24livetrades Review: Beware of this Scam

24livetrades Review
  • Fund safety
  • Proof of Payment
  • License and Registration
  • Support
  • Recommendation
0.9

Summary

24livetrades tries to sell us the idea they can make 90 percent ROI within a week. No one has managed to enjoy this promise as the owner pockets all deposits. Find out why we are adding 24 live trades to our blacklist.

Up to 90 percent profit on your initial capital is the ROI 24livetrades brings to the table. You can withdraw after a week. According to the homepage, daily profit will reflect in your account. And this is true; the account balance rises daily as the profits soar. There’s a small issue, though, and no one gets to withdraw funds. It’s all a roost to lure investors into depositing more funds. Here’s what we found out in our transparent 24LIVETRADES Review.

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About 24livetrades

Starting with the web design, we have issues with 24livetrades aesthetics. It’s full of information, and you can’t possibly go through it in a day. The people who designed it were not engaging with your average user.

24livetrades Review

24 live trades also doubles up as a digital broker, your average online broker. There’s no mention of a single broker working under their wing. And this shows the platform’s staff members are anonymous people.

You don’t want to invest your hard-earned funds with a platform whose owners are anonymous. Anonymity is a risky partner that you should avoid completely. Instead, the platform should have come clean on who owns and runs the platform.

What we get is a picture of a guy in a suit next to the ‘About Us’ information. If a picture says a thousand words, this one tries to point to a successful owner. According to the disclaimer at the footer of the homepage, the platform resides in the States.

These could be a false physical address meant to drive up sign-ups. What you need to note is the way they try to associate with a compliant jurisdiction. They could as well be offshore brokers trying their hand in the American investment scene.

Accounts 24livestrades.com

When it comes to account types, the platform barely talks about the features. And this is another reason why we doubt the credibility of this platform. A genuine platform would openly inform users of the account features.

There’s a call to action which states the platform delivers 90 percent ROI. Years of investing and trading will make you know the truth. There’s nothing like a guaranteed ROI, especially in such a short time frame.

With their accounts, the platform makes audacious claims. Due to the market’s volatility, there’s no way of guaranteeing such high-profit margins. The platform is trying its best to lure in naïve investors.

The platform has all the signs of a get-rich-quick scheme. With high returns over a short time, it makes us question their real intent. Those who have signed up and deposited funds know the problems facing members.

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Demo Accounts

The platform does offer demo accounts to investors. A demo account gives investors a sample of what to expect when trading. The only issue with their demo page is it only offers a win/loss situation.

There are no tools to examine risks making the demo account worthless to members. The demo account only gives three trading alternatives. These three options include Apple, EUR/USD pairs, and GAZPROM.

It’s clear investors won’t learn a lot from the demo account. You have to have in-depth knowledge of the market conditions before making your move.

Account opening and registration

When opening an account with this platform, you need to fill in your address, contact, and full names. The process takes less than five minutes to complete, and members eventually get to deposit any amount.

It’s the account verification process that seems to take advantage of members. When withdrawing funds for the first time, the platform shows its true colors. You have to send in verification documents for approval.

These documents include a copy of your ID, bank statements, and credit card details. We asked a cyber-security expert for her take on the matter. Laura Tich warns the platform could be harvesting banking data.

She insists the platform ought to come clean on how they intend to offer privacy. But, unfortunately, when we tried to reach out to customer support with this question, there was no answer. So we are left with questions about the privacy data breaches on the platform.

Deposit and payment options

24 live trades Features

Depositing funds with this platform is easy, and the process takes a few minutes. In addition, 24livetrades offers a wide array of depository options. It makes it possible for any interested party to deposit from anywhere in the world.

Some of the depository options include bank transfer, bitcoin, MasterCard, Neteller, PayPal, Skrill, and more. Unfortunately, before you commit yourself, the platform rarely allows anyone to withdraw funds.

And this is the biggest headache facing members of the platform. You can be an expert trader, make a profit from trading with their platform, and end up losing. It’s why we need to expose this ridiculous investment platform.

Domain background (24livetrades.com review)

According to domain records, the website has been active for 998. The website went live on September 12, 2018, and uses a server located in Singapore. It exposes the fact they don’t reside in the United States.

The records also show the name of the registrant has been redacted. 24livetrades.com also shares the same server as other low-rated investment platforms. Most of the websites under the server also have low trust scores.

Most search engines don’t even rank the website due to anonymity and other security reasons.

How 24livetrades works

The platform works by claiming to double your investment within a week. All you have to do is sign up and use their tools as means to profit. Unfortunately, there’s no expert to guide you through the investment process.

Once you decide to deposit funds, you start trading and might end up getting profitable trades. However, the account balance will rise to give you a false impression you’re profiting from the platform. When the time comes to withdraw, that’s when it all changes.

24livetrades Profit Claims/ Account types

The platform starts sending messages to clients via email regarding their withdrawal options. For example, you can get an email claiming your bank account is refusing to allow their mode of payment. Of course, it’s all a ploy to make you think the problem is on your end.

At the end of the day, you end up giving up hope. Your bank account will claim they didn’t receive any funds from the platform. And that’s how you end up from being an investor to an online fraud victim.

Is 24livetrades licensed or regulated?

24livetrades does not hold a legal license from any jurisdiction. We contacted SEC to confirm whether the platform or broker is regulated. SEC does not have a broker or entity registered with the above name.

Those who deposit are engaging with a non-compliant platform. There’s no oversight which means the owner does as they please. As a result, investors won’t get the much-needed protection from authorities.

Safety of funds with 24livetrades

24livetrades.com demo account

There’s no safety of funds with an unregulated investment platform. In addition, the platform does not offer insurance cover for deposits. It’s why we don’t and won’t recommend using this platform.

Closing remarks

Our only move is to add this platform to our blacklist.

Enjoy the benefits of online investment by using tested platforms. They offer safety and a more realistic way to make reasonable profit margins.

You should feel free to leave a comment or email us with any questions. We would be happy to oblige.

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