Forex24

Our Forex24 review provides an objective, data-driven analysis of the platform's trading costs, regulatory standing, and execution speeds. We break down the platform's key features to help you determine: is Forex24 a good broker for your specific trading goals?

Is Forex24 Legit and Safe?

Forex24 is a licensed European broker operating under CySEC supervision, but its overall safety rating is lowered by recent regulatory penalties and its association with unregulated offshore entities.

What Is Forex24? Company Background

Forex24 is an online brokerage brand established in 2015 that specializes in offering retail clients access to foreign exchange and Contracts for Difference (CFDs). The broker operates under a Straight Through Processing (STP) model, meaning it routes client orders directly to external liquidity providers rather than taking the opposing side of those trades.

The primary company behind the Forex24 brand is Lydya Financial Ltd, a Cyprus Investment Firm (CIF) registered under company registration number HE334292. The corporate headquarters are located at 5 Nikou Kazantzaki, George Court, 1st Floor, Ayios Theodoros, 8035 Paphos, Cyprus.

In March 2026, the company underwent a dramatic corporate governance shift. The Cyprus Securities and Exchange Commission (CySEC) took the rare step of suspending the voting rights of David Masika, the sole shareholder and ultimate beneficial owner of Lydya Financial Ltd [1]. CySEC ruled that Masika's influence was "prejudicial to the sound and prudent management" of the company, and subsequently barred him from exercising any management duties on the broker's Board of Directors [1]. While this regulatory intervention separates ownership from operational control and allows the brokerage to continue offering trading services under independent management, it highlights substantial corporate risk that potential clients must consider.

Forex24 Regulation

Forex24 is overseen by the Cyprus Securities and Exchange Commission [1]. This regulator represents strict, tier-2 European financial oversight.

Traders can inspect the CySEC official database to confirm the broker's active regulatory status. You can check the CySEC official registry to verify Forex24's license by searching the operator's name, Lydya Financial Ltd, or license number 300/16 [1].

The table below compares the active regulatory licenses and registrations associated with Forex24's operational structure.

The key takeaway is that while European clients under the CySEC entity receive robust regulatory protections, any engagement with the offshore Forex24 Global entity leaves traders with zero legal safeguards.

Which Forex24 Entity Serves Your Region?

The entity that processes your registration and holds your trading funds depends heavily on your geographic location and the portal you use to sign up.

• European Union (EU) Residents: Traders based within the European Economic Area (EEA) are onboarded exclusively under the CySEC-regulated entity, Lydya Financial Ltd [1]. This onboarding route requires strict Know Your Customer (KYC) identity verification, proof of address, and an assessment of financial suitability before live trading can begin.
• Global / Non-EU Residents: International traders registering via offshore alternative domains are typically routed to "Forex24 Global" or "Forex24 Market Ltd," which operate from unregulated jurisdictions like the Marshall Islands.
• Investor Protection Discrepancies: EU clients benefit from mandatory negative balance protection and a maximum leverage cap of 1:30 on major currency pairs, whereas global clients onboarded via the offshore entity are offered high leverage up to 1:500 but lose all regulatory safety nets.
• Onboarding Speed vs. Security: While offshore registration permits faster account activation with minimal KYC paperwork, it presents a significantly higher risk of capital loss and unfair execution practices.

Restricted Countries

Due to local laws and international financial regulations, Forex24 does not provide investment services to residents of several jurisdictions.

• Major Restricted Regions: Forex24 strictly blocks clients from the United States, Canada, and Japan.
• High-Risk Jurisdictions: The broker does not accept accounts from Iran, Iraq, Sudan, Syria, Afghanistan, North Korea, Uganda, or Yemen.
• Local Compliance Limits: Access is restricted to prevent violations of local retail derivative bans or strict domestic regulatory registration requirements.

Client Fund Protection

For clients registered under Lydya Financial Ltd, Forex24 is legally bound by European MiFID II directives to implement strict client fund protections.

