When you decide to start a trading account, you want to make sure that you are in the right hands. How to know it? Simple. Verify if the broker is regulated and legit. Now, we decided to answer these questions for you. Read our 24xForex updated review and find out why this broker is so poorly rated among traders.
|Regulated by: none|
|Headquarters Country: Marshall Islands|
|Foundation year: N/A|
|Supported Platforms: MT4, web trader|
|Founder company: Paco World System Ltd|
Regulation and Security
Our first impression about the 24xForex broker is that it’s a bad joke. The brand is owned by the company named Paco World System Ltd. For those who are not familiar, Pak’s World is a Spanish telenovela from the 1990s. Also, the name of the brand reminds a lot of the company Forex 24, a legit broker regulated by CySEC, BaFin, CNMV. After we went over this fact, we discovered that the broker is registered in the Marshall Islands, and claims to have an office in the UK. However, we couldn’t find it in the FCA register.
This broker is not regulated and not safe to trade with.
In which countries does this broker work?
Since the broker has no regulation whatsoever, it cannot operate legally anywhere. However, on the website of 24xForex, you can see the broker bragging about operating from the US, Japan, Asia, and more. When we checked the reviews of this broker, seems that most of its clients are coming from Norway, Czech Republic, the UK, France..
Wherever you are, this broker is unregulated, and we strongly advise you against trading with this company.
How Online Trading Scams Work
The online trading scam is something we see every day, unfortunately. It occurs when traders do not check the broker, and the broker is representing falsely. Like in the case of 24xForex, some brokers hide their real address or put something not true. To make people believe they are regulated or legit. Now, after you see the fake ad and fake information about the broker, you might believe you are in the right place. You start investing money with this broker, and it might even look good. You see some profits, everything seems legit. But what happens after you want to withdraw your money?
There are several scenarios. Sometimes you cannot access your account anymore. Simply speaking, you are blocked from access to your own money. And there is nothing you can do. Another scenario is that you submit a withdrawal request and never heard from this broker again. And again, there is nothing you can do. The possibility is also that you will be convinced many times that you cannot take the funds because of your mistake – you clicked the wrong button and your money is gone. Or you didn’t submit documents. Or something else, but also not logical.
And this is when you understand that you have been scammed.
Scammed by 24xForex?
If you’ve been in the situation we described above, do not panic. There are things you can do. Maybe not in your account, or with the broker’s cooperation, but not everything is lost.
Chargeback Is Your Solution! You can file a dispute and request a chargeback.
Chargeback is returning funds to your card in case you didn’t get the product or the service you paid for. You need to prove that you were a victim of a scam by 24xForex and get your money back.
Do not wait for more. Contact us for help immediately!
Is 24xForex a good broker?
No. 24xForex is an offshore broker with a fake address in the UK.
Is 24xForex a Scam?
24xForex broker is an offshore broker that is operating without a license. Therefore, your funds are not safe with this broker.
Is 24xforex regulated?
No, this broker is operating from the Marshall Islands and has no regulations.
Where is 24xforex broker based?
The broker 24xForex is based in the Marshall Islands, an offshore country.