Trade24, a forex broker that has appeared in a number of warnings by various regulators, has resurfaced again – in an alert by Switzerland’s financial markets and services regulator FINMA.
In its typical laconic style FINMA only notes that Trade24 is not entered in the commercial register, which suggests it is not licensed to operate in Switzerland.
Trade24 has been around for a while and there are numerous complaints that it is a scam broker. It claims it is an “award winning broker” that was established in 2007 in Switzerland and has offices in Zurich, London and Paris. Throughout the years, it has been registered in the Marshall Islands and had a license from Belize. After Belize’s International Financial Services Commission (IFSC) warned that the license of Trade24 is a complete forgery, any reference to Belize was removed from the broker’s site.
Now it says it is based in Cyprus.
Several months later, UK’s FCA warned Trade24 is unregistered and could be a scam and so did the Ontario Securities Commission and the Australian Securities and Investments Commission (ASIC).
Trade24 offers trading in forex, CFDs, stocks and commodities via the MetaTrader 4 platform. Its site has versions in English, Polish, Bulgarian, Arabic, French, Russian, Spanish and German.