• Segregated Bank Accounts: Retail client capital is held in separate, designated customer accounts at reputable European banks — this ensures that the broker cannot use trader funds for operational expenses or debt settlement.
• Negative Balance Protection: Standard trading accounts include negative balance protection — this ensures that a retail client's losses can never exceed their total deposited capital, preventing account balances from dropping below zero during extreme market volatility.
• Investor Compensation Fund (ICF): Eligible retail clients are covered by the Cyprus Investor Compensation Fund — this guarantees a payout of up to €20,000 per trader if Lydya Financial Ltd faces insolvency or fails to fulfill its financial obligations.

Forex24 User Reviews and Trustpilot Rating

Forex24 holds a Trustpilot rating of 4.0/5 based on only 4 reviews, reflecting a statistically insignificant sample size that makes it difficult to draw definitive conclusions about actual user experiences. Because of this extremely limited public footprint, traders must look beyond a single review aggregator to understand the broker's reputation. To read these specific comments directly, you can See Forex24 reviews on Trustpilot (data last checked as of June 2026).

While the Trustpilot data is too sparse to evaluate alone, reviews and complaints documented across other major trading forums, financial legal boards, and broker databases like Wikibit and ForexBrokerz paint a more detailed picture of the platform's history.

Recurring Positive Points Reported by Users:

• User-Friendly Onboarding: Several casual traders note that the initial registration process and the MT4 platform setup are highly straightforward.
• Support Responsiveness: Users mention receiving prompt assistance from the customer service desk during their initial configuration phase.
• Diverse Deposit Channels: Traders appreciate the variety of instant funding options, including Skrill, Neteller, bank wire, and credit card processing.

Recurring Complaints and Risks Reported by Users:

• Severe Withdrawal Obstacles: Multiple reports on third-party forums cite instances where traders faced unexpected demands to deposit additional "unfreezing" fees or encountered prolonged, unexplained delays when trying to withdraw their capital.
• Lack of Spread Transparency: A few reviews express frustration over vague fee structures, noting that live spreads sometimes widen unexpectedly compared to the advertised rates.
• Offshore Domain Redirection: Several users complain about being unknowingly redirected to "Forex24 Global," an offshore entity which operates with vastly reduced oversight and lacks client fund protection.

Forex24 Account Types

While Forex24 categorizes its accounts into Bronze, Silver, and Gold tiers, the broker's combination of high mark-up spreads and volume commissions creates a very expensive trading environment.

Forex24 Account Types and Minimum Deposit Requirements

Forex24 structures its retail offering under three tiered STP profiles: Bronze, Silver, and Gold. Unlike modern brokers that offer a simplified split between commission-free "Standard" accounts and raw-spread "ECN" accounts, Forex24 applies a double-fee structure across all three of its tiers. Under this model, traders are billed twice on every position, paying both a high markup on the bid-ask spread and an additional percentage-based volume commission per trade.

• Bronze Account: The minimum deposit is $250 (or currency equivalent) — this represents a standard retail entry barrier, though it is significantly higher than the micro-deposits of $5 to $10 offered by major competitors. Spreads on this entry tier start from a wide 2.8 pips, which is more than double the industry average for standard EUR/USD trading. Furthermore, a volume commission of 0.0029% of the transaction value is charged on each side. With retail leverage capped at 1:30 in compliance with European regulatory standards, the high entry-level trading costs make this profile structurally unsuitable for beginners trying to trade cost-effectively.
• Silver Account: The minimum deposit starts at $250 (though some regions require balances up to $2,000 to unlock these benefits) — this tier is designed to act as an intermediate step for growing accounts. Spreads start at a tighter but still elevated 1.7 pips, while the volume commission drops slightly to 0.0025% per side. While the maximum leverage remains capped at 1:30 for major forex pairs, the overall cost of trading remains too prohibitive to make this account practical for active intra-day strategies.
• Gold Account: The minimum deposit is nominally $250 (but can require active equity balances up to $5,000 depending on regional promotions) — this represents the premium tier aimed at high-volume traders. Spreads start at 1.2 pips, which represents the tightest spread available on the platform. The volume commission is reduced to its lowest level of 0.0020% per side. Even on this elite tier with maximum leverage restricted to 1:30, the total transactional costs fall short of matching the ultra-low raw spreads and flat-rate commissions offered by top-tier discount brokers.

