Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighNo financial licence anywhere: the credentials shown are a Saint Vincent LLC certificate that states it is not a licence and an Azerbaijani company number, and Bigray is not on the Central Bank of Azerbaijan's licensed list.
Identity & transparency
4/10 · ModerateBoth Bigray companies are named with numbers and the Saint Vincent LLC is active on the register, but owners and directors are undisclosed and the Azerbaijani entry is not confirmed on a registry.
Withdrawals & conduct
6/10 · HighSix fund complaints on two Persian review sites, five between October 2025 and February 2026 (withdrawals held, bonus profits removed, a deposit not credited); the broker replies publicly and some users report fast payouts.
Reputation
6/10 · HighMixed: 2.9 out of 5 from 39 ratings on iranbroker.net against 4.61 from 242 votes on khanesarmaye.com, where praise clusters in spring 2025 with signs of managed reviews; no regulator warning.
Website claims
8/10 · CriticalAdvertises 'Regulatory Licenses +2' and 'Regulated & Certified' using a certificate that says it is not a licence, and markets hedging that its terms list as grounds to cancel withdrawals.
Operational history
5/10 · ModerateBrand online on fx24broker.com since at least February 2023, but the Saint Vincent LLC dates from February 2025 and the main site moved to fx24.market in 2026; under three years on the dated company evidence.
Who they are
A quick desk file on the company behind the brand.
- Brand: FX24, also styled FX24 Market (formerly FX24 Broker on fx24broker.com)
- Legal entity: Bigray Finance Group LLC, registration No. 1406246501, Azerbaijan; the terms also name BigrayFinanceGroup LLC, 4044 LLC 2025, Saint Vincent and the Grenadines
- Registered: House 25E, Neighborhood 1978, Mammad Araz Street, Narimanov District, Baku AZ1069, Azerbaijan; phone +994 12 436 54 12, WhatsApp +44 7490 027362, support@fx24.market
- Website: fx24.market (registered 14 April 2026); fx24broker.com (registered 28 August 2022) now redirects there
- Only licence: none. The homepage claims 'Regulatory Licenses +2', but the only credentials it shows are a Saint Vincent company certificate and an Azerbaijani company number
- Offers: MetaTrader 5 and web trading in forex, metals, energies, indices, stocks and crypto CFDs; Standard, ECN and Scalper Pro accounts; leverage up to 1:500; minimum deposit $25; frequent bonus campaigns; payments in USDT and Iranian rials
- Not accepted: residents and citizens of the United States, Canada and Türkiye, according to its terms
- Age claim: no founding year on the site; a Persian FX24 site was online at fx24broker.com by February 2023
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: No
We could not confirm this broker on any genuine regulator’s register.
Licences the broker publishes
Financial Services Authority, Saint Vincent and the Grenadines (company registration)
Azerbaijan company registration (no authority named by the broker)
Why we reached this verdict
How the evidence adds up.
FX24 takes deposits without any financial licence and presents company paperwork as regulation. The complaint record adds weight but falls short of proof that it is a scam, so we rate it high risk.
- The 'regulation' is a company certificate. The homepage shows 'Regulatory Licenses +2' and a 'Regulated & Certified' panel with a PDF. That PDF is the Saint Vincent Certificate of Formation for BigrayFinanceGroup LLC (4044 LLC 2025, formed 21 February 2025). It states: 'This document is not a licence. This company is not regulated or licensed to engage in forex trading or brokerage, cryptocurrency, binary options or CFDs by the Financial Services Authority.'
- No licence in Azerbaijan either. In Azerbaijan, investment services may only be offered under a Central Bank licence, held by a joint-stock investment company. The Central Bank's list names 12 such firms. Bigray Finance Group LLC, a limited liability company, is not among them.
- Money complaints with a pattern. On iranbroker.net (39 ratings, 2.9 out of 5) and khanesarmaye.com, different clients reported between October 2025 and February 2026: $173 of bonus profit withheld on account 25757140; a bonus account failed after 45 days with withdrawal verification pending two months; a $2,000 withdrawal unpaid and the account deleted; profit partly removed and a withdrawal pending 20 days; and a 100 USDT deposit not credited. Most involve bonus accounts. FX24 replies to each, cites its bonus rules and says all withdrawals were processed.
