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FXworld24 Review - is it scam or safe?

FXworld24 review - Is fxworld24.com scam or good forex broker?

RATING: 1.4 / 0 REVIEWS FXworld24
FXworld24 is an offshore broker. Your money is not safe.

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FXworld24 is an offshore forex and CFD broker offering a Standard and an Islamic account with a leverage of up to 1:300 and the MetaTrader4 platform. Unfortunately the broker is not regulated, so if you are thinking about investing with them be sure to read this review first.

 

Trading account  Min. deposit Max. leverage Spread

Standard Account

n/a 1:300 1,5 pips

 

FXworld24 Advantages:

 

Comprehensive list of trading instruments

 

The list of trading instruments offered by Fxworld24 looks fine. When we tested their trading platform with a demo account we came across 45 currency pairs, many of which minor or exotic like USDCLP, USDZAR, USDSGD, USDTRY, USDSEK, USDPLN, USDNOK, USDMXN, USDHUF, USDCNH and USDCZK.

 

And apart from that there was a good selection of CFDs as well, namely on precious metals like silver and gold, various commodities including oil, natural gas, aluminum, zinc, nickel, cocoa, coffee, cotton, soybean, sugar and wheat, 13 indices, stocks and even crypto coins - Bitcoin, Bitcoin Cash, Dash, EOS, Ethereum, Ethereum Classic, IOTA, Litecoin, NEO, Tron, Monero, Ripple and Zcash. But if you are really interested in trading crypto assets, we suggest that you better try one of our regulated brokers offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage as high as 1:300

 

The maximum leverage offered by Fxworld24 also looks good. Still, you should bear in mind that higher leverage is associated with higher risk and traders with limited experience should use it with caution. 

 

Also, if you are based in Australia your best option is to chose from the list of brokers regulated by the Australian Securities and Investments Commission (ASIC) - the last major regulator that still allows brokers to offer unrestricted leverage to retail clients:

 

>>Brokers regulated in Australia<<

 

Acceptable spreads

 

As tested with a demo account the benchmark EURUSD spread floated about 1,5 pips and that is basically in the upper range of what traders usually consider attractive with a standard account. Still, here you may also check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

MetaTader4 supported

 

The presence of MetaTrader4 is another piece of good news. MT4 is a highly reliable, light and user friendly platform, developed by MetaQuotes Software.

 

 

It has been around for nearly 15 year now and still dominates the market. The platform has numerous in-build market indicators, advanced charting tools and even customizable trading robots with which you can easily run, algorithmic trading sessions. So here you may also check our list of brokers supporting the MetaTrder4:

 

>>MT4 Brokers<<

 

FXworld24 Disadvantages:

 

Not regulated

 

This is a major issue. Basically a legit license is the only reason you can trust a broker, that it will handle your money properly. Institutions like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) supervise brokers by enforcing strict financial and ethical rules, among which to hold a certain minimum operational capital (for EU regulated brokers - 730 000 EUR), to keep all clients funds in a segregated, protected from creditors account, to file regular reports, to allow external audits and with some regulators even to insure traders money.

 

With a FCA broker for example that insurance will cover 85 000 GBP of your funds even in case your broker files for bankruptcy. So here you may also check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

And as we note FXworld24 is not regulated. Its parent company - Daisy Precious Ltd (we like the name) is based offshore on the Marsha Islands - one of the few places on Earth, where you can register a company right on the internet, without ever setting a foot there. It is not a surprise as well that the Marshall Islands do not have a financial regulator.

 

Trading bonuses with unusual withdraw conditions

 

This is another issue with FXworld24. The practice of offering trading bonuses is highly controversial, because bonuses always come with additional withdraw conditions. In the case of  FXworld24 for a 200 USD bonus you will have to trade at least 5 million USD with a leverage no greater than 1:100, before you will be allowed to withdraw, and that might prove quite challenging even for professional traders.

 

 

Besides there is an additional condition that you should trade that amount within 60 days. No wonder trading bonuses are banned throughout Europe altogether.

 

No information about the minimum deposit requirement

 

Just have in mind that most brokers will ask you for an initial deposit of about 250 USD, while some big players like FBS and IG do not have a minimum deposit requirement at all.

 

E-wallets not specified

 

From their presentation we understand that FXworld24 accepts payments with  bank wire, credit and debit cards and some e-wallets. Unfortunately we are not told which one exactly. Bear in mind that most brokers accept payments with Neteller and Skrill, while some even accept crypto coins. So here you may check our list of brokers, accepting bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Conclusion:

 

FXworld24 is not a broker we can recommend. Despite the relatively attractive trading conditions FXworld24 remains one of those offshore brokers, where the safety of your funds will depend solely on the integrity of the people who operate it. So basically our best advise is to stick with the properly regulated brokers, licensed and authorized by official financial watchdogs such as the FCA in the UK, ASIC in Australia or CySEC in Cyprus.

Latest news about FXworld24
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Traders` reviews for FXworld24

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