To put these figures into perspective, trading one lot of EUR/USD (a $100,000 contract value) on the Bronze account means paying a 0.0029% commission per side ($2.90 per side, or $5.80 per round-turn) on top of the 2.8-pip spread markup (worth $28.00). This brings the total cost of a single round-turn trade to a staggering $33.80, which is over three times the industry standard of $6.00 to $10.00 per lot.

Does Forex24 Offer an Islamic Account?

Yes, Forex24 offers swap-free Islamic accounts to accommodate traders who adhere to Sharia law's prohibition on earning or paying interest. Clients of the Muslim faith can request this status by contacting customer support after their live trading profile has been verified, though administrative fees or wider spreads may apply to offset overnight holding costs.

Forex24 Fees and Trading Costs

Forex24 operates with a higher-than-average cost-of-trading profile because it applies both wide bid-ask spreads and percentage-based volume commissions across its entire account lineup.

Forex24 Trading Fees (Spreads / Commission Fees / Swap and Overnight Fees)

The cost structure at Forex24 is unique and significantly more demanding than that of typical discount brokers. Instead of choosing between standard markups and raw-spread commissions, traders pay a combination of both.

• High Spread Markups: Spreads start at a very wide 2.8 pips on the Bronze account and remain elevated at 1.7 pips on the Silver tier. Even on the premium Gold account, the tightest available spread of 1.2 pips is higher than the commission-free standard accounts of major industry competitors, which typically hover around 1.0 pip.
• Volume Commissions: Commissions are calculated as a percentage of the total trade volume (0.0029% for Bronze, 0.0025% for Silver, and 0.0020% for Gold) and are billed on both entry and exit. This volume-based structure means your transaction costs scale up as your position size increases, penalizing larger lot sizes.
• Swap and Overnight Fees: Positions held open past 22:00 GMT incur interest-based swap charges that reflect interbank rate differentials plus a significant broker markup. These swaps are tripled on Wednesday nights to account for weekend market closures, creating a substantial financial drag for long-term swing traders who hold positions over multiple days.

Forex24 Non-Trading Fees (Inactivity Fees / Currency Conversion Fees)

Non-trading fees at Forex24 can quietly erode an account balance if a trader is not actively managing their profile.

• Inactivity Fee: A dormant account penalty of up to $50 (or currency equivalent) is charged if an account experiences no trading activity for 90 consecutive days. This penalty is designed to encourage active trading and will systematically deplete the remaining balance of passive investors.
• Currency Conversion Fee: A conversion fee of 1% to 2% is applied to any deposit, withdrawal, or trade conducted in a currency that differs from the account's base currency. Because Forex24 only supports EUR, GBP, and USD as native account currencies, international traders whose local currency is different will face multiple conversion losses when transferring funds.

Forex24 Deposits & Withdrawals

Forex24 provides a standardized range of deposit and withdrawal options, though transaction processing speeds can be hindered by strict verification requirements and offshore routing.

Traders can fund their accounts using bank wire transfers, major credit or debit cards (such as Visa and MasterCard), or digital e-wallets including Skrill and Neteller. Deposits can be made in EUR, GBP, or USD, and there are no direct deposit fees charged by the broker, meaning the entire amount sent is credited to your trading terminal.

