24StarTrade Review

Is 24StarTrade Scam or Legit Broker?

24StarTrade the company is not regulated or authorized by any industry regulator to provide its services, while the company even hides its location and does not mention its office location.

• However, the affiliated brand companies Finance Group Corp and Cent Projects Ltd which promote broker’s services and target clients, are located in Seychelles and Vanuatu. Both are offshore zones, that do not require strict compliance to standards while establishing a financial firm and require only a capital of 2,000$.

What is 24StarTrade?

The 24StarTrade claims to be one of the leading online trading providers with a diversified portfolio of over 100+ assets that include Forex, CFDs, and Binary Options. The company attracts clients with competitive trading conditions, its rewards and bonuses programs, as well as regular contests with prize funds of 20,000$ and more.

• Overall, we never recommend trading with non-regulated companies that are also based in offshore locations. In Forex trading it is advisable to choose from Regulated Brokers only. Trading with a non-licensed company may involve a significant risk to lose investments, as the majority of scam brokers never hold any licenses, therefore are not overseen by any authority.
• In addition, the New Zealand regulator FMA recently issued a warning to the residents and traders worldwide about the broker’s offering. The regulator warns against investment with the 24StarTrade and flagged its character as a fraud firm, as it is not legitimate to deliver any financial service.

“We have received a report that a representative from Finance Group Corp (FGC) of Vanuatu AND/or Cent Projects Ltd (CPL) of the Seychelles approached a New Zealand resident via Instagram in order to promote dealing through the website www.24startrade.com (the website) and has withheld client funds.”

FMA, 2018

24StarTrade Review Conclusion

We strongly advise opening a trading account only with brokers that are regulated by respected world authorities that comply with the required set of rules and have a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and Eightcap.

24StarTrade Update

Our research showed that the 24StarTrade website is unavailable to reach. Besides, there is no evidence of whether the broker operates or not. We recommend avoiding any offshore-based brokers due to their instability and lack of serious regulations.