24FX

Min. Deposit: $250
EUR/USD Spread: Fixed and floating
Regulation: CySEC, FCA, FMA, AFM, Hallenic, CNB, BDF, BAFIN, ATVP, CONSOB, CNMV
Accepts US Clients: No
Platforms: MT4
Web trading: Yes
Mobile trading: Yes
Live chat: Yes
Currencies accepted: USD, EUR, GBP, JPY

24FX REVIEW

24FX uses latest technical advancements to provide trading services to international clients. You can trade commodities, stocks, indices and foreign currencies using 24FX. Traders are spoilt for choices when it comes to tradable items. The company is fairly new to the forex market, but the operating company had been in business for several years.

LICENSING AND REGULATION

The owning and operating company of 24FX is Rodeler Limited, which is a financial services company regulated by the Cyprus Securities and Exchange Commission (CySEC). The company is headquartered at Cyprus. According to the website, 24FX is regulated by a number of institutions such as Financial Conduct Authority (FCA), Financial Market Authority (FMA), Netherlands Authority for the Financial Markets AFM, Hellanic Capital Market Commission, Czech National Bank, CNB, Banque De France, Federal Financial Supervisory Authority, Securities Market Agency, Commission Nationale Per Le Soceita la Brsa, and Comision Nacional Del Mercado de Valores.

RELIABILITY

Rodeler Limited, the owning and operating company of 24FX has a strong financial background. Such a company is reliable and it is evident from the long list of institutions with which 24FX is registered. Even though the international forex brokerage firm is founded recently, the company has managed to obtain license in numerous jurisdictions. This is an indication of the responsibility of the forex broker.

MONEY PROTECTION

The regulation requirements insist that the clients’ funds are stored in segregated accounts in reputable financial institutions. 24FX keeps the clients’ money with tier 1 banks in the European Union and several other jurisdictions. You can quickly and safely execute trade orders with a tight stop loss to reinforce your money management plan.

ACCOUNT OPTIONS

To suit the needs of traders, 24FX provides multiple account options. Higher level accounts have tighter spreads and bigger bonuses. A personal customer representative is also offered for traders who intend to trade in high volume. The three types of accounts offered are Silver, Gold, and Platinum. The silver account is the standard account and you need a minimum account deposit of $250. Withdrawal process takes about 7 days for this type of account and EUR/USD spread is standard 3 pips. The gold account is for experienced trades who are willing to invest at least $5000 to begin trading. Spreads are fixed with EUR/USD pair spread fixed at 2 pips. Gold account users are entitled to 24 x 5 customer support with complete access to webinars, videos, and news alerts. Hedging is also allowed for Gold account users. 24FX also provides a dedicated account manager for advanced traders. The platinum account is for highly experienced traders with a minimum of $20,000 deposit. Platinum account holders can enjoy the tightest spread of 1.5 pips along with a free virtual private server. The demo account is useful to practice all your trading strategies without risking real money. 24FX also provides Islamic accounts for those who follow the Islamic laws strictly and don’t want their funds to accrue any interest.

BONUS AND OFFERS

Traders are entitled to a welcome bonus after their first deposit. The deposit bonus differs according to the type of the account and the maximum offered is $10,000. This bonus can't be withdrawn before meeting the trade requirements. 24FX offers frequent promotions and deals for regular and active traders.

TRADING PLATFORM

24FX provides all three different types of trading platform. If you don’t want to download anything to your computer, you can use the web trader anytime anywhere. It is compatible with multiple browsers, allowing you to have a great online trading experience. It has one of the most user-friendly interface facilitating one-click order execution. The web trader is compatible with social trading so that you can copy the trades of other traders. The visual tools like graphs and charts help you to make trading decisions with a quick glance. The downloadable MT4 platform can be downloaded to your computer for easy access. This platform has several customizable features and tools useful for traders of all levels. The charting and analyzing capability of the MT4 platform are unparalleled and you can integrate automation tools to reduce time spent on analysis. Best prices are offered instantly and this reduces the possibility of requotes. Apart from the charting tools and indicators, you can also load custom designed indicators suitable for your trading plan. Scalping is also allowed by 24FX and the MT4 platform encourages data execution at lightning speed. The easy to use interface makes it possible to create simple order entries directly from the chart. It is fully compatible with automation robots and you can load any Expert Advisor for automating all your trades. 24FX also has a mobile trading platform that can be downloaded to your smartphone, iPad or tablet. It is downloadable on all major mobile devices for trading on the go. The 24-hour forex market can be exploited thoroughly with a mobile trading application that allows you to open and close positions at any time. You will have complete access to your trading portfolio using the mobile application. The education center also has useful resources for traders with different expertise. You can access the trading tools directly from the website. The economic calendar and daily market analysis are updated regularly.

DEPOSIT AND WITHDRAWAL OPTIONS

24FX leads the market in terms of deposit and withdrawal options. There are no fees charged when you deposit funds. Apart from credit card, debit card, and bank wire transfer, multiple deposit options are available including third party deposit options. However, you have to check whether some type of deposit option is available in your jurisdiction. Withdrawal is processed in 2-7 days where the high-level account withdrawals are processed quickly. Before your first withdrawal, you have to verify your identity and address once. This is to ensure compliance with the anti-money laundering statutes.

COMMISSIONS AND SPREADS

There are no commissions when you trade with 24FX. This is useful to reduce the total trading cost. The currencies have a fixed spread while the commodities are offered a floating spread. Platinum accounts have the lowest pips starting from 1.5 pips while the silver account traders have to deal with standard 3 pips. 24FX certainly provides competitive spreads in the industry and traders can use scalping and hedging if their trading strategies require. Leverage offered is dependent on the asset, but sometimes, you can enjoy a huge leverage of 400:1. Always remember that using a high leverage also increases your potential for loss.

CUSTOMER SUPPORT

24FX provides 24 x 5 personalized customer support for gold and platinum accounts. You can contact the customer support team via phone, email and live chat. The support is provided in various local languages, making way for quick replies. Gold and platinum account users are also entitled to one-on-one support from an experienced account manager.

POTENTIAL CONCERNS

Even though platinum users enjoy much lower spreads, many other brokers offer the tightest possible spread of 0.0 pips. However, 24FX beats others by offering scalping and hedging. If you are a newbie trader, you should learn everything thoroughly before opening a real account because you need to have at least $250 to start trading. If you are a visual learner, the education center may not satisfy you as it lacks tutorial videos and webinars. 24FX makes it possible for traders to use a straight forward trading platform to meet their trading goals. You can enjoy more benefits by increasing your deposit amount. It is one of the best brokers offering competitive spreads and commission free trading. Even though the brokerage firm was launched recently, 24FX proves that it is one of the realizable brokers in the market with a license from numerous authoritative bodies.