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247WorldBTCFX is an agitating broker to review for several reasons. Read the review to find out what they are, and if you should deposit your money with it.
We give props to this alleged broker’s attempts at concealing its true nature… However we dug deep, did our research and have concluded that it is UNREGULATED. Below are the details.
First off, the broker in the footer claims to be regulated by Switzerland’s FINMA, and even attaches a list document of Approved Swiss collective investment schemes, in which we can clearly see 247WorldBTCFX name mentioned on multiple occasions.
This is a document of investment schemes, and not regulated broker; in Switzerland there are only a handful of them because of the draconian requirements, yet we still have to wonder how did the domain of the website come to be there. Well, after some scrutinizing research, we found another Approved Swiss collective investment schemes document, in which 247WorldBTCFX’s name was not included (and this doc is dated 5am, 01.10.2019):
We assume one of two things happened. Either the broker forged the document and added its name; or it took on the name 247WorldBTCFX after the per-existing website ceased to function. Personally, the latter sounds improbable, and so we bet on the former.
Second, the Legal Documents continuously mention a much too familiar name that we have seen before, a certain Game Capital Ads Limited which has numerous times been featured in our reviews of ILLICIT brokers, such as 247SmartFX and CapitalGBP. Any association with Game Capital Ads Limited conveys immediately a sense of insecurity and fraudulence.
Third, the official Italian financial regulator has issued a warning against both it.247worldbtcfx.com (the Italian-translated site) and against Game Capital Ads Limited.
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
We easily registered, and went straight to the client portal, but were unable to reach a proper trading platform for a reason that we shall detail in the login section. For this reason, the broker does not actually have any assets, nor a spread value and neither does it have a leverage.
The website can be translated in English, Italian, German, and Spanish.
The MT4 offered at the broker’s website is owned by a WestMediaGroup which is obviously neither the broker’s name nor its alleged holding company, meaning that 247WorldBTCFX has no trading platform to call its own.
Interestingly enough however, we were able to proceed to open an account with WestMediaGroup’s MT4 trader using the login detail provided by the client area.
247WORLDBTCFX MINIMUM DEPOSIT
According to the website, the minimum deposit is $250.
As per the client portal, the account funding methods are Visa, MasterCard, bitcoin, and VoguePay.
Once more: this broker is clearly unregulated, and if you choose fund an account with it, it will put you directly at risk of losing all funds. For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
AnyDesk and TeamViewer software are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these software are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.
247WORLDBTCFX WITHDRAWAL TIME AND FEES
According to the Disclaimer document, the minimum withdrawal is $100.
The same document states that it takes the broker up to 48 hours to process a request.
There seem to be no withdrawal fees issued by the broker, but this is only because the broker will certainly not allow you to withdraw.
Users who use a bonus and want to withdraw will have to complete a trading volume requirement of 3.3 lots for every $10 bonus granted:
Furthermore, in the same clause the broker mentions a “platinumstrade” which it goes on mentioning in some other clauses. This is yet another name, made up or of another shady company, that the broker has included.
The next clause with a mention is similar to the one above, but is concerns the so called “rewards” which are technically bonuses. The required trading volume (before a withdrawal) is 25 times every $1 reward:
And of course, the inclusion of the classic guilt-absolving clause is a must for every fraud broker:
Heed our words. Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
The only thing that is left to do is to file for a chargeback, and hope that the minimum amount of damage has been inflicted on your account.
If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.
At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
247WorldBTCFX is a bad case of an unregulated broker. For novice traders this one has the potential of completely robbing them. Listen when we say to stay away from this one!
247WorldBTCFX compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines