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24ForexLive Review - is it scam or safe?

24ForexLive review - Is 24forexlive.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz 24ForexLive
24ForexLive is not regulated. We cannot guarantee your money is safe.

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24ForexLive says to offer binary options with a web based trading platform and generous welcoming bonuses. 

 

Account type Min. deposit Max. leverage Spreads
Starter Account $500 n/a n/a
Basic Account $2500 n/a n/a
Pro Account $5 000 n/a n/a
Executive Account $10 000 n/a n/a

 

Unfortunately as it turned out the website is completely anonymous, not to mention anything about regulation, so if you are considering to deposit your money with them better read this review first.

 

24ForexLive Advantages:

 

At the beginning of our reviews we usually try to come up with any possible positive sides about the brokers we investigate. With 24ForexLive however there are simply non.

 

24ForexLive Disadvantages:

 

Anonymous website, no license

 

To start with, the 24ForexLive website is completely anonymous. Nowhere in the whole presentation, nor even in their Terms and Conditions, do they mention the name of the company that runs the whole business. And there is no contact address either, just a US phone number, which obviously that does not mean anything.

 

Also, there is not a single word about regulation or a license. In fact if this is a legit broker operating from the U.S. they should be authorized as futures commission merchants (FCM) and must have retail foreign exchange dealer (RFED) license, issued by the Commodity Futures Trading Commission (CFTC). 

 

On top of that they should be members of the National Futures Association (NFA), a self-regulatory organization, whose jurisdiction extends over the whole futures market. Non of that applies to  24ForexLive - as we noted the website is completely anonymous.

 

And besides all brokers regulated in the U.S. are required to hold at least 20 million USD as operational capital, so it will not be an over exaggeration to say that the US forex market is the most strictly regulated market in the industry.

 

There are reliable and properly regulated brokers in Europe and Australia as well. You can always trust a broker regulated by the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) for example.

 

And besides, with a FCA broker your trading account will even be insured for up to 85 000 GBP, so here you may check our list of brokers regulated there as well:

 

>>FCA Regulated Forex Brokers<< 

 

24ForexLive is offering trading bonuses

 

We count this as a disadvantage for one single reason – trading bonus are always linked to some minimum trade volume requirement, which quite often is used by scammers as a pretext to cancel your withdraw requests. And it is not a surprise that regulators throughout Europe, the U.S. and many other regulated markets have banned trading bonuses altogether.

 

Skrill not available as a payment method

 

The selection of payment methods with 24ForexLive is rather interesting. They accept payments with Money Gram, Western Union, Perfect Money and Bitcoins, which are pretty anonymous ways to transfer money, as well as bank wire and credit card like VISA and MasterCard.

 

The website on the other hand does not accept payments with Skrill, which is by far the most popular e-wallet in Europe, and that is notable because of the new anti scam policy of the money transfer company. Currently Skrill partners only with licensed brokers and as we noted 24ForexLive is not one of them.

 

High minimum deposit requirement 

 

The minimum deposit required by 24ForexLive to star trading is 500 USD, and that is at least twice as high as the usual amount most brokers ask for with a standard account. And besides, some well known players like FBS and IG and Trading.com will let you start trading with virtually 5 USD or even less.

 

MetaTrader4 no supported

 

In fact we were not able to see how the 24ForexLive web based trading platform looks like, as there was no option to open a demo account. And we do miss the MetaTrader4 – probably the most widely used trading platform on the market, with nearly a hundred integrated market indicators and trading robots, which will readily help you run algorithmic trading sessions. And what is more, MetaTrader4 has an excellent set of advanced charting tools so here you may check our list of brokers, which do support MT4:

 

>>MT4 Brokers<<

 

No demo account

 

As we noted 24ForexLive does not offer a demo account, and as their presentation contains little or no information about their trading conditions, we can not comment on that too. Just bear in mind that the payout with binary options, (which by the way are prohibited in the European Union,) is considered good only if it is above 85%. 

 

Also with forex and CFD brokers, spreads are considered attractive only if the start below 1,5 pips. So here you may check our list of forex brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Conclusion:

 

As we already discussed 24ForexLive is an anonymous website, which we strongly advise you to avoid. Our experience shows that if a broker is not regulated and you can not even tell the name of the company behind it, most certainly it is involved in scam. 

 

So be sure to trade only with brokers, properly regulated by a well known institution such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).

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Traders` reviews for 24ForexLive

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