Please note! In the past week, WikiFX has added the broker 24TradeStation to our fraud list. As you can see 24TradeStation shows up on WikiFX as a “suspected fake clone” with a rating of 0.99, which means this broker is risky.
To prevent more innocent investors from being cheated by 24TradeStation and losing their hard-earned money, the WikiFX team decided to dig deeper into this shady platform!
According to WikiFX's study, 24TradeStation is a typical scam broker – it lacks a lot of important information, while being filled with many false lies. The entity reveals many other red flags, but in this review we will expose you to three main areas, including regulation, trading platforms, and deposit and withdrawal methods.
License and Safety of Funds
The first thing we do on any forex brokers website is look for ownership and licensing information in order to establish whether the company is licensed or not. Well, in the footer of 24TradeStation, we read that the broker is registered in the US. Meanwhile, in the About us section of the website it is clearly written that 24TradeStation is a Maltese entity that works under European and Maltese guidelines.
To make matters even more complicated, the broker also claims to be licensed by several of the most popular financial institutions – the UK‘s Financial Conduct Authority (FCA), The Cyprus Securities and Exchange Commission (CySEC) and South Africa’s The Financial Sector Conduct Authority (FSCA).
Well, we can assure you that these are all blatant lies – it only took us several minutes to check out the registers of the FCA, CySEC, and FSCA to establish that this broker is in no way authorized to offer financial services in any of these countries.
So, 24TradeStation makes all kinds of false claims in an attempt to present itself as a legit brokerage, while remaining anonymous. This means, that the broker is a pure scam, and should be avoided no matter what!
Trading Platform
Although the broker mentions MetaTrader5 on its website, its clients are only offered access to a lousy dashboard intended to resemble a trading platform.
It is all fake, and gives us yet another reason to label 24TradeStation a scam.
Trading software is a critical component of any forex business, and for that reason, we prefer reliable platforms like MetaTrader4 (MT4). Although MT4 was released more than 15 years ago, and its developer has even stopped updating it, the platform is still thriving. Its trading volume is still higher than those of the newer MetaTarder5, and its Android app has more than 10m downloads with an average rating of 4.7 out of 5.
Deposit & Withdrawal Methods
Unsurprisingly, the only payment option available at 24TradeStation are cryptocurrencies:
Bitcoin and digital currencies in general are trendy and have many advantages – quick transactions, security, instant transfers and so forth. However, these coins provide advantages for scammers, too – these transactions are non-refundable, and if things go wrong, youll be unlikely to claim your money back.
Because of this, it‘s always evidence of a scam if a brokerage accepts cryptocurrencies only, and doesn’t offer more traditional payments such as Credit/Debit cards or e-wallets like PayPal, so this is yet another red flag.
Conclusion
24TradeStation is scam, no doubt! If youre scammed by this broker, please keep the evidence and contact us as soon as possible. You can also log in to our official website or mobile app for self-exposure, copy this link to the browser to open it, and check how to expose the scam https://bit.ly/3dWv4N1
Official website: https://bit.ly/wikifxIN
APP for Android: https://bit.ly/3kyRwgw
APP for iOS: https://bit.ly/wikifxapp-ios
Remember, “when in doubt, reach out to WikiFX” because we are your one-stop Forex broker solutions!
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