Note: 24Funds is to operate via the website - https://24funds.io/, which is currently not yet functional and no information about the company was immediately available. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information & Regulation
24Funds, a trading name of SAMIKI PARTNERS LTD, is allegedly a forex broker registered in Dominic that claims to provide its clients with various tradable financial instruments with flexible leverage up to 1:500 and floating spreads around 3 pips on the web-based trading platform via 3 different live account types.
As for regulation, it has been verified that 24Funds currently has no valid regulation. That is why its regulatory status on WikiFX is listed as “No License” and receives a relatively low score of 1.27/10. Please be aware of the risk.
Market Instruments
24Funds advertises that it offers access to a wide range of trading instruments in financial markets, including currency pairs, metals, energies, indices and cryptocurrencies.
Account Types
24Funds claims to offer 3 types of trading accounts - Bronze, Gold and Black, with minimum initial deposit requirements of €250, €2,500 and €25,000 respectively. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.
Leverage
As to leverage, its 1:200 by default. It is also adjusted based on the account type. Clients on the Bronze account can experience leverage of 1:200, the Gold account has leverage of 1:300, while only the Black account can enjoy the maximum leverage ratio of 1:500. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Spreads
All spreads with 24Funds are a floating type and scaled with the accounts offered. Specifically, from 0.4 pips on the Bronze account, from 0.6 pips on the Gold account and 0.8 pips on the Black account. The EUR/USD spread delivered by the Webtrader is as high as 3 pips. Note that the industry average spread is just 1.5 pips.
Trading Platform Available
Instead of the world's most advanced and popularly-used MT4 and MT5 platforms, 24Funds gives traders a Webtrader. Anyway, you had better choose brokers who offer the leading MT4 and MT5, which are highly praised by traders and brokers alike due to their ease of use and great functionality, offering top-notch charting and flexible customization options. They are especially popular for their automated trading bots, a.k.a. Expert Advisors.
Deposit & Withdrawal
Clients at 24Funds can use Credit/Debit cards to deposit directly or via Texcent. The minimum deposit is $250, which is around twice more than the regulated brokers standards on average ($100). The minimum withdrawals are as follows: $250 for Wire Transfers and $100 for other methods. Each Wire costs $50 flat, while Credit/Debit card withdrawals will be charged $25+$10. However, 24Funds wants clients to reach 200 in turnover, and if they fail to do so, they have to pay an additional 10% of the sum.
Bonuses & Fees
24Funds claims to offer some bonuses. If clients accept bonuses, theyll face another minimum trading volume - 30 times the deposit amount plus the bonus issued to become eligible for withdrawal.
The broker also charges an inactivity fee. According to the Terms, an account becomes dormant after 6 months of inactivity and will be subject to a deduction of 10% monthly.
Customer Support
24Funds‘ customer support can be reached by email: support@24funds.io. Company address: 8 Copthall, Roseau Valley, 00152 Commonwealth of Dominica. However, this broker doesn’t disclose other more direct contact information like telephone numbers that most transparent brokers offer.
Pros & Cons
Frequently Asked Questions (FAQs)
2023-03-07 10:32