For withdrawals, the platform requires that funds be sent back via the exact same payment method used for the initial deposit, up to the deposited amount, in compliance with international anti-money laundering (AML) laws. Card and e-wallet withdrawals are processed by the back office within 24 to 48 hours, while international bank wires can take up to 5 business days to clear. The minimum withdrawal amount is exceptionally low at just 1 unit of the account's base currency (such as $1, €1, or £1), although bank wire transfers may require a higher threshold due to intermediary banking charges.

While deposits are free, withdrawals carry minor costs. Credit card and e-wallet withdrawals are charged a nominal processing fee of 1 unit of the base currency. More importantly, bank wire withdrawals are subject to external bank fees that can range from $15 to $40, which makes withdrawing small sums via bank wire highly inefficient.

Furthermore, some users have reported severe withdrawal issues, particularly when registered under the broker's unregulated offshore domains. Independent legal forums and user feedback detail accounts being locked during withdrawal attempts. In some instances, customer support reportedly demanded that clients deposit an additional "unfreezing fee" before their funds would be released. While these severe complaints are likely associated with offshore clone portals, they highlight the risks of using alternative, unregulated entry pathways for this brand.

Forex24 Trading Platforms, Conditions & Experience

Forex24 relies on the aging MetaTrader 4 platform and offers standard STP execution, but its limited asset range and weak research tools fail to provide a modern trading experience.

Does Forex24 Support MT4, MT5 & Mobile Trading?

Traders looking for MetaTrader 5 or custom proprietary software will be disappointed, as Forex24 supports only the legacy MetaTrader 4 platform across its desktop, web, and mobile solutions.

• Legacy MT4 Focus: The platform relies entirely on MetaTrader 4 — while MT4 remains a highly reliable workhorse for charting and automated trading, it lacks the execution speeds, expanded timeframes, and built-in economic calendar of the newer MT5 platform.
• WebTrader Accessibility: Desktop users can access markets using standard web browsers via the MT4 WebTrader — this allows traders to manage their open positions from any computer without downloading software, though it operates with reduced technical customization.
• Mobile Trading: Mobile traders must use the generic MT4 app for iOS and Android — because the broker does not provide a dedicated, proprietary custom-built mobile app, users lack a tailored mobile interface for managing account administration and deposits on the go.
• ZuluTrade Integration: On some global entities, Forex24 offers social trading integration through ZuluTrade — this allows retail traders to copy the setups of experienced traders, though this feature is largely unavailable under its strictly regulated EU entity.

What Can You Trade on Forex24? (markets and instruments)

The financial instruments available at Forex24 are limited to a modest selection of foreign exchange pairs, indices, and metals, with no coverage for individual shares or exchange-traded funds.

• Tradable asset classes: forex, major global stock indices, gold, silver, and select cryptocurrency CFDs.
• Forex Selection: The broker provides around 30 to 40 currency pairs — this covers majors and key minors, but it is a small catalog compared to competitors that offer over 70 currency pairs.
• No Direct Equities: Individual stocks are completely missing from the broker's asset index — this means you cannot buy CFDs on popular equities like Apple, Tesla, or Nvidia.
• Limited Crypto Access: Cryptocurrencies are available only as CFDs with highly restricted leverage — this allows trading in majors like Bitcoin and Ethereum but excludes a wider altcoin market.

Forex24 Leverage, Margin & Order Execution

Operating as a Straight Through Processing (STP) broker, Forex24 routes customer orders directly to liquidity providers while enforcing strict ESMA-mandated leverage limits of up to 1:30.

• STP/NDD Execution Model: Orders are processed without dealer intervention — this No Dealing Desk execution minimizes conflicts of interest, as the broker does not profit directly from retail trading losses.
• Strict Leverage Restrictions: For EU retail clients, leverage limits are strictly capped — major forex pairs are limited to 1:30, minor pairs and gold to 1:20, major stock indices to 1:10, and cryptocurrencies to 1:2. High leverage of 1:400 or 1:500 is reserved only for clients of the offshore Marshall Islands entity.
• High Stop-Out Level: Under CySEC guidelines, the stop-out level is set at 50% — this rule automatically closes out a trader's most unprofitable open positions if their account equity falls below half of the total margin required to maintain those positions.

Forex24 Research Tools & Educational Resources

Forex24 offers almost no educational materials or daily technical analysis, failing to support beginners who require structured market guidance.

• Absence of a Trading Academy: The official website contains no structured video courses or tutorials — this leaves new traders with no clear pathway to master key concepts like risk management or chart analysis.
• Basic On-Page Tools: Market research resources are restricted to a standard economic calendar and a basic vocabulary glossary — these standard items are insufficient for day-to-day market tracking or strategy creation.
• No Daily Market Insights: The platform does not produce proprietary daily technical or fundamental market reviews — this means self-directed traders must rely completely on external sources for actionable market analysis.

How Good Is Forex24 Customer Support?

Customer assistance at Forex24 is managed via phone and email channels, though traders frequently report delays and a lack of real-time chat tools.

• Contact Channels: Support can be reached by email at support@forex24.com or by phone at +357 26 00 01 06 (or +357 25 00 01 99).
• Absence of On-Page Live Chat: The broker does not maintain a responsive, modern live chat widget on its website — this makes it very difficult for clients to receive rapid, real-time troubleshooting when platform issues arise.
• Asymmetrical Support Responsiveness: Multiple user forums state that support agents are highly responsive during onboarding and depositing — however, response times decline significantly when clients request assistance with withdrawals or administrative issues.

Who Is Forex24 Best For?

Forex24 is primarily suited for regional European traders who prioritize basic MT4 execution under CySEC oversight, but it is largely unviable for active, cost-sensitive, or education-seeking traders.

Is Forex24 Good for Beginners?

Forex24 is not recommended for beginners due to its steep $250 entry barrier, high transaction costs, and a near-total lack of structured educational resources.

New retail traders usually require a platform that provides demo-friendly integration, low financial friction, and comprehensive educational courses to understand risk management. Forex24 fails to meet these needs because its minimum deposit is many times higher than modern entry-level standards, and its trading costs are so elevated that a beginner’s capital is at constant risk of rapid erosion from fees alone. Furthermore, without a built-in educational academy, video guides, or webinars, novice traders are forced to seek external materials to learn the basics of technical analysis and market mechanics, defeating the purpose of choosing an all-inclusive retail broker.

Is Forex24 Good for Scalpers and Day Traders?

Active day traders and scalpers should avoid Forex24 because the combination of wide bid-ask spreads and percentage commissions mathematically destroys short-term profit margins.

High-frequency trading strategies like scalping and intra-day swing trading rely on entering and exiting positions quickly to capture micro-movements in price. This style of trading is only profitable when transaction costs are kept to a bare minimum. On Forex24, a scalper using the Bronze account must overcome a massive 2.8-pip spread markup plus a volume commission on every single trade. Even on the premium Gold tier, the 1.2-pip spread combined with a percentage commission remains significantly more expensive than the flat-commission, raw-spread accounts offered by major discount brokers. This severe cost friction makes it nearly impossible to sustain a profitable short-term trading system over the long term.

Is Forex24 Good for Safety-Conscious Traders?

Despite possessing an active CySEC license, Forex24 is not a reliable fit for safety-conscious traders owing to recent executive suspensions and administrative fines.

Traders who prioritize safety of funds look for brokers with pristine corporate track records and highly transparent governance structures. While Forex24's CySEC license guarantees basic consumer protections such as negative balance protection and segregated banking, the parent company's operational history raises significant red flags. CySEC’s recent intervention to strip the broker's sole shareholder of his voting rights over governance issues, combined with multiple fines for delayed risk reporting, indicates systemic internal administrative friction [1]. For highly risk-averse investors, these compliance issues and the corporate confusion surrounding its unregulated offshore entity represent unnecessary risks compared to established, tier-1 regulated brokerages.

• Best for: Long-term, low-frequency European position traders who prioritize localized CySEC supervision and only trade standard currency pairs using legacy MT4.
• Less ideal for: Beginners requiring structured educational programs, active intra-day scalpers, cost-sensitive currency traders, and safety-first investors looking for stable corporate governance.

Compare Forex24 with Other Popular Brokers

Forex24 is generally less competitive than industry-leading brokers due to its high cost structure, limited platform selection, and weaker corporate governance profile.

Forex24 vs FxPro

Forex24 is significantly more expensive and technologically limited than FxPro, which provides multiple trading platforms and commission-free standard accounts.

While Forex24 restricts its clients to the legacy MT4 platform, FxPro supports MT4, MT5, cTrader, and its own proprietary application. In terms of trading costs, FxPro provides standard accounts with spreads from 1.2 pips with zero commissions; on the other hand, Forex24 applies double-charging fees starting with a 2.8-pip spread and an additional volume commission. FxPro's recommended minimum deposit of $100 also presents a lower entry barrier than Forex24’s rigid $250 starting deposit. Furthermore, FxPro operates under direct FCA oversight in the UK alongside its CySEC license, establishing a much more stable regulatory foundation.

• Takeaway: Forex24 is the better choice for basic MT4 users who prefer a localized STP broker; FxPro suits modern traders who want diverse platform options and lower transactional fees.

Forex24 vs ATFX

Forex24 charges higher transactional fees and offers far fewer educational resources than ATFX, which has a much lower entry barrier of $100.

Unlike Forex24's costly double-fee pricing model, ATFX offers commission-free trading with spreads beginning at 1.0 pip on its standard account. The initial capital requirement also differs, with ATFX allowing traders to get started with $100, whereas Forex24 demands $250. In terms of educational resources, ATFX maintains a comprehensive learning hub featuring live webinars and deep daily market analysis; conversely, Forex24 provides no structured educational material beyond a basic economic calendar. Finally, ATFX holds a tier-1 FCA license, establishing a more secure regulatory reputation than Forex24's parent company.

• Takeaway: Forex24 is the better choice for niche STP routing under CySEC; ATFX suits cost-conscious beginners and day traders seeking superior education and support.

Forex24 vs IC Markets

Forex24 is vastly less competitive than IC Markets for active traders due to its wide markup spreads and complex percentage-based commission fees.

For active traders, IC Markets provides raw ECN spreads from 0.0 pips paired with a flat, competitive $7 per lot round-turn commission; on the contrary, Forex24 charges a costly combination of wide spreads and percentage-based volume fees. Additionally, IC Markets offers MT5 and cTrader alongside MT4, whereas Forex24 restricts traders to MT4. The entry requirement at IC Markets is also slightly lower at $200 compared to the $250 required by Forex24. From a safety standpoint, IC Markets boasts a clean regulatory history under ASIC and CySEC supervision, completely avoiding the governance crises that currently plague Forex24's parent company.

• Takeaway: Forex24 is the better choice for traders who prefer localized CySEC-regulated STP environments with percentage-based fees; IC Markets suits scalpers and high-frequency traders needing ultra-low raw spreads.

Forex24 Broker Quick Verdict

Our Forex24 review concludes that this broker is a viable option for low-frequency European traders prioritizing CySEC STP routing, though its exceptionally high double-fee structure and recent corporate governance crises make it a poor fit for most active retail investors. Ultimately, the combination of wide spreads, percentage-based commissions, and limited MT4-only assets prevents Forex24 from competing with modern, low-cost brokerages.

Editorial Transparency: This Forex24 review is based on information from the official Forex24 website, current regulatory filings, and independent third-party sources such as Trustpilot. We cross-checked the broker's regulation and license details, account types, trading and non-trading fees, deposit and withdrawal terms, platforms, and real user feedback to ensure accuracy and objectivity. This content is for educational purposes only and does not constitute financial advice; trading CFDs carries a high risk of losing money. Last updated: June 2026.