24NewsTrade Review

At FXCanary, our review process is rooted in thorough, independent investigation. For 24NewsTrade, we began by cross-checking the broker's claimed registration against public company registries in Saint Vincent and the Grenadines and the United States. We then examined the regulatory status by searching the databases of over 50 financial regulators worldwide, including the FCA, ASIC, CySEC, and the SVG Financial Services Authority.

We also analyzed the real-world user experience by aggregating and verifying reviews from Trustpilot and other consumer feedback platforms. Where possible, we corroborated complaints with public scam databases and trader forums. Our internal Scam Risk Score model, which assigns a 75/100 (Severe) rating to this broker, is informed by a combination of regulatory gaps, user feedback sentiment, and structural red flags.

This review is not influenced by any affiliation or compensation from the broker. Our aim is to provide retail traders with the information they need to make an informed decision.

24NewsTrade is operated by Baumont Group LTD, a company with a registered address at 12101 Tukwila International Blvd #320, Seattle, WA 98168. Despite this US address, the broker claims to be based in Saint Vincent and the Grenadines, a common offshore jurisdiction for unregulated financial services. Company records indicate that the entity has zero employees, which is a significant red flag—a legitimate brokerage would typically have a larger operational footprint.

The Seattle address is a commercial office building that hosts many virtual office services, suggesting that this is likely a mail-forwarding arrangement rather than a genuine place of business. The SVG registration provides no oversight, as the local Financial Services Authority does not regulate forex or CFD trading. This corporate structure appears designed to obscure the true owners and operations, a tactic frequently observed in high-risk or scam brokerages.

24NewsTrade holds no license from any recognized financial regulator. While the broker may claim registration in SVG, this is not a regulatory authorization. SVG does not issue forex broker licenses, and its FSA has repeatedly warned that it does not supervise such entities. As a result, clients have no legal protections.

In regulated jurisdictions, brokers must segregate client funds, maintain minimum capital reserves, and submit to regular audits. They also participate in compensation schemes that can refund traders up to certain limits if the broker fails. None of these safeguards apply here. If 24NewsTrade becomes insolvent or simply refuses to return funds, clients have almost no avenue for recovery.

We note that the broker itself states it operates without regulation. This honesty, while unusual, does not mitigate the risks. For any trader, depositing money with an unregulated broker should be considered extremely high-risk.

The broker offers six account tiers, but the structure itself raises concerns. The BASIC account requires only a $250 deposit, making it accessible to novice traders. However, the high leverage of 1:100 on this tier significantly increases the risk of rapid losses. The TRADER account, with a $5,000 minimum and leverage of 1:1000, is particularly dangerous; such extreme leverage is virtually never offered by reputable brokers due to the near-certainty of margin calls.

Higher-tier accounts like PRO ($25,000) and PRO+ ($100,000) offer lower leverage and tighter spreads, which might appeal to professional traders. Yet, the stark reality is that unregulated brokers often use these high-minimum accounts to attract large deposits that are then nearly impossible to withdraw. The absence of a disclosed minimum for the VIP tier suggests an opaque, bespoke model that further distances the client from any standardized protections.

In our analysis, the account structure appears designed to lure traders with low entry points and then upsell them to larger, riskier commitments, a classic pattern seen in many scam operations.

The broker does not disclose its deposit or withdrawal methods, which is a serious omission. Legitimate brokers typically offer a range of well-known payment processors, credit cards, and bank wire options with clear processing times and fees. The lack of such information suggests either an intention to hide unfavorable terms or a lack of established banking relationships.

User reviews paint a grim picture. Multiple traders report that after making deposits, they were pressured to invest additional funds with promises of large gains. When they attempted to withdraw, they faced endless delays, demands for more money to 'verify' accounts, or outright silence. One reviewer noted a wait of over 60 days without receiving funds; another stated they paid nearly $30,000 in fake taxes and never saw their money.

These accounts are consistent with common withdrawal scam tactics: the broker will manufacture excuses—such as alleged suspicious activity or tax liabilities—to extract further payments while blocking legitimate withdrawals. In many cases, the money is simply stolen.

