The online brokerage service provider and wealth manager 247 First Invest claims to offer its services to serious investors. They further claim to offer MetaTrader trading platform with higher leverage levels. The broker alleges to be licensed by CySEC. However, all the statement of 247 First Invest in regulations are false. In this 247 First Invest review, we will uncover all the aspects of this potential scam broker. Please read further to know all.
About 247 First Invest:
It offers 4 ECN based trading accounts. They are Micro, Standard, Premium, and VIP accounts. The minimum deposit required for trading on this standard ECN account is $250, leverage as high as 1:500 is offered and spread of 1 pip is available. The broker claims to be the brand name of Crown Tech Limited. The company Crown Tech Limited is the proud owner of another brand Trade360. It is regulated by Cyprus based financial regulator CySEC. Nevertheless, 247 First Invest does not have any relationship with either Trade360 or Crown Tech Limited. In fact, CySEC has issued a scam warning against 247 First Invest. The broker is a clone firm that uses the information of legitimate brokers and acts as a scam broker. So, it is obvious that no trader can make money from 247 First Invest. The broker also alleges to provide trading on the versatile reading platform MetaTrader and web-based one. The spreads provided of 1 pip are really attractive however we could not confirm this claim as the broker refuses to provide a free demo account. The provided leverages of 1:500 is very helpful in aggressive trading. Nonetheless, these higher trading leverages can be dangerous and drain all the investments within minutes. The broker does not provide information about what payment options it provides to deposit money. It also runs an affiliate program. But what is the commission on each recruit is not mentioned anywhere on the official website. Also, what withdrawal terms and conditions are applied are unknown. Such scam brokers like 247 First Invest do apply hefty charges like withdrawal charges, maintenance fees, dormant fees and more.
Is 247 First Incest scam or legit?
The broker 247 First Invest claims to be regulated by CySEC a prominent financial regulator in Europe. However, this claim is false and a scam warning issued against it by CySEC can be seen on CySEC’s website. The trading conditions are not that attractive and the initial investment is high. Also, we don’t know for sure what trading platform this broker offers. Therefore, call it a scam broker 2020.