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  • Trading247

  • Bonus: Up to 50%
  • Options Payout: 60-75%
  • Rating: 1 / 10
Broker Name: Trading247
Platform: SpotOption
Founded: 2013
Bonus: Up to 50%
Return/Refund: 60-75%/0-10%
No. Of Assests: 120
Regulated:   No
Demo Account: No
Minimum Deposit: 200
US Traders:   Not Accepted

Trading247 Review

Update 24/07/2016– Trading247 Shuts Down Operation

 

Editor’s Note – Why does Trading247 Suck in 50 Words?

Their Customer Support is the worst I’ve seen in quite a while and I am referring specifically to the Live Chat. When asked if they are regulated, the representative told me that he is not regulated… Come on, did he actually believe I am asking about his personal regulation?! Then he told me they are “independent online traders”, and then he told me he will transfer me to someone else and finally he told me he cannot give me that information… pretty helpful.

 

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Why Trading247 doesn’t Suck?

Trading 247 offers its clients the possibility to participate in a trading competition and also a service called Algo Alerts which acts as a signal generator for trades on the “hottest” assets. Although these two features may fit better into the “Extras” category of our review, I consider they show this broker’s attempt at being innovative and a step ahead of the competition.

 

 

Trading 247 Full Review- Good for Trading Around The Clock?

At first glance, the website looks pretty good, with enough attention to detail and a nice color scheme. There are no major issues with the functionality (broken links, missing or misplaced content) and although they use the SpotOption platform, they managed to bring customers a slightly different visual experience. I often complained about SpotOption brokers looking the same and using the same slogan, but Trading 247 chose to put in a bit more work to stand out of the crowd. It’s not something completely new and mind blowing, but they look better than others.

 

At the bottom of each page of the website a company name appears: Magline Investments Limited. A quick check on the CySec website shows that this company was granted a Cyprus Investment Firm Authorization under License number 192/13. At first I assumed that Magline Investments Limited owns Trading247.com so we are dealing with a regulated broker, but then I noticed this is not stipulated anywhere on the website. The name Magline just appears at the bottom of each page… well, we can also see a Nasdaq banner there but that doesn’t mean Nasdaq owns Trading 247. On top of that, the Terms and Conditions document available on the website clearly states that Tenderly Limited offers the website to the customers so at the moment it is not clear which company owns/operates Trading247.com. We welcome official representatives of either company who can shed some light on the matter to do so.

 

In terms of education, everything is typical for a SpotOption broker, without any innovations or special additions but I have to notice their Daily Market analysis is up to date. Although this should be a very normal thing, almost all brokers forget to publish daily their Daily Analysis. Unfortunately the binary options industry is not what it should be and something “normal” is sometimes perceived as “extra” or “outstanding” so I must commend Trading 247 for keeping an up to date Market Analysis. Overall, this broker doesn’t fail miserably in any aspect (except maybe Live Chat support) but doesn’t stand out as a choice I would make when choosing my investment partner.

 

 

Is Trading 247 a Scam?

There is no clear evidence of a Scam but caution must be used all the time and especially when conducting business over the internet. At the moment we don’t know who owns/operates Trading 247 because their website contains conflicting information. Two names appear: Magline Investments Limited (a company regulated by CySec) and Tenderly Limited (in the Terms and Conditions), a company about which we couldn’t find enough information. It’s confusing not to know who we are dealing with and on top of that, we couldn’t identify any information related to the awards listed at the bottom of their homepage. There is no press release, no link and no Google results when searching for any of those awards. We don’t know what they mean, who gave them to Trading 247 and who the competition was so at the moment we can only assume this broker liked the look of those items and decided to show them on their website.

 

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Trading 247 Complaints

There are a few complaints on the internet about failed withdrawals but not enough to become alarming. Sometimes when people lose money trading, they feel the need to blame someone and that results in negative comments about a certain broker. I am not saying that all bad comments about a broker come from frustrated traders but they should be taken with a grain of salt.  We recommend conducting a personal investigation before investing with Trading 247 or any binary options broker.

 

Trading 247 Bonus

The first deposit Bonus percentage is not listed on their website and will be negotiated individually, depending on the deposited sum. The trading volume needed to withdraw the Bonus is 15 times the value of the deposit which generated the bonus. Their explanation is a bit confusing but this is how I understand it: if you deposit $1K and you receive $300 as a bonus, to withdraw that bonus you will have to reach a trading volume of 15x$1,000, not 15x$300. Please treat this just as a hypothetic example because we don’t know the exact percentage of their bonus. 

 

Trading 247 Withdrawal

Withdrawals must be made to the same Credit Card, bank account or e-wallet used for deposits and wire transfers will be charged a $25 fee while Credit Card transactions will be free of charge. The minimum amount is $100 for Credit Cards and $200 for wire withdrawals.

 

Trading 247 Extras

They offer access to Algo Alerts which is a mutual project of Trading 247 and Faunus Analytics LLC. The service consists of trading alerts available on the website and it’s basically a free signal service. We have no information about the profitability of the service as past performance is not shown on the website.

 

 

 Trading 247 Ratings

User Friendly 14/20

The website is easy to navigate and translated in 4 languages. The trading platform is SpotOption which we know to be friendly, intuitive and with no major functionality issues.

 

Number of assets and expiry times 15/20

Trading247.com offers a wide variety of assets which includes 65 Stocks, over 30 currency pairs, 11 commodities and 36 indices. However, not all of them could be identified on the trading platform. The expiry times are typical for a SpotOption platform and include 60 seconds, One Touch options and an Option Builder which allows expiry time customization.

 

Commissions, Support and Effective return 10/20

There are no commissions or fees required when you open an account or when you deposit but you will be charged if you withdraw via wire transfer. Their support is totally useless and can even be annoying due to their unwillingness to help. The effective return ranges between 60% and 75% and an Out of the Money trade will have a refund of up to 10%.

 

Deposit, Payment and Bonus 13/20

The minimum deposit is $200 and can be made through Credit/Debit Cards, wire transfer and MoneyBookers. The same card/bank account/e-wallet must be used for withdrawals; a $25 fee is charged for wire transfer withdrawals. The minimum amount for credit card withdrawals is $100 and $200 for wire transfers. We consider them both to be too high. Trading 247 offers special promotions and competitions which are time-limited and the first deposit bonus will be negotiated individually, depending on your deposited sum.

 

Website Extras 13/20

The Algo Alerts service is a good addition which can be considered an extra feature but we cannot verify its reliability or profitability.

 

Trading247 Overall Ratings 65 + Regulated (+3) = 68/100

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