24FX Review (2023) – ☑️ Pros and Cons Revealed.

Leverage amount is expressed as a ratio, for instance, 50:1, 100:1, or 500:1. Assuming that you have $1,000 in your trading account and you trade ticket sizes of 500,000 USD/JPY, your leverage will equate to 500:1.

Margin is the amount of collateral to cover any credit risks that may arise during your trading operations. It is expressed as the percentage of position size (e.g. 5% or 1%), and you have to have funds in your trading account to ensure sufficient margin.

For example, on a 1% margin, a position of $1,000,000 will require a deposit of $10,000. The margin level in a trading account needs to be equal or more than 100% to be able to open new trades, otherwise your trading account will be fully hedged.

24FX offers a maximum leverage ratio of 1:400.

Accounts

A forex account at 24FX is a trading account that you will hold and that will work similarly to your bank account, but with the difference that it is primarily issued with the purpose of trading on currencies.

Often, the number and type of accounts that a trader can open with a broker company differ depending on the country in which it operates and the regulatory authorities under whose jurisdiction it falls.

24FX offers the following types of accounts:

Silver account:

It requires a minimum deposit of $250 to open, use a fixed spread from 3 pips, have a minimum order of 0.01 and offer the use of hedging.

Gold account:

$5 000 is needed to open this account. It offers 24/5 support, videos and webinars, news alerts and dedicated account managers. Gold accounts minimum spreads start at 2 pips.

Platinum account:

$20,000 is needed to open this account. It offers 24/5 support, videos and webinars, news alerts and dedicated account managers. Platinum accounts enjoy the best spreads from 1.5 pips.

Demo account:

With this account, new traders can practice trades without putting money at risk.

Islamic account:

This account is available to Muslim traders and is free of overnight interest and commissions according to Islamic sharia law. Spreads are fixed and there is special support 5/24 from an account manager.

Market Instruments

The most popular market instruments available from most brokers for trading include:

Forex:

Forex trading describes the currency exchange market which refers to the global, decentralized marketplace where individuals, companies and financial institutions exchange currencies for one another at floating rates.

Commodities:

Commodity markets offer many investment opportunities for traders. Soft commodities have been traded for centuries and plays a major role in portfolio diversification and risk management. Investing in contract-based tradable goods is a reliable way to mitigate risk during times of economic uncertainty.

Indices:

Equity, or stock indices, are actual stock market indexes that measure the value of a specific section of a stock market. They can represent a specific stock market or a specific set of the largest companies of a nation.

Precious metals:

The trading of gold and other precious metals, along with crude oil, copper or petroleum, are hard commodities that play a major role in the commodities market and are contract-based tradable goods.

Energy:

The typical feature of energy prices is high volatility due to the influence of political and environmental factors, supply and demand, extreme weather conditions and global economic growth.

24FX offers over 40 currency pairs, stocks, indices, commodities, CFDs, crude oil, gold and silver.

Currencies attract fixed spreads which begin from as low as 1.5 pips, while commodities have variable spreads beginning from as low as 0.0005 for Gasoline. Indices and stocks (margin of 1:10) also have variable spreads beginning from as low as 0.9 US 500 and 0.1 Alcoa respectively.

Fees

Cost depends on different factors, like spread and margins, and 24FX clients may also experience different fee structures according to their country or place of residence.

Margin is the amount of money required in your account in order to open a position. Margin is calculated based on the current price of the base currency against USD, the size (volume) of the position and the leverage applied to your trading account.

For the 24FX Silver account, the minimum spread starts from 3 pips. Gold accounts minimum spreads start at 2 pips and for Platinum accounts at 1.5 pips.

There is also a fixed swap fee on commodities and indices for keeping a position open overnight.

Deposit and Withdrawal

Accounts usually require a certain minimum initial deposit, which can be paid in several ways. Withdrawals can usually be done with the same ways, but sometimes differ.

In the case of 24FX the following methods and minimum deposits are required:

Funds can be deposited in a 24FX account via credit and debit cards, bank wire and payment wallets such as Qiwi, CashU, Neteller, Skrill, Sofort, Moneta, GiroPay, and others. There are no deposit fees charged to the client, but some fees are imposed on certain types of withdrawals.

Japanese traders who sign up with 24 FX can get a 100% match on their initial deposit over $1000 and up to $2000. For lower deposits, a 25% bonus is offered between $250-500 and 50% between $500 and $1000.

Withdrawals are processed within 7 days for a Silver account, 5 days for the Gold account and 2 days for a platinum account.

