SignalPlus24 promises impressive opportunities in forex, cryptocurrency, indices ,stocks and commodities. While SignalPlus24 claims to offer robust account types and various trading options, there are several red flags that potential clients should consider. Most notably, the Swiss Financial Market Supervisory Authority FINMA has flagged this broker as unregistered. This raises serious concerns about the safety of client funds. https://www.finma.ch/en/finma-public/warnungen/warning-list/signalplus24/
SignalPlus24 Regulation
SignalPlus24 claims to be located in Switzerland, a country known for high financial regulatory standards. However, FINMA does not recognize SignalPlus24 as a registered or regulated broker. Legitimate brokers must register with regulatory bodies like FINMA to ensure client protection, fair practices and a transparent trading environment. SignalPlus24 lack of registration is a significant red flag, as it implies the broker is not accountable to regulatory standards.
Account types
The varying account types with no minimum deposits well stated is worrying. However, this broker offers spreads as low as 0.5 pips for VIP account and leverage of up to 1:500.Hence, it’s concerning for a broker that lacks regulation. High leverage magnifies both profits and losses and without the regulatory limits that legitimate brokers impose, SignalPlus24 is free to offer high leverage to draw in more clients.
Moreover, with no regulatory check, clients have no guarantee that spreads and leverage are applied fairly. In some cases, unregulated brokers manipulate spreads and leverage levels to work against clients’ positions.
Pros and Cons
Pros
- Wide Range of Claimed Instruments: Forex, cryptocurrency, indices and commodities could appeal to traders interested in a variety of assets.
- Tight Spreads (Allegedly): Advertised spreads as low as 0.5 pips for VIP accounts.
Cons
- Unregulated: Lack of regulation from FINMA or any other reputable authority, which exposes clients to risks.
- Anonymous Operations: No clear company background, headquarters or ownership information.
- No Clear Trading Platform: Lack of platform information raises transparency concerns.
- Potential Manipulation of Trading Conditions: High leverage and spread claims could be unfairly applied.
Scam! scam!! they are all fake their focus is not on the best interests of their investors. They are deceitful individuals whose primary goal is to empty your bank account. They tricked me into thinking I was profiting, yet they never allowed me to make a withdrawal. Even after i provided an extra tax and withdrawal charges they still denied my request.