Forex24Global – Is this a Scam?

Website URL: https://www.forex24global.com/

Founded: 2019

Regulations: Unregulated

Languages: English, Russian

Deposit Methods: Visa, MasterCard, Bank Transfer, Neteller, Skrill

Minimum Deposit: $250

Free Demo Account: Yes

Number of Assets: N/A

Types of Assets: 60+ Currency Pairs, CFDs on indices, commodities, stocks and precious metals.

Trading Accounts and Conditions

Forex24Global offers clients three different account types for trading. They are:

• Mini Bronze: This account has a minimum deposit requirement of $250 and it offers a maximum leverage level of 1:500. The spread offered is 0.0029%.
• Classic Silver: This account requires a minimum deposit of $500, has a maximum leverage level of 1:500 and has a spread of 0.0025%.
• Pro Gold: A Pro Gold account minimum deposit requirement is $1000. The leverage for this account is 1:500 and its spread is 0.0020%.

The challenge with this website is that there are no clear terms and conditions, so we don’t know the exact leverage levels or spreads that the brokerage offers.

Forex24Global – Advantages

Here is the list of advantages that Forex24Global has:

• Availability of MT4 Trading Platform:

According to the Forex24Global website, this broker offers its clients the use of the MT4 trading platform.

MT4 is the most popular trading platform in the world, and for good reason. It comes equipped with advanced features such as market analysis indicators, charting, automated trading bots called Expert Advisors, and more.

However, the broker does not offer a downloadable version of the trading platform, and when we tried logging in to the demo account to test it, we were unable to do so.

• Extremely Generous Leverage Levels

Forex24Global offers an extremely generous maximum leverage ratio of 1:500, which is well above industry standards. When leverage levels are that high, even the most aggressive traders will be satisfied trading on this platform. However, it needs to be kept in mind that the higher the leverage is, the higher the risk is too.

• Wide Range of Tradeable Assets

This broker offers a wide range of tradeable assets which include over 60 Forex trading pairs, and CFDs in many asset classes such as indices, stocks, commodities, and precious metals.

Forex24Global – Disadvantages

Forex24Global, on closer inspection, has proved to have some major disadvantages which make this site one that traders should stay away from. Here is the list:

• Confusing Corporate Information

There is a lack of clarity about the actual corporate identity of this broker. At the bottom of its homepage, Forex24 Global Ltd is listed as Forex24Global’s owner and operator. The site claims that the company is based in Cyprus.

However, when you go through the terms and conditions, the parent company’s name is listed as Gonnaflex Ltd, while the Client Agreement has yet another name – Rodan Finance SA. Interestingly, Rodan Finance SA is listed as an offshore company located in the Marshall Islands.

Thus, you don’t really know which company is the actual owner of this brokerage or even where it is based.

Plus500

$100

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Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade

$100

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• Lack of Licenses and Regulation

Besides the fact that there seems to a complete lack of clarity about who actually owns and operates this company, there is the issue of licensing and regulation – Forex24Global doesn’t seem to be either licensed or regulated.

If we go by the information on the home page, then the company is based out of Cyprus and so should be regulated by Cypriot authorities.

And if we go by the information in the Client Agreement, then the company should be licensed to operated a Forex brokerage from the Marshall Islands.

However, on checking the Cyprus financial agency, CySEC’s database, there is no company listed by any of the names mentioned on Forex24 Global’s website.

And it is public knowledge that the Marshall Islands government does not oversee Forex in its regulatory framework.

This has led us to the conclusion that this broker is unlicensed and unregulated.

• Offshore Brand of Forex24 or a Clone Scammer

There is a Forex broker called Forex24 that is regulated by the CySEC. The logo used by this broker – Forex24Globa – is also very similar to the Forex24 logo.

Thus, this broker is either an offshore extension of Forex24, or it is a clone scammer. Clone scammers use details of legitimate and regulated companies and create clone firms that look legitimate. Then, they use that clone firm to trap unwary or inexperienced traders.

• Account Registration

We have not been able to verify whether Forex24Global actually has an MT4 trading platform. This is because we haven’t been successful at registering a Demo account on the brokerage’s webpage.

Many users have already lodged complaints against this broker, stating that it is almost impossible for them to log into their own accounts, despite numerous calls to the company for customer support.

• Undisclosed Spreads

Despite the fact that we were able to pick up a little bit of general information about the spreads in each account, there is no clarity about the typical spreads during actual trading or even demo trading.

It is very common for fraudulent brokers to not provide this critical piece of information.

• Skrill and Neteller Missing

Despite the fact that Forex24Global’s website advertises that it allows for Skrill and Neteller payment methods, the broker actually offers neither. We found this out after we created a live account and looked for them as payment options.

• Withdrawal Conditions

The withdrawal conditions are extremely vague in couched in general language. However, the takeaway we have is that if you avail of the bonus promotion, you will have to face an unreasonable trading volume target to be able to withdraw your funds.

Conclusion

After going through all the details and doing our own investigation on Forex24Global, we conclude that this is dangerous site and most probably a scam. It would be best that you do not invest with this broker.

Forex24Global

3.2

User Experience

3.5/10

Payment Options

3.1/10

Security

2.9/10

Support

3.2/10

Reputation

3.3/10

Pros

• Supposed MT4 Trading Platform Availability
• Very Generous Leverage Levels
• Wide Range of Tradeable Assets

Cons

• No Clarity on Corporate Information
• Not Regulated
• Offshore brand or Clone?
• Difficulty in Account Registration
• Skrill and Neteller Missing Despite Logo on Home Page