Reading Time: 3 minutes SCAM RECOVERY

24xForex Review – Beware of This Confirmed Scam Broker

Jun 14, 2021
24xForex Scam Brokerage

Just a couple of days ago, the UK FCA issued an official warning against 24xForex. Is there any particular reason? Is 24xForex regulated? Why would the UK authority body be interested in the offshore company?

Read our 24xForex review and find it all out.

Broker status:Unregulated Offshore Broker
Regulated by:Unlicensed Brokerage
Scammers and
Blacklisted as a Scam by:FCA (UK) Regulator
Broker Owner:Paco World System Ltd
Headquarters Country:Marshall Islands
Foundation year:N/A
Supported Platforms:WebTrader, MT4
Minimum Deposit:N/A
Types of Assets:Forex (FX), Commodities, Indices, Shares
Maximum Leverage:1:400
Free Demo Account:No
Accepts US clients:No

24xForex Regulation and Security

The brand is owned by Paco World System Ltd from the Marshall Islands. Besides this, we couldn’t find too much information about the security of the funds or anything similar. So, what’s left for us is to check the GLOFSA register and verify if the company is mentioned there.

What’s Wrong With 24xForex Regulation?

After reviewing the register of the Marshall Islands companies, we couldn’t find Paco World System Ltd anywhere. This led us to conclude that there is no 24xForex regulation as well.

The broker does not fall under any regulatory jurisdiction and operates illegally. Beware of fraud!

Scam Warnings From Financial Regulators

As of June 2021, 24xForex broker is officially on the FCA blacklist. As per the FCA, the company operates illegally within the UK, and citizens should be aware of this fact. They invited everyone scammed by 24xForex to file a complaint against the broker immediately.

Do not fall for the 24xForex scam and stay away from unregulated brokers such as PrimoTrade, Libertex or Solid Invest.

Supported Trading Platforms

The 24xForex trading platform is an MT4. We are pleased to see that the broker is offering a reputable platform with many trading features. This platform is accepted by 80% of users on the financial market and rated as the best.

However, having an MT4 cannot cover the fact that this broker offers unregulated leverage of up to 1:400 and does not list any other trading conditions. If you don’t know which spread to expect or what fees you will have to pay, why start with the broker in the first place.

24xForex Withdrawal Issues

Countries Allowed and Prohibited by the Broker

Since the company is unregulated, 24xForex cannot provide financial services anywhere. However, this fact didn’t stop the broker from operating in the UK, as we saw per the FCA warning. Other than that, we found reviews about the broker operating in Scandinavian countries, Australia, Singapore, and South Africa.

As restricted areas, the broker listed the USA, Israel, Japan, and Russian Federation.

What Can You Trade With a 24xForex Broker?

Since there is no Demo account, it’s hard to verify the diversity of the assets. However, we know that the broker is offering trading with currency pairs, commodities, indices, and shares, while cryptocurrencies are left out. 

As per the 24xForex minimum deposit, we have not much to say. The broker didn’t list requirements anywhere. We found information that deposits can be made using debit/credit cards, wire transfers, and local payment solutions. As per withdrawals, there is nothing said.

We strongly advise you against trading with such a bogus and untransparent brokerage.

Did You Fall Victim to the 24xForex Scam? We Can Help!

The first thing to mention, you are not the only victim of the 24xForex scam. The broker has its ways to pursue you to deposit the money. So now it’s your turn to show you have a way to get that money back.

Contact our support via chat and get all the details about the refund procedure in a free consultation! Then, get your hard-earned funds back ASAP!

Don’t Let the Scammers Go Away for Free!

What is 24xForex?

24xForex is an unregulated online trading brokerage.

Is 24xForex regulated and licensed?

Broker has no regulation and no license for providing financial services.

Are My Funds Safe with 24xForex?

Your funds are not safe with 24xForex since it has no regulations.

Who is the owner of 24xForex broker?

The owner of 24xForex is Paco World System Ltd from the Marshall Islands.