24FXODDPRO is, according to information on the company website, a service company from the financial sector. Accordingly, at 24FXODDPRO one can deposit money on a trading platform and then make and manage investments. The company promises numerous advantages when working on the global financial markets.
But whether this is true is unclear. Because the British Financial Services Authority warns that the company does not have a valid licence for its services.
Table of contents
- 24FXODDPRO – Review of Trading Broker
- 24FXODDPRO Website
- Contact details of 24FXODDPRO
- 24FXODDPRO Approval
- Warnings from regulators about 24FXODDPRO
- Online Trading Guide
- How to act in case of losses?
Parallel to the question of the extent to which 24FXODDPRO offers a suitable service, it is important to look at the basics for profitable online trading. We will also explain how the 24FXODDPRO platform compares to other investment opportunities.
Furthermore, we will stand by investors and support them in case of ambiguities and difficulties in connection with 24FXODDPRO.
24FXODDPRO – Review of Trading Broker
The company of 24FXODDPRO presents a trading platform, which should give the customer a good overview of the financial world. Thus, profitable investments would no longer be a problem. All that is needed is to create an account and pay money to the website.
The accounts on the platform are divided into four areas with different advantages. As the customer’s deposits increase, more features are supposedly added. It starts at 500 € and increases to the most expensive account with all privileges, which requires at least 7,500 €.
However, the seriousness of the broker suffers greatly from the fact that essential information about the company is missing. And the British financial supervisory authority FCA is also sounding the alarm. According to them, the company would not be authorised for such services.
24FXODDPRO on the net
Information on the apparent online broker 24FXODDPRO can be found on the English website of the provider under the URL https://24fxoddpro.com/.
Query domain information
Various service providers use their many years of practical experience to suggest trustworthiness. However, such information is often contradicted by the date on which the domain was registered. It is therefore necessary to check who registered the domain and in which year the domain was registered.
Our legal advisors have queried the data on the provider 24FXODDPRO on 18.03.2022 with the following result:
- Domain Name: 24FXODDPRO.COM
- Registry Domain ID: 2658977667_DOMAIN_COM-VRSN
- Registrar WHOIS Server: whois.upperlink.ng
- Registrar URL: upperlink.ng
- Creation Date: 2021-12-02T10:44:33Z
- Registrar: UpperLink Limited
- Registrar IANA ID: 1749
According to §6 of the German Media State Treaty (MDStV), the name of the person responsible for the content of the website must be mentioned in the imprint. In many cases, this is a member of the company’s management. To mention the responsible persons by name is not only obligatory, but also a sign of transparency.
As of March 2022, there is no information on the website of 24FXODDPRO regarding persons responsible for the content.
In Germany, according to §5 of the German Telemedia Act (TMG), there are general obligations to provide information and mandatory details for the imprint. Accordingly, this obligation for “provider identification” applies to all commercially operated internet presences.
This is because this information is intended to inform the user of a homepage who he or she is dealing with. Last but not least, the addressable postal address of the website owner plays a role if legal claims are to be enforced against him.
In this context, it is also important to note that the obligation to maintain an imprint applies equally to service providers based abroad who carry out their business activities in this country. At the time of March 2022, no imprint existed on the website of 24FXODDPRO.
Operator and trademark
The name of the online presence or the trading platform or the offer is not always congruent with the operating company. In the past, it has often happened that companies operate simultaneously with many different trademarks.
In addition, it is common practice for certain providers to remove the websites of “tarnished” trademarks and to return to the market promptly using a new trademark. Therefore, when researching news and information about a provider, it is a good idea to include the operating company in addition to the trademark.
The respective information can be found either in the imprint or often also in the footer of an Internet presence. On the website of 24FXODDPRO, no difference between a trademark and an operating company could be found at the time of observation.
24FXODDPRO Contact Information
The following data could be found on the website of 24FXODDPRO at the time of writing:
- E-mail contact for 24FXODDPRO: SUPPORT@24FXODDPRO.COM
- Postal address of 24FXODDPRO: Unbolted, 6, Lloyd’s Avenue,Aldgate, London,EC3N 3AX, United Kingdom.
- 24FXODDPRO’s telephone number: Not specified
The existence of a valid authorisation from an official European financial supervisory authority can be an important criterion for determining whether a service provider is reputable. This is because a provider has to make a considerable financial effort to issue a licence.
