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Is 24fxtrades regulated in Dubai?
Edmund Edwards
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2023-06-07
ANSWER 24fxtrades is an unlicensed broker that we advise against trading with despite the seemingly attractive deals it offers.24fxtrades fails to disclose its regulatory information and licensing data, which is a clear scam indicator. Legitimate brokers always prominently display their accreditation and licenses to instill trust and transparency, whereas the lack of information thereof may suggest the status as an unlicensed broker. This is a red flag. This broker purports to have offices in the US and Indonesia. In the US, brokers must be a member of the National Futures Association (NFA) before soliciting investors. However, no data matching 24fxtrades can be found in the NFA registry. As for Indonesia, this country currently has no authority to regulate forex activities, which means that 24fxtrades in the region remains unsupervised.Regarding your question, 24fxtrades is a non-regulated broker, not to mention in Dubai. This trading platform carries significant risks including loss of funds and identity theft, as there are no rules in place to protect investors from fraud or theft. Therefore, we strongly suggest investors stay away from unlicensed brokers like 24fxtrades and opt for fully regulated ones instead.
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