Beware! 24Securities is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
24Securities is a suspicious offshore broker claiming to be a leading global trading provider with MT4, offering CFDs on currencies, indices, precious metals, energy, cryptocurrencies and stocks. Bold presentation, we should admit, but their statement cannot be true. An offshore broker with no license can’t be a leader; such a scenario is simply impossible. 24Securities is risky for clients, and in the following review, we’ll explain why.
24Securities Regulation and safety of funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulted brokers||Yes||Yes||No|
As already mentioned, 24Securities is an offshore broker with no license, so your funds won’t be safe if you trust it and deposit with it. The brokerage is a brand name of Twenty Four Securities LLC – an offshore company registered in the tax haven St. Vincent and the Grenadines. Unfortunately for the island, it has become a hub for scam brokers due to the lack of Forex regulation, and the overall loose financial system. The local authority SVGFSA does not license brokers in any capacity, and exercises no supervision or control on Forex companies, so each broker originating there may quickly and easily scam their customers, getting away with it.
Another downside in trading with offshore brokers from SVG is that the companies are anonymous and are not required to provide information about their finances. Hence, once you deposit with 24Securities, you’ll have absolutely no idea what’s happening with your funds. And, if unfortunately, things go wrong, you’ll have a very limited chance to reclaim your money. Trading with unlicensed offshore brokers is a risky business, so it’s recommended to stay away from 24Securities and stick to adequately regulated companies instead.
Choosing one may very well depend on where you are located. For British traders, it’s always best to go for a broker licensed by the Financial Conduct Authority (FCA). In the EU, the majority of companies are regulated by CySEC in Cyprus; for Australians, you’d better look for ASIC brokers; in the US, it’s best to stick to CFTC/NFA brokers. And if you live somewhere else, where, for example, the local Forex regulations are not mandatory, it’s still recommended to trade with FX providers regulated by respectable authorities. They provide segregated accounts, negative balance protection and, depending on the country, deposit insurance funds may be available. For example, clients of CySEC brokers can claim up to €20 000, while in the UK, the coverage is up to £85 000 per person.
Here is proof that 24Securities is an offshore broker with no license:
24Securities Trading software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|24Securities platform||30+ indicators||✅||✅||Android and iOS|
|MT4||30+ indicators||✅||✅||Android and iOS|
|MT5||50+ indicators||✅||✅||Android and iOS|
|cTrader||40+ indicators||✅||✅||Android and iOS|
24Securities has solid trading software. It can offer MT4, one of the industry leaders, alongside MT5. The top-notch platform does not change the fact, however, that 24Securities remains an unlicensed offshore broker posing threats to your funds.
Speaking of MetaTrader 4 and MetaTrader 5, both platforms are considered the best options for retail Forex. MT5 is the newest and is considered the better version, but even if you trade with MT4, you’ll still have access to automated trading, custom indicators and plenty of analytical tools.
24Securities Trading instruments
24Securities offers a standard selection of asset classes, including Forex, Crypto, Commodities and others. There is a choice, but with that said, we should note that every legit broker can provide the same asset classes with thousands of instruments. 24Securities is unsafe, so considering the instruments offered, it’s not reasonable to choose it over the adequately regulated Forex companies.
24Securities Spreads and cost of trading
When we accessed the MT4 on a Demo account, we came across very competitive spreads – 0.1 pips for EUR/USD. However, that’s not the case with real accounts, as the minimum is 2.6 pips – a rate making the service considerably less affordable than usual. 24Securities is an expensive broker.
24Securities Maximum leverage
|UK regulated brokers||30:1||5:1||❌||10:1||10:1|
|EU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|AU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|US regulated brokers||50:1||❌||❌||❌||❌|
The maximum leverage is 200:1, so by default, 24Securities’ trading service is illegal in way too many places, where leverage cap has already been imposed – 30:1 in Britain, Australia and all EU members; 50:1 in the United States.
Another downside to note is that 24Securities does not specify the particular leverage levels for the different asset classes. For example, if 200:1 applies to Crypto, the trading service will be exceptionally risky for traders. The lack of such details is a red flag, nonetheless. Beware!
24Securities Deposit and withdrawal methods
|Deposit time||Withdrawal time||Price|
|Bank wire||2-5 business days||2-5 business days||$25+|
|Credit card||Instant||24 hours||Free|
The available funding methods are seen in the table above. However, keep in mind that 24Securities is an offshore broker, meaning that each deposit will be an international transaction, which poses additional threats. Namely, once your money goes out of your country, it will be literally impossible to reclaim it back if things go wrong. Hence, even if you deposit via Credit/Debit cards, it will be extremely difficult to charge back if you want to.
24Securities Minimum deposit
The minimum deposit requirement cements the fact that 24Securities is an expensive broker. They want $3000, which is an insane amount, given the lack of security and the unfavourable trading conditions. We would understand if 24Securities was a licensed company offering advanced features, but that’s not actually the case. 24Securities is an expensive unlicensed offshore broker, so the required $3000 initial deposit is simply ridiculous.
24Securities Withdrawal requirements
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|24Securities / offshore brokers||Not specified||5%||$100|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|
24Securities’ withdrawal process is also unacceptably expensive. You cannot withdraw less than $100, and each transaction will cost at least $35. However, in case you didn’t execute a particular amount of trades, you should pay an additional 5% fee. This looks like a scam. Avoid 24Securities.