- Terms that leave the decision with FX24. The agreement lets the company reject, suspend, delay or cancel any withdrawal if it decides a client engaged in 'Trading Abuse', which lists exploiting high-impact news, 'Lock Positions' and 'abusive Hedging'. Bonuses are deducted in full on withdrawal, accounts with no activity in their first 30 days can be blocked or deleted, and idle accounts pay $1 a month after 90 days.
- A shifting market focus. In March 2024 fx24broker.com said it did not serve residents of Iran. Today FX24 runs a Persian site, offers rial payments, and its terms exclude only the United States, Canada and Türkiye.
- Young companies. The brand has been online since at least February 2023. The Saint Vincent company was formed in February 2025, and the Azerbaijani company, whose incorporation date we could not confirm, first appears on the site in March 2024. The findings alone support 63%. Because the dated companies are under three years old, too little history exists to treat that figure as settled, so we publish 65%.
- What we did not find. No regulator warning names fx24.market, fx24broker.com or Bigray Finance Group. There is no enforcement action, FX24 does not copy another firm's licence, and no client reported a fee demanded to release funds.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The FX24 homepage, in English and Persian, lists 'Regulatory Licenses +2' and a 'Regulated & Certified for Your Trust' panel saying trading is backed by reputable regulations, with a PDF download as support.
ModerateFX24 homepageE2The PDF behind that panel is the Saint Vincent and the Grenadines Certificate of Formation for BigrayFinanceGroup LLC, number 4044 LLC 2025, formed 21 February 2025. It states: 'This document is not a licence. This company is not regulated or licensed to engage in forex trading or brokerage, cryptocurrency, binary options or CFDs by the Financial Services Authority.'
E3The Saint Vincent FSA Entity Name Search lists BigrayFinanceGroup LLC, number 4044, LLC-Limited Liability Company, status Active, incorporated 2025-02-21, registered agent Wilfred Services Ltd. The company exists; the entry is a company registration, not a licence.
ModerateSVG FSA Entity Name SearchE4The Central Bank of Azerbaijan's list of licensed investment companies names 12 joint-stock firms and does not include Bigray Finance Group LLC or FX24; the Central Bank defines an investment company as a licensed joint-stock company.
E5On 21 August 2026 the Central Bank of Azerbaijan warned that investment services in Azerbaijan may only be provided under its licence and that foreign licences do not authorise platforms to operate there. The notice names no firm.
E6IOSCO's international alerts search returns no warning matching Bigray.
E7A search for FX24 on IOSCO's alerts portal returns seven warnings about unrelated operations (fx24trade.io, fx24.one, fx24options.org, FX24 Investment Ltd, Saxo-FX24, Swift Capital FX24, 24cryptoexpertoptions.com); none names fx24.market, fx24broker.com or Bigray Finance Group.
E8On iranbroker.net (39 ratings, 2.9 out of 5), clients reported between October 2025 and February 2026: $173 of bonus profit withheld on account 25757140 as the stated reason shifted from trade duration to campaign rules to robot-like trading; a bonus account failed after 45 days with withdrawal verification pending two months; a $2,000 withdrawal unpaid and the account deleted; and a 100 USDT deposit not credited although the transaction hash confirmed. A March 2025 post said clients were not paid.
Strongiranbroker.net FX24 pageE9On khanesarmaye.com a client reported in January 2026 depositing $1,000 with a $1,000 bonus, having part of the profit removed and a withdrawal pending for 20 days. The same page shows 4.61 out of 5 from 242 votes.
Moderatekhanesarmaye.com FX24 pageE10FX24's representative replies on iranbroker.net, asks complainants for evidence, says all withdrawal requests were reviewed and processed, cites a 120-second minimum trade time on bonus accounts, links January 2026 delays to Iran's internet outage and offered a concession in one bonus dispute. Several users report fast withdrawals.
Moderateiranbroker.net FX24 pageE11Positive comments cluster between March and May 2025 on khanesarmaye.com, utobrokers.com and iranbroker.net, including praise signed Parsa on all three sites between 15 and 19 April 2025, which suggests managed reviews.
Moderateutobrokers.com FX24 pageE12FX24's client agreement lets the company reject, suspend, delay or cancel any withdrawal where it decides a client engaged in Trading Abuse, which lists exploiting high-impact news events, Lock Positions and abusive Hedging. Bonuses are deducted in full on withdrawal, accounts with no activity in their first 30 days may be blocked or deleted, and idle accounts pay $1 a month after 90 days. The homepage advertises hedging even in negative margin.
