Beware of Your Money! CONSOB & CNMV Marks 24tradex as a Scam

Most investors who have problems withdrawing their money from a broker are dealing with unlicensed fraud brokers. They might not even realize they are getting scammed right until the very moment they submit to get some of their funds back.

Recently, BrokersView learned that some investors have been defrauded by a forex broker named 24tradex. It was reported that some investors were caught in withdrawal scams weaved by the fraud and of course neither does the entity has legal regulation license. Besides, the firm has already been remarked as a scam by the financial authorities in Spain and Italy.

Induces Investors to Deposit More Money

Many investors posted their bad experience with 24tradex.

A client claimed that he was scammed about 15,000 euros and 24tradex never paid him.

Another victim shared that 24tradex is definitely a scam and works on many ways to cheat traders' money. The fraud used a third party website about e-yuan crypto to lure traders to create an account on its website. After asking for documentation and having passed that process, it doesn't process any of your withdrawal requests. At the same time, it will contact you through any means possible (phone, mail, even IG) and try to convince you to further invest. The company's support answers all the time and when you ask what's the hold up, the support customers tell you that a local manager is taking care of your case and they will contact you to resolve the problem, but in fact they will never do as they claimed. They just want you to say that you need to invest more. It was totally a scam.

Warned by CONSOB & CNMV

Taking a look at 24tradex's website, it shows that it does not fall under any regulating agency. That is a red flag. What's more, based on the information we hold, we learned that the scammer was warned by 2 regulators - CONSOB & CNMV, giving the reason that it operates and attracts clients without legal licenses.

The first warning was published by by Spanish regulator - CNMV. On 16th November 2020, the watchdog released a notification that this entity has not been authorized to carry out investment services and activities in Spain as a result of lacking of necessary license. Therefore, 24tradex is an unregulated forex broker.

On 10th December 2021, the Italy regulator - CONSOB warned the public that 24tradex is carrying out financial activities unlawfully.

A number of unregulated brokers like 24tradex have been reported to scam people. Therefore, we do not recommend to trade with 24tradex since this broker has been suspected as a scam broker.

Although license regulation on forex brokers are becoming increasingly tightened worldwide, while dealing with a broker, it is essential for traders to verify the broker's authenticity and regulation status. BrokersView strongly recommends investors only to trade with regulated forex brokers.

We welcome you to send your trading stories to service@brokersview.com if you unfortunately had a bad experience with an unlicensed broker.