Haven’t realized yet that the 50% deposit bonus, the award-winning trading terminal, and the friendly team of professionals are merely bait expertly used by a scam broker? Then you should carefully read our 24xtrade review. We’ll delve into how this company operates and explain why it can’t be trusted. Want to know more? Keep reading.
Key Features
- Company Name: Tradex Limited (24xtrade)
- Website: https://www.24xtrade.com/
- Available Contacts: [email protected]; +9841685411
- Foundation: 2024
- Services: Forex/CFD trading
- License: MISA
- Initial Deposit: Not specified
From Sign-Up to Payout
The design of the official 24xtrade website is indeed impressive. The developers have successfully combined a clean black-and-white theme with numerous images and well-placed animations. Moreover, the page loading speed remains unaffected.
However, there are certain issues with the content. For instance:
- The texts on the site are filled with promotional claims, many of which have no basis in reality. For example, the brief terminal description on the homepage is presented under the headline “World’s Biggest ICO Cryptocurrency Platform for you!” We might believe it, if we didn’t know how ICOs are conducted. Rest assured, no trading platform like this is involved in such processes.
- Not all sections meet user expectations. For instance, a couple of paragraphs failing to provide even the bare minimum about margin trading can hardly be called the comprehensive “Margin and Leverage” educational material, despite being placed under the proudly named Education section.
- The Live Chat link on the contact page doesn’t launch anything.
Opening a new account with the broker wasn’t an issue… However, depositing funds is a different story. Even after completing personal data verification, any attempt to transfer money results in an error. The trader is then advised to contact customer support. While this might be an unexpected move from a regulated broker, in this case, it raises suspicion. Could 24xtrade have reasons to conceal its payment methods and account details?
Another curious detail caught our attention. Based on the phone number provided, the company’s support team appears to be based in Iran. This seems odd, given the broker’s claimed focus on Spanish-, French-speaking regions, Japan, and South Korea (as suggested by the list of site languages).
In summary, while the website design initially leaves a good impression, a closer look at its pages reveals several red flags. Such disregard for content quality is often seen with scammers. But since 24xtrade is officially registered and regulated, we’ll hold off on jumping to conclusions.
Our Trading Experience With 24xtrade
The broker’s trading platform is excessively praised on their site. The main banner on the homepage even claims that the terminal has received numerous awards — though no specifics are provided.
Our hands-on experience with the software was far less glamorous. It’s a decent platform, but nothing extraordinary, primarily because it’s based on the TradingView widget — a robust foundation that’s hard to mess up.
That said, it falls significantly short compared to platforms like MetaTrader or cTrader:
- Traders cannot work with multiple price charts simultaneously. Managing a portfolio of assets is cumbersome, as switching between charts takes time. In fast-paced markets, these delays can lead to losses.
- While the asset list organization is logical, navigating tabs and searching for specific tickers among hundreds of others is time-consuming. Moreover, the platform doesn’t allow customization of the watchlist.
- There’s no one-click trading feature, which means opening or closing a position requires multiple steps.
- Despite being based on TradingView, the platform lacks options for adding custom scripts. As a result, traders can’t expand the indicator list or integrate trading robots.
It’s unclear why 24xtrade chose this software over superior terminals. With an official registration, there shouldn’t be any obstacles to acquiring better platforms.
One possibility is cost. This platform is likely much cheaper (it’s also used by other scam projects). Another possible reason is the admin’s direct access to the quote flow. This would explain the platform’s popularity among scammers and its lack of interest from regulated brokers.
Regarding trading conditions, the broker takes an unconventional approach by publishing comparison tables for different account types and features. These include spreads, leverage, additional services, etc. Swap rates for long and short positions are displayed on a separate page.
Unfortunately, trading conditions at 24xtrade are far from ideal:
- There’s no distinction between retail and professional traders — all users share the same conditions.
- Spreads are high. For instance, the spread for EUR/USD is 2.5 pips on basic accounts (Classic and Silver), while regulated brokers typically offer 0.9 pips or lower, achievable here only on a VIP account.
- Leverage is the same across all account types: 1:5 for stocks, 1:200 for commodities, indices, and precious metals, and 1:400 for Forex pairs.
- Other parameters (e.g., minimum trade size of 0.01 lots, maximum of 50 lots, Margin Call at 100%, StopOut at 20%) are uniform across accounts.
