Trade-24.com unscrupulous thieves will not allow withdrawal and will ignore you.

[patiencevirtue]

Hi guys,

I have given this company a lot of chances, finally I am writing to the FPA after a while of fighting with them, but largely them promising to withdraw and then ignoring me for a long period of time.

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.

I am hoping I can reach a resolution with them using the FPA and with some help from you guys,

Thanks so much.....

Some attached emails:

 

[Pharaoh]

How did you deposit? What country are you in?

Gather all your evidence. You'll need that for regulatory and legal complaints.

Send an invitation to everyone you've been in contact with at Trade 24 and ask them to come to this thread and explain what is going on.

 

[patiencevirtue]

Hi Pharaoh,

Thanks for your reply, I am in the UK, I have a range of Evidence collected, I will do as you say and invite them to the thread, if they are unwilling to comment, help or respond I will be taking matters to econsumer.gov which Ive heard automatically inform the relevant police and regulatory authorities. I am willing to settle if they would just be reasonable and not ignore my correspondence.

Regards

 

[Master Yoda]

Since you are from UK I highly suggest you to drop a complaint through FCA How to complain - Financial Conduct Authority

 

[RahmanSL]

Website: Trade 24 - Forex, CFD, Indices & Commodities trading and Asset Management
Year since: 2007
Headquarters: Cyprus
Company registration: Trade 24 Ltd, Cyprus
Regulation: FSPR in New Zealand

First off, check whether this broker is indeed regulated by Financial Service Providers Register (FSPR) Business support, information and advice | Business.govt.nz
(the Kiwi Financial Services Complaints Limited (FSCL) Financial Services Complaints Limited | Home )
(Cyprus:Cyprus Securities and Exchange Commission (CySEC) w ww.cysec.gov. cy)

I am not 100% sure, but I read somewhere that the Kiwis protect only their own kind (i.e their own citizens).

In future, never ever handover control of and allow ANYBODY to trade your account for you.

 

[Pharaoh]

Don't forget to complain to:

Action Fraud

econsumer.gov - Your site for cross-border complaints.

 

[patiencevirtue]

UPDATE: Still after 7 days they have not decided to accept invitation to comment in the forum. I have emailed them several times about it but they are ignoring it. I wish more people came forward about trade-24 as they legitimately are a scam. I know enough people that have been scammed by them since having trouble myself. So its a matter of time before they become an official scam company on FPA. I am having issues opening up a traders court case so i guess i have to use the econsumer website as pharaoh suggested

 

[Master Yoda]

UPDATE: Still after 7 days they have not decided to accept invitation to comment in the forum. I have emailed them several times about it but they are ignoring it. I wish more people came forward about trade-24 as they legitimately are a scam. I know enough people that have been scammed by them since having trouble myself. So its a matter of time before they become an official scam company on FPA. I am having issues opening up a traders court case so i guess i have to use the econsumer website as pharaoh suggested

ًWhat issues?

 

[Pharaoh]

Are there error messages? If so, what do they say?

 

[MichahM]

I have been working with them for a year.
They claim they have "a process" for withdrawals. I think that they like it when people lose money through their brokerage.
I was able to make withdrawals, but until my bank account was "approved" it took 3 weeks or so. THEN, they made the withdrawal. They refunded withdrawal fees in full.
It would take up to 7 business days sometimes to "approve" a withdrawal. After that, it took up to 4 days for it to show up in my bank account.
Scam? They aren't trying very hard to look non-suspicious. Do they work hard to make customers like them? No.
I have physically been in their offices. They are a legit company with dozens of employees. They're just a bit greedy with their spreads and treat your money like it's their money. And constantly smooth-talk you into not to making a withdrawal. And THEN the process starts after you stay unconvinced.