Is CheckTrade24 a Legitimate Broker?
CheckTrade24 comes forward as a cryptocurrency and financial trading platform. But there are serious doubts about it being a legitimate one. It has been confirmed that the broker is present without any legitimate regulation, rendering it a high-risk option for traders.
CheckTrade24 Website – https://checktrade24.com/
Website Availability – Yes
Address – 14-16 Castlegate, HG5 8AR, North Yorkshire , United Kingdom
Warning – Federal Financial Supervisory Authority (Germany) – (BaFin)
Domain Blacklisted Status – It seems there is no direct mention of this domain being on a blacklist.
Red Flags and High-Risk Factors
Lack of Regulation
- Unlicensed Activity: CheckTrade24 carries on business without any permission from a recognized financial regulatory authority.
- BaFin Warning: CheckTrade24 has been warned by the Federal Financial Supervisory Authority (BaFin) for offering investing, financial, and crypto-asset services without the necessary authorization.
Risk Factors
- Young Website: The domain was recently registered, raising concerns about its long-term credibility.
- High Volume of Reviews: Despite being a new platform, it has an unusually high number of reviews, a potential indicator of manipulated or fake feedback.
- Cryptocurrency Services: These services can be highly volatile and risky, especially with unregulated brokers.
Customer Complaints and Scam Allegations
Many users have reported difficulties withdrawing funds and experiencing poor customer support. Common complaints include:
- Unresponsive customer service
- Unexpected fees and hidden charges
- Account suspensions without explanation
Main Takeaways
- CheckTrade24 is an unregulated broker.
- BaFin has issued a warning against it.
- Numerous customer complaints highlight withdrawal issues.
- Investors should exercise extreme caution.
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