FXCanary was unable to verify what trading platforms 24NewsTrade uses. The broker does not provide this information on its website or in its marketing materials. Reputable brokers typically offer MetaTrader 4 or 5, cTrader, or proprietary platforms with clear documentation. The absence of such information is a significant red flag.

User reviews suggest that whatever platform is employed, it is likely manipulated. Traders describe scenarios where their account manager made large trades that initially showed profits, only for the account to later crash. One reviewer mentioned that the platform displayed $12,000 in gains, but when they tried to withdraw, they were told they could not. This indicates either a demo-like fake interface or a system where trade outcomes are controlled by the broker.

Similarly, the list of tradable instruments is not disclosed. Without a regulated environment, there is no guarantee that any trades are executed on real markets rather than being simulated against the house.

On paper, 24NewsTrade advertises no commissions and spreads starting from 0.7 pips on the PRO account up to 3 pips on BASIC and STANDARD. These spreads are relatively high by industry standards but not unheard of. However, the real cost structure becomes apparent only when attempting to withdraw funds.

User complaints reveal a pattern of hidden fees. Several traders reported being told they must pay a 'tax' before withdrawals could be processed. One user lost an additional $29,800 in such fake taxes. Other reviewers mentioned unexpected maintenance fees or penalties that eroded their account balances. These charges are not disclosed in any official fee schedule.

In an unregulated environment, the broker can impose arbitrary fees at any time, and there is no external body to which traders can appeal. The true cost of trading with 24NewsTrade is often the total loss of the deposited capital.

We placed significant weight on real-user reviews because they provide unfiltered evidence of the broker's practices. Across multiple platforms, 24NewsTrade has an aggregate Trustpilot rating of 2.0 out of 5 from 24 reviews, with no positive feedback on any key topic. The volume of scam-related complaints is especially telling: 15 out of 15 mentions on this topic are negative.

Recurring names like 'Eva Green' appear in multiple reviews as the account manager who pressurizes clients to deposit more and then blocks withdrawals. Traders describe psychological manipulation, where they were initially shown rapid gains to build trust, then encouraged to invest larger sums. Once the money was deposited, the support vanished, and withdrawal requests were ignored or met with spurious demands.

Specific complaints include a user who lost over 100,000 EUR and was told to send more to unlock the account, and a couple who saw a $12,000 balance vanish. These narratives align with organized fraud rather than mere poor customer service. The consistency and volume of such reports strongly indicate that 24NewsTrade is a scam operation.

Our independent review aligns with the bleak picture painted by users. FXCanary's Scam Risk Score of 75 out of 100 places 24NewsTrade in the 'Severe' risk category. This score is driven by the complete absence of regulation, the opaque corporate structure with zero employees, and the overwhelming negative user feedback.

We also compared our findings with aggregated industry data. While we cannot name specific sources, multiple industry databases flag 24NewsTrade as a high-risk or potential scam entity. The pattern of a fake US address, SVG registration, and high-pressure sales tactics is a well-known template for fraudulent brokerages.

It is rare to see such uniform condemnation from users with no mitigating positive reviews. Even brokers with mixed reputations usually have some satisfied customers. The 100% negative sentiment across all key topics is a strong indicator that this broker exists solely to defraud.

Based on our thorough investigation, FXCanary strongly advises against opening an account with 24NewsTrade. The broker operates without any regulatory oversight, conceals critical information about its platforms and funding methods, and has a user record that overwhelmingly describes it as a scam.

We are not aware of any legitimate reason for a retail trader to choose this broker over the many well-regulated alternatives that offer similar or better trading conditions with actual client protections. The advertised high leverage and low minimum deposits are lures designed to attract victims.

If you have already deposited funds with 24NewsTrade, we recommend ceasing all communication immediately and contacting your payment provider to explore chargeback options. Do not send any additional money, no matter what threats or promises are made. For those considering this broker, walk away. The risk of total capital loss approaches certainty, and the chances of ever withdrawing profits are slim to none.