24NewsTrade Review: 24news.trade Cloned Broker Scam

24NewsTrade (24news.trade) is a broker whose owner has been creating other blacklisted platforms. 24 News Trade is a company owned by Baumont Group LTD which is based in St. Vincent and the Grenadines. The platform shares the same owner as StockFX which is another online scam platform. 24News Trade is claiming to use constant changes in currency rates to build and effective trading strategy. Sadly, they offer unfavorable trading conditions. Read this genuine and honest 24NEWSTRADE Review for more information.

About 24NewsTrade

Based in St. Vincent and the Grenadines, it is clear this is an offshore broker. Offshore brokers are notorious for creating platforms with over the moon claims and promises. 24NewsTrade is no different as they openly claim to help traders make quick profit in a matter of days. There are some discrepancies we noted and must share with readers. 24 News Trade is another platform to avoid due to their withdrawal policies. None of the new members have been able to make withdrawals for the past year.

Online trading can be a lucrative way of making profit if you have the right broker. An experienced broker will effectively make sure your trading is safe. Unlike the broker in question, a real broker will openly inform traders of the risks involved. 24News Trade is only using empty claims and promises to have as many investors to sign up. And this is a well-known scam tactic. To claim to offer huge profit margins in a small amount of time. The tricks used by this broker will be exposed to protect unsuspecting investors.

Assets Offered by 24NewsTrade

According to their market’s page, 24 News Trade is offering CFDs, Forex, Indices, and Stocks. They claim to enable traders get ahead of the game with leading instruments. What we found weird with the broker is lack of clear information on leverage and spreads available. A true broker will inform traders on the features available on the website. None of the members know the conditions available on the assets. Once they sign up, this is when the cracks start to appear.

Business Owner

Baumont Group Ltd is the main company behind this and other online scam platforms. The problem with the broker is using a company name with a suspicious trading background. They also fail to mention the names of the CEO or CFO of the company. A quick search using company registers reveals no such company exists. And with contacts from all over the world, the company should be known. Without names being mentioned, 24NewsTrade is another anonymous online trading platform.

Founding Members

According to the about us page, the website claims the platform was founded by a team of experts. On the page, they post images of people who seem to be working at an office. These images are used to sell a professional looking outfit. In real sense, this is another false broker who is using stock images. If these were professionals working with the broker, names would have been posted. Just with any other online scam, no scam broker wants their names out in the open. They all fear being tracked down by authorities or victims.

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License and Registration of 24NewsTrade

Another shocker with the platform is lack of any information on their license and registration. A closer look at their compliance page reveals nothing regarding their compliance. The scam brokers will even post random numbers to act as their legit compliance details. It is best to confirm with a regulatory body whether the broker is truly compliant. 24NewsTrade IS NOT LICENSED by any regulatory body.

The matter gets worse as they don’t post any details on their license number. Members are having a hard time trying to recover funds from such a platform. The broker does not insure any funds as dictated by trading regulations. Without a valid trading license, traders are throwing away their money. It is clear no regulation has ever taken place as trading conditions are horrid. 24 News Trade is a clone website where visitors deposit funds hoping to start trading.

Limitations of 24NewsTrade

Account Details

24NewsTrade is furnishing members with six account plans to choose from. Accounts listed include Basic, Standard, Trader, Pro, Pro Plus, and VIP. Each of the accounts comes with different leverage but all come with an account manager. These scam artists use the feature to try and get high end traders to sign up with the trader account. VIP account holders are even promised insurance cover of 70 percent.

Account Managers

Recent events suggest scam brokers are changing tactics especially with account managers. They are now hiring call agents who act as account managers. Call agents are used to ask members to deposit more funds in order to make more profit. Those who deposit more funds end up losing a lot more.

Bonus

Bonuses are only issued to Basic account holders which is a trap. The Forex regulators are planning to ban the use of bonuses for various reasons. Scam brokers use bonuses as an excuse to block or slow down withdrawal requests. These brokers will demand the member deposits the same amount of bonus issued. Even if the account can cover the bonus offered, the broker insists on a new deposit. And this has led to several complaints from members who believe this is a scam.

Contact and Customer Support

For those who want to contact the broker, all they can do is send a message. The broker promises to get back within 24 hours. These message dashboards are also used to harvest data from visitors. After leaving your contact details, the broker sells your information to third parties. The clients who sent messages will start getting promotional emails to products they haven’t subscribed to.

Deposit and Withdrawal

24NewsTrade is using a wide array of depository channels for interested parties to use. The depository channels listed include Maestro, MasterCard, Visa, and Wire Transfer. Some get the funds on their accounts and other members fail to get the deposited funds. The broker will claim depository channel used by member cancelled the transaction.

Trading Platform

On their terminal page, 24NewsTrade is claiming to use MT4 platform as their preferred tool of trade. And the truth of the matter is they are simply claiming it and not offering the actual MetaTrader terminal. According to members, the platform in use is slow at executing trades. Members also claim the platform is unstable and not compatible with mobile devices. Scam brokers will claim to use MetaTrader platform just to pull in investors.

Safety of funds with 24NewsTrade

Depositing funds with this broker is the last thing a trader should consider. 24NewsTrade is far from safeguarding funds deposited. Segregation of funds is not taking place which leaves members at a disadvantage. Members are depositing funds straight to owner’s personal bank account. And this is the reason why withdrawing funds is not possible. Filing a chargeback will not help as the broker claims the funds deposited are for services rendered. The bank will not recover the funds as they deem the broker to be right.

Scam or Legit 24NewsTrade

Facts clearly expose the platform for their unbearable trading conditions. 24NewsTrade is a scam which must be exposed. Online traders should stay away from the platform and resist any urges to sign up. By using empty claims and promises, the broker has managed to sign up unsuspecting investors. Don’t become the next victim and ensure you warn your loved ones from joining the platform.

Verdict

By adding this broker to our scam blacklist, we hope to protect our readers. Use recommended brokers who guarantee a safe trading experience.

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