247fxspot is a Contract for Difference (CFD) broker whose official domain was registered on September 1, 2023. The broker provides investment services for trading markets such as forex, cryptocurrencies, indices, stocks, energy, and commodities. It does not offer services to countries or regions where it may violate local laws or regulations.
Company Registration Information and Regulatory Status
According to the public information on their official website (www.247fxspot.com), 247fxspot was established in 2016 and is regulated by the Australian Securities and Investments Commission (ASIC). However, the broker has not disclosed detailed company registration information or regulatory details.
Upon verification, the Australian Securities and Investments Commission (ASIC) has no records of a regulated company named "247fxspot."
Therefore, 247fxspot (www.247fxspot.com) is essentially a scam broker website with no company entity or regulatory oversight.
Account Opening Process
The account opening process for 247fxspot trading accounts involves visiting the broker's official website, clicking "Open Account" on the homepage or "SIGN UP" in the upper right corner of the webpage to access the account registration page. Fill in the required personal information such as name and email, set a login password, and submit it. Once the account is verified, registration is successful.
Trading Products
247fxspot offers its clients a variety of trading products, including forex, indices, commodities, stocks, and cryptocurrencies.
- Forex: Forex trading involves the exchange of different currencies, known for its high liquidity, allowing traders to profit from exchange rate fluctuations.
- Indices: Index trading allows speculation on the performance of entire markets or specific sectors without trading individual stocks, providing diverse trading opportunities and leveraging potential returns.
- Commodities: Commodity trading covers key resources in global markets, enabling traders to buy and sell various raw materials including metals, energy, and agricultural products.
- Stocks: Stock trading allows investors to participate in public companies' share price fluctuations, earning profits based on company performance and dividends, without actually holding the stocks.
- Cryptocurrencies: Cryptocurrency trading offers digital currency enthusiasts the opportunity to profit from high-volatility assets.
Investment Plans
247fxspot offers four different types of investment plans: STARTER ACCOUNT, CLASSIC ACCOUNT, PLATINUM, and FOREX SIGNALS.
STARTER ACCOUNT:
- Minimum deposit: £500
- Minimum expected profit: £3,500
- Maximum expected profit: £5,000
- Trader education*
- Risk management
- Tax-free spread trading profits
CLASSIC ACCOUNT:
- Minimum deposit: £5,000
- Minimum expected profit: £45,000
- Maximum expected profit: £50,000
- Expert news and analysis
- Competitive spreads
- Advanced trading tools
- Tax-free spread trading profits
PLATINUM:
- Minimum deposit: £10,000
- Minimum expected profit: £99,999
- Full benefits
- 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 any broker
Trading Platform
247fxspot offers a self-developed trading platform, claiming an average order execution speed of less than 7.12 milliseconds, more than sufficient liquidity providers, and over 12,000 orders executed per second.
Deposits and Withdrawals
247fxspot does not support deposits and withdrawals via credit cards or bank transfers. It only allows transactions through cryptocurrencies.
Conclusion:
Traderknows reminds investors that 247fxspot is a scam broker that lures investors with high returns. The website has no actual company entity or any regulation. Investors are advised to choose brokers with transparent information, strong regulation, and good reputation to avoid unnecessary financial losses.
Currently, this broker is labeled as a "Scam" on Traderknows.
