Online fraud is getting spread every day. Hackers and scammers try to trick innocent people into their traps to access their personal data and card details. In this wild world, it’s not easy to be protected from all these. However, with our scam broker reveal reviews, we try our best to minimize your loss risks.
Today, we want to introduce you to FX24.one broker.
.one is another offshore broker established in 2020 in Dubai that does not deserve your trust. Let’s together discuss what the main red flags that arose doubts in us are.
Is FX24.one legit?
The first, most crucial part is its regulation. If the broker does not have authorization and license, it’s a huge risk to start a business with them. Scam brokers also realize that, so they even try to lie about their regulation privileges. For instance, FX24 claims to be licensed under two regulatory bodies while they are not.
This is because the two agencies that allegedly supervise brokers are not government entities and lack agency authority to issue licenses. In addition, the broker’s parent company is registered in a very shady place-the the Marshall Islands.
What is notorious about this country is that you can start a company there without having to set foot on these islands-the whole process can be done online. The parent company is several Swiss management companies.
However, in their website’s footer, they introduced themselves as a regulated entity and even provided people with links to financial regulatory pages. The biggest problem is that IFMRC is a fictitious financial institution, meaning that they have added a fake regulator to their deception.
Therefore, it is not difficult to see that your funds are not safe on FX24.one. It is an unlicensed, unauthorized, and unregulated foreign exchange broker with too many scam features, and you should avoid using it.
FX24.one trading conditions
Now, let’s discuss the trading conditions. First of all, what trading platform do they operate?
FX24.one claims to provide MetaTrader4 to its customers, but the platform is unavailable to download and trade. MetaTrader5 is also not accessible. This is a huge red flag because they abuse the name of MetaTrader and try to exploit its reputation.
The only trading platform available is Sirix-untrusted web-based software that lacks most of the features of the MetaTrader4 software package. Sirix is unresponsive and irritable to use.
Spreads and leverage
The EUR/USD spread is 3 points, which is much higher than other industries, among which legal brokers usually provide a buying and selling price of about 1 point. Spreads form part of transaction costs and have a direct impact on possible profits. Lower differences mean more affordable and better opportunities, so you should trade with a regulated broker that offers small spreads.
It is said on the website that the maximum leverage is 1:400, which is not very helpful to unregulated brokers because leverage is a powerful financial tool that allows traders to increase the size of their positions. Still, if abused, it may cause rapid losses and challenging recovery.
There are three types of trading accounts available: Base, Gold, and Premium.
The minimum amount of initial deposit for the Base account starts from €200. Then, there is a big price upgrade for the gold account, -€5000, while the Premium account price goes crazy and costs €25,000.
What is the difference between these accounts? This info is not specified on the website, making it irrelevant to pay 125 times more for a Premium account, while the Base account has almost identical services.
FX24.one Deposit and Withdrawal methods
FX24.one website provides a little information about deposit methods. The website says you can use VISA/Master Card, WebMoney, faspay, PM pay, VoguePay, LOAD as your payment methods, but we could not check if these payment ways are really acceptable or not.
Anyway, let’s discuss withdrawal information. However, as funny as it sounds, the withdrawal page is not opening. You are directly transferred to the “error 1020” page, making it impossible to get legal information about withdrawal terms, required business days, etc. Well, shame.
In general, the website will not provide customers with legal documents that comply with industry standards. In the absence of important information, traders usually do not know most of the conditions that typically apply.
No information about its dormant account policy was found. This is a set of rules for dealing with inactive accounts and one of the critical conditions that traders should recognize.
Bonuses-it’s a trap!
The company offers so many bonuses and promotions that even beginner traders can be suspicious. They make every effort to urge traders somehow to register and create accounts on their platform. However, please keep in mind that the European Union and the United Kingdom prohibit trade incentives.
This is additional evidence that FX24.one is not legit, so it is dangerous for traders. Generally speaking, bonuses are not free money but a leverage tool, which further increases traders’ risk and may worsen trading performance. Trading incentives benefit the broker, not the trader.
FX24.one does offer several contact methods. They work 24/5, and you can reach them via:
Telegram: FX24 Support
Information Center phone line: +44-20-380-869-68
Well, but this does not mean they will answer you ANYWHERE if you have questions regarding your withdrawal procedures.
To conclude, we verify FX24.one as a scammer company and suggest you all avoid it. Hundreds of brokers worked hard for ages to get a reputation on the market, gain trust among the traders worldwide. If you struggle to find one, check our forex brokers list, read our honest reviews, and select the most suitable option for you. Have Successful trading!