24xforex - AI risk analysis

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AI risk analysis - 24xforex (2025-04-29 17:35:38)

The analysis of 24xForex (official website: https://24xforex.com/) based on online complaint information, risk level assessment, website security, WHOIS lookup, IP and hosting analysis, social media presence, red flags, regulatory status, user precautions, potential brand confusion, and website content is summarized below. This evaluation draws from available web sources and critical examination of the data, acknowledging the significant concerns raised about the broker’s legitimacy.

1. Online Complaint Information ¶

Widespread Complaints: Numerous online reviews and complaints across platforms like Trustpilot, Forex Peace Army, Sitejabber, and Scamadviser indicate that 24xForex is frequently accused of fraudulent practices. Common issues include:
Difficulty Withdrawing Funds: Users report that withdrawal requests are denied, delayed, or met with demands for additional deposits (e.g., $6,000 or $9,000 to “release” funds).
Manipulative Tactics: Brokers allegedly pressure clients to deposit more money, often citing “insurance” or “risk-free trades” that fail to materialize.
Account Manipulation: Some users claim trades were altered to incur losses, with accusations of a hacked MetaTrader 4 platform.
High Losses: Victims report significant financial losses, including loans and savings, with one user citing a $35,000 loss.
Specific Cases:
Users mention brokers like Jeffrey Bakshi, Mark Baum, and Diana Francis, who allegedly used aggressive tactics or remote access software (e.g., AnyDesk) to manipulate accounts.
Complaints to the UK’s Financial Conduct Authority (FCA) and bans in Lithuania suggest regulatory scrutiny.
Mixed Reviews: A few positive reviews exist, praising the platform’s ease of use or profitability, but these are often vague, lack detail, or appear suspicious, potentially indicating fake testimonials. Risk Indicator: The volume and consistency of complaints, especially regarding withdrawals and manipulation, strongly suggest 24xForex engages in scam-like behavior.

2. Risk Level Assessment ¶

Scamadviser Trust Score: Both ww12.24xforex.com and 24xforex.network have very low trust scores on Scamadviser, indicating a high likelihood of being scams. Factors include lack of transparency, hidden ownership, and negative reviews.
Unregulated Status: 24xForex is not regulated by reputable authorities like the FCA, SEC, ASIC, or CySEC, increasing the risk of fund mismanagement or fraud.
Offshore Operations: The broker is linked to the Marshall Islands, a jurisdiction with minimal financial regulation, which is a common red flag for scam brokers.
High Leverage: Offering leverage up to 1:400 is risky for retail traders and often used by unregulated brokers to attract clients.
User Reports: Reports of accounts being locked or funds disappearing after profitable trades further elevate the risk level. Risk Level: High. The combination of low trust scores, unregulated status, offshore operations, and user complaints indicates significant risk to investors.

3. Website Security Tools ¶

SSL Certificate: The website uses an SSL certificate, but it is likely a basic Domain Validated (DV) certificate, which offers minimal validation and is commonly used by fraudulent sites.
Website Design: The site is described as plain, lacking visual appeal or brand-specific content, which is atypical for legitimate brokers.
Security Vulnerabilities: No specific reports of malware or phishing were found, but the lack of transparency and poor design raise concerns about data security. Users are at risk of identity theft if personal details (e.g., ID, bank card) are submitted.
Remote Access Concerns: Reports of brokers using AnyDesk to access user computers suggest potential security breaches, as this could allow unauthorized access to sensitive information. Risk Indicator: Basic SSL and poor website design, combined with reported remote access tactics, suggest inadequate security measures and potential risks to user data.

