N247 I Review – Why Should you Avoid the Broker?

N247 I Review

Who hasn’t heard of online scams? Yes, they have been happening for years and continue to happen because cybercriminals use new tactics and tricks to fool people. One of their most effective ploys is to masquerade as online brokers that offer their trading services to people. In this guise, they get people to deposit their money and then disappear with it. This is a story that has happened countless times and there are many people who have had to suffer losses in this manner. But, why does it continue to happen? You can find more when you go through this N247 I review.

People are aware that scam brokerages exist, but when they go about shopping for one, most are eager to get started. Therefore, they make the mistake of not looking beyond the surface and this can become a big problem. It is vital to remember that doing your research is a must when your hard-earned money is involved. You have to depend on the broker to not just keep your investment safe, but your data as well. Since the internet is rife with scams, you need to exercise caution and not make any decisions in a hurry.

 

The primary reason why most of these scammers are successful in their ploys is because people do not bother doing their research. Instead, they fall for the polish they see on the surface and have to pay a hefty price for it. The important thing to remember is that you want to trade in the financial markets to make money, not lose it and this can only happen when you make the right decisions. The most vital one of them all is choosing the right broker and N247 I is definitely not it. Even though it might present itself as a legitimate platform, it is yet another shady brokerage that needs to be avoided. You want to know the reasons? Take a look at them below:

It is unlicensed

The license of an online brokerage is one of the most important assets it can have. It indicates that the company has gone through the effort of obtaining proper authorization to offer its services. When a broker is licensed by a reputed regulatory authority, it ensures that they comply with high service standards and follow proper policies. It indicates that you are dealing with a fair and transparent company, one that you can hold accountable in case of a problem. Hence, you want to ensure that N247 I is licensed, when you decide to use its services.

Unfortunately, this does not appear to be the case because N247 I does not have a license. This makes it shady because a genuine brokerage would always make the effort of obtaining the license. What makes it worse is that the company’s website appears to be virtually anonymous. You will not find any address on their website, which means you have no idea where the company is based. Thus, it is possible that N247 I could be based in one of the offshore shady jurisdictions that have become a hotbed for scammers, as they do not require companies to be regulated.

It does not have any legal documentation

The fact that you are dealing with an unlicensed brokerage is already a big concern in the case of N247 I and this means that you need to ensure you know what you are getting into. Therefore, it is understood that you have to check the Terms and Conditions of the company. This documentation is of the utmost importance because it highlights the policies you have to comply with and also dictates the kind of fees and charges you will have to bear.

But, when you go through N247 I’s website, you will not find any kind of legal documentation at all. You can search through the website and there is no legal document, whether it is a Client Agreement, or Terms and Conditions, available anywhere. Of course, when you sign up with the broker, you will be expected to agree with their Terms and Conditions, which means you will have absolutely no idea what you are agreeing to. This gives N247 I the ability to exploit you in whatever way it wants, which is what you can expect from a scam.

It has a lackluster trading platform

The most crucial feature that traders are provided by an online brokerage is its trading platform and you need a good one to make the most of the trading opportunities in the market. If you check the top brokerages in the market, you will find that they offer you the MT4, MT5 or cTrader, as they are recognized as some leading ones in the market.

But, you are in for disappointment if you expect N247 I to offer you something similar. What you will find is a web trading platform offered by the broker, which does not offer you much. In fact, it has become a standard practice of scammers to offer a basic web trading platform that lacks the sophisticated tools and functionalities you can expect from the MT4 and the others.

It has a shady social trading feature

The feature of social trading often attracts people to a broker because it gives them the ability of mimicking the trades of successful traders. While the feature itself is very appealing, you should note that scammers often manipulate it to show that their top clients are doing much better than they really are. This seems to be the case with N247 I as well because they offer you generic names of clients on their website, who have success rates of more than 90%. Even the most proficient traders don’t have such a success rate, which obviously makes it fake.

It only offers crypto payments

The fact that N247 I only supports crypto payments is the final nail in its coffin because there can be no chargebacks in this option and they know it. This is why most scam platforms are using it as a payment method.

Wrapping Up

Thanks to these reasons, you can understand why N247 I is a broker you should avoid.