Is FXT24 a scam or a legit broker?
It is not safe to trade with FXT24, because it is an unregulated broker. In addition, the company has been suspected to be a fraud. While we checked the company there is no authorization or registration of the address, therefore the company seems to be highly suspicious while might operate its services from an absolutely different location.
|🗺️ Registered in||No Registration|
|🗺️ Type of License||No License|
|🛡️ Is FXT24 safe to trade||No|
|🗺️ Recommended Licenses||FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺|
|🖥 Alternative Broker||IC Markets - licensed by ASIC in Australia|
FXT24 is a web-based Foreign exchange brokerage. The info on the website says that the company operates from London, United Kingdom. Although the company is not regulated in the UK.
As to the regulation, they say that FXT24 brand is authorized and regulated in various jurisdictions. So they mention jurisdictions without naming them and without giving out any kind of legal info about their licenses.
We don’t recommend dealing with this broker, as the biggest issue is regulation, meaning – the lack of it. In addition, FXT24 was also blacklisted by the Spanish regulator CNMV.
We recommend you to trade with serious and reliable regulators, such as FCA in the UK and FMA in New Zealand. For example, the license from UK’s Financial Conduct Authority requires EUR 125,000 of capital (aside from client deposits) for the STP license.
The regulator also protects customers when authorized financial services firms fail. Here you may check our list of brokers licensed by the FCA.
We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and XM.com.
Yet, it is always great to hear your personal opinion about FXT24. So you may share your experience or thoughts or discuss them below or ask us for additional information.
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