Score

1.47 /10
Danger

24XFOREX

Marshall Islands

2-5 years

Suspicious Regulatory License

Suspicious Scope of Business

High potential risk

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Comparison

Quantity 2

Exposure

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Website

Score

Regulatory Index0.00

Business Index6.67

Risk Management Index0.00

Software Index4.00

License Index0.00

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Website

Licenses

No valid regulatory information, please be aware of the risk

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Regulatory disclosure

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Warning

EE FSA
2022-02-02
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Broker Information

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Company Name

24XFOREX

Company Abbreviation

24XFOREX

Platform registered country and region

Marshall Islands

Company website

Company summary

Pyramid scheme complaint

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Warning: Low score, please stay away!
Previous Detection : 2024-12-23
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!

WikiFX Verification

Pyramid scheme complaint
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24XFOREX · Company summary

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.

User Reviews

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User comment

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Comments

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Chandeller Bang0000
more than one year
Withdrawals were also a nightmare, with long delays and poor communication from their customer service team. In short, I regret ever getting involved with 24XFOREX and I would advise anyone else to steer clear of this shady company.
Withdrawals were also a nightmare, with long delays and poor communication from their customer service team. In short, I regret ever getting involved with 24XFOREX and I would advise anyone else to steer clear of this shady company.
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2023-04-06 10:15
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Chandeller Bang0000
more than one year
Their website, while flashy and modern-looking, is filled with marketing jargon that seems too good to be true. And, in my experience, it was. Despite their promises of low spreads and competitive trading conditions, I found the reality to be quite the opposite.Their trading platform was difficult to use, with frequent crashes and errors. Besides, their spreads were surprisingly high and their fees were confusing and hard to understand.
Their website, while flashy and modern-looking, is filled with marketing jargon that seems too good to be true. And, in my experience, it was. Despite their promises of low spreads and competitive trading conditions, I found the reality to be quite the opposite.Their trading platform was difficult to use, with frequent crashes and errors. Besides, their spreads were surprisingly high and their fees were confusing and hard to understand.
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2023-04-06 10:15
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