Expert24Trade is an unlicensed Forex and CFD broker that also offer binary options which is owned and operated by Affort Projects S.A. with address at Seychelles. Affort Projects S.A is running this trading site on behalf of another company called FGC. We did not get any details about this company but they claim to have financial services license.
Expert24Trade.com is considered not safe, as it is not regulated by top-tier financial authorities, like the CySEC in Europe, UK FCA and the Australian ASIC.
We believe this firm has been providing financial services or products in jurisdictions where it is not authorized to. Find out why to be especially wary of dealing with this unauthorised individual and how to protect yourself from scammers.
- 1 Expert24Trade Review
- 1.1 Is Expert24Trade Safe?
- 1.2 Expert24Trade Account
- 1.3 Trading Platform
- 1.4 Attractive Payout
- 1.5 Beware of Bonus Traps
- 1.6 Beware of Managed Accounts
- 1.7 Expert24Trade License
- 1.8 Are your deposits safe with Expert24Trade?
- 1.9 Review Verdict
- 1.10 Expert24Trade Review Conclusion
- 1.11 Compare Brokers
During our review of Expert24Trade, we understand that Expert24Trade is deliberately trying to mislead their customers that they are a legit and licensed broker in Seychelles, while actually they are not. We personally checked the FSA registers, but were unable to find any trace of Expert24Trade, Affort Projects S.A. or FGC there. Bear in mind that trading with unregulated brokers in general is extremely risky as they are completely unaccountable for the way they handle your money, and far too often are simply involved in scam.
Is Expert24Trade Safe?
Forex Broker Expert reviews brokers for readers across the whole world to know whether they worth your time or not. We use a trust score algorithms to asses risk level. They major criteria we use in grouping a forex broker in to risk levels include total years in business, which regulatory licenses each firm holds, is the broker publicly traded in any stock exchange as well as our manual in house check.
Expert24Trade has a trust score of less than 50% which shows High risk. This means they are not regulated by any top tier licensing agency like CySEC or the UK FCA. So, even if Expert24Trade was registered by an offshore regulator like the Seychelles Financial Services Authority that would not have meant much as such regulators lack the capacity to oversee internationally operating brokers like Expert24Trade.
Also, FSA regulated broker for example can use one and the same bank account to store clients money and their own capital, which means that clients money will not be segregated as is the requirement with all broker regulated in the EU or let say Australia, by institutions like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) – the three most popular regulatory hubs in the industry.
When we tested Expert24Trade we noticed that they are not offering standard Forex and CFD trading as they claim. You cannot see leverages and spreads as in other Forex and CFD brokers. What you will see is a binary option trading platform with fixed payouts.
They offer 3 account types for classic binary options; Bronze, Silver and Gold. The minimum deposit for bronze is $200, Silver account requires $1000 and Gold account subscription needs a minimum deposit of $2000. Call/put options are available in 28 currency pairs, some of which minor or exotic like USDTRY, USDRUB, USDZAR and USDSGD, as well as silver, gold, platinum, oil, sugar, coffee, 37 indices and bitcoins.
During the check for Expert24Trade we saw that the are using an overly simplified web based trading platform designed specifically for binary options bets.
This platform is not as sophisticated as the most popular platform – Metatrader4. For example with an MT4 you can easily run automated trading sessions, using various market indicators and trading bots. On top of that MT4 has an excellent set of advanced charting tools.
Binary options are very attractive especially when you start thinking of your payout in a short time. Like in Forex, EURUSD is still the most traded in binary options. Expert24Trade payout is as high as 90% for the benchmark EURUSD pair.
Beware of Bonus Traps
FBE do not recommend accepting bonus from Forex brokers. For sure a trading bonus will be linked with some minimum trade volume requirement, which quite too often scammers use as an excuse to cancel your withdraw requests.
Expert24Trades is offering attractive trading bonus but you should bear in mind with Expert24Trade your bonus will never be available for withdraw until you reach the minimum trade amount.
Beware of Managed Accounts
Bear in mind that Expert24Trade is a market maker which means that there business nature is to make money whenever traders lose. They say to be offering a managed account called Fixed income account (FIA), promising that your invested capital will be “controlled by traders of the analytical department Expert24Trade”.
Like accepting trading bonus from an unlicensed broker, manged account from a market maker will surely have the incentive to lose your money in their own pockets.
Here at the Forex Broker Expert, we have reviews of more than 200 Forex brokers and trading software. The number one item we check when reviewing a broker to see if they are a scam is a valid license.
The reason smart people online invest with a licensed broker, is because there are many investment scams online. By using a licensed and regulated broker, you know your money is safe, and the company is monitored by the governments regulators.
- Expert24Trade operated by Affort Projects S.A is not a Licensed broker.
Are your deposits safe with Expert24Trade?
How can funds be safe with an unknown broker? Why have they failed to share details regarding how they handle funds? Which bank do they use to deposit funds sent by members? Did you know members are depositing funds straight to owner’s bank account? Stay away from these scam artists who don’t share any details regarding banking procedure.
Another perturbing issue with this broker is segregation of accounts. Expert24Trade is merging assets in one account which is extremely dangerous. Don’t expect any compensation from this broker as they are not insuring funds as dictated by law.
All evidence clearly point we are dealing with a scam outfit. Expert24Trade is a scam which must be exposed by all parties. Authorities are asked to look into this shoddy platform.
Expert24Trade is a SCAM!
Expert24Trade Review Conclusion
In order to protect our readers, we will be adding this platform to our scam blacklist. Make sure to mark all their emails as spam and ignore all incoming calls.
Why not sign up with accountable and established Forex experts to guide you through the trading process? Sign up with accurate and credible brokers who have been tested and vetted by Forex experts. Make sure to go for brokers who have been given the green light by the trading community. Recommended brokers will make sure you trade safely at all times. Go for dependable and transparent brokers at all times.
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