Nevertheless, it does not necessarily have to be an investment fraud if a broker omits data on its authorisation or on its own regulatory status. The following financial regulators, among others, are responsible for licensing and supervising financial service providers such as 24FXODDPRO:
- FI, Sweden (Finansinspektionen)
- BaFin, Germany (Federal Financial Supervisory Authority)
- FMA, Austria (Austrian Financial Market Authority)
On 24FXODDPRO’s website in March 2022, the licence number “IFSC/93/395/DHI/19” was found to be supposedly valid in the UK. Investors can discuss what this means in an exchange with a lawyer at our law firm.
FCA warning on 24FXODDPRO
The UK Financial Conduct Authority (FCA) has issued a warning notice. 24FXODDPRO does not have a valid licence and is therefore not authorised to offer the services advertised.
Before you start trading with 24FXODDPRO and others – Trading advice
Trading via online platforms such as at 24FXODDPRO is an extension of traditional trading in financial instruments to the World Wide Web. Here, as there, investors act with the aim of generating profits through the acquisition and sale of assets. Trading is no longer limited to shares.
In fact, the following assets, for example, are also available to exchange traders:
- CFD Trading
- Forex Trading
- Money Market Funds
- Bank Deposits
- Precious metals
- Real estate
Online trading is carried out via intermediaries such as online brokers (such as 24FXODDPRO) or banking houses that provide their clients with special trading software. In particular, the extensive technological advances of recent years have made online trading time-saving and convenient, and therefore as accepted as it is popular.
Advantages of online trading
Digitalisation has also had a not inconsiderable influence on the financial world, especially with regard to trading such as at 24FXODDPRO. Because in view of the technological possibilities, trading in particular has gained significantly in efficiency.
Whereas investors and traders used to place their orders by telephone, fax or post, nowadays they can do so at the click of a mouse and with considerably less effort.
Aspects such as the term and type of trade, prices and quantities or the key data for the account can nowadays be clarified without a personal conversation between a provider such as 24FXODDPRO and its client. Thus, various advantages have emerged through the possibility of online trading:
- Surpluses can also be achieved with a small investment.
- The selection of tradable assets is broader and deeper.
- Learning documents on online trading, knowledge pools, analyses or trading training are often provided as standard.
- Online traders have plenty of tools and various indicators at their disposal.
- The risk of losses due to gaps decreases.
- The trading platform executes the booked orders, you only need an internet connection.
- Transaction costs have dropped significantly, as personal telephone support is no longer necessary.
- A large number of tools can be applied automatically and instantly.
- The speed at which trades can be executed has increased significantly.
But online trading does not only bring conveniences with regard to the uncomplicated use of the trading platform. Above all, due to the analysis options, indicators and the numerous tools, the investor enjoys significantly more comfort. The times when you had to draw your own charts or make your own calculations are over.
Today, online traders find a wide selection of order types in their system, which they can execute themselves in day trading with the preferred broker of their choice.
Bitcoin & Co. – cryptocurrencies are moving onto the radar of private investors
But it is not only trading itself that digitalisation has changed enormously. The advancing technology has provided online traders with a new field of action: trading with digital assets. The best-known cryptocurrencies include Bitcoin and Ethereum.
Bitcoin was the very first cryptocurrency, which is why all other digital currencies are referred to as “alt-coins”, i.e. alternative coins. In the meantime, there is an enormous variety of tradable crypto assets and the landscape is extremely volatile.
As a result, fresh coins are constantly coming onto the market and a large number disappear just as quickly as they appeared. For investors, this entails opportunities as well as risks, which are, however, noticeably amplified in comparison with traditional investments as a result of the constant ups and downs.
For investors, freshly issued cryptocurrencies are basically like a game of chance at the roulette table. With a little luck, the stake can be multiplied significantly. However, the probability of losing the entire capital is also extremely high.
Therefore, it might be a better choice for cautious traders to focus on the top 10 crypto stocks that have been traded for some time and have a relatively large market capitalisation.
The alternatives to Bitcoin and Ethereum
In addition to Bitcoin and Ethereum, the Binance Coin, Solana, Cardano or Ripple should be mentioned here. Cardano and Solana in particular can be classified as more modern and future-oriented than Bitcoin and Ethereum.
