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Trade24 Review - Is it scam or safe?

Trade24 Review - Is it scam or safe?

RATING: 1 / 32 REVIEWS Trade24
Trade24 is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts

 

Account type  Minimum deposit  Minimum trade size  Maximum leverage  Average Spread
Classic $500 0.01 1:200 fixed, 2.8 pips on EUR/USD
Silver  $2 000 0.01 1:200 fixed, 2.8 pips on EUR/USD
Gold  $5 000 0.01 1:200 fixed, 1.8 pips on EUR/USD
Platinum  $20 000 0.01 1:200 fixed, 1.3 pips on EUR/USD
Mega  $50 000 0.01 1:200 fixed, 0.8 pips on EUR/USD
ECN $50 000  0.01 1:200 variable, 0.2 pips on EUR/USD + commission $15 per standard lot


While most brokers usually provide several account types, clients of Trade24 Forex are offered a selection of 6 account types: 5 commission-free fixed-spread accounts, and an ECN one offering tight variable spreads and involving commission.


The main difference between the fixed-spread accounts is the minimum initial deposit required, and the higher the deposit, the lower the spreads offered.


Besides, micro lots are available on all accounts, whiach are usually appreciated by newbies.


The Company. Security of Funds

 

Trade24's website site claims the broker was established in 2007 in Switzerland and has offices in Zurich, London and Paris. Earlier in 2016 the site claimed that the company behind the brand, Trade 24 Global Ltd., is registered in the Marshall Islands, and soon after it changed the address to Belize and uploaded a license from IFSC. After the  Belize’s International Financial Services Commission (IFSC) warned that the license of Trade24 is a complete forgery, it was removed from the site. According to various user forums, throughout 2015, Trade24 Services has had addresses on the Seychelles, in London and Cyprus. There are numerous complaints that Trade24 is a scam broker and traders cannot withdraw their funds.

 

What is morе, New Zealand’s regulator, the Financial Markets Authority (FMA) has added Trade24 to its list of “businesses to be wary of”, as it is not properly licensed to provide financial services in the country. The French regulator AMF has also included Trade24 in its forex warning list.

 

In other words, we would advise you to select another forex broker, as this one is very likely to be a scam. You'd better choose among FCA-regulated brokerages, US-based ones or Swiss brokers, for instance, since in those jurisdictions the respective financial watchdogs are always on alert and your money will be safe.

 

Trading Conditions


Minimum Initial Deposit

In order to open an account with Trade24 Forex, one has to deposit at least $500, which is a comparatively high minimum initial deposit requirement, considering this broker’s lack of regulation. In comparison, ForexBrokerInc, which is also registered in the Marshall Islands, demands $100 for all account types as a start.


Average spreads & Commissions

Trade24 Forex offers mostly fixed spreads, which vary by account type from 2.8 pips to 0.8 pips on EUR/USD. 0.8 pips spread is a really tight, especially taking into account that no commission fee applies, however in order to get such a spread, one has to pay 50 thousand bucks. The same amount of money is required, if you choose to open an ECN account with this broker and trade with variable spreads, averaged 0.2 pips on EUR /USD. Unfortunately, we would not recommend this option either, for despite the high minimum initial amount required, a commission of $15 per standard lot applies and in fact, trading costs for the EUR/USD pair would amount to 1.7 pips, commission included, which is far from competitive.


In comparison, Belize-based FX Choice offers variable spreads averaged 1.2 pips on EUR/USD on its commission-free account, while the Pro account provides spreads from 0.5 pips on EUR/USD, and a commission of $3.86 per lot (per side). For further information, you may look up real-time spreads of 15 leading brokers here


Maximum Leverage

This broker offers leverage up to 1:200, which is an average ratio. Most offshore brokers, however, provide higher leverage levels: ForexBrokerInc offers leverage up to 1:500 and Belize-based Colmex Pro - up to 1:400. More forex brokers offering leverage equal to or exceeding 1:500 can be views here.


