24Domino – Is It a Safe Bet?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
24Domino - DO NOT TRADE WITH THIS PROVIDER
2.6/10
$100
Minimum Depositupdated 2020
24Domino is a Forex broker that seems to be based out of Vanuatu. It offers its customers a web-based trading platform, trading in currency pairs, commodities and indices.
The broker seems to offer just one account type – the Standard Account. However, that is all we know. There is no information whatsoever about trading conditions, so we don’t know what spreads you would get, or even the leverage you would be offered.
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Website URL: https://24domino.com/
Founded: 2020
Regulations: Regulated
Languages: English, Simplified Chinese, French, German, Hindi, Japanese, Portuguese, Russian, Spanish, Turkish, Vietnamese
Deposit Methods: MasterCard, Visa, Bank Wire
Minimum Deposit: Unknown
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Currencies, Indices, Commodities
Trading Accounts and Conditions
24Domino is a Forex broker that seems to be based out of Vanuatu. It offers its customers a web-based trading platform, trading in currency pairs, commodities and indices.
The broker seems to offer just one account type – the Standard Account. However, that is all we know. There is no information whatsoever about trading conditions, so we don’t know what spreads you would get, or even the leverage you would be offered.
24Domino – Advantages
We try to be fair in our reviews by presenting you with both the advantages as well as disadvantages of trading with a particular broker. Unfortunately, in the case of 24Domino, we could not find a single advantage of trading with this financial services provider.
24Domino – Disadvantages
24Domino’s disadvantages, on the other hand, are many and all of them point to the fact that this is one broker that every trader should steer clear of at all times.
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Offshore Registration
On 24Domino’s website, the broker states that it is owned and operated by LIQUIDITY FX BROKER LTD., a company that is registered in Vanuatu.
Upon checking, we found that the company was, in fact, regulated by the VFSC (Vanuatu Financial Services Commission).
The VFSC does regulate Forex brokers, however, it is known to have rather lax requirements and is not very stringent about its oversight on the brokers it issues licenses to.
The regulator does not insist that brokers segregate their funds from their clients’. Which means that brokers can pool in their funds and their clients’ funds in one account. This is a dangerous practice, because if there is a negative financial impact then the ones who will suffer the most will be the traders.
Since 24Domino is regulated weakly, it means that there is absolutely no guarantee that your funds will be safe with this broker. And in case of financial losses, they will be little chance of you being compensated.
When you are looking for a new broker to trade with, look for one that is regulated by a strong financial authority, such as the UK’s Financial Conduct Authority, or even Cyprus’ Securities and Exchange Commission (CySEC).
Strong regulators will ensure that your interests and investments are protected against fraud, scamming and even broker bankruptcy.
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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A Clone Company?
LIQUIDITY FX BROKER LTD owns and operates two other brokerages – Real Market Broker and Pure Market Broker.
Both these brokers seem legitimate, with support for the MetaTrader 4 trading platform, clear trading conditions and are clearly regulated. This is diametrically different from what 24Domino has to offer, which makes leads us to the conclusion that this broker could simply be a clone firm that is piggybacking off regulated brokers.
Basically, it’s a scam.
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No Clarity on Trading Conditions
A massive red flag that should warn traders of this broker’s untrustworthiness is the lack of any trading conditions. Trading conditions are a necessity that every broker needs to provide.
A trader needs to know what the minimum deposit requirements are, what kind of leverage is being offered, what the spreads look like, how much the trading costs and transfer fees would be and so on.
None of this information is available on 24Domino. In fact, this broker doesn’t even tell us whether it offers binary trading or forex and CFD trading services.
Without this information, a trade has no idea what the cost of a trade will be, and this is exactly how unscrupulous brokers like to operate.
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Extremely Bad Trading Platform
24Domino does not provide its clients with the MetaTrader 4 trading platform, which is another disadvantage. This is the leading interface in the industry and comes loaded with extra features that make trading much easier.
The MT4 platform offers its users close to one hundred market indicators, trading bots that can be customized to suit your needs, numerous charting options and many other features.
The web-based platform that 24Domino does provide is a poor substitute. The design of 24Domino’s trading platform is so bad that you can barely call it one. It feels like it’s more of a simulation of a binary options platform where users are trading in a few currency pairs, some indices and commodities that have time intervals of between 5 and 60 minutes.
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No Information on Payment Methods
24Domino has not put up any information about its payment methods on its website. What we were able to gather was from other clients, who seemed to be using the traditional debit/credit Visa or MasterCard, or bank transfers to carry out transactions with this broker.
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No Support for Skrill
This broker does not offer payment support for e-wallets such as Skrill, Neteller, or even Sofort. That fact that 24Domino doesn’t offer support for Skrill in particular is of greater interest.
This payment provider changed its policy with regard to fraudulent and unregulated brokers. So, since this broker doesn’t offer support for this e-wallet, it is an indication that there is something not quite right with 24Domino.
Conclusion
Despite being a very new Forex broker, 24Domino has already garnered a bad reputation. Everything about it points to it being a scam operation and that if you invest your hard-earned money with this broker, there is a very high chance that you will never that money again.
When dealing with online brokers, it is best to do business with one that is regulated strongly, is transparent about its trading conditions, payment methods, miscellaneous fees and has fair terms and conditions.
24Domino
Pros
- None
Cons
- Offshore Regulation
- Possibly a Clone Firm
- No Clarity on Trading Conditions
- Extremely Bad Trading Platform
- No Information on Payment Methods
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
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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.