24Tradex – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
24Tradex
2.4/10
$100
Minimum Depositupdated 2020
The first thing we check about a brokerage is its regulation status. This tells us whether a broker is operating legally or illegally.
24Tradex is an anonymous broker, providing no information about the company that controls it. The only information is a UK contact number. The broker also not provided any information about its regulation status – there is no license or registration number provided.
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://24tradex.com
Founded: 2020
Regulations: Unregulated
Languages: English, Russian
Deposit Methods: Credit Cards, Wire Transfer, Skrill
Minimum Deposit: $1,000
Free Demo Account: Yes
Number of Assets: N/A
Types of Assets: Forex, CFDs
Trading Accounts and Conditions
24Tradex offers its clients 4 different account types:
- Classic: To trade on the Classic account, a trader needs to make a minimum deposit of $1,000.
- Gold: To trade on the Gold account, a trader needs to make a minimum deposit of $10,000.
- Platinum: To trade on the Platinum account, a trader needs to make a minimum deposit of $25,000.
- VIP: To trade on this type of account, a trader needs to make a minimum deposit of $100,000.
There are also two other account types mentioned: Multi-Account Manager and IB Account. There are no details given about the trading conditions on the broker’s website. However, there is mention of the maximum leverage for the MAM account being 1:400. The broker also claims to have a spread that is as low as 0.6 pips, but we were unable to verify any of these claims.
24Tradex – Advantages
We could not find any advantages to trading with this broker.
24Tradex – Disadvantages
Here are the disadvantages of trading with 24Tradex:
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Unregulated Broker
The first thing we check about a brokerage is its regulation status. This tells us whether a broker is operating legally or illegally.
24Tradex is an anonymous broker, providing no information about the company that controls it. The only information is a UK contact number. The broker also not provided any information about its regulation status – there is no license or registration number provided.
Based on the telephone number provided, we checked the online registers of the UK’s Financial Conduct Authority, the country’s financial regulator. We found no broker by the name of 24Tradex listed here. We also checked other financial regulators’ registers – the US, Australia, and various EU member countries – with the same results.
The conclusion we therefore have reached is that this is an anonymous and unregulated broker. Dealing with such a brokerage is the best way to lose your funds, therefore, we always advise all traders to check for the regulation status of a broker before they contract with them.
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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Unable to Access Trading Platform
24Tradex claims to offer its clients support for the MetaTrader 4 platform. Normally, we would mark this as an advantage. This is one of the best trading platforms in the world, with more than 80% of all traders using it.
The software has a range of features (charting and market analysis tools, financial calendars, automated trading bots, and many more) that allow for advanced trading, but its interface is simple enough that even novice traders would find easy to use.
The problem we have with the MT4 software offered by 24Tradex is that we were unable to access the platform. We downloaded both the Demo account as well as the Live trading account, but we were unable to complete the registration process.
We found out that the only way that an applicant can complete the registration is if they have a Promocode. Without this code, there is no way to proceed. This shows us clearly that the only way that prospective traders can register an account with this broker is if they contact you directly. This is a tactic that is typically used by scammers and they target novice traders who don’t know much about the market.
Secondly, we also found out that the MT4 platform that this broker offers is not registered under 24TRadex’s name; this service is being provided by Algo Trade, a company that is not mentioned anywhere else on this broker’s website. This is yet another sign that this broker is scamming people.
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Contradiction in Minimum Deposits
In its Account Types section, 24Tradex states that the minimum deposit a trader is required to make is $1,000.
However, in the payments section, the broker states the minimum deposit amount if you are making a credit card payment or Skrill is 250 USD/EUR/USD. However, if you make a Wire Transfer, then you are required to make a minimum deposit of $500 or 1,000 EUR/GBP.
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Bonuses Offered
24Tradex also offers bonuses, but there is no information provided on the terms and conditions related to the bonus. There are two red flags here.
The first is the bonus itself. Bonuses have been banned in many regions, including the UK, the US and Europe. This is because of the unfair terms and conditions that come attached with such bonuses and the fact that it is frequently used as a scamming tool. Therefore, if 24Tradex is offering bonuses and is targeting customers in these areas, then it is going against the law.
Secondly, there are no terms and conditions mentioned. So, if you were to accept bonuses from this broker, you would be agreeing to terms that you are not aware of. This means that the broker could deny any and all withdrawal requests you make.
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Lack of Consistency in Currencies
There is no consistency on the currencies you can use on your transactions. The Account Types page only mentions USD for deposits. However, the Funding page first mentions USD, EUR, and GBP for deposits, but you are allowed to withdraw funds in multiple currencies including the USD, GBP, EUR, JPY (Japanese Yen), CNY (Chinese Yuan) and RUB (Russian Ruble).
This lack of consistency definitely shows that you cannot trust this broker with your money.
Conclusion
24Tradex is a scammer. This broker is anonymous and unregulated. There is a clear lack of information about key aspects such as trading conditions, Terms and Conditions and even the bonuses it offers. Even the currencies that a trader can use shows a sloppiness that you would only find with scam operations.
We recommend that you look for another broker to trade with.
24Tradex
Pros
- None
Cons
- Unregulated Broker
- Unable to Access Trading Platform
- Contradiction in Minimum Deposits
- Bonuses Offered
- Lack of Consistency in Currencies
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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