With no way to tell where they’re located, there’s no way to hold 24Tradex up to any standards. The broker offers forex and CFDs without a license from any financial regulator. Our 24Tradex review found that the broker could be using this lack of rules to manipulate naïve traders and withhold withdrawals. With a limited selection and a high minimum deposit, there wouldn’t be any reason to trade with them even if they were legitimate.
|Regulated By:||No Regulator|
|Accessible From:||Any Country|
|Trading Platform:||MetaTrader 4|
Regulation and Security
This 24Tradex review couldn’t pinpoint the actual location of this broker. They don’t claim any physical address or country of operation. The broker is entirely unregulated, having no license from the FCA, CySEC, or any other regulator worldwide. Wherever they are offering their services, they are doing so illegally. While the broker does have a UK phone number, these numbers can be set up from anywhere.
Regulators have noticed the unlicensed activity of this broker. The Spanish CNMV issued a specific warning against trading with them in November 2020. The Italian regulator CONSOB then reiterated this warning. These regulators believe the broker has been offering their services within their countries, despite having no authorization to do so.
What Can You Trade With 24Tradex Broker?
There are both forex currency pairs and CFDs available for traders from this broker. Their forex selection is decent, with 50 pairs to choose from. However, their spreads are higher than any reasonable trader would accept. The EUR/USD pair sits at around 3 pips, genuinely shocking. There isn’t much to say about their CFD selection, with a standard range of commodities, stocks, and more.
The broker does give access to the popular MetaTrader 4 platform. This comes as a pleasant surprise during this 24Tradex review, as many similarly unregulated brokers only provide mediocre browser platforms. Opening an account takes a deposit of $1,000, several times higher than comparable brokers.
Making Withdrawals From This Broker
A casual look at withdrawal options for this broker doesn’t raise any red flags. They allow for wire transfer, bank card, and Skrill withdrawals. There’s a 3.5% withdrawal fee when using a card and a $30 payment for a wire transfer. These rates aren’t great, but they aren’t anything shocking.
Our 24Tradex review digs a little deeper to find the real problem with their withdrawals. The broker has deposit bonuses with strict conditions that can limit withdrawals. They can use these terms to justify denying withdrawal requests. Furthermore, they don’t explain what they do with dormant accounts. Without a set-in-stone policy, the broker can handle them however they choose.
You’ve Been Scammed by 24Tradex?
The simple fact of the matter is that these types of brokers are drawing in naïve traders with a few common buzzwords. They promise guaranteed profits and bonuses that seem like a great deal. It’s all a ruse to get traders to put down that initial deposit, a deposit they’ll never see again.
Suppose you want your money back regardless of some unregulated broker’s obscure terms. In that case, a chargeback is a right choice for you. You can contact us today and, with your case details, we can initiate a chargeback and get you your money back.
Can 24Tradex Be Trusted?
They cannot be trusted. They are a ghost, with no tangible presence. If something goes wrong, you have no way to initiate legal proceedings or even contact the broker.
Is 24Tradex Safe?
No, trading with this broker presents serious risks. You’re unlikely to be able to make any withdrawals, and the high leverage they offer can drain your account quickly.