24trades and No Withdrawals: Is This Happening to You?
You may make money with a broker, or at least appear to be marking money, but that isn’t enough. You should also be able to withdraw your money. This is may seem obvious, but it isn’t so obvious with a scam broker. You may not be able to tell from the beginning if 24trades is the type that will not allow you to withdraw your money once you have opened an account and made money. There are signs, though, to look out for.
At (fund recovery agency) we can predict and deal with no withdrawal brokers. Our experts have the experience and skill to analyze brokers and can determine legitimate brokers from fraudulent ones. If you have already lost money to a no withdrawal broker, contact us for a consultation.
Is 24trades Withholding Withdrawals?
Withholding withdrawals is usually the tipping point when a client knows that they are being scammed. Unfortunately, by that time they feel it is too late. We at (fund recovery agency) help many people seek redress for this kind of behavior, but it is almost impossible to fight this problem entirely on your own.
Once the broker has your money, they can do what they like if they are not regulated. You can get authorities involved, and there are many legal resources to deal with fraud, but it is much faster and easier if you can get regulators to address your complaint as well as legal authorities. Regulators will want to act fast, because a complaint reflects badly on them.
This is why you need to choose a broker that is regulated. If 24trades is a no withdrawal broker, chances are there is an issue with their license. Many no withdrawal brokers have no license at all. You should never work with an unregulated broker. Even low-quality financial services companies can receive a low-tier license from somewhere with minimal requirements. Brokers who reject the need for any kind of license are obviously doing so in order to get away with things a regulator would not allow them to.
There are first-tier regulators, such as the FCA in the United Kingdom as well as second, third, and even fourth-tier regulators. The lower grade of regulators require fewer requirements and have less oversight. You should sign up with a broker whose regulator demands requirements such as proof of competency and minimal market capitalization, who performs inspections and will answer and address customer complaints.
The bottom line is, no withdrawal brokers tend to have shady licenses. Checking 24trades’s license can be a key to understanding why they are not releasing your funds. There are very few no withdrawal brokers with Tier 1 licenses. That is important to keep in mind when choosing a broker.
Is 24trades Charging Unreasonable Fees?
Is 24trades not refusing outright to release your funds, but does so only with huge fees or other conditions? Unfortunately, many no withdraw brokers use these excuses as cover to make it seem as if they are not scams. Legitimate brokers rarely charge withdrawal fees at least not large ones. In addition to withdrawal fees, unscrupulous brokers may use other tactics to avoid releasing client funds:
- Certain withdrawal requirements not stipulated in advance
- Phony claims about local taxes
- Aggressively urging the client to make additional trades rather than withdrawing money.
Is 24trades claiming that there are certain requirements for withdrawing your money that were not discussed beforehand or were printed in the contract? Some brokers claim that the account has to have a certain minimum amount before they will permit a withdrawal. They may also say that local taxes require that they take a certain amount of money for withdrawals.
If 24trades is trying to hold onto your funds, they may try to pressure you to execute another trade when you ask to withdraw money. Clients in this situation may feel pressured to take this course of action because it seems like less trouble to give in than to fight for a withdrawal. Unfortunately, they seem to consent to additional transactions, when in actuality, their money was being held hostage.
Is 24trades a Scam or Legit?
Is 24trades a no withdrawal broker? If you have tried to withdraw your money from the account and have not been successful, consult with our experts immediately. Our professionals consult with clients and investigate brokers. We have vast experience with regulators and brokers and can help you create a claim that can be effective. We will also give you pointers about approaching authorities and can provide a strategy for retrieving your funds.