GUILTY Case# 2015-076 | patiencevirtue vs Trade-24.com

Based on the available evidence, do you believe that Trade-24.com is guilty?

  • Guilty

    Votes: 59 100.0%
  • Not Guilty

    Votes: 0 0.0%

  • Total voters
    59
  • Poll closed .

patiencevirtue

Recruit
Messages
10
Original FPA Traders Court Submission:

I am submitting the case against: www.Trade-24.com

My Case is: Basically what happened is I joined Trade-24 because of a recommendation from a friend who was trading himself there.
A man called Leo was my account manager. I traded myself reasonably but realized it is not something I could invest the time needed.

I initially was coaxed into depositing $77,000 and then a further $50,000 at to try and recoup loses. This was all by following a trader they use at their brokerage.

I got up to $144,000 and Then asked them to stop trading in writing and multiple times and they acknowledged the email but wouldn't close the trades. I was insistent that they close my account and withdraw the funds and that is when they changed towards me, ignoring my emails and when they would reply it would be a stalling tactic.

I was on the phone with them multiple times asking to close trades and they finally did when my account had months later gone down to $70,000.

Even despite them ignoring the request at $144,000 I persisted to get even just my $77,000 or so and they still haven't let me withdraw a cent of my own money.

Certain things I can say for sure about this company, they are not legitimate, interfere with trading, are a dealing desk, will in most cases not allow you to withdraw, act as if they are in the UK but they are based offshore, and use all kinds of cunning to steal your money. I am a realist and know to trade you take risk to make money, risk vs reward, but these are just pure scams and daylight robbery, there is no other way to put it other than they conned me and stole my money and still refuse to give it back.

New thread in the Scam Alerts Folder:

Review is submitted by www.trade-24.com on 04/29/15

The company was first contacted about the issue on 12/12/14 the last contact was on 05/01/15

Details: From: ME
To: daniel.e <daniel.e@trade-24.com>
Subject: Re: closing your positions

Daniel

As I have explained I did not open the positions and therefore I am unable to close them. All trades have been opened and closed by your traders as Dave Fix well understands.

All trades should have been closed when I instructed Dave Fix to cease trading several weeks / months ago;

Please stop the stalling tactics and close all trades and return to me the 146,000 USD that was the balance when I instructed Dave Fix to cease trading and return all funds to me.

Alan


Do I reaaly understand you all correctly??

Are you going to do nothing about return all monies that belong to me and you are holding despite my repeated request to return ALL funds since August last year?????

At least have the decency to communicate or is that too difficult??

Tell me what you are planning to do . Please.

Regards,

Alan.

Company representatives' emails: Jennifer <jennifer.m@trade-24.com>
Rafael <rafael.k@trade-24.com>
Daniel <daniel.e@trade-24.com>
Joe <Joe@trade-24.com>
Leo Wilde <leo@trade-24.com>

 

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Yo AsstMod! This one looks very straightforward. The company has already been invited to join the discussion in Scam Alerts. Can you go ahead and issue a formal invite?
 
They do not seem to be regulated. Their "website-terms-and-conditions#" have a lot of fine print. "Trade24 Investments Ltd. is a Company that was incorporated in the Republic of Seychelles." What does incorporated mean here? Guilty
 
Guilty! Alex Kovalev, Jennifer, everyone that works there passes the phone to each other when you call for a withdrawal and just keeps lieing and lieing constantly. They are not just a scam, they really are criminal, what this company have done to a group of my friends who all went head first together with trade-24 is beyond words.

They dont pay their IB's, they apply ridiculous slippage to your trading, they even approach one of the traders and asked them to deliberately try and make bad trades. After destroying almost 70% of their funds, and ignoring commands to cease trading for weeks, they finally begged for their withdrawals and were given every excuse under the sun. They are humiliated and broke all at the hands of trade-24 crimes, only one of the friends was smart enough to file a bank charge back for his full deposit which to all our suprise actually worked....Its not the most ethical thing to do to a broker but in this case even applying later on once they kept ignoring him he actually got it back without loss.
 
Exactly, they are what I have now come to learn is a "chop shop", just pay an aggressive sales team to promise the world get a deposit and find the least obvious way of trading it into the ground, not withdrawing and on to the next target. My views of the world changed after working with this broker for so long, I literally didnt think people were capable of working together like this at an office. How sad.....
 
Is www.Trade-24.com a BUCKET SHOP or BOILER ROOM OPERATION?

Is www.Trade-24.com a BUCKET SHOP or a BOILER ROOM OPERATION?

To find out, hire an international attorney, subpoena your trading history's transaction with the liquidity providers (purportedly) UBS, BARCLAYS, HSBC and see where your money really went.

hint:
where would you hide the client's money if you were "www.Trade-24.com", or just another average shenanigan?
 
They do not seem to be regulated. Their "website-terms-and-conditions#" have a lot of fine print. "Trade24 Investments Ltd. is a Company that was incorporated in the Republic of Seychelles." What does incorporated mean here? Guilty

It means they formed a corporation on an island.
 
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