247FXMarket Review: 247fxmarket.com Crim Forex Scam

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.

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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Wishing you all the best in your trading experience.