247FirstInvest.com Review: this is the website of 247FirstInvest, a Forex broker that seems to be affiliated with RichmondsFinance. And it claims to be operating from Cyprus. Is it safe to invest funds in StockLux? Consider our reviews and see our expert take on this.
The most vital part of our reviews is uncovering if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
247FirstInvest says that it operates from Cyprus and as we said, we found that it appears to be affiliated with RichmondsFinance. It is disheartening that this broker, 247FirstInvest, has been flagged as a scam by the Italian CONSOB. Also, while it claims to be based in Cyprus, it does not mention if it is under any regulatory commission.
Also, RichmindsFinance is also a blacklisted company. The CySEC flagged it and warned investors to avoid it.
Thus, we conclude that this is an unlicensed broker. Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.
Advantages of 247FirstInvest
247FirstInvest says that it is offering traders ‘many ways to invest’ through its platform. Additionally, it promises that it does not charge any hidden fees and offers professional advisors that help you make a ‘personalised’ financial plan.
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It is common for Forex brokers to claim that they provide the best trading environment in the market. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
247FirstInvest Trading Platform
The broker mentions that traders can get access to the MetaTrader 4 web trading platform. But there is no way for visitors to access this platform and see it first-hand.
We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots. Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.
Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.
247FirstInvest says it has over 11,000 financial instruments such as currency pairs, stocks/ETFs, Options. While this is good, it is disappointingly not enough for seasoned traders. This is because legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
The broker mentions offering maximum leverage of 1:500. It is important to note that while some leverages may seem generous, it is not advisable. High leverages can lead to huge loss of funds for inexperienced traders.
While it claims to offer 0.8 pips spreads, we found that it also offers 0.2 spreads for some accounts as well. Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
247FirstInvest Deposit and Withdrawal Methods
The Forex broker we are reviewing, 247FirstInvest, does not list the withdrawal and deposit methods that it supports. This is discouraging because many traders have different means of transactions which they prefer.
One of the characteristics of a legit broker is allowing deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.
The minimum deposit required to trade with 24/7 FirstInvest is about $50,000. This is above the average minimum obtainable among top brokers. Usually, many legit brokerages require between $100 – $250 or even lesser.
The withdrawal conditions of this broker are suspicious. While it says it does not have minimums for withdrawals, it mentions that it does not offer refunds. If your account is dormant for about 12 months, a penalty fee of $25 will be charged from it.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is 247FirstInvest Licensed?
No. 247FirstInvest is not a licensed brokerage and cannot be trusted. It tries to pass itself off as an authorised broker but it turns out that this is false.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To get in touch with this Forex broker send an email to email@example.com
247FirstInvest has proven to be a broker unworthy of trust and thus, we rate it low. It also does not reveal enough information for us to go on with and tries to falsify some claims. Do not invest with any company that falsifies claims and hides many of its trading conditions.
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- MT4 trading platform
- Customer support
- Unclear trading conditions
- High minimum deposit
- Limited withdrawal and deposit methods
- No license
- Blacklisted Forex broker