247FXMarket Review Is 247fxmarket.com A Scam

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247FXMarket Review: 247fxmarket.com Crim Forex Scam

247FXMarket Review: 247fxmarket.com Crim Forex Scam

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Last Updated: Jan 29, 2020 @ 12:55 pm

247FXMarket (247fxmarket.com) is another brutal Binary Options and Crypto Currency scam broker to hit the market. 247 FX Market is professing to offer a 92% bonus to anyone who opens an account with them. These bonuses have been known to cause havoc in the trading world. Most members are crying foul over what they term as abuse of trust by this broker. Read the truth in this detailed 247FXMARKET Review.

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247FXMarket Review

What most members are afraid of is having their accounts shut down with a huge balance. Hamid deposited his life savings hoping to make the most out of Forex trading. What happened next is beyond his comprehension. After making a few losses, he decided to cut his losses and withdraw the remainder. And this is when trouble started brewing as he could not access his trading account. When he contacted these brokers, he was told to wait for three days; it’s now been over two months.

247FXMarket is openly refusing to let Hamid and other investors to withdraw funds. Other members have had their accounts blocked after complaining to the authorities. What drives investors into signing up with rogue brokers? Over the moon claims and promises are one way of enticing investors. These scam artists know we all want to make an extra buck or two, they create an illusion. Scam artists will promise a quick and high return if only you open an account with them.

About 247FXMarket

Another shocking detail we found in regards to 247FXMarket is in relation to their physical location. They claim to be located in the UK which is not true, phone numbers they use are virtual numbers. These scam artists have hired a phone call center expert to give them a UK based number. Virtual phone numbers are being used by scam artists to impersonate UK telephone listing. Anonymity is a huge problem when it comes to any online investment platform.

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Who are the actual people running this website? Why can’t we get the actual names of the founding members? These scammers have ensured their identity remains a secret. A huge problem with any anonymous platform is recovering funds. Where do you even start? These scam artists have perfected the art of cloning websites to lure unsuspecting investors. 247FXMarket is one of those online investment platforms to be avoided at all costs. They are out to get your money.

Is 247FXMarket licensed or registered?

247FXMarket is not licensed or registered by any regulatory institution anywhere on the planet. To confirm our fears, we reached out to various regulatory bodies. These bodies included ASIC, COSNOB, CySEC, FCA, FSA, NFA, and SEC. None of these bodies has ever heard of 247FXMarket. Scam artists will do or say anything to try and get recognition. For once, they claim to be licensed by CySEC which a total lie. We checked with the register and no name popped up.

Have you noticed their website does not have an agreement’s page? Why have they failed to post any legal documentation on their website? They simply are not a professional outfit. They have posted a fake registration number which does not match any brokerage firm licensed by CySEC. Whoever signs up should know they are dealing with a rogue brokerage platform with no authority. These are offshore scam artists.

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Advantages of 247FXMarket

There is no point of signing up with a broker who is openly stealing from users. In fact, authorities should make a point and investigate who handles these funds. Blacklisting and blocking this website will help protect other unsuspecting investors. These are scam artists who have created a way to enrich their pockets fast. To protect the good trading name, we must expose them while protecting newbie investors. Stay away from this platform.

Disadvantages/ Features

Demo Account

Why have they failed to issue a demo account? A demo account is used to give users a chance to have a feel of trading. What spreads are being offered by this broker? They simply want investors to blindly open accounts with them. A demo account is important as it will give you insight on how a platform behaves. With no demo account, investors go in blind not knowing what to expect. They claim to have over 1000 trading instruments; Hamid could only find around 28.

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No Depository Method

How do users deposit funds to this platform? With a real broker, you will get logos of accepted depository channels such as MasterCard and Visa. These scam artists are using different and untraceable accounts to store funds. Investors are given different accounts to deposit which is a huge problem. These are scam artists who will create one time bank accounts for users to deposit funds. Stay away from 247 FX Market.

Unknown platform

Another problem with this broker is lack of a valid platform. Are they using a private platform or web based? Do they have a MT4 or MT5 trading platform? These are some of the reasons why we are against opening an account with these scam artists. They are simply brokers with a troubling background. Is their platform even secure from third party attacks?

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Are funds safe with 247FXMarket?

With Hamid and other members complaining, we are sure funds are not safe. As we said earlier, members are depositing funds straight to owner’s bank account. 247FXMarket is a scam and they will do or say anything to ensure you don’t get a dime. Lack of proper security features is also a cause for alarm. They don’t have DDoS Encryption to safely protect transaction process. These are scam artists whose agenda is to steal from unsuspecting investors. Stay away from this scam.

Is 247FXMarket a scam?

After checking all the facts, it is clear 247FXMarket is a scam. Stay away from it and warn your family and friends. Joining any of their affiliate programs is also a bad idea as you will be helping them scam more people.

Verdict

Adding this platform to our scam blacklist will ensure our readers don’t fall for this scam.

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247FXMarket Review – is it scam or safe?

247FXMarket is a Forex brokerage registered in Birmingham and has a focus predominantly on crypto currency trading. It provides a web-based trading platform but we have serious concerns regarding its legitimacy.

Regulation and safety of funds

On the website of the brokerage we read nowhere the name of the company behind it, the brokerage only gives out a contact address in Birmingham. We remind readers that forex brokers operating on the territory of the UK fall under the regulatory oversight of the FCA and have to be properly licensed. Furthermore, there are no terms and conditions of the brokerage which means that there is a serious lack of corporate information. Upon running a check on the online registry of the FCA we discover that there is no licensed company that operates a broker brand by the name 247FXMarket and the brokerage is obviously providing financial services illegally.

This is a big advantage for traders since regulation guarantees the segregation of accounts i.e. the clients funds will not be mixed with those of the company and liable to all sort of illegal encroachments on part of the broker. Compliance with the highest regulatory standards also offers potential clients of the brokerage participation in a compensatory scheme by which, in the unlikely case of the broker’s bankruptcy, the losses of traders will be covered by up to 85 000 per person. We would suggest interested traders take a look at our list of recommended FCA-regulated brokerages that provide such important safety nests:

No fees or commissions

Due diligence always requires us to go through the lengthy terms and conditions of the brokerage in search of potential fees or commission that may be hidden there. Such fees should be taken seriously, because they do not show up on the home page of the brokerage, but may significantly drive up the cost of trading. After a thorough research on our part, we can confirm that YvesKapital does not have such surprises in store for potential clients. However, we do point out that having in mind the staggering lack of clarity regarding the product the website offers, such an advantage isn’t all that important.

Conclusion

Going through the brokers website and its trading platform – we found many disconcerting things. There is a serious lack of information on crucial aspects of a brokerage, as well a lack of clarity as to precisely what the brokerage is offering. However, what we must most emphasize is that 247FXMarket is an anonymous website and it operates under no regulatory oversight whatsoever which means the safey of the client’s funds is in serious jeopardy.

247FXMarket.com Review Visit site

247FXMarket.com is part of B.O. Tradefinancials Ltd group. Known members of this group include FXCryptomine.com, IQTradeOpt.com, BinaryTradePlus.com, FairTradeOption.com, 360FXTrade.com, AceTradeOptions.com, PlatinumFXTrade.com, StarTradeOption.com, 247OptionFlow.com, BinaryExpress24.com, FXCryptOption.com, IQMarketsCFD.com, 24TradeRush.com, LiteTradeOption.com, IQMetaTrade.com, CoinbitsGlobalInvestment.com, NexTradeOptions.com.

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Trading FX or CFDs on leverage is high risk and your losses could exceed deposits.

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