Please, be advised that higher leverage levels may not only multiply their profits on a small deposit, but also lead to heavy losses in excess of initial investments.


Trading Platforms


Trade24 Forex offers its customers the robust industry preferred MetaTrader 4 (desktop & mobile versions availanle), Sirix-powered Web-Trader, as well as some extra auto trading solutions.


Like most brokers, this one supports MT4, the preferred choice of most experienced traders, as the platform offers a number of technical indicators, extensive back-testing environment, advanced charting package and a wide range of Expert Advisors (EA), allowing clients to fully automate their trades.


EAs are advanced automated trading systems written in MQL4, that are able to analyze market conditions automatically, open/close positions and place/modify/delete orders, so that traders are free from manual trading routines.


Trade24`s customized version of Web Trader, WEBTRADE24, is marketed as a browser-based social trading platform. This is no wonder as the platform is equipped with a special social dashboard, where users can follow experienced traders and easily copy their trades.

 

Moreover, this broker offers two more auto trading solutions: Mirror Trader - a sophisticated trading system based on professional algorithms, and Signal Trader - a user-friendly platform that allows all traders to automatically execute trades based on top performing Signal providers.


Promotions
Currently this broker offers its traders an on deposit bonus from 30% to 50%, depending on the account type, as well as free weekly or monthly signals trading.


Besides, Classic and Mega account holders are offered free financial trading course, and clients holding other trading account (except ECN one) are provided with a Senior account/ Analyst manager 1x1 trading. Trade24 clearly targets novice traders, as there are a number of web tutorials, trading analysis articles and other educational materials on its website.


VIP and Platinum account holders, on the other hand, are entitled to Trading signals with no time limitations for entire lifetime of account Mirror, Algorithmic trading service.


Methods of Payment


Trade24 offers its clients the following payment modes: bank wire, credit card, e-wallets Neteller, Skrill, Qiwi and Яндекс.


Conclusion


With two regulatory warnings issued against Trade24 in 2016, it is hardly a reputable broker. Despite offering a variety of trading instruments, solutions and accounts, we suspect that not only this broker is not regulated, but it is likely to be a scam. Here are, in a nutshell, the advantages and disadvantages of Trade24 Forex:

 

Pros  Cons
MT4 and web platforms available Not regulated and likely a scam
Variety of trading accounts  High spreads available for account holders with with deposits below $20 000
Many auto trading options   
Bonuses & promotions available  

 

Latest news about Trade24
No news about Trade24. Check back later.
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Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
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for Mac
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Traders` reviews for Trade24

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Details

Hello customers. I have worked lately for this company, and i can give you an address. Original the company is based in Dublin Ireland, but the fraud center is based in Sofia, Bulgaria, in building so called CYM. bassed in Maria Lyiza str, number 2, floor 2

joe 02/20/2019

scammed - stay away from this company

I opened an account with trade 24 and invested £2000 and was further encouraged by the broker to invest more to trade better odds. Only this time i had to deposit 1000 in EUROS and into a pay pal account as he said they were having trouble with their server more fool, the broker stated that Facebook shares were going to go through the roof i bought at 181 and immediately they started to fall and never recovered. i kept e mailing the broker but he assured me they will recover. Well they never did and now he doesnt even answer my e mails and i cant get hold of him, and i cant even get onto the website, what a joke stay away from this company and dont get sucked in by their smooth talk that they can make you £1000s i was a fool never again.

viv walker 02/06/2019

bogus and fake organisation

They have provided no accurate evidence but chosen to ignore their failings, misrepresented, failed to admit their mistakes and reflect. It indicates a lack of probity that runs across this organisation and its employees. This is seen through the working of TRADE24 – employees use a bogus ID in most cases and as seen in my case – account manager Charlie King ( an Eastern European who has assumed a westernised name and identity), all discussions and promises made over the phone and not in writing or email, agreements that were signed by me were never returned to me with TRADE24 signatures or stamps or authorisation, phone calls that rotate sometimes from Switzerland, Ireland and often untraceable. This organisation is running a Ponzi scheme
and this has been made known to HSBC AND VISA.

