24ForexLive

24ForexLive is claiming to be a company worth investing in, but our senses are telling us otherwise. Read the review to understand more.

24ForexLive is a binary options broker, essentially allowing users to bid on the fluctuation of different assets, and whether an asset will increase in value or decrease. But it still needs a proper regulation in order to function within the contour of the law. Given the fact that 24ForexLive lacks any mention of a regulation, we are left with the conclusion that this one is UNREGULATED, and thus puts every deposit at risk. Furthermore, binary options trading is prohibited in Europe and the US.

Always check for a proper broker license within the domains of the regulatory agencies. All of them have access to either an online database of regulated financial services providers, or separate lists of authorized companies. We advise traders to go with FCA/CySEC regulated brokerage firms, since these two agencies are some of the best for the job.

Readers should be aware that binary options brokers have no spreads or leverages, since there is no actual trading involved. Instead, users are encouraged to bet on assets. However, at 24ForexLive these instruments have not been clearly indicated. Even when we registered, the client portal was empty of any sort of details; an obvious sign of a scammer company

The website is available only in English.

24FOREXLIVE LOGIN

As a binary trader, 24ForexLive cannot offer a proper trading platform. Instead, the usual terminal is much simpler, with only the option to bid low or high. We say usual, because 24ForexLive has not included a platform. The client dashboard teases us with an empty graph, and that’s that.

We are giving it a glimpse of hope by claiming that there is the probability that the platform is activated once one deposits, but don’t let your imagination run wild.

24FOREXLIVE MINIMUM DEPOSIT

The minimum deposit is $500, which can be seen as double the industry standard.

The client dashboard gives us the following depositing methods, yet each time we clicked on either one of them we got a pop up message saying to contact the support if we want to deposit. Nevertheless, the funding methods are Credit Card, Bitcoin, Western Union, Wire Transfer, MoneyGram, PerfectMoney.

Due to he broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

For safekeeping your money NEVER share your credit card number and CVV code with a salesperson. All online payments require this 3 digit number in order to complete purchases or transactions, and by giving yours away to some offshore broker may lead only to the complete drainage of funds from your credit card.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

A novice mistake that has been numerously repeated and taken advantage of is providing access to your computer and bank account via AnyDesk or TeamViewer. These two softwares allow for others (in our case the people behind the shady brokerage) to log-in to your PC and flip through all files and browsers, essentially taking over your computer as another user and having access to your personal information like bank account passwords, credit card information etc. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

24FOREXLIVE WITHDRAWAL TIME AND FEES

The minimum withdrawal is $100.

Withdrawals are processed within 2 days according to the Terms and Conditions.

There are no withdrawal fees mentioned anywhere.

ADDITIONAL FEES AND TAXES

On two separate clauses, the company makes it clear that it shall bear no responsibility should the trader experience any losses arising from a number of consequential activities. This is in essence a ticket for a way out if a client holds the broker responsible for any funds that have been taken away from him/her in a suspicious way.

There is also a turnover requirement that must be met in order to redeem a bonus. The volume of trade is 30 times the bonus.

Beware! 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.

ACCOUNT VERIFICATION

Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use this to build a stronger case against you in the event that you request a chargeback.

The most important thing to note is that this broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advise is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.

HOW TO RECOVER

Don’t delay, and file for a charge back ASAP with your bank or credit card company, but also ask them what the situation with your current account is.

Any details you might have shared with the broker, most notably the CVV code, are sure to be used against you, thus you should swiftly cancel your credit card ASAP.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won't ever hear from them again.

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!

BOTTOM LINE

It’s as if the developers of 24ForexLive left halfway through the creation process. There are so many essential aspects missing, that this cannot really be considered neither a binary options trader, nor any sort of broker. Stay away if you value your investments!