Forex Broker

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.

They will blow up your account. Then, they will boldly call you up and invite you to replenish your deposit at the time when trading conditions are especially beneficial. Those guys are scammers and swindlers.

Earlier, I registered with their subsidiary to trade options. However, they pulled me to this company. My mailbox was piled up with their mailout and invitations. So, I set about trading with them. I was overwhelmed with a huge deposit. Their manager explained in broken English that it did not make sense to trade Forex with little money. It worked well with options. So, I deposited $1,000. Perhaps I was one of the latest clients who registered with them. All my deals were closed in the red. A manager replied to every other call and eventually stopped any contacts with me. I ended up with only $56 in my account.

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.

I would urge you not to trade with 24FX. From my viewpoint, the broker was founded with the aim of ripping off its clients. I guess I’m not the only victim. I was defrauded of my profit. So, they never contacted me afterwards.

For 1.5 months, I’ve been trying to withdraw my modest profit in the amount of $378. Isn’t it ridiculous? This money is small for a broker, but I still haven’t been able to take out this amount from 24FX. I’ve lost my hope to get it … So, make your own conclusions whether it makes sense to work with them or you would rather not.

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.

Popular scheme

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.
They speak harshly and bossily when they call you up and ask for more replenishment!!!

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.

The opinion of the review`s author is private and not obligated to reflect the position of the resource. If you have any remarks and suggestions on new articles please contact us via this form.
Author: Jenivie | তারিখ  2021-12-09
I remember opening an account at 24FX because the website looked so professional. It gave me an illusion that the broker would be a trustworthy one. My mistake was not doing enough research about the company. I should have thought hard about this investment instead of deciding abruptly.
Author: Tarina | তারিখ  2021-12-01
I opened an account at 24FX because of their promo. I received a bonus upon registering an account but then the broker suddenly required me to deposit twice the amount of the bonus even when it has only been a week since I started.
Author: Juwes | তারিখ  2021-11-25
What matters is that Noverk has finally stopped their operations. It won't be able to deceive more clients anymore. I have already accepted the fact that I won't be getting back my money, but I really just hope the company won't be back into business ever again.
Author: Hendra | তারিখ  2021-11-15
An opportunity to earn money is not something that is easy to refuse. As a regular employee, I wanted to have another source of income. 24FX provided me with this opportunity and I grabbed it. Sadly, it did not end well and the broker ran away with my money.
Author: Brenda | তারিখ  2021-11-12
24FX was supposed to be a reliable broker. They has this kind of impression before I opened an account with them. Their website looked professional and their services were promising. I never thought that the broker would run away with our money.
Author: Firdaus | তারিখ  2021-11-03
When I opened an account at 24FX, of course I had high expectations. The broker claimed incredible services and their representative sounded reliable as well. However, after a month, I lost access to my account and I was not able to get back my deposit of $300 anymore.
Author: Mateja | তারিখ  2021-10-25
Looking at the website of 24FX you would have an impression of a reliable broker. They present themselves professionally and their representatives sounded trustworthy. I remember inquiring to the broker and the representative whom I spoke with was able to answer all my questions. It made me trust them because they are knowledgeable about the market. I never expected that I would only be throwing my money away once I deposit.
Author: Dipak | তারিখ  2021-10-13
Well it is only fair that 24FX already shut down. They already deceived thousands of people. Are they still not satisfied? They did not even give us a single dollar. This broker should never be back to business again.
Author: Kishen | তারিখ  2021-09-30
24FX is the kind of broker that would really leave a strong impression. Not only is their website appealing, they also have an outstanding customer support team. They are very responsive and they sound like they know a lot about the market and that you can trust them to guide you. Sadly, it was all a facade and the broker was nothing but a fraud.
Author: Darya | তারিখ  2021-09-23
My account manager at 24FX made my account highly profitable on the first week. So when he advised me to add more funds, I eagerly obliged. However, after making the second deposit, he suddenly made all losing trades until my funds went to zero. After that, he was gone and never contacted me again.
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