I have registered an ACTIONFRAUD case against TRADE24 and Charlie King - NFRC180102172363
- This has been attached and concerns the 12k online transfer made to TRADE24.
Please see below a snapshot of the reputation of TRADE 24 on the internet and warnings from the FCA UK.
https://www.fca.org.uk/news/warnings/trade-24

Is TRADE24 a scam?
https://www.forexpeacearmy.com/community/threads/trade24-com-is-a-scam-be-carefull.52637/
https://www.forexpeacearmy.com/community/threads/trade-24-cheats-me-out-of-2-5k.52398/
“Trade24 was established in 2007 and they have chosen to remain unregulated in all this time.”
https://www.fca.org.uk/news/warnings/trade-24
“Trade-24/ Trade-24.com
Warnings Published: 09/03/2016 Last updated: 27/09/2017
We believe this firm has been providing financial services or products in the UK without our
authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to
protect yourself from scammers.

Almost all firms and individuals offering, promoting or selling financial services or products in the UK
have to be authorised by us.

However, some firms act without our authorisation and some knowingly run investment scams.
This firm is not authorised by us and is targeting people in the UK. Based upon information we hold,
we believe it is carrying on regulated activities which require authorisation.
“With two regulatory warnings issued against Trade24 in 2016, it is hardly a reputable broker.
Despite offering a variety of trading instruments, solutions and accounts, we suspect that not only
this broker is not regulated, but it is likely to be a scam. “

Rehan Kazi 11/13/2018

Be warned about trade24

I decided to trade with trade 24 some months ago.Firstly i had trouble with sending my paper work which took two months to do.Secondly i found it difficult to access their site at this point i decided to ask for my deposit back and guess what,im still waiting.

My advice to any trader do not touch this company with a barge pole.

James Thomas 09/20/2018

Don't trust Trade24!!!!!!

Amazing liar, they just promise, Im dealing with them more than 1,5 year, I didn't get tired to call them every week. I want my money back, they answer and always is the same: Madam everything is fine, we can see, that everything is fine and you request is on process you must be just passion and wait, so this waiting and lies goes more then 1,5 year! FRIENDS NEVER DEALING WITH TRADE24!!!!

Marina 06/14/2018

Trade 24 scammers

As an unexperienced client, my broker succeeded in getting some 20.000 euros from me after my initial smaller deposit.
Then he opened two positions knowing a massive loss would come. Concrete: he opened oil positions in "sell" though the oil prices had not stopped going up since two years; he should have opened in "buy".
Therefore I made a massive loss - more in particular because the 2 positions close automatically - and now they are asking me again for another 20.000 euros deposit in order to "save" my account.
I am not doing this of course, since I discovered they are scammers.

Gregoire Derdeyn 05/23/2018

Bad Broker

Do NOT trade with this Brokers are not experienced and they will take your money an NOT reurn it even if you make profit. Im talking from experience.

Vijay 04/26/2018

scammed by trade24

Hi i have placed $20,000 with this company they offered me a managed account they have purposely wiped the account out . They now refuse to answer any e mails from me . i still have $4700 in the account but no one will speak with me These must be stopped

ian goodall 04/19/2018

I have been screwed

I have been scammed. I want my initial deposit back. But they don't want to give it back. They've just sent a part of my money. Can someone give me an adress. And I will set things right with them. They must be doing this from somewhere. Giving their accent they should be eastern european.

Brahim Arbaji 03/24/2018

They are c*ck suckers....

I lost 3514 US dollers...they are not giving it back...they are sweet bastard....

Abdul Rauf 02/08/2018

Trade 24 Withdrawals

I want to know how I can complaint about this company. I have deposit 180k and now I want a withdrawal and they do not do it.
Who can assist me?
Anybody knows location?
Anything will be appreciated

Pere Torrents Valles 01/29/2018

Do not trust trade24

I traded with them and they stole 1000 dollars from me.
I lost the first 600USD and asked them to send me the rest of the money.they said it's going to take 7 days to deposit the money into my account.
They promised to give bonus and never did.
Stay away from them they're a big scam.

