Is Trade24 a scam or legit broker?

It is not safe to trade with Trade24, because it is an unregulated broker. In addition, the company has been suspected to be a fraud. While we checked the company there is no authorization or registration of the address, therefore the company seems to be highly suspicious while might operate its services from an absolutely different location.

Trade24 is a Forex and CFD broker. The company is owned and managed by Payopt Services DOO, located in Montenegro.

Although after some research it turned out that Payopt Services DOO is registered in Anguilla (overseas territory, located in the Caribbean), one of the offshore zones where forex brokers get their licenses.

Such offshore registrations are popular for their low cost and fast process of getting a license. Trade24 has warnings from Financial Services and Markets Authority in Belgium and Ontario Securities Commission in Canada.

All these facts show that the broker is most probably just another scam.

Conclusion

We recommend to avoid trading with unregulated brokers as there is a high risk for the investors to lose their money.

It is safer to choose among the trustworthy regulatory agencies, such as FCA in UK and ASIC in Australia. Check the lists of the FCA-regulated and ASIC-regulated Forex brokers here.

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