ModerateFX24 terms and client agreementE13A May 2025 user post quotes a deposit holding clause requiring 0.5 standard lots traded per $100 deposited before withdrawal, holding funds for 7 business days or one month and charging 5% if the volume is not met. FX24's representative replied that it applies to certain campaigns and to clients from countries such as Pakistan and Vietnam.
Moderateiranbroker.net FX24 pageE14The archived fx24broker.com of 29 March 2024 named BigRay Finance Group LLC (registration 1406246501, Baku, +994 12 436 54 12) and stated that FX24Broker does not provide services to residents of the US, Syria, Sudan, Iran, Turkey and Cuba, while running a Persian version of the site.
E15iranbroker.net lists FX24's payment methods as USDT and Iranian rial via TopChange, FX24's representative confirmed rial deposits and withdrawals in January 2025, and FX24 has promoted a dedicated MetaTrader 5 connection for Iranian users. No bank or card payments are offered.
Moderateiranbroker.net FX24 pageE16fx24broker.com was registered on 28 August 2022 through GoDaddy on Cloudflare name servers braelyn and gordon; it now redirects to fx24.market.
E17fx24.market was registered on 14 April 2026 through Namecheap on the same Cloudflare name servers; Persian review sites report the move from fx24broker.com with a new logo in August to September 2026.
E18The archived fx24broker.com of February 2023 was a Persian-only FX24 broker site advertising leverage up to 1:1000 and stating that FX24 traders trade in an insured account, without naming any company or insurer.
The other side
The strongest case in this broker’s favour.
The best case for FX24 is that it is a real, if unlicensed, trading business rather than a fake platform.
- It has traded under the same brand since at least February 2023, with the same Baku company number and phone since March 2024, and Persian review sites describe a full MetaTrader 5 setup.
- Its Saint Vincent company is genuine and active on the official register, and its terms name both companies openly.
- A company representative answers complaints in public, asks for evidence, and offered a concession in one bonus dispute. Several users report fast withdrawals, including rial payouts within 24 hours.
- Most profit disputes involve bonus accounts whose rules, such as a 120-second minimum trade time, were published in advance, and FX24 links some January 2026 delays to Iran's internet outage.
- Warnings that mention 'FX24' concern unrelated operations such as fx24trade.io, fx24.one, fx24options.org and FX24 Investment Ltd, not this broker.
None of this replaces a licence. If FX24 refuses a payout, no regulator, ombudsman or compensation scheme stands behind the client.
What would change this
What we would need to see to revise the verdict.
New evidence could move this rating in either direction.
- Lower risk: a dealing licence for an FX24 company from a recognised regulator, visible on that regulator's own register.
- Lower risk: FX24 dropping the 'Regulatory Licenses' and 'Regulated & Certified' claims and describing its company registrations accurately.
- Lower risk: evidence that the October 2025 to February 2026 complaints were paid, followed by a sustained period without new complaints about funds.
- Higher risk: a regulator warning naming fx24.market, fx24broker.com or Bigray Finance Group, or new reports of refused withdrawals.
- Higher risk: any request for a tax, fee or extra deposit before funds are released, or the site moving domain again without notice.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
SVG FSA Entity Name Search
Type BigrayFinanceGroup in the search box and press Enter: the entry is an LLC company registration, not a licence.
Central Bank of Azerbaijan: licensed investment companies
The official list of firms allowed to offer investment services in Azerbaijan; Bigray Finance Group LLC is not on it.
IOSCO international alerts search for Bigray
Global regulator warnings search; no warning matches Bigray at the time of writing.
FX24 certificate offered as proof of regulation
The Saint Vincent Certificate of Formation behind the Regulated and Certified badge; it states it is not a licence.
FX24 terms and client agreement
Read the bonus, trading-abuse and inactivity clauses before depositing.
Frequently asked questions
Quick answers about this broker’s safety.
Is FX24 a scam?
FX24 is a high-risk, unlicensed broker rather than a confirmed scam; we put the risk at 65%. It presents company registrations as regulatory licences, and clients have reported withdrawals held and bonus profits removed. It does run a real MetaTrader 5 service, replies to complaints in public, and no regulator has issued a warning about it.
Is FX24 a fraud?
