Is 23traders Legit or No? Our Research Has Revealed the Following
Online trading is growing at a rapid pace. Currently, the number of online traders is at 15 million traders compared to 14 million in 2018 and 9.5 million in 2017. We have received many questions whether 23traders is legit or no There has also been an exponential increase in the number of online brokers and investment opportunities. Unfortunately, a large number of these are fraudulent and it can be difficult at first glance to tell the difference.
At https://btc-scam.com , we make it a top priority to research brokers and to discover which are legitimate and which are scams. After looking carefully into 23traders , we have found some things that may cause concern. If you have lost money with 23traders , try to withdraw your money and consult us on ways to build a case so you can seek a recovery of your losses.
There May Be an Issue with 23traders ’s License
A large number of online brokers are unlicensed or are insufficiently regulated. The first step when selecting a broker is confirming that they are regulated. However, it is important to examine the license and ensure that it is a high-quality one. Here are the following negative issues that can arise from licensing.
The biggest red flag is brokers who have no licenses at all. This demonstrates that the broker doesn’t even want to try to conceal their indifference about regulations. Not getting regulated at all is a sign that the broker doesn’t expect its clients to do any due diligence. Clients who sign up with an unregulated broker have no recourse or any regulator to complain to if the broker takes their money.
The other issue is insufficiently licensed brokers. These brokers have a license with a 4th tier-regulator that will give a license to anyone who pays the fee and will not perform inspections or follow up on complaints readily. This is almost worse than having no license. The broker appears to have a license but in reality, it doesn’t really mean any protection for the client.
A broker may present a license, but the date or location is inconsistent. This could indicate that the broker may have lost their license and they are hoping people won’t notice the problematic data. Also, some brokers may go as far as to counterfeit a license. This is why it is important to visit the regulator’s website to check the broker holds a current license from the regulator.
At https://btc-scam.com we see many brokers who have no licenses or are insufficiently licensed and we warn our clients against them. These types of brokers can rob tens of thousands of dollars from their clients and there may be no recourse with the regulators because the brokers do not hold a solid license.
We have found 23traders ’s license questionable and we urge that you look for a well-regulated broker instead.
Accounts, Fees and Platforms
Other signs of a problematic broker are unusual accounts and fees and unreliable platforms. A broker may offer a variety of accounts with different minimum balances. There is nothing inherently shady about this, but you should beware if there is a huge difference between the minimum of the beginning account and the medium account.
For instance, one scam broker we investigated required a $200 deposit for a beginning account and $25,000 for the intermediate account. This implies that the broker will try to encourage you to deposit huge amounts of money to get an account at the next level.
However, with all of these requests to deposit money, an important principle to remember is ‘You can put it in but you can’t take it out.’ Sadly, scam brokers are not always so encouraging about withdrawing money as they are about depositing it. Many clients realize they have placed their funds with a fraudulent broker as soon as they experience obstacles with withdrawals from their account.
Unscrupulous brokers may try the following tactics to hold onto your money:
The excuses to avoid withdrawing money are a mile long. Fraudulent brokers are good at coming up with reasons that are not written in terms and conditions for why your balance may not reflect the amount of money you deposited or why your funds are unavailable.
Another major problem with scam brokers is platforms that are fake. Many online brokers allow clients to trade with well-known platforms such as Metatrader 4 or 5. Some brokers have their proprietary platforms.
This can be fine, but a platform or app is only as good as the broker. Some fraudulent brokers will require clients to use only their platform which turns out not to be a trading platform at all, but may be nothing more than a video game. Only when it is too late do clients discover that no money has been traded and they can’t get their original funds out.
Problems with accounts, withdrawals, and platforms were mentioned because 23traders was found to have one or all of these issues. Reviews of scam brokers often mention difficulty withdrawing money, a phony platform or exorbitant fees. If you have experienced any of this with 23traders talk to https://btc-scam.com experts and we will assist you in investigating the broker and filing a claim
Customer Service and Communications
Another telltale sign of scam brokers that isn’t apparent from just a visit to the website is problematic customer service or communications. You may find that when a broker wants you to sign up and put money into an account, they will roll out the red carpet. They may call, email, text and contact you frequently and offer all kinds of incentives.
However, when you finally sign up, you may notice a sudden drop-off in communication. Not only will the broker not contact you frequently, but they will seem to shun communication and will not answer your emails. This is the case with brokers who intend to hold onto your money and do not want to allow withdrawals.
A client who has been greeted enthusiastically has signed on and then been ignored may suddenly find that the broker wants to get into their good graces again when they have a new deal for them. The broker may offer a special bonus if they deposit more money into their account or speak of an investment that will guarantee high yields.
Beware of this sporadic communication. A legitimate broker should answer your emails and texts within a reasonable amount of time. They also should not spring new rules on you or come up with fees out of nowhere or miraculous investments with outsized returns.
Consistent customer service is what every trader should expect from a broker. If a broker seems to be working alone, that is not necessarily a bad sign, but it sometimes does not bode well. A person who wants to conceal their activities from others may be likely to work solo. However, this does not mean that all those working alone should be suspected.
Brokers should also not be aggressive in their manner. Those who pressure clients to make certain trades may be pushing assets they hold themselves to force up the price, and they will sell the asset when it has reached the top level. This is illegal and is known as a pump and dump technique. That is why wall brokers should disclose to brokers what investments they hold.
The reason we mention issues with communication or customer services is that these are typical behaviors of scam brokers. 23traders was found to have issues in some of the areas discussed above. Often when reviewers give a negative report on brokers, they speak on a cessation of communication or brokers aggressively pushing stocks.
Signs of whether 23traders is legit or no
23traders may exhibit the following activities that can raise questions. Every broker should be researched carefully before clients sign up. If you notice any of the following behaviors associated with a broker, do not do business with them:
Does not list all fees
Lack of information
Guaranteed high returns on risky assets
No real address or verifiable company
Evasive when asked questions
Aggressively pushes trades
Will not allow you to withdraw money
If you Have Lost Money With a Broker (Fund recovery Service) Is Here to Help
If you want to know more about 23traders or have lost money with them, we will provide guidance. Our experts are well-versed in the financial industry and can spot a financial scam before it harms your finances.
If you have already lost money with a broker, consult with us and provide all the details. Our professionals have diverse areas of knowledge as well as decades of combined experience and connections with banks and regulators to boost your claim and help you seek restitution after a financial scam. Consult with us today on our website.
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