Red Alert: 24FX Banned & Blacklisted for Conducting Forex Scams

The very initial step thing users should take is a refund! This is something you should do right now! Demonstrate whether you were duped into making deposits with an unregulated trading firm to your bank or credit card issuer, and they will refuse to refund your money.

Regrettably, because trading got widespread and viable several generations earlier, frauds were a way of history among investors. Fraudsters like Bernie Madoff had abused the capital sector for hundreds of millions in the past times. Nevertheless, you might be surprised to discover that the statistics are indeed substantial: one research estimates that the UK loses – nearly £30 million each year relative to international money and cryptocurrencies misappropriation. Since when are currency exchange frauds so prevalent, notwithstanding the fact that the economy is now well controlled by medical groups? In the last few days, a number of issues have emerged, along with the expansion of internet gambling, the popularity of online, and the deregulation-fueled ‘get fast cash’ mentality that has spread throughout the world today. All of these factors have led to an upsurge in frauds in their own manner.

A currency exchange scam is a catch-all phrase for any plan aimed at defrauding clients by fooling them that investing mostly in currency trading will provide big returns. In principle, the international currency market is a zero-sum transaction in which one party benefits, whereas the other faces damage. We’ve all heard that internet transactions are dangerous. This is notably common in the case of foreign currency. Forex scams abound on the internet, perpetrated by con artists who take advantage of the veil of anonymity. To avoid financial loss, you must be able to distinguish between a scam and a real forex trading operation. Since the rise of Forex scams in the market, the overall administration has taken impactful measures. After a deep analysis and market has come to blacklist multiple companies for frequent forex scams, one of those companies is 24FX; if you want to know more about the company, then follow along:

If you’re someone who is into Forex Trading, then you’re definitely at the right place. We can give you the best practices in identifying red flags as well as help you in recovering your stolen money from scammers!

Table of Contents

Company Overview

24FX is known to be one of the largest and leading B2B companies that provide web development, digital marketing, and web design services worldwide. 24FX was founded in September of 2012. Currently, it has five offices in 3 different countries on three continents (with the most recent opening in Brasilia). The company has grown to a team size of over 100 employees with over 400 clients. 24FX is headquartered in Miami, FL, with additional locations in London, UK; Manhattan, NY; São Paulo, Brazil; and Brasilia, Brazil. 24FX Company is a company that specializes in different types of creative services and has a rich history.

With over 300 staff members, it provides solutions for all visual effects and marketing needs for any business. Their head office is also located in Beijing, with subsidiaries in Shanghai and Shenzhen. 24FX consistently receives recognition as one of China’s top 10 advertising agencies as well as has won more than 100 international awards so far. In recent years they have increasingly expanded their service range to include web design and animation production, and now they are investing heavily in Artificial Intelligence Technology that will make them stronger than ever before!

24FX Company is a trading company that specializes in foreign exchange. They offer high-frequency, low-latency trading and are known for their high-quality service and expertise. 24FX is well known for its services that are available 24 hours a day, seven days a week to ensure no matter when traders want to trade, they can do so with 24FX. 24FX is one of the first Forex Brokers in India to offer CFD trading. 24FX began operations in 2013 and has been providing clients with a reliable and transparent trading platform for their Forex, Commodities, and OTC (over-the-counter) needs. Apart from that, the company has also been actively involved in raising awareness about the benefits of CFDs among retail traders by conducting seminars, workshops, and webinars across cities like Mumbai, Delhi, and Bangalore. However, as it features plenty of forex scams, the investment market ended up blacklisting it.

men dark

What Sort of Scams Do They Conduct?

The 24FX company is a Forex broker that has been accused of scamming its customers. The company has been accused of using deceptive marketing practices to lure in customers and then steal their money. The 24FX company was founded in the initial years of the 2000s by a group of traders who were looking to provide Forex trading services to their clients. The company was registered in the UK, and it had offices in London, Hong Kong, and New York City. In 2007, the company started offering Forex trading services to retail clients. It also started offering CFDs on stocks and commodities as well as other financial instruments such as options, futures and spread betting.

In 2008, the company launched its own currency exchange platform called FXOpen, which allowed traders to trade currencies without having to open an account. Forex scams are a type of fraud that is committed by Forex brokers. They are usually conducted by companies that offer Forex trading services. Forex scams can be classified into two types: the first one is when the broker offers a service with an unrealistic or too-good-to-be-true profit, and the second one is when the broker offers a service with an unrealistic or too-good-to-be-true risk, both were heavily practiced by the company. The 24FX company was found guilty of conducting Forex scams in 2016.

They were fined $1 million for their illegal activities, and they were also banned from operating in Australia for five years. 24FX is a Forex trading company that has been in the industry for over ten years. Even though they have a lot of experience and expertise in the field. The company has been accused of being a scam by many people. 24fx is a fraud company; it just gets individuals to invest actual cash, and if they waste it, they continue to create incentive schemes as a way to recoup their losses. A frequent trader invested there and said that he started around $300 investment and traded for a while before they began calling him often to ask him for deposit additional extra funds. However, there are no statistics to back up these claims.

