24XFOREX-Overview of Accounts, Leverage, Spreads

Official Website Unavailable

Since 24XFOREs official website cannot be accessible for the moment, we could only pick up some related information from broker-rating websites to get a rough idea of this broker.

General Information

24XFORE is a newly established forex broker registered in the Marshall Islands. As an offshore forex broker, it does not disclose the company behind it, which arises much danger. 24XFORE claims that it provides investors with trading assets including forex pairs, indices, and cryptocurrencies.

Market Instruments

Tradable financial instruments on the 24XFORE platforms are quite limited, only currency pairs, indices, and cryptocurrencies allegedly available. Other popular trading assets like stocks, commodities, precious metals, and more, are not mentioned.

Account Types

Like most forex brokers, to satisfy various traders specific trading needs, 24XFORE does offer three forex trading accounts: Silver, Gold and Platinum. However, it does not mention the initial deposit requirement for each account.

Leverage

Trading leverage varies depending on what kind of trading accounts you are holding. For instance, the Silver Account offers the leverage up to 200:1. While the Gold and Platinum Accounts can offer higher leverage, up to 300:1, 400:1, respectively. This is because the latter account holders are typically experienced or advanced traders, high leverage can attract them more. However, since leverage can magnify gains as well as losses, it is essential that traders should learn how to use it and manage risks.

Spreads & Commissions

24XFORE hypes it offers ultra-low spreads on instruments, but it does not specify spreads on particular instruments. After testing with its demo account on the platform, we found that the spreads on the benchmark EUR/USD pair is around 0.2 pips, which is too good to be true. Since this broker is unregulated anyway, traders are not advised to trade currency pairs here.

Trading Platforms

In terms of trading platform available, 24XFORE offers access to two distributions of the highly acclaimed MT4 platform-available on PC and web versions.

Deposit & Withdrawal

No information about the minimum deposit requirement, and the minimum withdrawal amount is $50. Supported payment methods are Debit/Credit Card, Wire Transfer, e-Wallets like Skrill. Transaction via Credit/Debit Card charges no fees, while the costs for transfer wire, Skrill fail to mention.

Contact Info

24XFORE offers a poor customer service, and its support team can only be contacted through email: support@24xforex.com. Company Address: The Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands.