FOREX24

Overview of FOREX24

Forex24 is an online Forex and CFD broker that was founded in 2014 in Cyprus. Forex24 has been providing a wide range of excellent trading instruments such as Forex, Metals, Energies, Equities, Indices and Cryptocurrencies in the financial market.

Pros and Cons

Pros Revealed:

• Regulated by CYSEC

FOREX24 is regulated by the CySEC, ensuring that it operates within the legal framework and adheres to regulatory standards.

• Wide range of cryptocurrencies available & Multiple payment methods supported

FOREX24 offers a diverse selection of cryptocurrencies and payment methods, including bank wire transfer, credit/debit card, and e-wallets, providing flexibility for users to deposit and withdraw funds.

• Multiple customer support options

FOREX24 offers round-the-clock customer support through live chat, email, and phone, ensuring that users can receive assistance at any time.

Cons Revealed:

• Fees vary depending on transaction type

The fees for transactions on FOREX24 vary based on the type of transaction, which means users may need to carefully consider the costs associated with their trades.

• Region restrict

FOREX24 does not allow residents or passport holders of the USA, Iran, Algeria, American Samoa, Bosnia and Herzegovina, Sri Lanka, Trinidad and Tobago, North Korea, and numerous other countries to avail its services.

Regulatory Authority

WikiBit obtains regulatory information through various channels, including official regulatory websites, public records, and direct communication. The platform's team verifies the authenticity of regulatory licenses and certifications by cross-referencing the information from multiple reputable sources.

WikiBit aims to offer reliable and accurate regulatory information to help traders make informed decisions when choosing exchange/token/project.

As of August 2023, FOREX24 reportedly holds a Regulated Investment Advisory License from Cyprus Securities and Exchange Commission (CYSEC, No.300/16).

Security

FOREX24 takes security and the protection of clients funds very seriously. FOREX24 is also a vast institutional liquidity provider, enabling brokers and investment firms to diversify their services by offering a wide range of products.

All FOREX24 FIAT (USD/EURO) currencies are held in segregated bank accounts across the EU and Switzerland.

As far as Cryptocurrency exchanging is concerned, FOREX24 only works with the most reputable exchanges and are secured by Qualys, a leading Cyber security solutions provider.

Cryptocurrencies Available

FOREX24 offers a wide range of cryptocurrencies, with over 50 options available for trading. These cryptocurrencies include popular options such as Bitcoin, Ethereum, Litecoin, and Ripple, along with many others. In addition to cryptocurrency trading, FOREX24 may also offer other financial products and services, although specific details about these additional offerings are not provided.

Fees

There is no specific information available about the fees that can be traded on the exchange. This absence could potentially hinder users' ability to fully comprehend the financial considerations tied to their trading activities on the platform. Clarity on these fees is essential for users to make well-informed decisions and to ensure transparency in their trading endeavors.

How to Open an Account？

The registration process of FOREX24 involves the following six steps:

1. Visit the FOREX24 website and click on the “OPENACCOUNT” button to initiate the registration process.

2. Fill out the required personal information, such as your full name, email address, and phone number in the provided registration form.

3. Create a secure password for your account and confirm it to ensure account security.

4. Agree to the terms and conditions and privacy policy of FOREX24 by checking the appropriate boxes.

5. Complete any additional verification steps, such as email verification or providing identification documents, as required by FOREX24.

6. Once all the necessary information has been submitted and verified, your registration will be processed, and you will receive a confirmation email with further instructions on how to access and use your FOREX24 account.

Funding Methods

FOREX24 provides numerous features to its customers, which includes a variety of deposit methods that can be easily selected in the preferred trading platform. Some of the methods are as follows:

FOREX24 User Review

User 1:

So far, I have no complaints, everything runs well. Good spreads and fast execution. The trading platform is super user-friendly, loving it!

User 2:

Always use FOREX24 for trips away, no longer need to worry about bank fees, transfer rates and international rates. Overall a great product.

Conclusion

In conclusion, FOREX24 is a virtual currency exchange platform. While it benefits from its longevity and apparent regulation under the Cyprus Securities and Exchange Commission (CYSEC) and an Investment Advisory License issued by Lydya Financial Ltd, there are several disadvantages to consider. These include no details about the number of cryptocurrencies available. These limitations make it challenging for users to evaluate the platform's transparency, reliability, and cost-effectiveness. It is important for individuals interested in using FOREX24 to conduct thorough research and consider these drawbacks before engaging in any transactions.

FAQs

Q1: Is FOREX24 safe？

A1: FOREX24 takes security and the protection of clients' funds veryseriously. FOREX24 is also a vast institutional liquidity provider, enabling brokers and investment firms to diversify their services by offering a wide range of products.

Q2: Does FOREX24 offer customer support？

A2: FOREX24 offers round-the-clock customer support through live chat, email, and phone, ensuring that users can receive assistance at any time.

Q3: Do you accept third-party fund transfers？

A3: FOREX24 does not accept any third-party fund transfers. The funds can be transferred to/from clients personal account into their trading account(s) held with the Company.

Q4: Can I withdraw funds in different currency？

A4: The withdrawal requests are effected in the base currency of your trading account(s).

Q5: How many kinds of cryptocurrencies are available？

A5: FOREX24 offers a wide range of cryptocurrencies, with over 50 options available for trading.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.