24Tradestation – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
24Tradestation - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2022
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://24tradestation.com
Founded: 2021
Regulations: None
Languages: English, All Google Translate Languages
Deposit Methods: Bitcoin, Ethereum, Dogecoin, Shiba, TRON, USDT
Minimum Deposit: Not Specified
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Forex, Crude Oil, Commodities, Stocks, Indices, Cryptocurrencies
Trading Accounts and Conditions
This broker has not provided any information about the types of trading accounts they have. However, from the fact that there is only one Real Accounts tab, and that takes you directly to the account registration page, we can conclude that this broker offers only a single type of trading account for all clients.
There is also no mention of the trading conditions. The broker does not state how much minimum deposit is. However, when we accessed the client area, we found out that you could deposit pretty much whatever sum of money you wanted, even as little as $1. Unfortunately, we do not know what the other trading conditions (such as spreads, leverages, order execution methods, etc.) are.
24Tradestation – Advantages
There are no advantages to trading with 24Tradestation.
24Tradestation – Disadvantages
Given below are the many issues we have uncovered while assessing 24Tradestation:
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Lack of Regulation
The first issue we have uncovered is that 24Tradestation is not regulated. On the footer of their homepage, this broker claims to based in California, United States. The broker also provides a registration number (C/56992) and mentions a UFSA License number (but there is no number given; that part is blank).
In their About Us section, the broker also claims to have global operations that are based out of Malta, and that their target customers are in the English, French, German, Italian and Arabic markets. The company name they mention is 24Tradestation Ltd.
In their Regulation section, 24Tradestation claims to be regulated by the UFSA (US Financial Services Authority) and that they are also MIFID (Markets in Financial Instruments Directive) compliant (this is the European set of regulations for forex markets). The broker also claims to be regulated by the UK’s FCA (Financial Conduct Authority) – registration number: 595195. And the German BaFin (Federal Financial Supervisory Authority) with registration number 131055, the French ACP (French Prudential Supervisory Authority) with registration number 74397, the Spanish CNMV (National Securities Market Commission) with registration number 3354, the Danish FSA (Finanstilsynet) with registration number 9221 and the Italian CONSOB (Commissione Nazionale per le Societa e la Borsa)!
It sounds truly impressive – until you start catching the lies! First, the US authority that they have mentioned doesn’t do any form of regulation for the forex market. There are actually two different government bodies that work together to regulated the forex market – the CFTC (Commodity and Futures Trading Commission) and the NFA (National Futures Association). Next, the French authority that regulated the forex market is the AMF (Autorite des Marches Fianciers) not the ACP.
And finally, all the registration numbers provided are bogus – there is company or broker by the name of 24Tradestation registered with even a single one of the financial regulators listed by this broker.
What all of this means is that this broker has lied about being regulated – not just by one regulator, but by all of them. This broker is – in reality – a total scam!
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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Poor Trading Platform
24Tradestation once again makes tall claims about offering their clients a highly functional trading platform. However, when we checked, what we found was a sham of a platform. Their dashboard consisted of an imported (and free!) TradingView chart, as well as short menu where you can make orders. So, the only thing you can actually do is buy and sell just a few assets.
This is another sign of a scam, since reputed brokers ensure that their main product offering – their trading platform – is of the best quality. And this usually means offering their clients the MetaTrader 4 or MetaTrader 5 platforms.
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No Information on Trading Conditions
Another issue that we would like to highlight is the lack of trading conditions. After the trading platform, the most important service that brokers offer is their trading conditions. These conditions help traders decide whether it would be advantageous to trade with a particular broker or not. It will tell them if it would be expensive or affordable to trade with that broker.
With 24Tradestation, there are no trading conditions. We don’t even know what the minimum deposit requirement is, let alone the spreads, the leverage ratios, lot sizes, order execution methods and so on.
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No Terms and Conditions
24Tradestation has a huge section on legal documents. There is the Privacy Policy, Safety of Funds, Risk Disclosure, Information Security, Conflict of Interest, Complaints Procedure and Margin Calls. But there are no Terms and Conditions!
Despite going through this broker’s website in detail, we could not find a trace of the most important legal document of all – their terms of service. This is the real contract between the broker and the trader; it details all the services that a broker provides, the cost of those services, the terms of use of those services and so on. Therefore, if this document is missing, it means that a trader would be blindly trusting a broker to do the right thing. And of course, with scammers such as 24Tradestation, it also means that you are giving them a free pass to do away with your money.
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Only Single Payment Method
24Tradestation, on their website, advertises numerous payment options. However, when you look closely, you realize that all of them are actually a single payment type – cryptocurrencies. There is no other way to make payments with this broker.
While cryptocurrencies themselves are not an issue, it is the nature of transactions which make them rather suspect – and also a favorite with scammers. Cryptocurrencies transactions are all anonymous and irreversible. What this means is that if you deposit with an untrusted broker using cryptocurrencies, there is no way that you will ever see your money again if you are scammed.
Conclusion
24Tradestation is not to be trusted; it is a scam operation.
24Tradestation
Pros
- None
Cons
- No Regulation
- No Trading Software
- No Information on Trading Conditions
- No Terms and Conditions
- Only Single Payment Method
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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