- Name : 24FX
- Website : 24fx.com
- Established : 2012
- Regulation : CySEC, MiFID
- Country : Cyprus
U.S. Clients Allowed :
NoDue to strict US regulation many brokers aren't able to accept traders with US citizenship.
See our list of recommended brokers that do accept US traders.
24FX Review24FX Review
24FX is a Forex broker owned and operated by Rodeler Ltd, located in Cyprus and regulated by CySec and MiFid. It was introduced in 2014 and offers global traders opportunities to trade Forex, Commodities, Indices and Stocks with the latest market technology in a completely transparent trading environment.
24FX offers a variety of accounts to match the different types and levels of traders. Each higher level comes with various benefits, such as tighter spreads, increased trading bonuses, and access to a personal customer service representative.
The Silver account requires a minimum deposit of $250; $5,0000 is needed to open a Gold account and $20,000 for the Platinum account. All three accounts use a fixed spread, have a minimum order of 0.01 and offer the use of hedging. The Gold and Platinum accounts benefit from 24/5 support, videos and webinars, news alerts and dedicated account managers.
For the Silver account, the minimum spread starts from 3 pips. Gold accounts minimum spreads are slightly lower with the minimum starting at 2 pips. Platinum accounts enjoy the best spreads with the lowest being 1.5 pips.
Up to 400:1 trading leverage in the Forex market is available. For leverage amounts in other assets, an account manager must be contacted.
The demo account offered at 24FX allows newbie traders to practice their trades without putting any money at risk and an Islamic account is available to Muslim traders worldwide. This account is free of overnight interest and commissions according to Islamic sharia law. The Islamic Account owners receive a commission free account that can be left as long as the owner wishes to leave his position open. Spreads are fixed and there is special support 5/24 from an account manager.
An economic calendar is available to keep traders apprised of all the upcoming economic reports from countries around the world and the Asset Index shows the most up-to-date prices which are provided through of the broker’s liquidity provider.
A full glossary of financial terms and a FAQ page with information on procedures for opening a trading account and how to fund it are available.
Several calculators are posted on the website to help traders decide how and what to trade. The Pivot calculator, Fibonacci calculator, Deal Size calculator and Pip calculator can be used directly from the site and provide useful information for all traders.
24FX offers excellent educational and training resources and traders are strongly encouraged to take advantage of them. The package of free trading tools includes a combination of online tutorials, webinars and a free ebook which are all suitable for experienced traders who can hone their knowledge and enhance their investment skill as well as for traders just starting out.
Forex Education Videos
The latest financial information, newsfeeds, daily reports and daily market reviews are offered and fundamental and technical analysis provide traders with the information they need to trade profitably and with reduced risks. The textual articles are highly informative and of high standard.
There is no clear information on the deposit bonus but the landing page indicates that the broker offers traders a welcome bonus of up to $10,000 upon funding their accounts. This amount depends on the level of deposit made by the client and cannot be withdrawn unless a trader meets the requirements put down in the bonus policy.
Trader satisfaction is a priority at 24FX. The account managers have a strong background in the financial industry and are available round the clock by Skype, phone and email with advice and assistance. Representatives can be reached at the main offices in London and Cyprus as well as at their office in France. Customers can also contact a representative by email or fax. Live Chat did not come on automatically but is offered by clicking on a button at the top of the page.
The 24FX website is available in French, German, Italian, Arabic, Russian, Turkish and English.
Funds can be deposited in a 24FX account via credit and debit cards, bank wire and a wide choice of payment wallets such as Qiwi, CashU, Neteller, Skrill, Sofort, Moneta, GiroPay, and others.
Withdrawals are paid promptly in full and on demand. There are no deposit fees charged to the client but some fees are imposed on certain types of withdrawals. There is also a fixed swap fee on commodities and indices for keeping the position open overnight.
24FX is a new kid on the block but seems to be offering what traders are looking for. There is a nice choice of account types, the platforms offered are the best in the industry and the website is easy to use. Although a bonus is indicated on the landing page, there was no additional information on how it works.
- Choice of Trading Accounts
- Demo and Islamic Accounts
- Popular Platforms
- US Traders Not Allowed