24XFOREX Review: 24xforex.com a Simple Scam

24XFOREX Review, 24XFOREX Company
24XFOREX Review
  • Client Feedback
  • Fund Safety
  • Regulation
  • Customer Support
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Summary

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.

24xforex.com Review

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.

24XFOREX Review, 24XFOREX Company

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.

Contact Details

The contact details available here include a telephone number +442030977091, an email address support@24xforex.com, and a location address.

24XFOREX Scam Review, 24XFOREX Contact Information

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 transfersInformation 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.

Domain Insight

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.

Regulation Status

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.

Testimonials

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!

Final Verdict

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.

 

16 Replies to “24XFOREX Review: 24xforex.com a Simple Scam”

  1. Clayton Terry

    If I have invested 300.00 + US with them is there any way to recover it? I am in contact with their Financial advisor, a Mr. Leo Cohen’ I found their website when browsing for info about the new Chinese Crypyto Yuan.

    • Willem deBruyne

      Yes, that is how I was lured in. you are lucky if all you invested was $300. I’m at $50k and I was just informed if I do not pay any more money to cover a credit that I was not aware of (another$15k), and it must be covered today, my account would be closed and liquidated. NO, they will not refund any of my $50k.

    • Pierre Pagé

      Leo Cohen was also my financial adviser. I cannot withdraw one penny from my account. I lost everything and from Mr Cohen it is total silence as if I did not exist.

  2. TINA

    Kak zalko, chto ja uvidela etu informaciju, ochen pozdno. U menja na schetu seichas svyshe 57.000 dolarov, i kogda ja poprosila vyvesti summu v 6.000 euro, mne stali delat vskiakie prepiatstbija, i sozdavat vskaie istorii, pochemu eto, nevozmozno sdelat srazu, po zaprosu. A teper oni s menja trebujut doplaty v 10 .000 euro(12.300 dolarov), chtoby, jakoby rasprodat moi minusovye sdelki so schewta, zabrat svoj eveiting na summu + 10.000 euro, i togda piosle etogo tolko, kak oni poluchat snova eti dengi s moego kredit. banka, v perevode, ja smogu sniat svoi ,min.50.000 dolarov. srazu..?? ! …( Thanks God, uz si info ir Jusu darba, del apgautu investoriu. ir aciu sunuj, kuris padejo atrasti man si inforamcija .Kaip skant, “geriau veliau, jai niekada”…

  3. Tim

    I had about 30K usd in my account and made a couple large trades recommended by my “Advisor” they quickly went into a negative, I made 2 large deposits into my account to keep it above 100% margin and that’s when I realized my opening positions had changed…. impossible, right……not if they use a hacked version of meta 4 when I refused to add more money they finally spread my positions so far apart that I lost my account. I estimate they made 15k on my actual buy in price!!

  4. Officer

    Check this out about 24xforex.com, in http://www.lb.lt this is main Lithuania bank and it’s banned 24xforex from Lithuania market because it’s untrusted. You can contact bank if you dont believe me.

  5. Andre

    This is a scam for sure now. I can’t get any money back from them also. Added funds to protect my investment several times with the promise to take them out with no time. They urge you to take very risky deals with no proper strategy.
    Is there a way to hunt them down somehow? There has to be a way. Or this is a very expensive school money.

    • Rob

      I suggest filing complaints/claims with your local, London (FCA) and Mashall Islands regulating agencies as well as your local and the London police. Don’t just roll over to criminals. Countries will ban them. Unfortunately they will pop up in another name but make their lives hell as they do to so many people.

  6. Matas

    I was in police because i wanned to write a report what happened and police said that this is civil regal relations and it’s not fraud and police cant do anything. My bank cant do chargeback because 24xforex is in somekind of security program. So I went to debt collection company they said that the debt sum is to littel to do something it’s not worth it. I read a lot of comments in internet there is a lot of people who was scammed, they have to be shut down

  7. James Fabiyi

    People operating 24xForex are scammers.
    The so-called an assigned advisor, Stephan White with the email Stephan.White@24xforex.com, was putting pressure on me to go and borrow money ($50K) to fund my 24xForex account so that I can get more profit. I thought that the company is a genuine one, but it is a scammer. Initially, I was told that the minimum deposit to trade with 24xForex is US$260, which I did. After that Stephan kept on pressurizing to put more money. By the time I checked the web link that he was using to trade my money with, I noticed that it is a demo (not a real website). The website is https://trade.mql5.com/trade?servers=PACOWorldSystem-Demo%2cPACOWorldSystem-Live&trade_server=PACOWorldSystem-Live&demo_server=PACOWorldSystem-Demo&startup_mode_live&lang=en.
    Please, don’t invest your money here. I was lucky that they only succeeded in scamming me with $260 (USD). If I was greedy, I would have borrowed money to give to scammers. Since I refuse to go and borrow money, he refused to call me again.
    BEWARE! BEWARE!! BEWARE!!!

  8. Daniel Salvatierra tamayo

    They are thieves, they moved several positions and from being earned almost 8000 dollars in 2 minutes I went down to 1000 dollars in 2 min. I have photos of everything they did, I do not know how they agree but never believe in them, I will go to the police to see what happens.

  9. Andre

    For now, they have opened a new business(es). Does anyone know the names of those? Or has anyone tracked down the persons behind this?

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