Broker Review

For an insolent scam, 247ProTrade has actually managed to put together a surprisingly decent presentation. The broker’s website looks well enough, you will get access to comprehensive Terms and Conditions, and would even be able to trade on a functional platform. However, all of this is just a hoax – those comprehensive Terms and Conditions feature clauses specifically designed to rob you, the broker’s website did not mention anything about regulations or location, and the trading conditions we were introduced with were anything but impressive. Moreover, a reputable authority has recently issued a warning on 247ProTrade. Don’t trust this company with your money – that would be a grave mistake.

247ProTrade REGULATION AND SAFETY OF FUNDS

247ProTrade mentions absolutely nothing about its location, or where it is regulated – most probably because this broker is completely unlicensed. All the contact details we could find on the website were an email and a phone number with an Italian country code. The suspicion that 247ProTrade might be a scam targeting Italian customers only grew when we found that the Italian financial regulator CONSOB has recently issued a warning on the broker.

247ProTrade DEPOSIT/WITHDRAWAL METHODS AND FEES

247ProTrade only accepts credit or debit card payments. This is great news – both Visa and MasterCard have a policy that allows clients to get a chargeback within 540 days of transactions. But if you have not deposited with the broker yet, save yourself some trouble and don’t.

HOW DOES THE SCAM WORK?

If you have enough information about the way such scams work, you will know how to protect yourself against them so read the following text carefully.

It all starts with you seeing a flashy ad on the Internet promising you immense riches  – you take one look at a broker’s website and decide that it looks decent enough and that all the promises and claims must be true. Such scammers often manage to convince you that they are legitimate in ingenious ways – they lie about being regulated, provide fake legal documents, draw your attention with amazing offers. So you decide to try your luck and open an account – providing the scammers with your phone number and email in the process.

After that you would not be left alone before you make a deposit – you receive dozens of calls and emails from smooth-talking scammers whose very job is to pray on unsuspecting people who are trying to turn a quick profit. And once you have deposited, they will keep asking you for more and more money – which you would gladly invest because at that point, you might even be turning a decent profit. However, all of this is lies and manipulations – and you will clearly see that once you try to withdraw your profits. Different reasons why that is impossible will appear – additional taxes, minimum withdrawal limits, previously unmentioned clauses in the Terms and Conditions.

At some point, you will start figuring out that something is wrong – and that is when the scammers will disappear with your money in their pocket.