While the former are criticised for their energy-intensive “proof of work” procedure, the latter rely on the less energy-intensive “proof of stake” mechanism. In addition, the blockchain-based projects Cardano and Solana allow the use of so-called smart contracts.
Furthermore, additional projects are emerging in the respective ecosystems, such as Solanart, a marketplace for so-called “non-fungible tokens”, or NFT for short. These can be used in decentralised finance (“DeFi”), for example.
Here, they help to implement security mechanisms that ensure the authenticity of transactions and the correctness of each submitted order. The bottom line is that cryptocurrency investors have an enormously wide choice of cryptocurrencies in which to invest.
However, crypto trading is primarily recommended for those investors who are not afraid of large risks. Otherwise, the same applies to crypto trading: be careful when choosing a service provider.
Unfortunately, there are countless documented cases of fraud and cybercrime in which crypto exchanges, i.e. stock exchanges for cryptocurrencies, have played a decisive role.
The weaknesses of online trading
Not all that glitters is gold, and this also applies to online trading and the offers of brokers (such as 24FXODDPRO). Consequently, in addition to the advantages, a number of disadvantages are also discernible, which inclined capital investors should integrate into their considerations:
- The emergence of fraudulent trading platforms has led to enormous risks of loss.
- Private investors should already be versed in trading and follow resilient strategies.
- In case of wrong decisions, enormous losses can be expected.
- Compared to conventional trading, it is rather hasty.
- Investors should keep a constant eye on the course of prices.
Especially the risky day trading is not suitable for investors who deal with the topic of trading for the first time. This is because the risk of incorrectly forecasting the development of prices is considerable, and in view of the time pressure it is difficult to make adjustments.
For this reason, this type of trading is recommended for very experienced investors or investors with a pronounced affinity for risk. If you belong to this group, day trading is an option for generating timely results. In addition, one benefits, for example, from the elimination of fees for overnight positions.
Because these costs should also be included in the holistic examination of an investment. On top of that, you literally save yourself a rude awakening in the morning if there were rapid and violent price changes. Such “gaps” quickly arise due to unfavourable reporting about a company.
On the other hand, you quickly see the success in case you can report a profit at the end of a trading day. Otherwise, it is important for day traders to compare the trading fees of the individual brokers. Here it can be worthwhile to decide on a lump sum in the form of a fixed rate.
This is particularly worthwhile if you trade at a higher frequency and individually invoiced order fees would noticeably reduce the surplus.
Understanding the risks
In order not to unnecessarily increase the risks and dangers of online trading, one should question through what kind of financial provider one wants to become active on the trading venues. From the experience of our law firm, some questions have emerged that can be used to identify potential risks.
Referring to the example of 24FXODDPRO, these would be as follows:
- Is there an imprint on the website of 24FXODDPRO and can credible information about the company’s location be found?
- Can one find official warnings about 24FXODDPRO?
- Did the contact with 24FXODDPRO come about through an unsolicited telephone call?
- Are there any warnings from lawyers or law firms representing injured clients in connection with 24FXODDPRO?
- Is 24FXODDPRO controlled by a European financial supervisory authority and is the provider subject to state supervision?
- What experiences have other investors already had with 24FXODDPRO, what is the prevailing opinion in forums?
- Does 24FXODDPRO promise unusually high returns or safe returns and conceal or downplay the risks?
How to act in the event of losses
If you suspect that you have been defrauded in trading, it is advisable to stop further payments immediately. This applies in particular to the fact that the online broker suggests additional payments to compensate for losses. Furthermore, one should attempt to recover the lost capital.
In this regard, aggrieved investors can seek investor protection and turn to the lawyers of our law firm. We examine civil law as well as criminal law possibilities and possible claims for damages against the provider and against involved payment service providers such as financial institutions.
“A private investor who loses his capital in online trading is by no means an isolated case. Many investors are deceived by the professional behaviour of the service providers and do not realise in time that they are not responsible for their loss
Our recommendation is therefore not to resign, but to act quickly and energetically. Because the prospect of recovering the lost money is often greater than the aggrieved investors suspect. Would you like to talk to one of our lawyers about 24FXODDPRO? Then click here to go directly to our contact area.