4. WHOIS Lookup ¶

Domain Information:
Registration Date: 24xforex.com was registered in September 2020 and is set to expire in September 2021 (though it may have been renewed).
Registrar: NameCheap, Inc., a common registrar used by both legitimate and fraudulent sites.
Ownership: WHOIS data is likely hidden, a tactic often used by scam websites to conceal identities.
Domain Status: The domain is currently listed for sale on Dan.com, suggesting the website may no longer be operational or has been abandoned.
Red Flag: Hidden WHOIS data and a short domain lifespan (1-year registration) are common among scam brokers, as they often disappear after defrauding users. Risk Indicator: Hidden ownership and the domain being for sale strongly suggest 24xForex is not a reliable or long-term operation.

5. IP and Hosting Analysis ¶

Hosting Provider: The website is hosted by Amazon Technologies Inc., a reputable provider, but this is not a guarantee of legitimacy, as scammers often use mainstream hosting services.
IP Address: The IP (172.67.187.148) is shared with other websites, which is not inherently suspicious but can indicate low-cost hosting typical of scam sites.
Server Location: Likely hosted in the US, but the broker claims operations in the Marshall Islands and the UK, creating discrepancies.
Other Websites on Server: Unreliable websites hosted on the same server as 24xforex.network were identified, lowering its trust score. Risk Indicator: Shared hosting and discrepancies between claimed and actual server locations raise moderate concerns, though hosting alone is not conclusive.

Limited Presence: No verifiable social media accounts for 24xForex were identified in the provided data. Legitimate brokers typically maintain active profiles on platforms like Twitter, LinkedIn, or Facebook to engage with clients.
Fake Reviews: Some positive reviews on platforms like Sitejabber appear generic or copied, suggesting possible manipulation of online reputation.
Scam Promotion Tactics: Scammers often use social media ads to lure victims, but no specific evidence of 24xForex’s social media activity was found. Risk Indicator: The absence of a legitimate social media presence and potential fake reviews indicate a lack of transparency and credibility.

7. Red Flags and Potential Risk Indicators ¶

Unregulated Broker: No license from reputable regulators (FCA, SEC, ASIC, etc.), which is a major red flag.
Offshore Jurisdiction: Operations in the Marshall Islands, known for lax regulation, increase the risk of fraud.
Aggressive Sales Tactics: Brokers use high-pressure tactics, promising unrealistic returns or urging additional deposits.
Withdrawal Issues: Repeated reports of blocked withdrawals or demands for more funds to process withdrawals.
Lack of Transparency: Missing information about founders, minimum deposits, withdrawal fees, or trading conditions.
Fake UK Presence: Claims of a UK office are unverified, and the company is not registered with the FCA.
Suspicious Bonuses: Offers of bonuses or “risk-free trades” with stringent withdrawal conditions are common scam tactics.
Hacked Platform Allegations: Claims that 24xForex uses a manipulated MetaTrader 4 platform to alter trades.
Banned in Lithuania: The broker is reportedly banned from the Lithuanian market, indicating regulatory action. Risk Indicator: Multiple red flags, including lack of regulation, offshore operations, and consistent scam allegations, make 24xForex highly untrustworthy.

8. Website Content Analysis ¶

Generic Content: The website lacks detailed information about trading conditions, minimum deposits, or company leadership, which is unusual for a legitimate broker.
Misleading Claims: Promises of “zero commission” and “fast withdrawals” lack proof and contradict user experiences.
Trading Platforms: Offers MetaTrader 4 and a proprietary web trader, but allegations of a hacked MT4 version undermine credibility.
Asset Classes: Claims to offer trading in forex, CFDs, stocks, indices, cryptocurrencies, and commodities, but the lack of transparency about spreads or fees is concerning.
Legal Documents: Legal terms are vague, and withdrawal conditions are reportedly designed to make funds inaccessible. Risk Indicator: The website’s lack of detailed, verifiable information and misleading claims align with characteristics of scam brokers.

9. Regulatory Status ¶

Unregulated: 24xForex is not licensed by any recognized financial authority (e.g., FCA, SEC, ASIC, CySEC).
False UK Claims: The broker claims a UK presence but is not registered with the FCA, and the FCA has received complaints about it.
Marshall Islands: Registered under Paco System Ltd. in the Marshall Islands, a jurisdiction with no financial oversight, which is a haven for scam brokers.
Lithuanian Ban: The broker is banned in Lithuania, indicating regulatory action due to fraudulent practices. Risk Indicator: Complete lack of regulation and evidence of regulatory bans confirm 24xForex operates outside legal oversight, posing a severe risk to investors.

