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[forminator_form id="6039"]Is 24xForex a scam broker? Read 24xForex review to know more.
Short Summary
Name: 24xForex
Address: Marshall Islands
Minimum Deposit: Not Disclosed
Leverage: 1:400
Trading Platforms: Web
Owner: PACO World System Ltd
Demo Account: No
Blacklisted: FCA
REGULATION
What they claim:
Regarding their address, 24xForex claims to be based in England and also claims to have regulation from the regulator. The other thing that 24xForex claims is that it is owned and operated by the parent company that goes by the name of PACO World Systems Ltd.
What we found:
After checking their website, it was found that 24xForex.com is not based in England. Upon a little research about the parent company, it was found that PACO World Systems Ltd. is located in the Marshall Islands which makes it clear that 24xForex is based in the Marshall Islands. The Marshall Islands is widely known as one of the offshore zones which are common for scam brokers to be based in. From this, it is clear that 24xForex is UNREGULATED.
MINIMUM DEPOSIT
What they claim:
24xForex does not provide any details on the minimum deposit demanded by them to their various accounts.
What we found:
When important information like leverage, minimum deposits, spreads, etc. are not available on the website of the brokerage firm, it is clear that they have something to hide. In our case, 24xForex does not reveal the minimum deposit that they provide to their customers which is a clear red flag.
LEVERAGE
What they claim:
24xForex claims to provide leverage up to 1:400 to their customers depending on the accounts they have.
What we found:
24xForex offers leverage as much as 1:400 which is almost ten times as much as the leverage offered by the regulated brokerage firms. Given the risk that the customer induces with high leverages, it is clear that 24xForex is up to something fishy.
BLACKLISTED
What they claim:
In their words, 24xForex.com claims to be the best in the world with no competitors whatsoever.
What we found:
24xForex has actually been blacklisted by the Financial Conduct Authority or the FCA. This top-tier regulator is the statement issued against 24xForex states that 24xForex has been attempting to fool people by claiming to be regulated. The regulator also asks the people to avoid 24xForex as it is a potential scam.
Is it safe to trade with 24xForex?
To conclude all that has been stated above, we must say that 24xForex is a potential scam. We warn you from trading or investing with 24xForex as this brokerage firm is unregulated, offers huge leverage, has huge minimum deposits and other parameters that are common traits of a scam broker. Furthermore, the blacklisting of this brokerage firm by the FCA makes it clear that 24xForex is up to no good. If you have been scammed by 24xForex or by any other broker, do not worry as we are here to help you out. All you have to do to get the best solutions for fund recovery is to fill the form on our page. Visit our home page to read about more such scam brokers and the red flags they pose.
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