24FX Review

24FX Review
  • Instrument Variety
  • Leverage: (400:1)
  • Scalping: Allowed
  • EURUSD Spread: 1.5-3
  • Regulation: CySEC
  • History: OK-
  • Reputation


24FX is just another CySEC broker which seems to be on par with the rest of the other similar brokers. The spreads are a tad worse, and there are some warnings from the Canadian authorities but 24FX unlawfully accepting Canadian citizens as traders, but nothing seemed alarming until we came across a multitude of negative reviews about sister product, owned by the same company, 24Option. Everything points at the same direction – avoid at all costs, there plenty of other reliable brokers you can find on our website.

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Important Facts

  • Company: 24FX is one of the trading names of Rodeler Limited. The company also operates a number of Binary Options including 24Option, ZoneOptions.com and Grand Option.
  • Founded: Rodeler Ltd was founded in 2010. With Rodeler launching 24FX early in 2014.
  • Payment Options: Debit/Credit Cards, Bank Transfer, Skrill and Neteller.
  • Platforms: MetaTrader 4, Sirix WebTrader & Mobile Trading Support.
  • Accounts Available: USD.
  • Minimum Deposit: $250.
  • Regulated: Rodeler Ltd is regulated by CySEC of Cyprus.
  • Social Trading: Social trading support via the Sirix WebTrader,
  • Support Options: Email, Contact Form, Live Chat, and Phone.


At the heart of the offering from 24FX is the MetaTrader 4 platform from specialist Russian software developer MetaQuotes. The platform is currently the most popular retail trading platform, with part of the software’s popularity being down to the fact that traders can use Expert Advisors to automatically trade the Foreign Exchange markets. In addition, to MT4 the brokerage also offers the Sirix WebTrader from Leverate. This HTML 5 web platform is very beginner friendly and also has a significant amount of social/copy trading functionality built in. The Sirix WebTrader platform is a nice addition for those looking to try out social/mirror trading. 24FX have also ensured that those who want to trade while on the move can do so, by using the brokerages mobile platform.

Trading Conditions

  • Leverage: Up to 400:1
  • Scalping: Allowed.
  • Expert Advisors: Allowed.
  • Trailing Stops: Yes.
  • Typical EUR/USD Spread: Fixed, 1.5 pips Platinum Account, 2 pips Gold Account and 3 pips with a Silver Account.

From the fact that the 24FX offers traders fixed spreads on all the currency pairings on offer, it appears the brokerage is a market maker. Many traders are keen to avoid brokerages which operate using a market making model, as they believe this leads to a conflict of interest between the brokerage and their customers. This is due to the fact that a brokerages profits may be equal to customer losses, which means it can be in the brokerages interest for traders to lose money. Customers using the standard ‘Silver’ account, will find the spreads on offer to be relatively uncompetitive, with many brokerages being able to offer traders tighter spreads under normal trading conditions. Those who are looking to deposit a serious amount of money, will be able to take advantage of the tighter spreads offered with these accounts. Despite these improved conditions many brokerages can still offer traders tighter spreads than offered at 24FX. The brokerage appears to place no limitations on trading strategies and also offers clients the opportunity to make use of significant leverage. Though it should be noted that leverage can work both for and against a trader. Overall, there are a number of brokerages which offer more favourable trading conditions.


  • Number of Currency Pairings: 47 Currency Pairings.
  • Other Instruments: Commodities, Stocks, and Stock Indices via CFD’s.

The brokerage offers a pretty impressive range of different currency pairings, including some more exotic pairings including the USD/RUB. The vast majority of retail Forex traders are going to be satisfied with the range of currency pairings on offer at the brokerage, though there are a number of brokerages which offer a wider range of pairings. The brokerage does however a pretty decent range of other instruments via Contracts-For-Difference, with there being a pretty good range of global stocks on offer. This is likely to appeal to those who wish to trade more than just Forex and is one selling point the brokerage is probably keen to stress.

Customer Service

  • Contact Methods: Email, Contact Form, Live Chat and Phone.
  • Phone Numbers: A range of European toll free phone numbers.

The brokerage has only been operational since early 2014, so there is limited information regarding the level of customer service provided by the brokerage. The Binary Option brands which are run by the same company have been on the receiving end of a number of customer complaints, but these complaints to not necessary reflect the level of service offered by 24FX. To be fair to 24FX, the brokerage has made it very easy for customers and potential customers to get into contact with the firm providing a range of contact methods and numbers.


  • Regulated: Rodeler Ltd is regulated by CySEC of Cyprus.
  • MiFID Regulated: Yes, 24FX’s parent company is regulated in the European Union.
  • Can Accept US Traders: No, 24FX lacks the necessary regulatory approval to accept US traders.
  • Regulatory Record: Rodeler Ltd has appeared on a number of regulators warning lists in the past.

24FX is a trading name of Rodeler Ltd who also operate 24 Option, Zone Options and Grand Option. The company holds a full CySEC licence which allows them to offer their investment services to customers residing anywhere within the European Economic Area. 24FX is one of the many brokerages to be based and regulated in Cyprus, however some traders view Cyprus as one of the weaker European regulatory regimes preferring to do business with brokerages regulated in the UK or other reputable European jurisdictions. With this being said Cyprus is party to the European Union’s Markets in Financial Instruments Directive which sets out to harmonize the regulation of financial services across the European Economic Area. This ensures that traders operating with brokerages regulated Cyprus are afforded at least the minimum protections outlined within MiFID. It should also be noted that Rodeler Ltd has not been on the receiving end of any regulatory warnings from CySEC itself.

What may concern some traders is the fact that Rodeler Ltd appears on the warning lists of the Ontario Securities Commission and the British Colombia Securities Commission who are two of the regional regulators responsible for the regulation of financial services in Canada. Rodeler Ltd received these warnings for offering their services to residents of Canada without having the proper regulatory approval to do so.


While there is nothing alarming about the offering from 24FX, there are a number of other brokerages which can offer traders superior trading conditions. The brokerage is simply uncompetitive when it comes to Spreads, with a range of brokerages offering traders a better deal.

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