If you’ve been a victim of a forex scam, then consult with us to help you get your account data and stolen money!


How Do They Scam People?

Looking at the company homepage, it appears that they are not governed by any regulatory body. This is a VERY LARGE RED ALERT! It would be sufficient enough to make people decide against investing with them. They also collaborate with companies that provide “Electronic trading programs,” which is a warning signal because these kinds of websites are renowned for cheating. So, 24FX is simply another unlicensed forex brokerage, therefore indicating that consumers are unprotected, and it’s quite probable that they’ll walk away with your tireless cash with no regulatory agency to make them accountable.

Unrestricted brokerage firms generally operate in the following manner. They’ll phone customers to encourage them to submit the first minimal commitment, and they’ll attempt every trick in the book to do so. They will make promises that sound too exciting, including double your original payment or simply earning $100 each day. Please don’t believe whatever they tell you!!! It’s a rip-off! People are switched to a wiser scammer, known as a “maintenance agent,” after making a positive donation, who will try to extort additional money from you.

Since client funds are almost never secure with an unlicensed broker, users should demand a withdrawal as soon as possible. And this is when things become a little complicated. They will postpone the withdrawal procedure for decades if you wish to take your cash, regardless of whether you have earnings or not. You won’t be able to submit a complaint if they postpone it for six months, and your money will be lost forever. You will not receive your money back, no matter how many times you notify them or persist in removing it. So if you accept the Management Accounts Contract or MAA, which effectively gives them permission to do whatever they want with your money, they’ll lose it all, so there won’t be anything to demand.

typing with chain

18, 000+ Victims To The 24FX Scam Organization

There are many people who have been scammed by 24FX because of the lack of enough information on the company. 24FX is a binary options trading company that has scammed many traders out of their money. The company doesn’t publish any statistics, and it is not regulated by any authority. 24FX is a company that offers forex trading with high returns. 24FX is a company that offers forex trading with high returns. They operate in over 109 countries, and their clients include major investment banks, hedge funds, and state pension funds (among others). 

This company has been accused of having a scam by many people all around the world – there have been hundreds of complaints online and on various forums. Moreover, they have not responded to any inquiries made by the media or governments. 24FX is a binary trading company that has been widely criticized for its unfair practices. They have been accused of scamming their customers by collecting their money on the false promise of higher returns. These are some statistics about the 24FX scam:

  • There are more than 18 000 people who have fallen victim to the 24FX scam.
  • The company collected more than $8 000 000 from people who were later found to be defrauded.
  • Of this amount, a whopping 71% went to the main listed owner – David Lewis and his family.
  • More than 8000 people lost more than $3 000 each in this exchange, and those that invested over $10,000 lost more than half of their investment. 
business scam

The issue with this company is that they are asking for a lot of money for their services and not delivering the desired results. They are also using fake reviews to convince people to use their service. This has led to many customers boycotting the company and giving them negative reviews on various platforms. 24FX is a binary options broker that is licensed by CySEC and regulated to sell financial products in the European Union. 24FX is a new player in the binary options industry with an unknown history as it was just launched in 2017. However, this did not stop their customers from trusting them with their hard-earned money and making trades

  1. The company scammed me by asking for too much money and not delivering any results in return. The company’s manipulative tactics had made me believe that 24FX was a scam, which is why I decided to stop using their services. In addition, there are now over 500 one-star reviews on Google alone, with 115 reviews being one-star ratings since November 2017 which made me think I am right. 
  2. My trust was misplaced, and 24FX turned out to be a scam. It has been accused of engaging in practices such as misrepresenting its services on social media, paying affiliates for positive reviews of the company, and misleading many customers, including me, about how much money I could make from trading with 24FX. In the end, I only got lost in my hands. 

Due to reviews like this, on the 20th of December, 2017, the US Securities and Exchange Commission banned the trading of 24FX due to the increasing number of scam reviews for their company. 24FX is a Forex broker that was founded in 2012 with headquarters in Moscow, Russia. They offer traders access to a wide variety of currency pairs and advanced tools for traders who are already familiar with Forex trading. They are registered with FCA-UK and CySEC According to their website, they have over ten years of experience in financial services, and they combine Artificial Intelligence (AI) technology with machine learning algorithms which helps 24FX to be an innovative company. The machine learning algorithms help them analyze trends in the market by finding patterns.

Where Are They Now?

The very initial step thing users should take is a refund! This is something you should do right now! Demonstrate whether you were duped into making deposits with an unregulated trading firm to your bank or credit card issuer, and they will refuse to refund your money. This is the simplest approach to getting your money refunded, but it is also the most painful for them. Since a large number of refunds may jeopardize their connection with payment systems. We can help you prepare your refund case even if you’ve never done so beforehand and aren’t sure where to begin or how to state your argument to your bank or financial institution. All in all, we can help you! Report your case now!

We Can Help You

Victims of scams are stressed out because they don’t know what to do. We have the tools and experience to fight off scams, and our team can help you in getting your money back.

Please fill up the form now so that our team will get in touch with you.

Share This Article