THEFX24 review – 5 things you should know about thefx24.com

Beware! THEFX24 is an offshore broker! Your investment may be at risk.

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

THEFX24 is presented as an easy and safe way to invest in the financial markets. But even a basic fact check reveals that the truth is different. This suspicious website has no legal authorisation to offer financial services and products. We have every reason to believe that THEFX24’s sole purpose is to scam inexperienced people out of their money. Let’s take a detailed look at why you should stay away from THEFX24 and how to choose a truly trustworthy investment broker.

THEFX24 Regulation and safety of funds

If a financial services provider is legitimate, you will find on its website clear and detailed information about the company that owns and operates it, where it is based, and what licences it has. Genuine brokers also provide access to a comprehensive set of legal documentation. The availability of such information does not guarantee that it is not false or misleading. But the absence of these elements is very indicative that in all likelihood you are dealing with scammers.

THEFX24 does not provide access to the Customer Agreement. All we see on the website are the Terms and Conditions, which are too short and do not meet the standards for such a legal document.

According to the homepage of the website, the company TheFx24 Inc is based in the United Kingdom, but the Terms of Use lists an address in Milan, Italy. To legally operate as a broker in these jurisdictions, a company needs the appropriate regulatory licences.

However, a check of the databases of the relevant regulators, the Italian CONSOB and the UK Financial Conduct Authority, reveals only warnings that THEFX24 is not authorised to offer financial services and products. In fact, we are fairly certain that no such legal entity exists, so it is unclear who is actually behind this website.

Under no circumstances should you trust your money to such anonymous websites full of false and contradictory information. Instead, you can turn to one of the many companies that really work under the supervision of respected regulatory bodies like Cyprus Securities and Exchange Commission (CySEC) or Financial Conduct Authority (FCA) in the UK.

As their customer you will enjoy a number of guarantees including negative balance protection and guarantee for your funds if the broker goes bankrupt, which goes up to EUR 20,000 in EU and 85,000 GBP in the UK. Regulations in the UK and EU include some important measures designed to improve investor protection and promote market integrity and transparency, such as transaction reporting. Regulated brokers are also required to segregate their operational funds from the client’s money.

THEFX24 Trading software

The website doesn’t mention anything about trading software, although we do see images of mobile apps for forex trading. Account registration requires a reference code, so we were unable to establish whether THEFX24 has any trading software.

Legitimate brokers allow easy Demo account registration. Many scammers do not allow free registration because they prefer to handpick their potential victims through social networks and online forums.

If you use the services of a licensed broker, you will get the opportunity to use established software with advanced features and versions for all types of devices and operating systems. The most widely used trading platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

THEFX24 Trading instruments

THEFX24 gives general promises on trading financial instruments but does not provide any specific information.

THEFX24 Spreads and cost of trading

Legitimate forex brokers offer a variety of trading account types tailored to the needs of clients with different capital and investment intentions. These brokers also provide clear and detailed information on trading parameters – leverage, spread, commissions, order execution method, etc. The THEFX24 website lacks any information on trading conditions and parameters.

THEFX24 Maximum leverage

High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders.

Regulated brokers offer higher leverage only to professional clients who must meet very high standards for capital and experience and forgo the guarantees enjoyed by retail traders.

If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.

THEFX24 Deposit and withdrawal methods

Due to our inability to register an account, we were unable to ascertain what payment methods THEFX24 uses. Experience has shown that fraudsters direct their potential victims to cryptocurrency transactions that do not allow refunds to be requested.

Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as PayPal, Skrill or Neteller.

THEFX24 Minimum deposit

Leading global brokers offer novice investors starter trading accounts with a very low minimum deposit, sometimes as low as 5 USD or even 1 USD. There is no reason to risk your money by trusting fishy websites like THEFX24.

THEFX24 Withdrawal requirements

Since THEFX24 does not provide proper legal documentation, it is unclear what traps the fraudsters may have set. Typically, fake brokers make withdrawing money impossible through huge fees and impossible-to-fulfil traded volume conditions.