24XFOREX is a forex company which promises its clients an ideal trading environment. However, the company is not transparent about the information on the website as well as the founders. To avoid falling prey to scammers in the market, it is imperative to conduct proper research and invest in reputable forex trading brokers.
24xforex presents itself as a forex broker that gives investors access to global markets. According to the company, it deals in: currencies, energies, metals, Indices, EU/US stocks, and commodities such as Tesla, Facebook, Nikkei 225, and Dow 100.
The company reportedly has over 2,500 clients and a 100 % trading execution rate. It also brags about having an award-winning client support team. However, in regard to legit forex trading companies, we found several breaches that disqualify 24xforex from recommended sites for trading.
According to 24xforex.com, the platform is operated and owned by the PACO SYSTEM LTD, registration number 13057007, 3rd Floor, 120 Baker Street, London, England, W1U 6TU and PACO World System LTD, registration number 106985, The Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands.
However, after keen scrutiny, we noticed that most of the claims on features and convenience made on this platform are just a façade. In this review, we will show you why, as an investor, you should not buy into lies being sold out here. Follow through.
Founders and team
Information about the pioneers of this platform is missing. This gives an impression of a platform that is not upfront with its target client. Information such as this should be made obvious to know who should be held accountable by clients regarding their claims.
To add to this, the website design is plain and lacks visual appeal. There are no displays that relate to its brand or the services it is giving. For a clueless person, it may just pass as any ordinary website. This is another put-off.
However, on searching PACO SYSTEM LTD on the FCA register, the company name is missing. This is certainly a red flag you should not ignore. A company falsifying its existence is a scam! No two ways about that. That now leaves us with one more location in the Republic of Marshall Island, which should be another cause for concern. Marshall Island is known to have no financial regulators, and any company can conduct its shady and doggy activities here with impunity.
Spread and Leverage ratio
The spread and leverage ratio is 1:400. This is a very risky ratio as it exposes the trader to severe losses in the instance they occur. Investors are recommended to use a platform with leverage ratios of 1:200 or 1:100.
No information on spread ratios is available. When trading in the forex platform, be sure to check that those details are provided.
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The platform purports to be transparent yet what we see all through is undisclosed information.
Withdrawals and Deposits
To make a deposit, a client can use debit/ credit cards or wire transfers. Information on the minimum deposit amount has not been provided.
To make withdrawals, a client fills out a requisition form. A withdrawal has to be made and transferred to the same card, bank account, or e-wallet used for the deposit. The minimum and maximum withdrawal amounts are not provided. This platform claims to protect clients against zero balance. This statement is as confusing as it is shady. How are supposed to keep an account balance going below zero when they have not disclosed details on the minimum withdrawal amount? This tells you that they are hiding something.
Information on the number of transactions is not indicated, and an investor is left to guess. The platform only makes a general statement on ‘fast withdrawals & speedy deposits’, which has no proof.
The platform also supposedly has zero commission and fees.
24xforex.com registered on September 2020, and its domain expires on September 2021. The platform lacks a history of experience and also lacks a future presence.
Legit forex companies are keen to operate and offer their services for a reasonable period, enough for investors to realize value. This is contrary to the 24xforex case. It has been in operation for less than six months. The only possible explanation is that this platform is only an enticement to investors to get-rich-quick.
24XFOREX Trading Conditions
The only trading conditions included here are those on deposits and withdrawals. For a platform that brags about trading over 500 instruments, one wonders whether that is all the information it has to offer. Details on trading conditions are scanty, and we can only conclude they were deliberately omitted. Always refrain from a site that is clearly withholding vital information that is material to its activities.
24xforex is an offshore company, and as such, it should be a no-go-one. Almost all offshore accounts lack defined jurisdiction and regulation, making it easy for them to defraud investors. Marshall Island has no regulatory body. Why would a company that is claiming to be legit pitch its business here? Also, the fact that their alibi company in the UK is missing in the FCA register implies that they are operating illegally if at all they exist there.
24XFOREX Trading Platforms
The platform claims to be using a WebTrader and MT4 trading software. It praises the WebTrader as proprietary and with speed, simplicity, and reliability.
The reviews available on the site are all positive. The fact that the site does not have negative reviews does not in any way imply its perfection or safety. However, a keen investor should first ask themselves why criticism is missing.
Is 24xforex.com licensed?
24xforex is not licensed in any of the countries it purports to operate from. Unlicensed firms lack credibility because the only reason for lack of license is an inability to meet the set thresholds. You have no business dealing with a platform that is obviously circumventing the law. If they cannot comply with the regulations, how can you expect them to comply with the conditions they have set if and when they don’t suit them? Desist from any engagements with this site!
There is not enough way to insist on this, trade and invest in sites where your assets are valued and give you value. We know what it takes to accumulate wealth, and you shouldn’t come this far only to lose it to scammers like 24xforex.
As a prerequisite, confirm that all details given on the website are accurate. Also, check whether important details have been omitted as this could be a disclaimer in itself. A legit site should also be regulated in the jurisdiction they operate in. Trading in forex sites can be dangerous, and no investor is immune to fraudsters and scammers. Also, the probability of making losses in case of market or economic downturns is equally high. As such, investors are advised to be knowledgeable on forex trading and not to rely on training from expert analysts found in these sites.
24xforex, despite having some positive reviews is not a legit site. It has withheld a lot of important information including that of founders. It has also provided scanty details on trading conditions, minimum deposit, and withdrawable amounts. Just like your typical scam company, 24xforex gives bonuses whose withdrawal requires a hard-to-meet standard. The platform makes strong claims on success and features with no proof provided. The fact that this is an offshore company gives you more reason to avoid it. In a nutshell, 24xforex falls short of the expectations of a legit forex trading site and we do not recommend it as a trading or investment option.