Dimitrios 10/13/2017

I have been totally scammed by trade 24

I have been totally scammed by trade 24 they have actually stolen $20,000 from me /They offered a managed portfolio .I have had four different brokers who all purposely made sure the account constantly needed additional funds .The last broker Mark Williams placed a trade on bitcoin losing $ 32,000 then cancelled the trade which effectively wiped the account out When i contacted the compliance department i heard nothing . He actually had the audacity to ask for an additional $35000 to get the account re started . I had the trade covered by putting a hedging trade on bitcoin that would have kept the account safe . There was $18,000 equity in the account In 24 hours he cancelled the hedge bit coin trade leaving the account totally exposed .He assured me he was a bitcoin expert . This was done to wipe out the account. WHEN I CALLED HIM HE JUST LAUGHED AND SAID CUSTOMERS ALWAYS COMPLAIN WHEN THEY LOSE .i have much more evidence regarding this company and will be talking to the fraud department

ian goodall 10/13/2017

DO NOT TRUST Trade-24

I confirm all negative opinions about this company (Trade-24).
They are good in convincing you to make deposit and then you will never get your money back.
Mario

Mario 10/05/2017

Hi, R. de Wit!

"no money back. withdrawal
Hello all.
I made a deposit of a total of 1500 euros. The problem is that I never acted because I had little time for it. Because the money was there on my account, I tried to withdrawl.
but as you already guess I've never seen the money it's still on my account. I tried to call them but every time they say I'm being called or they call me back. I live in the Netherlands I'm totally powerless on this side. I hope someone who works there ever sees how bad it is they do. this is really the demolition of people. moneywolves. It is self-evident that no one can help such people."

Hi, R. de Wit!

Thanks for feedback. Please write your account ID and we will try to solve your problem as soon as possible. Thank you in advance.

With best regard, Trade-24

Trade-24 10/04/2017

Trade-24

"withdrawal was not processed as promised stay away from this broker. They will not process your money for withdrawal. f*cking @$$holes. dont trade with them. did not reply back on my emails and just wanted me to add more funds"

Hello!

Could you describe your opinion in more detail? Thank you in advance.

Wityh best regard, Trade-24

Trade-24 10/03/2017

withdrawal was not processed as promised

stay away from this broker.
They will not process your money for withdrawal.
f*cking @$$holes.
dont trade with them.
did not reply back on my emails and just wanted me to add more funds

trade24 new member 09/20/2017

no money back. withdrawal

Hello all.
I made a deposit of a total of 1500 euros. The problem is that I never acted because I had little time for it. Because the money was there on my account, I tried to withdrawl.
but as you already guess I've never seen the money it's still on my account. I tried to call them but every time they say I'm being called or they call me back. I live in the Netherlands I'm totally powerless on this side. I hope someone who works there ever sees how bad it is they do. this is really the demolition of people. moneywolves. It is self-evident that no one can help such people.

R. de Wit 09/05/2017

Stolen funds

Stay well clear.
Currently having issues with stolen funds from the account to the tune of 30 percent.
Apparently a fee based on non activity although a position longterm has
been continously open.

steven PILCH 08/19/2017

Trade24 scam - stay away!

Stay as far away as you can get!!
They allow you a couple of small withdrawals after you have to chase them up many times. After the next 2 withdrawals were submitted no matter what I said they were not paying them. I then decided to close my account at which time there was in excess of $600 in equity....
No matter what I said they did not close the account and I suspect started to "run down" the funds.....after more than 3 weeks asking them im done.
Just don't go with these scammers !!

Peter Morris 07/21/2017

Trade24 FRAUD!!