Trading Platforms

A multi-asset trading platform is one that allows clients to trade forex as well as other asset classes. The decision about which platform to choose will usually depend on what a client would like to trade.

24FX provides:

MetaTrader 4

The flexible trading platform accommodates traders of all experience levels and budgets, information is clearly displayed with instant access to four basic instruments and four different financial markets.

The 24Fx platform offers popular preloaded indicators and charting tools, making analysis accurate and fast. Expert Advisors can be custom-designed for automated trading.

WebTrader

The Sirix powered WebTrader gives traders full access to market information from any internet-connected device that supports a web browser. Clients of 24FX can access the WebTrader for control over trading decisions and have complete market access at their fingertips.

Mobile

The 24FX Mobile Trading Platform can be used from a smartphone, tablet or iPad to open trades, monitor investments and manage accounts. The Mobile Trading Platform is designed to fit all major mobile devices.

How to open an account

Customer Support

In the case of 24FX customers can reach the support team via phone, fax, Skype, emails and a live chat option.

24FX account managers have a strong background in the financial industry and are available round the clock. Representatives can be reached at the main offices in London and Cyprus as well as at their office in France.

The 24FX website is available in French, German, Italian, Arabic, Russian, Turkish and English.

Education

24FX offers a package of free trading tools including online tutorials, webinars and a free eBook suitable for experienced traders and for traders just starting.

A full glossary of financial terms and a FAQ page with information on procedures for opening a trading account and how to fund it are available.

Research

With 24FX they have access to the latest financial information, newsfeeds, daily reports and daily market reviews and fundamental and technical analysis provide traders with the information they need. Textual articles are highly informative and of high standard.

Several calculators help traders decide how and what to trade.

Awards

Being an awarded company instills extra confidence by traders. Although 24FX is acclaimed by customers, there is no indication of awards won on its homepage.

Conclusion

The website is easily navigated and available in several languages.

Disclaimer

24FX warns potential customers that Forex and CFDs trading always carries a high risk and may not be suitable for all investors.

Before deciding to trade with 24FX, potential traders are advised to carefully consider their investment objectives, financial situation, needs and level of experience before investing money they cannot afford to lose.

24FX warns that margin trading involves the potential for profit as well as the risk of loss and that movements in the price of foreign exchange and commodities are very unpredictable, hence 24FX cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.

FAQs

TRADING ENVIRONMENT

How many instruments can I trade with 24FX?

You can trade several different instruments with 24FX, which include the following:

• Forex,
• Commodities,
• Indices
• Stocks.

Which platforms are supported by 24FX?

24FX provides the following popular trading platforms:

• MetaTrader 4
• WebTrader
• Mobile Trader.

Does 24FX offer leverage?

Yes, 24FX offers maximum leverage of 1:400

What spreads can I expect with 24FX?

24FX offers a minimum spread from 3 pips for the Silver account, 2 pips for the Gold account and 1.5 pips for the Platinum account.

Does 24FX charge commission?

More information on commissions can be obtained from the customer support service.

Is 24FX regulated?

Yes, 24FX is regulated by CySEC and MiFID.

Is 24FX a recommended forex trading broker for experts and beginners?

What is the overall rating out of 10 for 24FX?

7/10

ACCOUNTS

What is the difference between a demo and live trading account?

A demo account is offered by broker companies and funded with virtual money that enables a prospective customer to experiment with the company’s trading platforms and its features, before setting up a real account funded with the customer’s actual money.

Does 24FX offer a demo account?

Yes

How long is the demo account valid?

The demo account can be used alongside live accounts.

Which live trading accounts does 24FX offer?

• Silver.
• Gold
• Platinum
• Islamic

What are the available deposit currencies for a live trading account?

USD,

DEPOSITS AND WITHDRAWALS

What is the minimum deposit for 24FX?

$ 250

How do you make a deposit and withdrawal with 24FX?

24FX offers the following deposit and withdrawal methods:

• Debit cards,
• Bank wire
• Qiwi,
• CashU,
• Neteller,
• Skrill,
• Sofort,
• Moneta,
• GiroPay, and others.

Withdrawals can be done via:

• Debit cards,
• Bank wire
• Qiwi,
• CashU,
• Neteller,
• Skrill,
• Sofort,
• Moneta,
• GiroPay, and others.

Does 24FX charge withdrawal fees?

No, but fees from financial institutions may apply/Yes, the different amounts can be found on the company homepage.

How long does it take to make a withdrawal?

Withdrawals are processed within 7 days for a Silver account, 5 days for Gold account and 2 days for platinum account.

Featured SA Shares Writer and Forex Analyst.