Welcome to our Binary24trades review regarding the website at binary24trades.com.
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On December 14, 2023, we received a complaint from a person who reported being scammed by Reina Options Investment and Binary24trades.com.
In this scenario, the user was encouraged to invest in Binary24trades.com. Initially, they deposited $1,600 AUD, as advised by a contact named Reina. Promised profits were to be accessible in 10 days. However, they faced escalating demands for additional funds, first for an unexplained portfolio upgrade and then for enhanced trading robot activity. Despite complying partially by investing an additional $2,900 AUD, the user faced further demands of $7,000 AUD to release any profits. Requests to at least withdraw the initial investment were denied, leaving the user unable to access their funds.
So what is Binary 24 Trades, and is it really a SCAM?
Binary24trades.com Review
Binary24trades.com was registered on October 30, 2020, updated on December 17, 2021, and is set to expire on October 30, 2025. NameCheap is the registrar and host, while Withheld for Privacy protects it.
Binary24trades.com does not seem to be getting much traffic. However, it is ranked in search engines in the United States, South Africa, and the Bahamas, among other countries. It has only one backlink from cloodo.com.
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On Google, only the Registration and Account login pages are indexed. The Registration page’s description says, “Welcome to Binary 24 Trades.” The description on the Account Login page, on the other hand, says, “Welcome to Crypto Assets!”
Content Analysis
On its website, Binary24Trades presents itself as an online trading platform specializing in a variety of financial instruments, including Contracts for Difference (CFDs) on assets like binary options, forex, commodities, cryptocurrencies, ETFs, and indices. The company emphasizes its utilization of automated trading bots, promising high returns and reduced risks for its investors.
The platform claims a significant presence in the investment market, boasting over 127,591 investors, 800,100 transactions, and involvement from 84 countries, excluding several due to regulatory reasons. They also highlight a high average investment amount and substantial total payouts.
Binary24Trades asserts its reliability and stability, having operated in the market for five years. They emphasize the ease of generating passive income through their system, requiring no special knowledge or actions from the investor’s side. The company offers 24/7 customer support, promising to address queries within 12 hours.
The website outlines a roadmap with various milestones, including the launch of its platform, the introduction of games, and the expansion of its network. It also mentions plans for integration with blockchain technologies and the development of additional services.
Binary24Trades is operated by FOREX PLUS LTD, which is stated to hold a UK financial services license and is regulated by the Mauritius Securities and Exchange Commission. The company claims to protect client money by holding funds on a segregated basis in line with the Financial Conduct Authority’s rules.
Contact details or specific company/regulatory information such as addresses, emails, phone numbers, or social media accounts are not provided on the website.
Red Flags and Potential Indications of a Scam
- Guaranteed High Returns: The promise of guaranteed high returns with reduced risks is a common hallmark of investment scams. The financial markets are inherently risky, and no legitimate company can guarantee profits, especially at the levels suggested by Binary24Trades.
- Lack of Detailed Regulatory Information: While the company claims to be regulated, the details are vague. A legitimate financial services company typically provides detailed regulatory information, including registration numbers and specific regulatory bodies.
- Automated Trading Systems: Promises of passive income through automated trading bots are often dubious. While automated trading is a legitimate practice, it is not a guaranteed path to profits, and the lack of transparency about the functioning of these bots is concerning.
- Limited Contact Information: The absence of direct contact details such as physical addresses, email addresses, or phone numbers can be a red flag. Legitimate companies are usually transparent about their contact information.
- Vague Company Profile: The information about FOREX PLUS LTD and its regulation is not detailed enough to verify its authenticity easily. Scammers often create a facade of legitimacy by associating themselves with legitimate-sounding entities.
- Exclusion of Certain Countries: The exclusion of countries with strict financial regulations might indicate an attempt to avoid jurisdictions with rigorous anti-fraud measures.
It’s important to approach such platforms with caution and conduct thorough due diligence. Verifying the authenticity of regulatory claims, seeking independent reviews, and understanding the inherent risks of trading CFDs and cryptocurrencies are crucial steps before considering any investment.
Binary24trades.com Reviews
The website Binary24trades.com has mixed reviews and perceptions online. A review on Trustpilot suggests dissatisfaction from a user who had a negative experience, specifically mentioning a significant financial loss. WebParanoid classifies the site as potentially legit but also highlights some concerns. It points out the absence of links to social networks on Binary24trades.com, which is unusual for legitimate online businesses. Additionally, the site is noted as not having high user traffic, which can be a concern for an online investment platform.
Trustpilot
On Trustpilot, Binary24trades has an average TrustScore of 3.2 out of 5 based on a single review. The review, posted by Harish Sachdev, rates the company 1 out of 5 stars, labeling it a scam. Sachdev mentions depositing $5700 USD and being promised high returns. Initially, a small bonus was provided, but then additional funds were requested to access supposed profits. When refusing to deposit more, a further 15% deposit was demanded for profit withdrawal. This experience, dated January 20, 2022, highlights concerns about the company’s legitimacy.
Theforexreview.com
A comment by Phuong Tri on The Forex Review website, dated July 8, 2021, claims that Binary24trades.com is a scam. Tri describes investing $10,500 with the expectation of trading and generating profit. Despite an initial account balance increase, Tri found the account suspended and was asked to add an additional $23,250 to resume trading. It was later discovered that the account was a demo with fake trading activities. Tri warns others to stay away from Binary24trades.com.
Binary24trades Review Conclusion
In conclusion, our review of Binary24trades.com reveals several red flags and inconsistencies. Despite the site’s claims of high returns and reliability, the lack of detailed regulatory information, vague company profile, and limited contact details raise concerns.
The mixed online reviews, including negative experiences shared on Trustpilot and The Forex Review, further question the legitimacy of the platform.
The Bottom Line Regarding Binary 24 Trades
It is crucial for potential investors to exercise caution, conduct thorough research, and consider the inherent risks before engaging with Binary24trades.com.
If you have lost a significant amount of money to online scams, do not lose hope. We can help you recover your funds!
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