Thinking of getting into business with 24waysFx? Here is what you must know about this broker. Carefully read this review to find out if 24waysfx.com is the trading platform you will want to trade with.
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About 24waysFx
24waysFx is an offshore brokerage company with a lot of promises for traders. The broker contact shows United Kingdom.
Added, it trades on the following instruments like forex, stocks, commodities, crypto, bonds and indices.
To clarify, regardless of the trading instruments 24waysFx claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
24waysfx.com: Reasons to Avoid This Broker
Firstly, 24waysfx.com is a platform with no financial authority overseeing its financial services. We discover the broker is not worth your money because Financial Conduct Authority (FCA) UK does not approve 24waysFx among its licensed brokers. Sadly, Italian Financial Regulator CONSOB has warned against the broker. See below.
Secondly, we noticed 24waysfx.com has no demo account for traders. Since traders can’t test the broker on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
24waysFx leaves us with the following information on processing days and withdrawal fees: $50 for wire transfers, $25 for credit cards plus a processing fee of 10% and $25 for online payments. On processing days, the broker discusses 2 to 5 business days.
As for an inactive account of 6 months, the broker charges 10% on each month.
Minimum Deposit
24waysFx minimum deposit is not available. .
As for the payment methods, the broker discusses Debit card, wire transfer, crypto wallet. Truly, you should not consider making any payment with this broker because it is a risk. So beware!
24waysFx Platform
24waysFx offers web based trading platform and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious.
As for the leverage, the broker discusses nothing. Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
24waysFx Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Conclusion: Is 24waysfx.com a Reliable Broker?
No, 24waysfx.com is not a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
We owe our readers the duty to fish out scam forex brokers as well as share reasons to avoid fraudulent schemes. Meanwhile, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.