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Abstract：Because of its large daily turnover, the FX market looks to be a potential target for fraudsters all around the globe. Despite the fact that the establishment of regulating agencies has lowered the overall proportion of forex scams, bogus brokers continue to exist in the market to prey on consumers with little or no expertise in the currency market. This article draws your notice to the fraudulent broker 247TradesFX.
247TradesFX (https://www.247tradesfx.com/) is a forex broker that offers online trading in a variety of financial markets, including forex, indices, energy, metals, and cryptocurrencies. The firm, based in the United States, claims to have been in the forex sector for more than a decade.
The broker offers customers a regular account as well as the industry's most well-known trading platform, MetaTrader5 (MT5). Clients may also opt for the broker's managed account services for a $5000 initial deposit. Clients may only fund their accounts with cryptocurrency. The firm does not have a dedicated trading app or instructional tools. There is also no live chat help. Customers may contact the firm via phone or email to escalate their questions and issues.
No! 247TradesFX is not regulated in any country. Although the firm claims to be registered with the United Financial Services Authority (UFSA), the nation lacks such a regulating body.
Please keep in mind that any broker operating in the United States must get approval from the National Futures Association (NFA) or the Commodity Futures Trading Commission (CFTC) to continue operating in the nation. We were unable to discover this broker when searching the National Futures Association (NFA) of the United States. This means that the NFA has not authorized the firm to provide financial services in the United States.
1) Financial Conduct Authority (FCA) of the United Kingdom
2) Autorité des Marchés Financiers (AMF) of France
3) The Federal Financial Supervisory Authority of Germany (BaFin);
4) Commissione Nazionale per le Società e la Borsa (CONSOB) of Italy
5) Spain's National Securities Commission (CNMV).
6) Denmark's Finanstilsynet
However, a search reveals that the broker is not regulated by any of these organizations. Overall, the broker's strength depends on its regulatory standing.
Yes, the UK's Financial Conduct Authority has banned 247TradesFX (FCA). According to the regulator, the company was found guilty of offering unlicensed trading services to UK citizens. The regulator cautions investors to avoid it since monies with this broker are unlikely to be recovered.
First, 247TradesFX claimed to have rules from a non-existent entity. Perhaps the broker is lying about its physical presence in the United States as well.
Second, the broker claims to be in business for 9 years. However, various web databases indicate that the broker's domain is just a few months old.
Third, the firm exclusively takes cryptocurrency deposits, raising even another red signal about its validity. Consider this: why would a legitimate broker limit customers to bitcoin deposits when there are several payment alternatives available？ It is likely that the broker wants to disguise its identity and leave no record for authorities to investigate if it is reported.
Furthermore, the organization promises to pay particular attention to the security of its customers' financial and sensitive data. However, it fails to provide critical security certifications such as SSL to back up this claim.
WikiFX is a forex trading search engine with a web and mobile app that offers detailed information on brokers.
Because of the preceding facts, 247TradeFX has a WikiFX App score of 1.37. Which means that the broker can't be trusted and the risk is very high and it is very danger to invest with unregulated broker.
Check out more of 247TradesFX here: https://www.wikifx.com/en/dealer/2140180105.html.
We do not advocate joining up with 247TradesFX since it is a verified scam broker. The broker is not regulated or registered anywhere, and there are no safeguards to consider for investing reasons. For safe communication, even the website domain is not encrypted. Remember that if you lose money to a broker, you will never be able to recover it.
Stay tuned for more Broker news.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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