247WorldBTCFX – Is It Safe or a Scam?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
247WorldBTCFX - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2020
247WorldBTCFX is a Forex brokerage allegedly located in Geneva, Switzerland. Based on initial research, we’ve found out that it operates in a MetaTrader 4 trading platform, offers a wide range of trading products, and seems to have a favorable trading environment overall.
But, as is required in this industry, vigilance should always be practiced before diving into business with brokerages. Although it does seem to have vetted their slogan quite thoroughly with “247WorldBTCFX is one of the most accessible ways to become richer.” That’s actually a decent marketing strategy–it gives just enough information so clients will want to give it a try, but they also don’t overpromise (likely for legal purposes).
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://247worldbtcfx.com/
Founded: 2008
Regulations: Not Regulated
Languages: English, Italian, Spanish, German
Deposit Methods: Bank Wire, MasterCard, Visa, Bitcoin
Minimum Deposit: $250
Free Demo Account: Yes
Number of Assets: N/A
Types of Assets: Forex
Trading Accounts and Conditions
247WorldBTCFX is a Forex brokerage allegedly located in Geneva, Switzerland. Based on initial research, we’ve found out that it operates in a MetaTrader 4 trading platform, offers a wide range of trading products, and seems to have a favorable trading environment overall.
But, as is required in this industry, vigilance should always be practiced before diving into business with brokerages. Although it does seem to have vetted their slogan quite thoroughly with “247WorldBTCFX is one of the most accessible ways to become richer.” That’s actually a decent marketing strategy–it gives just enough information so clients will want to give it a try, but they also don’t overpromise (likely for legal purposes).
So far so good, but we’re here to take an even deeper dive into the world of the complicatedly named 247WorldBTCFX. Is it a scam or is 247WorldBTCFX worth investing your funds in–keep on reading to find out.
247WorldBTCFX – Advantages
We’re always in the lookout for reliable and trustworthy brokerage platforms that will allow us to diversify our portfolios and grow our profits. As such, we looked into the advantages of working with 247WorldBTCFX.
Some of the benefits of 247WorldBTCFX are solid maximum leverage of 1:200, offers a wide array of trading tools, provides access to MetaTrade 4, and has a standard initial deposit requirement. We explain each of these benefits in the section below:
Solid maximum leverage of 1:200
We saw the trading world in quite a disarray in the past year when the regulating boards decided to cap off the maximum leverage to those below 1:00. This then makes maximum leverage for 247WorldBTCFX to seem quite generous.
Of course, high leverage is a double-edged sword: you can potentially earn a lot from it, or suffer a huge loss. Others might argue that the whole point of going down the trading route is a double-edged sword, so some people might take on this gambit. We do, however, encourage traders to proceed with caution despite this.
Offers a wide array of trading tools
247WorldBTCFX does not just offer a dozen forex pairs to its traders, you can choose from as many as 70 pairs with it. Its wide range of CDFs includes stocks, soft and energy commodities, crypto coins, indices, and even precious metals. For most of us, this may seem like a trader’s candy land–there’s a pair for every preference and trading appetite that you have. At 247WorldBTCFX, traders can easily exhaust all the options that are available to them.
Provides access to MetaTrader 4
One indication of a trustworthy brokerage is the trading platform that it operates on. And, when it comes to trading platforms, MetaTrader 4 and 5 are two of the most trusted ones. Not only are they compatible with just about any device, but they also offer a full spectrum of features that can let you oversee the performance of your portfolio as well as provide a larger scale breakdown of the trends in the market.
Standard initial deposit requirement
With so many brokerage companies insisting on unreasonably high initial deposit requirements, seeing a company that still adheres to industry standards is quite rare. This is why we’ve included this in the list of advantages for 247WorldBTCFX. With $250, you can open an account and start trading with this brokerage company. Of course, there are other companies that require far less, but that discussion is for another day.
247WorldBTCFX – Disadvantages
Just as there are advantages to 247WorldBTCFX, there are also quite a number of disadvantages to creating an account with this brokerage. So far we’ve listed false regulation status, bonus policies, and limited payment methods as the disadvantages. Keep on reading to learn more about each of these:
False regulation status
Let’s start with a very important discussion about the importance of a regulating body for brokerages like 247WorldBTCFX. With one, traders and their funds will be looked after and will not be scammed as easily. Not to mention, there are certain policies and regulations that are better exercised with a board who will see it through.
Now with that said, 247WorldBTCFX claims that it is licensed under the Swiss Financial Market Supervisory Authority (FINMA). However, upon closer inspection, we’ve found out that the license registration that 247WorldBTCFX has on its web page is, indeed, a fake.
We also double-checked the list of companies registered with FINMA and we found no mentions of 247WorldBTCFX or any such variation of its name.
Does this discovery make 247WorldBTCFX a scam? We believe it does–plus the fact that the Italian financial regulator (CONSON) has already blacklisted this brokerage.
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.
Bonus policies
Right from the start, we’ve been told to watch out for offers and bonuses in the trading industry because these most likely are scams. And so, who should have a signing bonus but our now established scammer, 247WorldBTCFX.
The problem here is not the fact that traders get free things when they sign up for an account with this brokerage. The scam is hidden in the bonus policy that allows you to receive the amount, but you can’t withdraw it–see how that might be frustrating?
Limited payment methods
Finally, we take a close look at the payment methods that 247WorldBTCFX has to offer. It integrates with multiple e-wallets such as AstroPay and Neteller, or at least this is what it advertises. However, once registered, they will say that you only have VISA, Mastercard, Bitcoins, and VoguePay as your options.
Conclusion
Despite the advantages that this brokerage offers 247worldBTCfx remains to be an unregulated Forex broker. Our advice: it’s not worth trading with it. The conditions might entice you to open an account, but there are far better options for you in the market, you just need to be vigilant in your research.
247WorldBTCFX
Pros
- Solid maximum leverage of 1:200
- Offers a wide array of trading tools
- Provides access to MetaTrader 4
- Standard initial deposit requirement
Cons
- False regulation status
- Bonus policies
- Limited payment methods
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.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% 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.