded: 2018

Regulations: Unregulated

Languages: English, German, Italian

Deposit Methods: Unknown

Minimum Deposit: $50,000

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Foreign Currencies, Indices, Commodities, CFDs on Shares

Trading Accounts and Conditions

Given below are the account types that 247FirstInvest offers its clients:

• Micro Account: Minimum opening deposit requirement is $50,000. The maximum leverage offered is 1:500.
• Standard Account: The minimum opening deposit requirement is $100,000 and the maximum leverage offered is 1:300.
• Premium Account: The minimum opening deposit requirement is $250,000 and the maximum leverage offered is 1:100.
• VIP Account: The minimum opening deposit required is $1 million and the maximum leverage offered is 1:100.

The information about spreads is contradictory, so we will go into greater detail about them later in our review.

247FirstInvest – Advantages

There are no advantages to trading with 247FirstInvest.

247FirstInvest – Disadvantages

We have found out through our investigation that 247FirstInvest is a scam. Here are all the red flags that tipped us off:

• Unregulated Anonymous Broker

247FirstInvest is an anonymous broker. There is no mention of the name of the company that owns and operates this brokerage. We also do not know for certain where this brokerage is located. On its homepage, 247FirstInvest gives two address – one Australian and the other Cypriot. However, when you check their Contact Us page, there is a UK address given (which the broker calls its Head Office). And then, when you visit their Company Profile page, the broker states that its head office is in Dubai.

When we did a search of the address, we found that the one in Australia is an office for lease – with no tenants. And the one in Cyprus is a fake address used by another scam brokerage by the name of Trade 360! The address in London seems to be a conference center and the address in Dubai is not even mentioned!

There is no telephone number provided either. The only way you can get in touch with this broker is through an email address.

All these findings clearly raise a red flag about this entity.

But that’s not all.

We also found out that this brokerage has been blacklisted by the Italian financial regulator, the CONSOB. The watchdog has clearly stated that 247FirstInvest is operating illegally and that its website is being blocked so that Italian investors are not scammed by the broker.

Just to be sure, we also checked the online register of the FCA (Financial Conduct Authority), the UK financial regulator. We were not surprised when we found out that this broker is not regulated by that watchdog either. We got the same results when we checked the registers of the ASIC (Australian Securities and Investments Commission) and CySEC (Cyprus Securities and Exchange Commission).

All the evidence clearly tells us that we are dealing with a scammer that is anonymous and is operating illegally in the financial services industry.

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• Clone Firm Related to Other Scam Operations

The broker’s regulatory status is not the only red flag we found. We also found out that 247FirstInvest is a sister brokerage to RichmondsFinance.com, which was blacklisted by the CySEC in 2019. And its fake Cyprus address links it to yet another scammer – Trade 360.

But there’s still more! We also found out that 247FirstInvest is using the credentials of a legitimate company by the name of Crowd Tech Ltd, which is regulated by the CySEC.

Brokers that use the credentials of a legitimate company are known as Clone Firms, and this evidence clearly tells us that 247FirstInvest is a Clone Firm.

• Unable to Register

Since 247FirstInvest does not have a demo account (another black mark against it!), we decided to register for an account with them. However, we were declined and the message that popped up was that we did not have an MT4 account.

Our guess is that the only way a trader can open an account is by invitation – when the broker contacts you.

• Trading Platform Missing

Even though we were unable to register for an account, we tried accessing their trading platform. We found out that there is no link available to download the MetaTrader 4 platform that the broker claims to offer. There is no way to download the MT4 platform and neither does the broker offer a link to the web-based version.

• Conflicting Information on Spreads

In 247FirstInvest’s Account Types section, the broker states that the spreads are as low as 0.2 pips. However, when you check the Trading Accounts section, the spreads are said to start at 0.8 pips.

Since we had no access to their trading platform, we could not verify which of these two figures was accurate. Of course, there could be a completely different trading condition on their platform too.

• Minimum Deposit Requirement is Massive

This broker requires you to make an initial deposit of at least $50,000. This is just too ridiculous a sum to consider, since most brokerages require you to make a deposit that ranges from $100 to $250. There are even some brokers who only require you to make a nominal deposit of $5.

• Funding Methods Not Specified

The lack of information continues in the payment methods. There is no information about how you can make deposits or withdrawals. And since we were unable to register for an account with this broker, we could not check for ourselves.

To make matters worse, in the Terms and Conditions section, we came across a very strange proviso. You are not allowed to ask for refunds. Once you have deposited your money with this broker, they will not give it back!

Conclusion 

247FirstInvest is a scam broker through and through. And if you invest with them, you will lose your funds.

247FirstInvest

2.5

User Experience

3.0/10

Payment Options

2.3/10

Security

2.3/10

Support

2.2/10

Reputation

2.5/10

Pros

• None

Cons

• Unregulated, Anonymous Broker
• Clone Firm Related to Other Scam Operations
• Unable to Register
• Trading Platform Missing
• Conflicting Information on Spreads