RatingFX: independent rating of Forex brokers
Have you been fooled by a broker? You are not alone!
Michel de Nostredame, commonly known as Nostradamus used to tell, “Life is a series of choices”. First, a person makes a choice and then bears its fruit. Following this principle, savvy traders leave their reviews of various brokerage companies which they worked with. Their feedback helps other retail investors choose a trustworthy and time-tested company, thus avoiding disappointment in the future.
Forex ratings enable traders to make the right choice and sieve out numerous fraudsters who long for a bonanza in the field of financial services. This article sheds light on 24FX.
The company was founded in 2013 in Cyprus. 24FX belongs to Rodeler, the large financial group which has been operating in the financial service market for over 10 years. Reviews of this broker can be found on different forex-related forums and websites.
Importantly, the company is not recognized as reliable because it has ditched its commitments to clients and partners. Traders complained about complicated money withdrawal. So, the company terminated its activities.
Interestingly, the EU-based broker was fully supervised by the Cyprus Securities and Exchange Commission and complied with the requirements by the CFA Institute, the Markets in Financial Instruments Directive, and participated in Russia’s National Association of Forex Dealers. The broker’s top priority was reportedly to ensure beneficial trading conditions and quality services. Besides, the firm cared about a transparent trading environment.
The broker had a vast toolkit of trading instruments alongside advanced technologies. It offered trading currency pairs, indexes, securities, and commodities. The broker allowed algorithmic trading. The customer support was available in several languages. The VIP-client status suggested extra advantages. Everything seemed perfect, though something raised doubts.
Most frequently, traders post reviews when they encountered something outrageous. For example, a company induces a client to provide money for trust management, misleading him/her with phony statistics. There are lots of cases when a broker trades cunningly against a client. Swindlers have various schemes at their disposal how to hook a client. They do not have to invent anything new as all of such schemes were tested by kitchen brokers long ago. The extent of their fraud is measured by jaw-dropping figures. Novice traders tend to be caught in a trap of scams.
If you get to know information that a broker has been closed, it does not mean that the firm has actually terminated its activities. Perhaps it is still cheating traders with its bogus services but under a different name. There are plenty of such cases.
As a rule, dishonest brokerage firms hook a trader by giving him/her the opportunity to earn some money. They aim to wake up a client’s speculative spirit and to encourage him/her to take a risk with decent funds. As soon as a trader is willing to withdraw solid earnings, a broker finds a plausible excuse for delaying a withdrawal, accounts such delays for technical faults, and baffles a client with complications and misunderstanding. Dealing centers suddenly require new documents, the broker has to update withdrawal conditions, and eventually requests from a client are left without any feedback. So, the odds are that 24FX has also abused its clients, holding back their profits.
Fraud at 24FX.com! I deposited $100 to turn my hand to trading. They allow clients to earn with a small deposit. Then, they induce them to make a bigger deposit, citing an extraordinary promo campaign. Indeed, a client earns some returns. As soon as he/she is poised to take out such returns, the broker comes up with the wrong forecast and drains most of the deposit. Later, they again urge a client to add some money, so that he/she will be able to save the deposit. Afterwards, they drain the whole deposit.
At the same time, there are positive reviews of the broker apart from negative ones. Bearing this in mind, one can reckon that the company has not always fulfilled its commitments to customers. Anyway, there is enough evidence of negligence and dishonest behavior towards traders. This is obviously a weighty argument against the broker.
This company has terminated its brokerage activity. Before entering into cooperation with dubious companies like 24FX, think twice, consider all available information on a broker, and find out about it on forex forums. Certainly, some people post pathetic reviews which lack any evidence and could be taken with a pinch of salt. Nevertheless, they paint a picture of a company. Trust a proven broker with your money and never let anyone outfox you.
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