A rare discovery is 24LiveTrades! It’s a trader that a British game regulator has blacklisted, which is considered an extraordinary situation! But the ludicrous circumstance speaks for itself—24LiveTrades is not a real Forex trader, but you shouldn’t focus on an illegitimate online casino if you want to earn money in the FX business!
And yet the fact that they provide investment goods and services to people is what made us notice this sleazy business. They surely merit a spot in the hall of disgrace, and in the complete 24LiveTrades analysis, we’ll teach you what you need to know about it.
24LiveTrades FUNDS’ REGULATION AND SAFETY
To start with, we will reiterate that 24LiveTrades provides the public with investment goods, and they will also reassure the public with real-time quotes. This assertion itself is strange because it goes without mentioning that real-time quotations and spreads are sold by a trader.
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However as we ventured into their terms and conditions, we discovered that they appeared to be approved on the Isle of Man by the Gaming Authority. But it’s not the end of the tale since they have actually been placed onto the list of unlicensed websites by the Isle of Man Gaming Oversight Board, which indicates that 24LiveTrades is a fake company creature from which traders can keep away!
If you make a deposit with 24LiveTrades, your funds are not secure because it’s not really a Forex trader, but an unlicensed online casino claiming to be an investment firm! If they contact you, record it instantly!
We advise that traders can only trust confirmed legal Forex brokers from the EU (mostly controlled by CySEC) or the UK (regulated by FCA). We do this because Europe has built the most stable financial climate for traders’ funds. However the money security schemes generated to guarantee the investments made by merchants and buyers are the most crucial thing.
You will demand up to EUR 20 000 in reimbursement per client under the administration of CySEC (Cyprus), whereas you are promised up to GBP 85 000 per client in the UK under the FCA. In the event that a Forex broker is unable to satisfy its financial obligations, each EU Member State is compelled to construct and further run equivalent insurance funds, which are considered to be the last resort for traders.
24LiveTrades Funding and Withdrawals
The minimum initial investment is $1000, which is ten times more than the sum that consumers are asked by legal traders to start selling, $100 on average.
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24LiveTrades reports a multitude of methods for financing, however we catch them misleading again since Bitcoin, Western Union and Money Gram are the only possible payment mechanisms! Even though 24LiveTrades was long ago revealed as a criminal company, it’s a scam indicator we have to notice. But also, whether they pay in Bitcoins, the traders need to realise that no chargeback or reimbursement is feasible!
70 percent of the remaining balance is the required sum to be withheld, which is a condition that is rather uncommon and very odd. No penalties are applicable and the order for withdrawal is said to be processed immediately. Although we find them not just lying once so we doubt that at the moment they are so vigilant in handling the queries. Uh! Beware! It’s a con, and there should be no withdrawals planned at all!
There was no latent account strategy detected, which is itself a red flag. The policy of the dormant account is a series of guidelines that specify how brokers treat the inactive accounts-no access, no trading. Legit brokers usually bill the accounts at most for an administrative cost of 5 to 10 dollars a month.
24LiveTrades doesn’t sell traders any incentives. The incentives are not free cash, but a leveraging weapon that further raises the danger for the traders and worsens the trading conditions. We must alert the traders. Trading incentives were barred by financial regulators in Europe precisely because of the associated risks.
You have to keep clear of 24LiveTrades; it’s a con!
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