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Forex24 Global Review - is it scam or safe?

Forex24 Global Review - is forex24global.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz Forex24 Global
Forex24 Global is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account  Min. deposit  Max. leverage Spread
Mini Bronze  $250 1:500 Spread + 0.0029%
Classic Silver $500  1:500 Spread +0.0025%
Pro Gold $1000 1:500 Spread +0.0020%

  

Forex24 Global is a forex and CFD broker that says to offer the account types listed above as well as access to the good old MT4 platform. Although it might have a few advantages, this brokerage is not a legitimate one and therefore not recommended. Read all details in the review below prior to investing.

 

 

Forex24 Global Advantages

 

MT4 (allegedly) available

As was already mentioned, Forex24 Global offers trading via the most popular forex trading platform – the MT4, which is considered as a plus in any forex broker’s offer. This platform is equipped with a set of full advanced features, such as top-notch charting, numerous Expert Advisers for automated trading, technical analysis indicators, and more.

 

Yet, Forex24 Global doesn’t offer a downloadable version of the MT4, and we couldn’t open a demo account either, so you’d better choose another, more reliable broker that supports this platform.

 

 

>> Find a better MT4 broker here <<

 

 

Generous leverage, rich product portfolio

Clients of Forex24 Global are extended leverage up to 1:500, and his is another potential benefit. Leverage levels that high will probably suit even the most aggressive traders, however, don’t forget that there is a price you have to pay – increased risk of losses.

 

Furthermore, the broker offers wide range of tradeable assets – more than 60 currency pairs,  , as well as various CFDs. The latter group includes many asset classes – indices, commodities, precious metals, and stocks.

 

 

Forex24 Global Disadvantages

 

Inconsistent corporate information. No regulatory oversight

 

  

 

Now, the corporate situation of this broker is quite unclear. While at the bottom of its homepage we read that the company behind it is Forex24 Global LTD, based Cyprus, the terms and conditions mention GONNAFLEX Limited, and the Client agreement -  RODAN FINANCE S.A. The latter is allegedly registered offshore, in the Marshall Islands.

 

 

So, it is unclear which is the company operating the brand, where it’s based, etc. Yet, whichever it is, the firm is obviously not licensed. The lack of credible regulation brings together with it uncertainty regarding the most crucial aspect of a forex broker – the safety of the clients’ funds. Also, brokers that don’t hold a legit forex license are not entitled to operate on any regulated financial market, such as the EU, US, Australia, New Zealand, Hong Kong, etc.

 

Either the offshore brand of Forex24, or a clone firm

Having in mind the name and the logo of this broker, it is either the offshore brand of CySEC-regulated Forex24, or a clone firm. Clones are scammers who use the details of regulated brokers in an attempt to mislead investors that they are a part of a legitimate brokerage.

 

Trouble with account registration

We didn’t manage to register a demo account with Forex24 Global, which is a worrisome sign, especially when we are dealing with an unregulated broker whose corporate situation is unclear. A test-drive of the trading platform is a great advantage and shows that the brokerage is transparent with its trading conditions.

 

Spreads not disclosed on website

Besides, Forex24 Global`s website lacks information on the most important details of its offer - the spreads, and that is another negative, which is very common among shady brokerages. Investors have the right to know what are the prices of the services offered by the company, which means typical spreads,

 

 

Conclusion

 

Judging by what we just said, Forex24 Global isn`t a legitimate and reliable brokerage. If you value your money, do not invest here. There are far better options on the world of for trading. For example, brokerages licensed by the UK’s Financial Conduct Authority, or the Cyprus Securities and Exchange Commission (CySEC). These organizations require compliance with a number of strict rules that give significant assurance for the security of clients’ funds.

 

 

>> Trade with a CySEC regulated broker <<

 

 

To sum up the above:

 

Pros Cons
MT4 available Inconsistent corporate information. No regulatory oversight

Generous leverage

Either the offshore brand of Forex24, or a clone firm
  Trouble with account registration
  Spreads not disclosed on website

 

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Traders` reviews for Forex24 Global

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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Deposit/Withdraw

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Customer service

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Summary

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