Is 23 Traders a scam broker?

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23 Traders is operated and owned by Hermes Ventures Ltd., which located at Anguilla Island. They have an office at Financial Service Centre, Saint Vincent and the Grenadines. 23 Traders was founded in 2013. There is an interesting story regarding how it was named. 23 binary options traders came together and were asked what specific features each one of them would like to see in a brokerage firm. This is how it got its name, 23 Traders. They are unregulated and unlicensed binary options brokers. One of the sites claims it is regulated by the Vanuatu Financial Services Commission (VFSC) but it seems shoddy.

They use SpotOption or Spot 2.0 trading platform. It is one of the best and most popular trading platforms in the binary options trade. Trading instruments are speed trading (30 or 60 seconds and 2 or 5 minutes), high/low, one touch, ladder, forex pairs, and long-term options.

23 Traders have on offer nearly 200 assets to choose from. On offer are commodities, stocks, indices, and currency pairs. They also have Crypto currencies (bitcoin) on the platform but many countries have restricted bitcoin trading because of widely spread crypto currency scam.

Account types available are Basic (minimum investment required $ 1,000), Bronze ($ 5,000), Silver ($ 20,000), Gold ($ 30,000), VIP ($ 50,000), and Elite ($ 100,000). Except for Basic type other types have a bonus. There is no demo account. Demo account is important for those who do not have previous trading experience. It is for practicing and improving the skills.

Deposits and withdrawals can be made through Credit/debit cards (Visa, MasterCard, Maestro, and American Express), wire transfer, e-wallets (Skrill, Neteller and ecoPayz). Withdrawals can be made only through those methods you made for your deposit. For client protection, there is a compliance policy and the client has to confirm his/her identity. It takes around 5 days from the approval date for the amount to be transferred.

23 Traders is a scam broker because in their advertisement says you can make $532 per minute and it is a lie. $532 is a big money and proclaiming that is an in a way insulting traders intelligence. Even if traders got that money trading an hour 23 Traders would have been a market leader.

The site claims to provide 85 percent accurate signals. Ask any trader who has an account with 23 Traders, they will tell it is a bit far from the truth. It is very hard to predict market directions and only a few brokers can do it correctly or very close to the outcome. 85 percent accuracy is a bit too ambitious.

It is surprising that there are a very large number of traders based in the U.S and 23Traders is unavailable in the US, as there is a lot of money to be made in the American market.

Customer support is available only in English and Arabic. They should have also incorporated French, Spanish and German so that they can cater to a large number of people worldwide.

They are not regulated from any of the known financial regulatory bodies like US’s CFTC, Australia’s ASIC, Britain’s FCA, Cyprus’s CYSEC etc. They are regulated by Vanuatu Financial Services Commission (VFSC) which is virtually equal to being unregulated. Even after so many years of operations, they must have been now regulated by known regulators. It is non-regulated or leniently regulated companies that commit most of the online scam.

23 Traders is a scam broker and if you have been a victim of forex scam or binary options scam or crypto currency scam you can approach MyChargeBack to help you recover your money. They help and guide you step by step to recover your funds.

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