Is 23traders a Scam or Is it Okay? Here Is What We Found Out
If you are thinking of using 23traders for trading or have already signed up and opened an account and think they may be problematic, you need to read this review. We have researched 23traders and have found some causes for concern. Do not sign up or make any additional trades with this broker before reading the results of what we have found out about 23traders .
https://btc-scam.com has expertise in investigating brokers. Our team has combined decades of experience in the financial industry and understands thoroughly regulations concerning trading and the dynamics of legitimate and fraudulent brokers. We consult with clients and guide them through the process of filing claims and seeking recourse for losing money with scam brokers.
Before we delve into detail about 23traders , here are some essential criteria that use when researching brokers.
Is 23traders Regulated?
The first thing to look for when investigating a broker is whether or not it is licensed. Just any license, however, won’t do. There are many types of licenses and regulators with varying degrees of quality. Some, such as the FCA in the UK, are Tier 1, meaning that they have very high standards for those who apply for licenses. They also have oversight, carry out inspections and take customer complaints seriously.
At the other end of the scale, Tier 3 regulators have very low standards for licenses and do not carry out inspections. If you sign up with a lower-tier broker, you are not likely to have your complaints heard or acted upon.
A lower-level license is slightly better than no license, but not by much. Of course, if your broker is not licensed at all, you will have no protection from a regulator. The authorities may try to track down the fraud broker, but an unregulated broker has little deterrent to avoid wrongdoing.
Does 23traders Provide Complete Information?
A website may have a lot of content or very little, but it should contain some basic information. You should be able to see the following on the site or have answers to these questions:
What kind of fees and commissions does the broker charge?
What is the minimum deposit?
What kind of accounts are available?
What platforms can you trade on?
Can you look at the terms and conditions?
What are the spread and leverage?
What educational and research tools are provided?
Anything you do not see on the website, you should be able to ask the broker before signing up. If 23traders is hesitant to provide this information, you should be concerned.
What About 23traders ’s Fees and Accounts?
One way to tell early on whether a broker is honest or not is through looking at fees, commissions, and spreads. Ask yourself how the broker makes his or her money. Compare these commissions, fees, and spreads with those considered typical for the industry. This may require some research, and it is important to compare it with legitimate brokers only.
For instance, there are many lower-tier or unregulated brokers that charge a withdrawal fee. Most legitimate brokers do not charge a withdrawal fee, except if the method of withdrawal is not one that is usually offered. There may be management fees for your account, but if these are much higher than average, beware. Less reputable brokers may also charge very high fees for lack of activity. Make sure these fees are clearly outlined in any contract.
23traders ’s Reviews and Reputation
If you are like most consumers, you will check a review before purchasing anything from a baseball mitt to a new stove. The same should be true of a broker. Look at 23traders reviews and its online reputation. Before taking all reviews seriously, be aware that many reviews are fake. It is usually not too difficult to sniff out the fake ones.
You may see a review by someone claiming they were robbed of thousands or millions only to see some promotional content for a competitor. It is safe to discount any review that contains any promotional statements such as ‘use such and such a service instead’. There may be false reviews on the negative or positive side, but if there is a preponderance of negative or positive reviews, you can trust the general trend.
23traders’s Customer Service and Communication
Another sign that distinguishes a good broker from a scam broker is customer service and communication. For obvious reasons, a broker who is defrauding clients will not want to share much information. However, it can be hard to tell this in the beginning.
There may be a honeymoon period when the broker is trying to convince the person to sign up. In the early days of trading, you may be allowed to make some money, but when you are ready to withdraw it, then suddenly the rug may get pulled out from under you and the communication grinds to a halt. That is always a bad sign.
Even at the beginning when the broker is communicative, you may notice that they do not answer direct questions about their investment approach and fees. They may seem evasive or not be easy to contact, particularly if there is a problem. Consistent communication is usually a sign of an honest broker.
Is 23traders a Scam or Legit?
After investigating the areas discussed above, we have found reasons to look closer into 23traders . If you have lost money with 23traders or are worried that they may not be legitimate, try to withdraw your money from the account and consult with our experts immediately. Our experts consult with clients and investigate brokers. We have vast experience with regulators and brokers and can help you create a claim that can be effective. We will also give you pointers about approaching authorities and can provide a strategy for retrieving your funds.
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