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Expert24trade.com Review: Is Expert24Trade A Legit Forex Broker?
Expert24Trade Review: this is the name of a Forex broker that claims to offer binary options as well. Is expert24trade.com legit or scam?
We found that the company is based in Seychelles which is an offshore location. Offshore locations have proven notorious for been the source of too many scams. Registration of business there can be done without being physically present. Regulations are lax there as well.
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Forex brokers in the Seychelles operate without a trustworthy license making it hard for traders to trust them. Expert24Trade is an example of this kind of brokerage.
We could not find the broker or its parent company, Affort Projects S.A. among the firms under the supervision of the Seychelles Finance Authority, the FSA. A license from this commission is not even held in high regard when compared to those from top European commissions. It would however had been something to look up to but turned out to be false.
The broker also claims to provide many trading platforms for the comfort of traders and multiplying their success.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
Free Trading Education!
Free Demo Account!
Big Sign-Up Bonus!
Good Choice For Experienced Traders!!!
Advantages of trading with Expert24Trade are highlighted below:
Guaranteed withdrawals processing within 1 hour
Possibility of trade over weekends
Wide range of funding and withdrawal methods
100% secured trading with data protection
Guided trading facility with a help of skilled trading advisor
Customer support 24/7
More than 10,000 trades daily
Expert24Trade Trading Platform
It is not mentioned what trading platform is used by the Expert24Trade trading software and this is not an encouraging find.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are not also provided. This is not advisable for brokerages. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverages offered are not mentioned and while some may be generous, it can pose danger as well. High leverages can lead to huge loss of funds as well. Spreads are not stated as well, and traders will like to be aware of this if they are to consider trading with the broker.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on Expert24Trade
The means of making payments and withdrawals with this broker are advertised on their page. They include: MoneGram, Bank Transfer, Western Union, Bitcoin, Neteller, Perfect Money, and Skrill. We find it encouraging.
This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is not mentioned. It is difficult to know if it is within the obtainable average of $100 – $250 among brokers. Withdrawals are said to be dependent on meeting some trading volume requirement which we find very shady.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Trading bonuses are offered and we have found that this is a means brokers use in tying down clients. Its presence is a disadvantage.
Is Expert24Trade Licensed?
No. Expert24Trade is not a licensed Forex broker. It is unwise to trade with unlicensed brokers because they do not have any obligation to be fair to their clients. Misappropriated funds may prove difficult to be recovered.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
What is more, it is an offshore based broker. Offshore locations are notorious because scam brokers choose to be based and operate from there. It is the same with this broker and they are not under any regulatory commission.
To contact the broker or a customer care agent, traders can use the live chat link available at the bottom right of the page.
Expert24Trade does not look like a legit broker. Instead, what we find in abundance are characteristics of a scam broker. Traders are advised not to choose this kind of brokerage.
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Expert24Trade review – Is expert24trade.com scam or good forex broker?
Although on their corporate logo Expert24Trade says to be a “leading CFD expert”, they are not offering standard forex and CFDs, but just binary options on a web based trading platform and a choice between three account types.
|Account type||Min. deposit||Max. leverage||Spread s|
And the broker says to be holding a financial service license, which unfortunately turned out not to be true, so if you are considering depositing your funds with them be sure to read this review first.
Fine selection of trading instruments
We always try to list any possible advantages about the broker in the beginning of our review, so here we will start with the selection of trading instruments offered by Expert24Trade – 28 currency pairs, some of which minor or exotic like USDTRY, USDRUB, USDZAR and USDSGD, as well as silver, gold, platinum, oil, sugar, coffee, 37 indices and bitcoins. And if you like the idea of trading bitcoins, here you may also check our list of brokers, trading with bitcoin CFDs:
Falsely claims to be regulated
We understand that Expert24Trade is operated by Affort Projects S.A., a company based offshore on the Seychelles, on behalf of another company – FGC, about which we are not giver any details, and which is said to be holding some sort of a financial services license.
The financial sector on the Seychelles is supervised by the Seychelles Financial Services Authority (FSA). So we diligently checked the FSA registers, but were unable to find any trace of Expert24Trade, Affort Projects S.A. or FGC there.
So Expert24Trade is deliberately trying to mislead their customers that they are a legit and licensed broker, while actually they are not. Bear in mind that trading with unregulated brokers in general is extremely risky as they are completely unaccountable for the way they handle your money, and far too often are simply involved in scam.
And Besides even if Expert24Trade was registered by an offshore regulator like the Seychelles Financial Services Authority that would not have meant much as such regulators lack the capacity to oversee internationally operating brokers like Expert24Trade.
On top of that a FSA regulated broker for example can use one and the same bank account to store clients money and their own capital, which means that clients money will not be segregated as is the requirement with all broker regulated in the EU or let say Australia, by institutions like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) – the three most popular regulatory hubs in the industry.
Take a note as well that with FCA broker your money will even be insured for up to 85 000 GBP, so here you may also check our list of brokers, regulated in the UK:
Unusual withdraw conditions
What is more Expert24Trade has some rather unusual withdraw conditions. For example you will have to trade a certain trading volume before you will be allowed to request a withdraw – something no legit broker will ever do.
Certainly you should be able to withdraw your deposit and your profits whenever you want.
Expert24Trade offers trading bonuses as well – one of the favorite tools scammers use to cancel your withdraw requests. Bear in mind that trading bonuses are prohibited on virtually all regulated markets like the European Union for example as they are invariably linked to some minimum trade volume requirements, which as we mentioned are used as a pretext to reject your withdraw requests.
Market maker, offering managed accounts
Finally we should note that Expert24Trade is a market maker, which means that they make money whenever traders lose. And they say to be offering a managed account called Fixed income account (FIA), promising that your invested capital will be “controlled by traders of the analytical department Expert24Trade”.
So basically here Expert24Trade is in a conflict of interest. They will surely have the incentive to lose your money in their own pockets.
MetaTrader4 not supported
As we noted Expert24Trade offers an overly simplified web based trading platform designed specifically for binary options bets.
And it lacks many of the standard features, readily available with the MetaTrader4. For example with a MT4 you can easily run automated trading sessions, using various market indicators and trading bots. On top of that MT4 has an excellent set of advanced charting tools, so here you may check our list of brokers that support it:
Expert24Trade is a low credibility binary options broker, which we strongly advise you to avoid. It also falsely claims to be regulated, offers managed accounts while acting as a market maker, and has some rather unusual withdraw conditions.
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
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