Regulations: Unregulated Clone Firm
Free Demo Account:No
Number of Assets:N/A
Types of Assets:Crypto Coins, Forex
Trading Accounts and Conditions
247FxOptionTrade offers its clients investment plans. They are:
- Starter Plan: The deposit range for this plan is from $600 to $5,000. BTC earned per month is approximately 0.1645.
- Advanced Plan: The deposit range for this plan is from $5,000 to $10,000. BTC earned per month is approximately 0.03603.
- Maximum Plan: The deposit range for this plan is from $10,000 to $30,000. BTC earned per month is approximately 0.1232.
There is no mention of trading conditions. You are simply promised a 20% ROI (Return on Investment), you get your deposit back every 7 days and you earn a certain amount of Bitcoin per month.
247FxOptionTrade is a scam broker. There are no advantages to trading with this entity.
247FxOptionTrade – Disadvantages
Here are all the reasons why this broker is a scam and needs to be completely avoided.
Clone Firm Blacklisted by FCA
247FxOptionTrade claims to be based and regulated in the UK, which brings it under the purview of the UK’s FCA (Financial Conduct Authority). The broker legitimizes its claim by presenting a license number on its website (717270).
However, this license number belongs to a company by the name of Tickmil UK Ltd. So, what we have here is a clone firm that is using a legally authorized company’s credentials to display a sense of legitimacy. A tactic commonly used by many scammers – including this one.
To further its case, the broker has also placed another fake document on its website –the Certificate of Incorporation. This is yet another tactic to fool unsuspecting traders into thinking that this broker is the real deal.
Another thing to notice is that there is actually no company information provided on this broker’s website. There is no company name or even contact information provided. This entity is operating anonymously.
We are not the only ones to have noticed these anomalies. The FCA has already blacklisted this broker as a clone firm and a scammer.
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
While this entity tries to pass itself off as a forex and crypto broker, it does not have any trading platform whatsoever.
As we mentioned earlier, this broker does not even offer any trading accounts – which stands to reason, considering that it doesn’t even have a trading software!
Since there are no trading accounts or even a software, it is not surprising that this broker offers no trading conditions – because there isn’t any trading facility available.
Guaranteed Profits on Investment Plans
What you do get with this broker are these strange investment plans that offer you guaranteed profits. This is yet another blatant indication of their scam. There is no broker on earth that can guarantee their clients profits. The nature of the forex and cryptocurrency market is such that every investment is a gamble. And regulated brokers are required by the authorities to publish the percentage of losses their clients have suffered due to speculating on the market. The numbers are extremely high.
The industry average on trader losses ranges from 75% to as much as 85%. So, as you can see, no broker can ever guarantee profits. It’s a lie.
Extremely High Minimum Deposit Requirement
To be able to start an investment plan with 247FxOptionTrade, you need to first make an initial deposit of $600. This is a ridiculously high sum, especially when you consider the fact that there are so many regulated and legitimate brokers that will allow you to open trading account for as little as $10! And the industry average stands between $100 and $250. So, a $600 minimum deposit is just way too much.
Single Payment Method – Bitcoin
The only way you can make deposits is via Bitcoin – a perfect payment tool for scammers! Digital currency transfers are anonymous and permanent. There is no way you will know who got your money and there is no way that a transaction can ever be reversed.
Therefore, if you invest with this broker, once your money is gone, there is no way you will ever be able to trace it again. This is the reason why it is always recommended that you use either credit or debit card transactions as these are reversible in case you get caught in a scam.
The final clincher that proves that this broker is a scammer is the complete lack of any legal documents on its website.
Legal documents are a binding contract between the trader and the broker. They detail the terms of service and the broker’s as well as the trader’s rights in the contract. Documents such as Terms and Conditions, Privacy Policies, Client or User Agreements and so on list out key information such as withdrawal policies, processing policies, fees and commissions, bonuses, trading provisions, and so on. These are the documents that will tell you if you’re getting a good deal or not.
A complete lack of any legal documentation means that this broker can do what it wills with clients that have already signed up with them. And they can expect no repercussions – the trader has no rights.
247FxOptionTrade is an outright scam and if you invest your funds with them, you will never see your money again. It has been blacklisted by a top European regulator and everything about its website is wrong. There is nothing remotely related to legitimate trading in this broker’s website. Its promises of guaranteed profits are all lies.
Do not trade with this broker.