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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: Hemanta | วันที่  2021-02-05
I will never enter the Forex market again. I was fooled by 24FX because of my desire to earn money from trading. I know that there are many legitimate brokers out there but my experience with this fraud broker is telling me that it is not worth taking another risk.
Author: Dhruv | วันที่  2021-01-27
A month after I opened an account at 24FX and deposited money, the company stopped their brokerage services. I tried reaching out to them so that I may get back the money I invested but as it turned out, the company is a fraud. With that, there is no way they would give back their clients' money.
Author: Kwame | วันที่  2021-01-20
My account manager at 24FX promised me that he will take care of me and my trades. He said that he will help me earn my desired amount as long as I listen to his advice. His first advice was to deposit more funds in my account. And the fool that I am, I followed what he said. In total, I deposited $1300 and when I said that I cannot deposit more, then instantly closed my account.
Author: Apisit | วันที่  2021-01-13
24FX looked like a reputable broker. From their website design to their offers, it was hard to think that this broker would ever turn out to be a fraud; but it still did. I lost $500 for trusting this broker and now, I don't know if I will ever be able to trust any company again because this same thing might just happen again.
Author: Hilda | วันที่  2021-01-05
I was swayed by the lucrative offers. For a moment, this broker made me believe that I have the capacity to earn even though I did not have any prior experience in trading. 24FX was manipulative and I never had an idea until the moment that I wanted to withdraw my profits. Without hesitation, the broker terminated my account after requesting to withdraw.
Author: Jerstein | วันที่  2020-12-30
24FX is the kind of fraudster that really made effort to look professional and trustworthy. Their website is well-designed and is really appealing. They even have a team of persuasive sales representatives. That is why we also cannot blame the investors who have been fooled. The owners of this broker should be arrested and punished for this fraudulence.
Author: Asadd | วันที่  2020-12-21
Back when I still had an account at 24FX, I remember some of my trades that were changed from the minimum lot size to standard lot size without my knowledge. This happened a few times and it made me lose a lot. Until in the end, even when I wanted to withdraw my remaining balance, the broker did not release it.
ผู้แต่งของ have_you_been_fooled_by_a_broker: Zuhdie | วันที่  2021-02-16
This is so true! The broker was deliberately manipulating our trading activities and they had the audacity to still deny any accusations. When I confronted them back then, they told me that they have no clue about what I was saying. Then a few days later, my account was suddenly terminated.
Author: Arigna | วันที่  2020-12-16
The worst that happened to me was being fooled by 24FX. I trusted this broker especially my account manager. I followed all the advice and made a number of deposits believing that it would benefit me. In total, I invested $3200. I only found out their true colors when I tried to withdraw the profits and they repeatedly denied it. Until in the end, they just blocked me.
Author: Charlespip | วันที่  2020-12-11
24FX had an appealing website. It gave off an impression of professionalism. It appeared trustworthy and strong which is why I got tricked into investing in them. I deposited a total of $300. My account manager tried to encourage me to deposit more but when I refused, they suspended my account. Until now I still don't have access to my account and I think I'll ever get it back again.
Author: Cahaya | วันที่  2020-12-01
Definitely a fraud. 24FX reached out to me as well and I must say that their representative is really good with sales talk. I even almost believed them and was really impressed by what they are offering. But of course, because I already have my own broker, I was not interested. But I still checked their website and that is when I realized that something is wrong with this broker. The information on their website are not consistent. Some of what the representative told me were nowhere to be found on the website as well.
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