24FinTime – Can You Trust Them?

Website URL: https://24fintime.io

Founded: 2020

Regulations: Unregulated

Languages: English, French

Deposit Methods: Bank Wire, Credit/Debit Card (Visa, MasterCard)

Minimum Deposit: $250

Free Demo Account: No

Number of Assets: N/A

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

Trading Accounts and Conditions

24FinTime has segregated its accounts into two categories and then has sub-accounts under each of these segments:

• Basic Accounts: Under the Basic Accounts, this broker offers the following types of accounts:
  • Standard Account: 24FinTime only states that it offers tight floating spreads and a floating leverage starting from 1:2000.
  • Cent Account: Once again you get tight floating spreads and a fixed leverage of 1:1000.
  • Stock CFDs Account: You get to trade on more than 120 US shares and over 40 European shares. You get a fixed leverage of 1:10 for the US and 1:3 for Europe.
• Advanced Accounts: Under the Advanced Accounts, 24FinTime offers the following types of accounts:
  • Stocks Account: There is no mention of the spreads or leverage offered.
  • ECN Zero Account: You get those tight floating spreads and a floating leverage of 1:2000.
  • ECN Account: Spreads start from 0.11 pips and the leverage is floating from 1:2000.
  • ECN Account Pro: Spreads start from 0 pips and you are offered a floating leverage of 1:200.

There is no mention of the minimum deposit required for each of these accounts. We were only able to find out that when you register for an account (Basic), you are required to make a minimum deposit of $250.

24FinTime – Advantages

There are no advantages we could find in trading with 24FinTime.

24FinTime – Disadvantages

Here are the reasons why we would not recommend 24FinTime to any trader:

• Anonymous and Unregulated Broker

24FinTime omits to mention anything about the company that owns and operates it. We also do not know where this broker is based or where it has been incorporated. The only indication we get about the broker’s (or its parent company’s) whereabouts is in the Terms and Conditions, where 24FinTime mentioned that users need to be above the age of 18 and that the user needs to be legally permitted to use their platform under the laws laid out by St. Vincent and the Grenadines.

This leads us to the (rather tenuous) conclusion that this broker is based in SVG, which makes it an offshore brokerage. SVG does not have regulations in place for forex and CFD brokers, so this means that 24FinTime is operating without a license.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

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.

 

AvaTrade

$100

Minimum Deposit

Start Trading

Read Review

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 Offered with Unfair Conditions

Bonuses – also called non-deposited funds – are offered on 24FinTime. This in itself is a big red flag, since bonuses have been banned in most jurisdictions in Europe, the UK, and the US.

Furthermore, the if you do avail of the bonus offered by this broker, you will not be allowed to withdraw your funds unless you have traded the funds in your account (this means the deposit you make plus the bonus amount) 30 times over.

This is a typical scam tactic, since achieving that target is all but impossible. So, you never get to withdraw your funds.

• Unbranded MT4 Platform

24FinTime offers its customers the use of the MetaTrader4 trading platform, which would be a really good thing – if the platform had not been unbranded. When a broker buys the license for the MT4 platform, their logo will appear on the platform. However, in this case, when you log into the 24FinTime MT4 platform, there is no branding whatsoever. This means that this is not a licensed product.

Otherwise, the MT4 platform is the best in the world, with more than 80% of traders still using it, despite the fact that this software is over 14 years old! This is because of the excellent features is has – auto trading, financial calendars, trading signals, charting and analysis tools, and so much more.

• Extremely High Leverage

24FinTime offers its customers a leverage of as much as 1:2000, which is ridiculously high. High leverages come with equally high risk, and such leverages could bankrupt a trader. We say this because the volatile nature of the market, where 70% of traders actually lose money on their trades.

So, this kind of a leverage ratio is a huge and unnecessary risk.

• Conflicting Information about Payment Methods

When you check 24FinTime’s website, the broker claims to offer multiple payment methods – Wire Transfer, Debit/Credit Cards and Piastrix. However, when you go to the actual payments section, then the only option provided is Paytrio.

• Complicated Withdrawal Process

If you wish to withdraw your funds from your 24FinTime account, then you will have to work hard for it. First, you will need to take a printout of the withdrawal form. Once you have filled it out and signed it, you will need to scan it and then email it to the broker.

And then you need to wait 2 to 5 days to find out whether your withdrawal request has been approved or not.

This entire process seems to have been designed to deter customers from making withdrawals! Most other – legitimate – brokers only require you to submit a request from your account client area.

• Unfair Dormancy Policy

24FinTime states that if your trading account has been dormant for 3 months of more, then it will charge a 10% fee per month. Most other brokerages wait at least 6 months before charging a nominal fee, so this policy on the part of 24FinTime is rather disadvantageous to a trader.

Conclusion

24FinTime is an anonymous and unregulated brokerage that has some very unfair terms and conditions. It MT4 platform is unbranded, so we do not know who owns it, so the trading conditions on that platform cannot be trusted.

This is not a broker you can trust. We would not recommend 24FinTime to any trader.

24FinTime

2.5

User Experience

3.3/10

Payment Options

2.3/10

Security

2.4/10

Support

2.2/10

Reputation

2.5/10

Pros

• None

Cons

• Anonymous and Unregulated Broker
• Bonuses Offered with Unfair Conditions
• Unbranded MT4 Platform
• Extremely High Leverage
• Conflicting Information about Payment Methods