Beware! 24elitetrade is an offshore broker! Your investment may be at risk.
24elitetrade Key Facts
🔴 24elitetrade offers questionable bitcoin mining plans- a clear sign of a scam!
🔴 24elitetrade does not provide factual contact information – beware!
🔴 24elitetrade lack the appropriate license for the provision of its services – a huge red flag!
🔴 24elitetrade's domain is protected from WhoIs lookups – another off-putting detail!
24elitetrade products and services
24elitetrade is another investment opportunity scam – what they do is throw around vague language about Bitcoin mining or anything else the general public does not have a lot of knowledge on the topic of, in an attempt to get them to invest under false promises of massive returns – in the case of 24elitetrade, the company promises returns of up to 150% at the lowest tier – clearly something that is impossible to achieve in actuality.
People should always be cautious when dealing with businesses offering enormously high yields because it's scammers' trait to promise big and create unrealistic expectations. In reality, regulated financial companies cannot secure more than a few percents annually with their fixed-income products. There is a huge discrepancy between these offers and the regulated companies standards. Judging by the products and services they sell, we suspect it's a scam, so beware.
24elitetrade company and regulation
24elitetrade does not even present a claim to be a regulated company. This can only mean that it conducts its business without any actual oversight from any government body.
The US financial services regulation is very complex in the USA. Derivatives markets regulation is a responsibility of CFTC and NFA. Forex brokers and most of the investments companies have to be NFA members and CFTC registered to operate in the USA. On the other hand, securities markets are controlled by the SEC, a government independent agency responsible to maintain the integrity of the financial markets.
While SEC focuses more on the procedure regulation insisting on financial reports and management discussion and analysis, NFA and CFTC impose pretty straightforward requirements. To become authorised the companies have to provide 20 million USD in paid-up capital, which is considered a guarantee that the businesses can survive in turbulent times and pay whenever they have to.
Other customer protection measures include clients’ accounts segregation and leverage restrictions for forex brokers- 1:50. Also, CFTC brokers’ clients are not allowed hedging, which is one of the very unique US features. Unfortunately, the cryptocurrencies regulation is still inept, so traders and investors should be wary when dealing with crypto offers.
24elitetrade address and contacts
24elitetrade has provided us with the following address: Liverpool L33 7TW UK. However, without a license from the UK authorities, we cannot assume it to be operating from the location, as addresses can be picked out easily from a map.
Transparency is crucial when talking about brokers and investment companies, and it's part of the regulatory framework. The regulated companies are open to financial authorities following certain transparency rules, so it's generally unlikely to conduct fraudulent activities. They are also bound to provide the public with crucial information about themselves, making it easy for traders and investors to confirm the company's legitimacy.
24elitetrade website info
24elitetrade's website has been registered quite a while ago – in 2017. Still, for 4 years it has failed to provide any sort of regulatory information – a clear sign we are dealing with a scam here.
The domain is hosted on IP address 198.187.29.212, from the United States. What's more, it co-hosts over 150 other domains, none of which have any connection to 24elitetrade as far as we can tell.
The website does not even rank in SimilarWeb – an online popularity index. Having operated for 4 in relative infamy, this is a bad sign for sure.
The owner of the website would rather remain unknown, having shielded themselves from WhoIs queries. And while this is not always a bad sign on itself, in the context of 24elitetrade being an investment firm, we expect a higher level of transparency.
Scam warning
We paid utmost attention to the regulation and transparency in the sections above because it’s mandatory for trading and investments. Pretty much each company offering financial services have to be authorised by the local financial authority.
However, some entities operate unlicensed and intentionally run investment fraud. It would be best if you only dealt with companies authorised by the regulators, so always check to make sure they are. Bear in mind that if you trade with unauthorised businesses, you won’t be protected, so it’s very likely to suffer losses almost impossible to recover if things go wrong.
Online scam is trending nowadays with fraudulent websites popping up literally every day. The financial authorities increase the number of warnings issued year after year, but the dangers are still out there and growing exponentially. You’ll realise the hazards when you consider OneCoin scam- it’s still impossible to calculate the total loss, but it’s regarded as 15 billion worth fraud. Make sure to trade with licensed and regulated companies to avoid off-putting losses.