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24FXM Review - Is it scam or safe?

24FXM Review - is 24FXM.com scam or good forex broker?

RATING: 1.8 / 4 REVIEWS
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Trading Accounts & Conditions

 

Trading Account  Minimum deposit Min. trade size Maximum leverage Spreads 
Beginner $100 0.01 1:200 2.0 pips, fixed
Premium $10 000 0.01 1:200 N/A

 

Clients of 24FXM have two account options: Beginner & Premium accounts. Both of them offer leverage up to 1:200, fixed spreads, commission-free trading and the option to trade in micro lots on the MetaTrader 4 platform.  

 

Besides, PAMM and Islamic (swipe-free) services are available with this broker.

 

Overall, 24FXM’s trading conditions seem typical for a Market Maker: average minimum initial deposit and a fixed spread of 2 pips for the EUR/USD. Yet, we cannot find a reason to choose this broker over some duly regulated company. For example, you may open an account with $100 with easyMarkets, regulated in the EU, as well as Australia, and use fixed spreads of 1 pips on EUR/USD. Furthermore, with easyMarkets, you can never lose more funds than you have deposited, as it provides Negative balance protection.

 

The Company. Security of Funds

 

Company

Country

Regulation

JMD investment solutions LTD. 

St. Vincent & the Grenadines 

N/A

 

24FXM is a forex and binary broker that uses standard MT4 platform. It is operated by JMD Investment Solutions Ltd., a company incorporated in St. Vincent & the Grenadines. Its parter company, MARJO CAPITAL LP, is registered in the UK, but is not regulated by the Financial Conduct Authority.

 

Investing in an offshore and/or non-regulated company is extremely risky and that is why we advise traders to choose among brokers regulated by the FCA, ASIC or another trustworthy regulatory body, where your money will be safe.

 

Trading Platform

 

24FXM offers its clients the standard - MetaTrader 4, available as desktop, web and mobile versions.

 

The MT4 platform is a perfectly equipped trading terminal that provides all the necessary tools and features to analyze price dynamics of financial instruments, trade, and create and use automated trading programs (Expert Advisors).

 

 

24FXM’s web Mt4. Click to enlarge.

 

Methods of Payment

 

24FXM offers its clients the following payment modes: credit/debit card (Visa, MasterCard), bank wire transfer, and Skrill, and Western Union.

 

Conclusion

 

It looks like 24FXM is another non-regulated forex and binary options broker that supports the MT4 platform. It offers fixed spreads and we suspect that acts as a Market Maker. Here are, in a nutshell, the pros and cons of 24FXM:

 

Pros Cons
MT4 available      Not regulated
Commission-free trading  Market maker model
  No choice of platforms, limited info on website

 

Forex
Latest news about 24FXM
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Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Traders` reviews for 24FXM

24fxm is a scam company

they are scam company, they are a group of Palestinian thief and its not in london, its located with the border with israeal, they have told me that to buy gold with a mount of 13,000 dollars and after one week my money will be around 30 thousand dollars and when i asked them to send me the money they have blocked me and took my money ,
thanks
maha

Maha 11/19/2017

24fxm : scam forex company

i invested 15000$ since 3 month and my account have right 25000 i asked to withdraw some money since Sept 6th but no answer from their side , account manager bilal qasem it's the account manager but he do paly in my account to make me loose and ask all time to send money without helping you to withdraw you money , stay away from this company it's not under FCA regulation as they claimed and any financial regulation authority .

Ahmed Abdullah 10/16/2017

24fxm: I could not withdraw any sum till now

I have an account with 24fxm but when I tried to withdraw money and i did the procedure as it is required they sent me an Email telling that they received my request and the money will be sent within 4-7 days that was since more than one month till now no result

Dhiaddin 07/25/2017

24FXM: I want my money back

I send 54500 $ and start trading for 2months till my account become 149695 $
I ask him to send my money ,they till me send 7.4% as company commission ?
at these point I did not trust him any more ( No contract between us ) I have all the documents, since 5 months I try to collect my money but they do not answer me .

Dr. Hamed 07/17/2017
Forex
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