10. User Precautions ¶

To avoid risks associated with 24xForex or similar brokers, users should:

Verify Regulation: Only trade with brokers licensed by reputable regulators (e.g., FCA, ASIC, CySEC). Check regulator websites for confirmation.
Research Reviews: Cross-check reviews on multiple platforms (Trustpilot, Forex Peace Army) and be wary of overly positive or generic testimonials.
Avoid Offshore Brokers: Steer clear of brokers based in jurisdictions like the Marshall Islands with no regulatory oversight.
Test Withdrawals: Deposit small amounts initially and test withdrawals before committing significant funds.
Use Secure Payment Methods: Prefer credit/debit cards for deposits, as they allow chargebacks within 540 days. Avoid wire transfers or cryptocurrencies.
Protect Personal Data: Do not share sensitive information (e.g., bank details, ID) or allow remote access to your computer via tools like AnyDesk.
Report Scams: If scammed, report to authorities like the FCA, FTC, or local police, and file complaints with platforms like IC3 or BBB.
Seek Professional Help: Consult scam recovery services like MyChargeBack, but beware of secondary scams promising recovery for upfront fees. Recommendation: Given the evidence, users should avoid 24xForex entirely and choose regulated brokers with transparent operations.

11. Potential Brand Confusion ¶

Similar Names: 24xForex may be confused with legitimate brokers like Forex 24 or 24FX, which could mislead users.
Domain Variations: Subdomains like ww12.24xforex.com or related domains like 24xforex.network add to confusion, as they may be used to obscure the main site’s reputation.
Fake Affiliations: Claims of operating in the UK or using MetaTrader 4 may create a false sense of legitimacy, as these are associated with reputable brokers.
White Label Licensing: 24xForex uses a white-label MetaTrader license from Market Pulse, which is also used by other questionable brokers, potentially linking it to a network of scam operations. Risk Indicator: Deliberate use of similar names and affiliations with reputable platforms suggests an intent to deceive users.

12. Current Status and Recent Developments ¶

Website Inaccessibility: As of 2021, users reported the website being down or inaccessible, and it is currently listed for sale on Dan.com, indicating the broker may have ceased operations or rebranded.
Ongoing Complaints: Despite the website’s status, complaints persisted into 2021, suggesting lingering impact on victims.
Regulatory Actions: The Lithuanian ban and FCA complaints indicate authorities are aware of 24xForex’s practices, but its offshore status limits enforcement. Risk Indicator: The website’s inaccessibility and domain sale suggest 24xForex may have shut down after defrauding users, a common tactic for scam brokers.

Conclusion ¶

Overall Risk Assessment: Extremely High. 24xForex exhibits numerous characteristics of a scam broker, including:

Consistent user complaints about fraud, withdrawal issues, and manipulation.
Lack of regulation and offshore operations in the Marshall Islands.
Hidden ownership, poor website security, and misleading content.
Aggressive tactics, fake reviews, and potential brand confusion. Recommendation: Avoid 24xForex entirely. Investors should prioritize regulated brokers with verifiable licenses, transparent operations, and positive reputations. If you have engaged with 24xForex, immediately cease contact, secure your financial accounts, and report the issue to relevant authorities or scam recovery services. Critical Note: While the provided data strongly indicates 24xForex is a scam, always conduct independent research before investing. The absence of regulation and overwhelming negative feedback make this broker a clear risk to avoid.

Sources: This analysis is based on information from web sources cited in the provided references (e.g., to). Users can verify details by checking platforms like Scamadviser, Trustpilot, Forex Peace Army, or regulatory websites (e.g., FCA, Lithuanian Bank).