Table of contents
Expert24Trade is a colorful broker that seems to be taming with life, but is this life about to get extinct? Read on to find out all about this broker.
Expert24Trade is operated by Affort Projects S.A, which is registered in Seychelles. It is said that the company holds a financial services license. In Seychelles, the Seychelles Financial Services Authority regulates financial brokers. Thus any broker name or holding company found on its official website is licensed. Well neither Affort Projects S.A nor Expert24Trade were found in the database, which leaves us with the fact that Expert24Trade is not regulated by the Seychelles Financial Services Authority.
Furthermore, the broker gives an address in the Texas, US, which is impossible. For a broker to operate in the US it must be a member of the National Futures Association (NFA), AND has to be registered as a Futures Commission Merchant (FCM) and Retail Foreign Exchange Dealer (RFED) with the Commodity Futures Trading Commission (CFTC); it cannot be registered as an offshore entity and at the same time be regulated by both the NFA and CFTC. not to mention that the minimum capital requirement for any broker to be licensed in the US is $20 000 000.
With these out of the way, we can safely conclude that Expert24Trade is a risk to traders because it is UNREGULATED.
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.
After we logged in and were transferred to the Client Area, we deduced that the spread is non existent for a reason that we will cover in the following section of the review. For now just know that even if the broker claims to be offering a spread, this claim is entirely false. The exact same thing is applied to the leverage amount, and the trading assets. See where we are getting at?
The website is available only in English.
After we registered, an incredibly easy and fast process, we were thrown at the so called trading platform. ‘‘So called’’ because the trader is nothing more than a chart that is provided by a third party forex chart issuer.
So this is the reason that there are no spread and leverage values, and no trading assets to speak of; because Expert24Trade does not come with a trading platform, which technically does not make it even a broker.
EXPERT24TRADE MINIMUM DEPOSIT
The minimum deposit as per the client area is $200.
We would not deposit with this one if we were you. This broker is clearly not legitimate and not regulated, meaning that who knows what they will do with your investment. Traders should deal exclusively with brokers regulated by exemplary agencies such as the FCA or CySEC, for they oversee a brokers activities from head to toe with a severe case of diligence.
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
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
EXPERT24TRADE WITHDRAWAL TIME AND FEES
The minimum withdrawal is $50.
The Terms document state that withdrawal are processed with the hour.
In order to withdrawal clients must turnover all deposits once.
The withdrawal of the initial deposit, should the user be using a bonus, will not be available unless a user has completed a trading volume of 3x the deposit+bonus.
The next clause, says that if a client wishes to withdrawal his/her bonus, the trading volume requirement is 20 times the bonus+deposit:
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.
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.
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.
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!
Expert24Trade cannot be considered a broker because it does not have the two most imortant pillars of the industry: a regulation and a trading platform. All this website is is an attempt to steal as much from you as it can.
Expert24Trade compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines