Remember, your Capital is at Risk
Remember, your Capital is at Risk
24FX is a new Forex broker owned and also operated by company Rodeler Ltd, located in Cyprus and regulated by CySec, MiFid. It was just introduced in 2014 and offers global traders opportunities for trade in Forex around the world with Commodities, Indices and Stocks with the latest market technology in a new transparent trading environment.
The first thing that user would like to check in any broker is safety, and 24FX would not be less, 24FX is a regulated company for trading.
24FX UK LTD is a branch of 24FX LTD, based in the UK, and has offices in London. The company is 24FX UKLTD is authorised and regulated by the Financial Conduct Authority and 24FX CY LTD is authorised and regulated by the Cyprus Securities and Exchange Commission.
The regulator requires all under their supervision to have separate accounts for their retail customers, this ensures that your money will never be used in the event that 24FX was in bankruptcy.
British banks, which here would have the Fogain, which is the FSCS (Financial Services Compensation Scheme) this body protects account holders with up to 85,000 pounds per head.
I think on this side we can be sure of our deposits, at least as safe as you can get.
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.
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.
Tools 24FX offers
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.