Is 24xForex a legit broker?
The broker is based offshore and operating with no regulation, so the question from the beginning – is the broker legit? The answer is no! There are many bad reviews by their clients saying that withdrawals are nearly impossible with this company.
For more details, read our 24xForex review.
|Regulated By:||No regulation|
|Supported Platforms:||MT4, web trader|
|Instruments:||FX, commodities, indices, stocks|
24xforexRegulation and Security
24xForex is a company owned by Paco World System Ltd based in the Marshall Islands and Paco System Ltd based in the UK. The company is not registered anywhere in regulatory body registers and has no regulation for its operations, nor in the record of the Marshall Islands, not in the FCA register. The company should not be mistaken for Forex 24, a legit company under BaFIN regulation.
When there is no regulation, nobody can guarantee that your funds are safe. This is why it’s crucial to find a broker regulated by a tier-one regulatory body such as FCA, ASIC, or CySEC.
What can you trade with a 24xforex broker?
The broker offers trading with currency pairs, commodities, indices, and stocks. Based on the assets and account type, the broker is offering different leverage. The leverage goes from 1:20 for stocks trading on the Silver account to 1:400 for Forex trading on the Platinum account. All the services included in the Platinum account are excluded from the Silver account. This seems a little unfair, like the broker is forcing you to have a high deposit. Usually, there are at least few things included in the minor account type, but with 24xForex, there is nothing.
As we already mentioned, the broker is not regulated, and this is why it can offer such high leverage and this type of service. The regulatory body is limiting the leverage to protect clients and their funds from too high risk.
Be aware of the 24xForex scam!
Deposit and Withdrawal Methods
When it comes to deposits and withdrawals, the company shows us all the levels of scam. Nowhere is listed what is the minimum deposit. We’ve tried to find it out from their support team, but they do not want to share anything before a phone call with an agent. This is most likely another scheme where an agent will decide how much you can afford to deposit and ask you for that much. Unfortunately, this is something we often see with scam brokers such as 24xForex.
When it comes to payment methods, we could see that they offer debit/credit card deposits, wire transfers, and local payment solutions. Here, as well, we got a message to speak to the company’s agent for further information.
The same payment methods are available for withdrawals. However, you cannot find the list of fees or commissions you will be charged when you want to deposit or withdraw your money.
As we said, another level of scam. Be aware of it, and do not fall for the 24xForex story!
Conclusion about 24xforex
The broker is based in the Marshall Islands and operates with no regulation. Allegedly, a company from the UK has partial ownership of this brand. We’ve checked the FCA register and couldn’t find the broker or the company owner listed anywhere. After this red flag, we’ve discovered that the company has many bad reviews, not letting clients withdraw their funds. And not just that, even if you want to know what is the minimum deposit, you will not be given this information before some agent gets all your banking details.
Based on this, we can say that the company cannot be trusted. If 24xForex scammed you, do not hesitate to ask for help!