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24FX Review: Platform, Regulation, Deposit and Withdrawal

24FX Review: Regulation, Platform, Deposit and Withdrawal

RATING: 2.9 / 0 REVIEWS 24FX
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Trading Accounts

 

Account type Minimum deposit  Minimum trade size Maximum leverage Spreads
Silver $250  0.01 1:400 3 pips, fixed
Gold $5 000  0.01 1:400 2 pips, fixed
Platinum $20 000  0.01 1:400 1.5 pips, fixed

 

24FX offers several commission-free trading accounts, depending on the initial deposit amount. All of them leverage up to 1:400, fixed spreads and the option to trade in micro tradable lots for better risk management.

 

Gold and Platinum account holders may benefit from some extras, such as News Alerts, Dedicated Account Manager and free VPS hosting.

 

Besides, 24FX offers its clients of Islamic belief swap-free account, which are Sharia-compliant.

 

The Company. Security of Funds

 

Company  Country  Regulation 
Rodeler Limited Cyprus  CySEC

 

24FX is a Cypriot forex broker, offering multiple assets for trade, including various currency pairs and a wide range of CFDs on indices, stocks and commodities on the MetaTrader 4 platform.

 

Behind the brand is Rodeler Limited, a financial services company registered in Cyprus and authorized and regulated by by the Cyprus Securities and Exchange Commission (CySEC). This company also operates several binary options brands: the famous 24option, as well as QuickOption and GrandOption.

 

CySEC applies certain requirements to license holders and sees to the compliance with the rules set. For instance, customer funds must be held in segregated accounts. Besides, the Commission requires forex brokers to hold at least €730,000 as a proof of good financial standing.

 

As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which can pay compensation to its covered clients up to €20,000, in the event a regulated broker becomes insolvent or ceases trading.

 

Moreover, every CySEC-regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services in every EU Member State.

 

Trading Conditions

 

Minimum Initial Deposit

24FX’s clients are required to invest at least $250, which is an average amount to start with.

 

Spreads & Commissions

24FX offers only fixed spreads, and as most fixed-spread brokers, does not charge commission fees.

Nonetheless, spreads offered on the Silver account are 3 pips for the EUR/USD pair, which is above the average. In comparison, average variable spreads of Cypriot brokerage FXTM on EUR/USD amount to 1.8 pips on its Standard commission-free accounts (accessible with $100).

 

The best spreads with 24FX are available on Platinum accounts  - 1.5 pips on EUR/USD, but one has to deposit at least $20 000.

 

For more information, you may look up real-time spreads of 15 leading brokers here.

 

Leverage

The maximum leverage level offered 24FX is 1:400, which is considered high, although many Cyprus-based brokers offer similar or higher leverage levels. FXTM, for instance, offers leverage up to 1:500, and you may also check out a list of brokers, providing leverage equal to or exceeding 1:500 here.

 

Nonetheless, we advise traders to exercise caution when trading on margin, as higher leverage involves greater risk of losses, which may even exceed initial investments. 

 

Trading Platform

 

The broker supports the most popular trading platform MetaTrader 4, available as a desktop, web and mobile versions. MT4 is the preferred platform by most traders, because it is easy to use and allows full automatization of trades by the so called Expert Advisors (EA), as well as a number of other useful features. It offers a number of built-in technical analysis indicators, extensive back-testing environment and advanced charting tools. Here is a list of more forex brokers offering MT4 platform

 

24FX’s web-based platform. Click to enlarge

 

Methods of Payment

 

24FX offers a wide range of payment methods to its clients: credit/debit cards, bank wire transfer, and e-wallet payment systems, such as Skrill, Neteller, NeoSurf, CashU, Qiwi, AstroPay, WebMoney, MonetaRu, iDEAL, Sofort.

 

Conclusion

 

24FX is a well-regulated broker that offers online trading in wide range of products on the MT4 platform. According to us, the main disadvantage of this broker is its high spreads, as well as the fact that it uses a Market Maker model. To sum up the above, here are the advantages and drawbacks with regards to this broker:

 

Pros Cons
Well-regulated High fixed spreads
No commission fees MM model
MT4 available No choice of trading platforms
Wide range of instruments and payment methods available  

 

Latest news about 24FX
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Traders` reviews for 24FX

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Cons

 

 

Deposit/Withdraw

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Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

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