247xtrades is a contract for difference (CFD) broker whose official website domain was registered on August 17, 2023. This broker primarily offers investors trading services in markets such as Forex, commodities, indices, stocks, and cryptocurrencies. It does not provide services to countries and regions where it may violate local laws or regulations.
Company Registration Information and Regulatory Status
The company registration certificate displayed on the home page of 247xtrades (www.247xtrades.com) shows that the broker is registered in the UK with company registration number 764643562. However, clicking the 'View License Page' at the bottom of the image redirects to the UK's Companies House, which shows a company named "COIN MARKET MANAGER LTD" that is currently in bankruptcy liquidation.
Additionally, the "About" page on their website mentions another entity named "IFM" which is purported to be regulated by the Australian Securities and Investments Commission (ASIC), though no specific license number is provided by the broker.
Upon investigation, the UK Companies House does not have a company registered with the number 764643562, and although several regulated companies named IFM are found in the ASIC database, none are associated with 247xtrades.
Therefore, 247xtrades (www.247xtrades.com) is essentially a fraudulent broker without any corporate entity or regulatory supervision.
Trading Instruments:
247xtrades offers a variety of trading products, including Forex, indices, commodities, stocks, and cryptocurrencies.
- Forex: Forex trading involves currency exchange and is known for its high liquidity, enabling traders to profit from exchange rate fluctuations.
- Indices: Index trading allows speculation on the performance of the entire market or specific sectors without trading individual stocks. Exploring popular indices can reveal diverse trading opportunities and leverage to enhance potential returns.
- Commodities: Commodity trading covers key global market resources, allowing traders to buy and sell various raw materials, including metals, energy, and agricultural products.
- Stocks: Stock trading enables investors to participate in the price fluctuations of publicly traded companies, earning profits based on company performance and dividends without actually holding the stocks.
- Cryptocurrencies: Cryptocurrency trading offers digital currency enthusiasts opportunities to profit from highly volatile assets.
Account Opening Process
The account opening process for a 247xtrades trading account: Visit the broker’s website, click "Register" at the top right corner to access the account registration page, fill in personal information such as name, phone number, and email, set a login password, and submit. Once verified, the account will be successfully registered.
Investment Plans
247xtrades offers four different types of investment plans: STARTER ACCOUNT, CLASSIC ACCOUNT, PLATINUM, and FOREX SIGNALS.
STARTER ACCOUNT:
- Invest $100 to receive $3,000
- Invest $300 to receive $4,000
- Invest $400 to receive $5,000
- Invest $500 to receive $6,000
- Invest $600 to receive $7,000
- Invest $700 to receive $8,000
- Minimum deposit: $500
- Expected minimum profit: $3,500
- Expected maximum profit: $5,000
- Trader education*
- Risk management
- Tax-free spread trading profits
CLASSIC ACCOUNT:
- Minimum deposit: $5,000
- Expected minimum profit: $45,000
- Expected maximum profit: $50,000
- Expert news and analysis
- Competitive spreads
- Advanced trading tools
- Tax-free spread trading profits
PLATINUM:
- Minimum deposit: $10,000
- Expected minimum profit: $99,999
- Full benefits package
- Trader education*
- Advanced risk management
- Tax-free spread trading profits
FOREX SIGNALS:
- Professional Forex signals
- Up to 10 signals daily
- 95% success rate
- 24/7 support
- Advanced trading tools
- Bitcoin payments only
- Use with any broker
Trading Platform
247xtrades provides a self-developed trading platform, claiming an average order execution speed of less than 7.12 milliseconds, with more than one comprehensive liquidity provider and over 12,000 orders executed per second.
Deposits and Withdrawals
247xtrades' website does not disclose supported deposit and withdrawal methods.
Conclusion:
Traderknows reminds investors that 247xtrades is a scam broker that entices investors with high returns to deceive them. The website has no corporate entity and no regulation, and its contact method is limited to email. It is recommended that investors choose brokers with transparent information, strong regulation, and good reputation for investment activities to avoid unnecessary financial losses.
Currently, this broker is marked as a "Scam" on Traderknows.