- Swap rates are negative for both long and short positions, though less severe for shorts.
In short, these conditions maximize the broker’s profits, not the trader’s. With high spreads and swap rates, coupled with leverage as high as 1:400, risks are unacceptably high. Earning profits under such circumstances is extremely difficult, if not impossible. Should you work with such a broker? We wouldn’t recommend it, but the choice is yours.
Some traders might be tempted by 24xtrade’s generous bonuses. The homepage banner promises up to 50% bonus funds on deposits. While this may be effective for attracting clients, it’s worth noting that reputable regulators prohibit such practices.
The Reality Check
24xtrade’s offerings are unlikely to appeal to seasoned traders. However, many beginners might find the conditions acceptable, despite regulatory violations.
To understand the company’s approach, we examined its official information. According to the site, the broker is owned by Tradex Limited, registered in the Comoros Union, Mwali (Moheli). The company claims to operate under a license issued by the local regulator, MISA. Our verification confirmed the accuracy of this information.
Tradex Limited obtained its license on April 1, 2024, valid for one year. This confirms that the broker 24xtrade, specifically its official website, is linked to this entity.
While the project is formally legal and operates (at least in some jurisdictions) within the law, the reality is far less promising:
- Low-Cost Licenses with Minimal Restrictions: The MISA license is known for being inexpensive and having minimal restrictions, which explains why over 200 brokers obtained such licenses in 2023 and 2024 alone.
- Client Interaction Standards: MISA imposes minimal requirements for broker-client interactions, such as no caps on leverage or restrictions on the use of bonuses.
- Lack of Client Protection: MISA licenses provide little to no safeguards for client funds or risk management.
- Unrecognized License: The MISA license is not acknowledged in most regions. Even the Central Bank of the Comoros dismisses it as self-proclaimed and considers its authorizations void. Most reputable regulators view brokers operating under such licenses as unregulated and illegal.
- Limited Jurisdictions: Tradex Limited avoids serving users from the U.S., Canada, Australia, and EU countries, where regulatory scrutiny is higher.
This indicates that while 24xtrade is technically registered, its license offers minimal protection for traders. Furthermore, the broker only targets regions where losing clients’ funds is less likely to result in lawsuits or regulatory actions. This approach bears a striking resemblance to outright scam operations.
How Long Has 24xtrade Been in the Game?
Based on the licensing date, the broker has been operational for about seven months. WHOIS data for the domain registration aligns with this timeline.
The domain 24xtrade.com was registered on April 25, 2024. The most recent update, which likely reflects the start of active operations, occurred in July 2024. While this timeline matches the licensing records, a broker’s short history often makes it hard to earn traders’ trust.
Extra Fraud Indicators
Another red flag is the scarce number of 24xtrade reviews online. For a broker operating for seven months, more reviews should exist. Even prominent review platforms like Trustpilot and Sitejabber have no user comments.
Instead, reviews are primarily from trading-focused websites. These expert opinions are unanimous: despite holding a MISA license, the company is considered a scam. Most authors recommend steering clear, citing reasons similar to those detailed in this review.
Is 24xtrade the Right Fit?
Drawing conclusions from this review, it’s difficult to definitively label 24xtrade as a scam. The broker is officially registered and holds a MISA license. However, the license is of negligible value, and trading conditions are far from ideal. As a result, we rate the risks of working with this company as high. Most industry experts echo this sentiment, often with even harsher critiques.
Lost $7,000 with 24xtrade. Don’t believe for a second you can make money with these scammers. Their platform is rigged to manipulate prices against you. Profits only exist on demo accounts to lure traders in. Avoid them at all costs.
This broker doesn’t process withdrawals! I deposited $5,000 and traded profitably, but when I tried withdrawing, they demanded a second verification. I provided all the requested documents, but they still refuse to release my funds. They’ve stopped responding to my emails. Total scam – stay away!
I registered and worked with them for 5 months and deposited around 3000$. I withdrawed 500$ and lost the rest due to mistakes I made and they gave me great bonus to cover my loses. I deposited 1000$ more and withdrawed 300$ and lost the rest. They were really helpful and l believe if I trade correctly I would’ve received my profits. I stopped using them for now due to my personal issues but in the future, I will use theirs platform again.