24waysFx claims to bring expertise, focus, and timing to your forex investment. Sadly, CONSOB issued a warning regarding the use of this platform. You will likely lose funds when you invest with 24waysfx.com. Hundreds have already lost funds as 24 Ways FX openly refused members to withdraw funds. That’s the reason why the Italian Regulator had to step in and warn investors. Here’s more in our detailed 24WAYSFX REVIEW.
24waysFx wants you to believe that the platform is international on the about us page. The platform sells itself as a renowned brand. With most investors having to check with regulators, the platform sells properly.
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24ways FX is one of the largest forex scams we have. Thanks to the warning by CONSOB, we believe the platform will soon shut down. No trading platform should block or limit members from withdrawing funds.
Starting with the website design, the platform does a terrible job. You have a website that doesn’t give visitors any information on trading. All you get is an invitation to sign up with their investment platform.
There are several red flags found on the platform. These create a problem for investors. Sadly, naïve investors don’t bother checking them or even know where to look. Luckily, we are here to expose all the red flags on the platform.
Before committing to any forex investment platform, you need to do some due diligence. Try and find out what makes a platform tick. Get to learn what others have faced while dealing with the platform. It will give you an insight into what to expect.
24waysFx fails to give any information on available forex trading accounts. You don’t know whether all members use a single account or different accounts. The plan is to get as many users to deposit different amounts as possible.
After signing up and leaving your phone number, the platform takes this opportunity to call you. Using their call agents, the platform will insist that the more you deposit, the higher your chances of winning.
That’s not the case, and some platforms accept as low as $10 deposits. And these members start earning slowly as time goes by. But, again, this is because the platform only wants you to deposit funds to block them in the long run.
There’s also no information regarding leverage and spreads available for forex assets. From what we have seen, the platform will change leverage positions from time to time. However, what’s clear is that the platform’s minimum leverage is 1:200.
Regulators have moved in to protect investors from such positions. High leverage means losing a large volume of investment in a losing trade. With trading, you are bound to make some losing trades.
The platform heavily benefits from your losses. And this is why we have to expose the leverage position. Regulators in Europe have agreed to maximum leverage of 1:100. So any platform asking for more is taking advantage.
When opening your account with the platform, everything seems genuine. However, we noticed that the verification part is only available when you click withdrawal. Therefore, members will have to verify their accounts during their first withdrawal.
And this allows the platform to ask for verification documents. We don’t understand why such a platform would ask for credit card information. You have to send a copy of your ID and bank statements too.
There are other ways to authenticate a user, and an excellent example is the two-factor authentication process. The platform will likely use your documents to try and charge your credit card with online payments.
To try and get affiliates to send more users, the platform promises a 7 percent commission. Any trade made by the user, you get a 7 percent commission. That seems to be a perfect way to earn passive income.
Before you decide to become their affiliate partner, you need to know the consequences. First, the platform fails to release commissions. You end up doing the heavy lifting for free. With members failing to withdraw funds, you become the platform’s scapegoat.
We have a classic example of a platform that takes advantage of your connections. Once these members sign up, the platform will have used your connections to the fullest. These victims will want answers as you direct them to a faulty investment platform.
When these victims take legal action, the law will consider you an accessory to online fraud. That’s how you lose your online credibility and reputation. Therefore, it’s best to confirm whether a platform offers legit products or services before becoming an affiliate.
The platform promises traders five classes of trading instruments. These include commodities, crypto, forex, indices, and stocks. You get to trade commodities such as coffee, cotton, gold, natural gas, oil, and more.
There are some leading cryptos paired with major currencies. These cryptos include Bitcoin, Ethereum, and Litecoin. The major currencies paired against these digital assets include EUR, GBP, and USD.
With forex trading being the core of the business, the platform offers major and minor pairs. But unfortunately, there’s no information on spreads or whether the platform offers commissions. And that’s a major problem with the platform.
You also get to trade against major indices such as NASDAQ, NIKKEI, S&P 500, and more. Moreover, the platform makes it possible to trade markets from all over the world. In addition, you get to determine the prices of global commodities.
With shares playing a pivotal role in investing and trading, the platform does have them. You get to trade shares from all industries. Leading company shares include those from the manufacturing and tech industries.
The platform claims to have won several awards to try and fool investors. These include 2019 Innovators Transaction Services. Additionally, the platform claims to have won awards from 2016 through 2019.
These are mere award logos that anyone can download and have on their website. The platform didn’t actually win any of these awards. Instead, it shows the extent to which scam artists will go to fool investors.
24 X 7 LIMITED is the parent company that owns this platform. Despite posting a business registry number, these are false numbers. There’s no business registry of the platform in the UK or any other European nation.
The company is the reason why CONSOB issued a warning. The company was involved in several fraudulent online schemes. It would help if you stayed away from the platform as it’s also completely anonymous.
24waysFx does not have any valid business registry credentials or regulations. The platform faces a warning from one of Europe’s top regulators. With such a warning, it’s best to stay away from such platforms.
There’s no way your funds are safe with 24waysFx. The platform fails to segregate accounts or offer insurance cover. As a result, your funds are not in trusted hands.
After establishing that 24waysFx is a scam, it’s best to avoid it.
You need to invest in proven strategies that make real ROI. Invest in the best investment options the industry has to offer.
Feel free to leave a comment or email us with any queries.
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