Is 24StarTrade a scam or a legit broker?

24StarTrade the company is not regulated or authorized by any industry regulator to provide its services, while the company even hiding its location and do not mention its office location. However, the affiliated with the brand companies Finance Group Corp and Cent Projects Ltd that promote broker’s services and target clients, are located in Seychelles and Vanuatu. Both are offshore zones, that are not requiring a strict compliance to standards while establishing a financial firm and require only a capital of 2,000$.

About 24StarTrade
🗺️ Registered inSeychelles. Vanuatu
🗺️ Type of LicenseOffshore License
🛡️ Is 24StarTrade safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerGO Markets - licensed by ASIC in Australia

The 24StarTrade claims to be one of the leading online trading providers with a diversified portfolio on 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 the regular contests with prize funds of 20,000$ and more.

24StarTrade Review

Overall, we never recommend trading with non regulated companies that are also based in offshore locations and to choose among Regulated Brokers only. Since trading with a non-licensed company may involve significant risk to lose investment, as the majority of scam brokers never holding 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

Conclusion

We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and 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 AvaTrade and XM.com.

Yet, it is always great to hear your personal opinion about 24StarTrade. So you may share your experience or thoughts or discuss them below or ask us for additional information.

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