247ForexLive Review: this is the name of a Forex broker that does not disclose its location on the page. Is 247forexlive.com a legit or scam Forex broker?
A survey of the website of this broker only turns up the basic promises of offering the best services to traders. It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
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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.
Some of the basic things we look for in a legit Forex broker is missing from the page of 247ForexLive. Let us look at them as we proceed.
247ForexLive Trading Platform
It is not mentioned that 247ForexLive trading software is operated on a MetaTrader 4 platform, so what is available to all their clients may be a web-based platform.
Legit brokers are known to offer at least the popular MetaTrader 4 trading platform.
This platform is a very good sign along with MT5, as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes 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.
Trading instruments offered to traders are not listed on the sales page. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverage offered is not indicated which is quite unusual as we find no information on the spreads 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.
Deposit and Withdrawal methods on 247ForexLive
The means of making payments and withdrawals with this broker are: MasterCard, Visa, Bank Wire Transfer, Money Gram, Western Union, Perfect Money, and Bitcoins. E-wallets are not mentioned and it is not an encouraging find.
This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is placed at $500 and we find that this is above the obtainable average of $100 to $250. We find no information on withdrawal charges and fees but this does not mean they do not exist.
Trading bonuses are offered to clients and we have found that this is a method used by scammers to impose restrictions on clients’ accounts.
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 247ForexLive Licensed?
No. 247ForexLive does not even state if it is licensed or not. We have no location to place it at but the phone number provided seems like a US number. If it is a US based brokerage, it would have to have a license from the CFTC as well as other legit regulatory bodies.
We have warned traders countless times to avoid unlicensed brokers. Offshore locations are notorious because scam brokers choose to be based and operate from there. It is the same with this broker and they are not under any regulatory commission.
To reach the customer care representative of this broker, clients can call: +15186221659 or email: email@example.com
The website of 247ForexLive lacks many information that we are used to looking for from legit Forex brokers. We discovered that to access the page via mobile one has to provide registration details which is suspicious.
Since there is no license held by the broker, traders are advised to avoid it and instead seek out trusted Forex brokers.
COMPARE WITH A TRUSTED BROKER
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