24tradebit Review – The Problems with the Broker

24tradebit Review

Once you make up your mind to start online trading, you want to start right away. Most people would just sign up with the first online broker they come across with decent offerings and dive in. But, you have to bear in mind that there are a lot of things that can go wrong in this scenario.

Every brokerage operating in the market is different, which means that you have to make this decision very carefully. Not only can you choose a broker that cannot fulfill your trading needs, but you could also end up with a hoax. This 24tradebit review provides details about how these operate.

The number of such shady and fraudulent platforms has surged exponentially in the last few years, given that online trading has become a phenomenal trend and has attracted people from all over the world.

There is a lot of money to be made in the financial markets due to the countless opportunities and this provides criminals the opportunity to exploit those who may not have extensive knowledge and are just starting out.

These scam companies lure these people with attractive offerings and by the time they come to know the truth, their money is gone.

It can be devastating to find out that you have been scammed and are not going to see your money anymore. Moreover, you also miss out opportunities in the financial markets and this makes you feel worse. You certainly do not want to go through that and the best approach in this scenario is to choose your brokerage carefully.

It is a great idea to dig into a company’s offerings and ensure there are no problems and that they are being honest and upfront about what you can expect.

This can help you make up your mind, especially in the case of 24tradebit that has been presented as a CFD broker as well as a crypto exchange.

This is not a combination you see very often and when you begin digging in, you will find that it is just the beginning of the problems this brokerage has. There are plenty of others to be found, which are:

Registration claims

The first problem that you will encounter at 24tradebit is regarding its registration. It is always essential to check where a company is based because you want to ensure it has a license and is regulated. After all, unlicensed entities are mostly scams and those you want to avoid at all costs.

Of course, the regulation depends on where a company is based and according to this broker, it is owned and operated by 24tradebit.com Finance LLP, which is registered in the United States.

It further claims that 24tradebit is operating in accordance with the laws of the US, which should be impressive, considering that it is one of the most strictly regulated regions in the world. But, there are a lot of issues here. First off, the company name itself is quite strange and does not come off as professional at all.

Secondly, obtaining a license in the United States is no cakewalk. There are a lot of requirements to fulfill and the platform has to be licensed by the Commodity Futures Trading Commission (CFTC) and also have membership of the National Futures Association (NFA).

But, when you check the online registers of both the CFTC and the NFA for 24tradebit, or the company it has named, you will not find them listed. This means that it is lying about where it is based and about its regulatory status as well.

As a matter of fact, it turns out that 24tradebit is actually a virtually anonymous broker because there is absolutely no corporate background available on its website. Other than the claim of being registered in the US, there is no phone number, or even address available.

Trading platform claims

The next problem that you will discover at 24tradebit has to do with its trading platform, which is the most important feature that an online brokerage offers to its clients. Without a platform, there can be no trading, so it is understood that you would want the best one possible.

There are a number of them that exist, but not all of them offer the same features and capabilities. Not all brokers offer the same platform, so you have to check it out.

A user-friendly platform is promised by 24tradebit, which is reassuring, but what you actually get is a web-based resemblance to a trading platform and nothing more. There is no proven or reliable platform available that can be used for trade execution and this is a major problem that cannot be ignored.

Trading conditions’ issues

A look at the trading conditions that are offered at 24tradebit show that the brokerage is providing leverage as high as 1:100. While some might consider this impressive, you should bear in mind that such high leverage ratios can be downright dangerous when you apply them to crypto CFDs.

The crypto market is already highly volatile and such ratios can result in massive losses. Regulatory authorities in various regions have imposed a restriction on the leverage that can be offered to retail traders and these ratios are certainly higher.

Payment options’ limitations

The fact that you are only offered one payment method by 24tradebit is also a problem because the one they support does not come with a chargeback. You can only make payments in different cryptocurrencies like Ripple, Ethereum and Litecoin. These payments cannot be reversed and are final, due to which many scam platforms offer them.

You will not be able to file for a refund when you deposit in crypto assets at 24tradebit and since they are also anonymous, it allows them to steal your funds without worrying about you tracking them. Genuine companies would always offer you more than one option, including those that have a chargeback possibility.

Conclusion

The problems that you discover about 24tradebit indicate that it is best for you to drop this brokerage because it is not up to any good.