If you invest any money & your account rises based on a copy from Superman 704 platform - you will never be able to withdrawal your money.- ALL FRAUD!

if you can call me I will give all details of this terrible fraud firm.
tx

vic 07/12/2017

trade 24 scam of 19000$

the opion of trade 24 is the manager of ur account will all ways give u wrong leads,
and this way on the money u think they have invested wisely for you in fact is in a no win return, ie , for example , i was advised by john manager name , to do 5 pips in a £ against the euro well the £ was at it lowest and he said sell , i said not buy , because the £ will not go lower than 1.08 trust me direction, hs said, i click on 5 pips but i also clicked on 3 pips to buy,
the 5 pips went straight to a lose in 2 days of over 4000$ whilst mine went to $1200 up , i am explained this to him and still was losiong money i put a hold on the loss at $5000 dollars which it did lose ,

my question is is this a false marketing trading board specially ricked for trade 24 clients and in fact is not real, so the money u think u put in, as all ready lost , the minute it landed in there account i am now told i have no money left, i asked show me where it gone, there reply is ,, i am still waiting ,

david johnson 07/10/2017

Trade24: Waiting for payment

I deposited $250 they promise the bonus of $250 but it was all lies.They phoned me ask me to deposit another money I refused and I ask them to cancel my account and reversed my deposit.I keep on emailing them they said they send my withdrawal to the financial department.Till now I'm still waiting.This happened on 19 May 2017

Enid 06/21/2017

TRADE24 - They STOLE all my money

This is a CRIMINAL organization who is ROBBING MILLIONS from uwitting clients with total impunity! AVOID LIKE THE PLAGUE! They STOLE all my money in less than a week!

Michael Zieminski 06/07/2017

Trade24: FRAUD

After having been ROBBED by this fraudulently criminal organization,where can I go to sue these SCAMMERS to try to get some of my money back?

MICHAEL ZIEMINSKI 05/05/2017

disappointed

they took $250 from my account and I cannot get if back I never agreed to send money to deal

gerald r waddingham 04/28/2017

Trade24 IS NOT A SCAM

I have been with Trade24 for about a year now. After going thru more brokers than I care to mention, I feel fortunate to have Trade24 for my forex broker.
Never a problem to withdraw.
Great help and knowledge from brokers who are all to willing to teach you.
Great Broker !!

Joseph

Joseph Campise 03/27/2017

Review for Trade24

Average broker with average trading conditions and offshore registration. A lot of bonuses mean that it’s a market maker, which have a conflict of interest with you. So I advise you to choose true ECN brokers and use all benefits of trading at real market.

VovkFX 02/06/2017

I am an amateur trader, just trying out my luck in trading for last 1 year but did not find any luck in any places. Later I realized that the unsuccessful phase was due to my lack of knowledge and support which I got from trade24 broker. Not because of the educational materials they provide but of the minimum deposit range which allowed small trader like me to try their service and a good amount of leverage to help to trade in the market with bigger rewards. I really appreciate their kind support and customer relationship management. Finally i found a better place to trade well and dream to be a successful trader.

Muktar Ali 02/04/2017

Trade 24 in my opinion

I am really shocked about people that crying like little baby when they loose money,
When you did profit, you didn't come to give us!
Com one!
I am trading with Trade24 over 2years, very reliable broker.

Daniel Magor 01/26/2017

Most transparent Forex broker.

I have been searching for a good yet reliable broker for the past few years. It is hard to find one due to the restrictions, limitations and fraud some broker subdued with. After a few years searching for a good broker to invest my money in, I have found trade24. Yet, I had absolute no issue in withdrawal/deposit of my money in Trade24. It makes me feel secure as I myself is an experienced PAMM investor and I always prioritize on a broker service and excellence before investing. Hence, I would totally recommend this broker to anyone out there.

Darren Lehmann 01/25/2017

About Trade24

Trade24 is the safest broker I’ve been working so long in my trading career. They came in forex business with one motto & that is to serve their clients in limitless ways. To make them happy, to make them profitable with their every trades this is the main aspect of this broker. I can withdraw my money with ease without any condition. Quick execution, free signals, wonderful trading platforms makes my trading so easy for me.

Michael 01/22/2017
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