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247WorldBTCFX Review - is it scam or safe?

247WorldBTCFX review - Is 247worldbtcfx.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz 247WorldBTCFX
247WorldBTCFX is an offshore broker. Your money is not safe.

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247WorldBTCFX presents itself as a Swiss broker, regulated by the local financial authorities, and offering a wide variety of currency pairs and other CFDs with a choice of four account types, leverage of up to 1:200 and the MetaTrader4 platform.

 

Account type Min. deposit Max. leverage Spreads
Standard Account $250 1:200 n/a
Classic Account $2500 1:200 n/a
Gold Account $20 000 1:200 n/a
Premium Account $50 000 1:200 n/a

 

As good as all of this may sound, the purported license documents on the broker's homepage turned out to be fake, and this has not gone unnoticed by the Italian financial regulator, CONSOB, which has already blacklisted 247WorldBTCFX as a potential scam broker.

 

247WorldBTCFX Advantages:

 

We always try to come up with any possible benefits a broker might offer its clients, so here is what looks good about 247WorldBTCFX at least on first glance.

 

Leverage of up to 1:200

 

In the past year or so higher leverage is considered somewhat exotic, especially since virtually all major regulators across the globe, from the U.S. and Canada to Europe, Japan and now even Australia, capped the maximum leverage allowed on the retail forex and CFD markets to levels well below 1:100. So leverage of up to 1:200 might be considered as an advantage, although it should always be used with extra caution.

 

A Comprehensive selection of trading instruments

 

On the 247WorldBTCFX trading platform we came across nearly 70 forex pairs as well as various CFDs on indices, stocks, soft and energy commodities, precious metals and even crypto coins. Still, if you like the idea of trading crypto assets, here you may check our list of brokers, trading with bitcoin CFDs as well:

 

>>Bitcoin Forex Brokers<< 

 

MetaTrader4 supported

 

MetaTrader4 is the most widely used trading platform on the market, and its presence is always welcome. With 247WorldBTCFX however the platform appeared to be provided by a third party - West Media Group Limited, an offshore company well known to us as it, together with Game Capital Ads Limited – the company behind 247WorldBTCFX - is associated with some notorious scam brokers like 247SmartFX, CapitalFXclub, ProCapitalFX, FirstFXClub, SmartBTCfx, FirstBTCfx, SmartProFX, and more.

 

As for the platform, it is highly reliable and multi functional, featuring nearly 100 market indicators and trading robots with the help of which one can easily run automated trading sessions. MT4 is also equipped with a fine set of advanced charting tools so here you may also check our list of brokers, supporting the platform:

 

 >>MT4 Brokers<<

 

 Acceptable minimum deposit requirement

 

The 250 USD deposit 247WorldBTCFX asks for with their opening account is more or less what most other brokers would also require. Still bear in mind that some big names like FBS and IG will let you start trading with just 5 USD or so.

 

247WorldBTCFX Disadvantages:

 

Falsely claims to be regulated in Switzerland, CONSOB warning

 

As we noted 247WorldBTCFX is owned and operated by Game Capital Ads Limited, which claims to have offices in Geneva, Lugano and London and to be regulated by the Swiss Financial Market Supervisory Authority - FINMA. The FINMA license register, provided on 247WorldBTCFX homepage, however, turned out to be fake. So we diligently checked the registers on the official FINMA website and we found no trace of Game Capital Ads Limited or 247WorldBTCFX there.

 

So basically, what we are dealing here is a unregulated website that deliberately tries to mislead its clients that it is licensed and authorized by FINMA – one of the most reliable financial regulators in the industry.

 

Besides, it is not that easy to get a FINMA license. All FINMA brokers should adhere to a strict set of rules, including to hold at all times a minimum operational capital of no less than 20 million Swiss Franks.

 

Furthermore as we already noted 247WorldBTCFX has been blacklisted by the Italian financial regulator – CONSON, so we can quite confidently conclude that we are talking about scammers.

 

Trading bonuses

 

It turns out that if you deposit any funds with 247WorldBTCFX you will get a 30% welcome bonus, which you can not refuse. See for yourself:

 

 

 

Some traders might be tempted by such an offer, but they should not. Trading bonuses always come with string attached – some minimum trade volume requirement - in this case you should trade 3,3 million USD for every 100 USD you have received as a bonus. 

 

But that is not the main point here. Scammers always reserve the right to change their bonus policy on their sole discretion. So basically with a bonus from 247WorldBTCFX you will never be allowed to withdraw anything. See for yourself:

 

 

Few payment methods

 

Although on their homepage  247WorldBTCFX sports the logos of various e-wallets, among which  Neteller and AstroPay, in reality, as it turned out when we proceeded with our registration, the website accepts payments only with VISA, MasterCard, Bitcoins and an obscure e-wallet called VoguePay. 

 

Skrill payments are not accepted for example and that is notable especially if we take into account the new anti - scam policy adopted by the money transfer company a year ago, according which Skrill partners only with properly licensed brokers. As we already noted 247WorldBTCFX is not a licensed broker.

 

Unrealistic spreads 

 

The spreads we saw with our demo account were what we call raw spreads, starting from about 0,1 pips – 0,2 pips. Such spreads usually go with some trading commission – a couple of dollars for a standard lot traded. On our demo account however, no trading commission was taken, so basically we may confidently conclude that the trading conditions offered with the demo account are unrealistic. And here you may always check our list of brokers, offering tighter spreads:

 

 >> Lowest spread forex brokers<<

 

Conclusion:

 

247WorldBTCFX deliberately tries to mislead their customers that they are a regulated broker, which by itself is an indication that we are dealing with scammers. In support of that, as we already noted 247WorldBTCFX has been blacklisted by the Italian financial regulator CONSOB, while the company behind it is associated with a number of other scam websites that already were exposed in the past.

 

As usual in such cases we will end our review with a simple advise – trade only with properly regulated brokers, for instance brokers regulated by the Financial Conduct Authority (FCA) in the UK. Here is a link with our FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<< 

 
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Traders` reviews for 247WorldBTCFX

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