No regulator, court or enforcement body has found FX24 or Bigray Finance Group LLC to have committed fraud, and we found no fraud-related record naming fx24.market or fx24broker.com. Clients have, however, reported withdrawals held and profits removed, and we assess the risk of losing money as high because the broker is unlicensed and its terms let it cancel withdrawals at its own discretion.
Is FX24 regulated?
No. FX24 advertises 'Regulatory Licenses +2', but the only credentials it shows are company registrations: a Saint Vincent LLC (4044 LLC 2025) and an Azerbaijani company number (1406246501). Neither allows the company to offer forex or CFDs, and Bigray Finance Group LLC is not on the Central Bank of Azerbaijan's list of licensed investment companies.
What is the Saint Vincent certificate FX24 publishes?
It is a Certificate of Formation for BigrayFinanceGroup LLC, dated 21 February 2025, which shows a company was set up in Saint Vincent and the Grenadines. The certificate itself says it is not a licence and that the Financial Services Authority does not regulate, monitor, supervise or license LLCs offering forex, CFDs or crypto.
Who owns and runs FX24?
The site names Bigray Finance Group LLC, registration 1406246501, at House 25E, Mammad Araz Street, Baku, and its terms add a Saint Vincent company of the same name. FX24 does not disclose its owners or directors. Some reviewers say the team works from Iran; we could not verify that.
How long has FX24 been in business?
The fx24broker.com domain was registered in August 2022 and a Persian FX24 site was online by February 2023. The Azerbaijani company appears on the site from March 2024, the Saint Vincent company was formed in February 2025, and the main site moved to fx24.market, registered in April 2026. On the dated company records, the operation is under three years old.
Can I withdraw my money from FX24?
Some clients report fast withdrawals, but others reported between October 2025 and February 2026 that withdrawals were unpaid or pending for 10 to 20 days and that bonus profits were removed. FX24's terms allow it to reject, delay or cancel a withdrawal if it decides a client broke its trading rules, so test a small withdrawal first.
Is my money safe with FX24?
No regulator, client-money rule or compensation scheme protects deposits at FX24. Payments run through USDT and a rial exchanger, which no bank or card issuer can reverse. Treat any balance as at risk.
Does FX24 accept clients from Iran?
Yes. FX24 runs a Persian site and Persian support, and its representative has confirmed rial deposits and withdrawals. Its 2024 site said it did not serve residents of Iran; the current terms exclude only the United States, Canada and Türkiye.
Is FX24 the same company as fx24trade.io, fx24.one or FX24 Investment Ltd?
No. Regulators have warned about several unrelated operations using the FX24 name, including fx24trade.io, fx24.one, fx24options.org and FX24 Investment Ltd. None of those warnings names fx24.market, fx24broker.com or Bigray Finance Group LLC, so they should not be held against this broker.
What are the risks of FX24's bonuses?
FX24's terms let it deduct bonuses in full when you withdraw and cancel profits from trading it treats as abuse, including exploiting news events and locked positions. Users also report a 120-second minimum trade time on bonus accounts. Most profit complaints about FX24 involve bonus accounts, so read the rules before accepting any offer.
What should I do if FX24 refuses my withdrawal?
Submit the request in writing, keep account numbers, transaction hashes and support replies, and post a factual account on independent review sites. Because FX24 is unlicensed, no ombudsman or regulator handles its complaints. Ignore anyone who asks for an upfront fee to recover your money.
What should I check before depositing with an offshore broker?
Look up the licence number on the regulator's own register and make sure the licensed company is the one taking your money. Read the withdrawal, bonus and inactivity terms, and make a small test withdrawal before adding funds.
Scan history
How this broker’s safety assessment has changed across scans.
- October 30, 2026CurrentHigh risk (unverified)65% risk
- September 18, 2026Likely scam72% risk
- September 16, 2026High risk (unverified)65% risk
Past scans are archived snapshots kept for transparency and are not indexed by search engines.
What we recommend
The practical takeaway from everything above.
Treat any money sent to FX24 as money you can afford to lose.
- Do not rely on the 'Regulated & Certified' badge: the certificate behind it says it is not a licence.
- Refuse bonuses unless you have read the bonus rules in full; the terms let FX24 deduct bonuses and cancel profits when you withdraw.
- Make a small test withdrawal before depositing more, and keep transaction hashes, account numbers and support replies.
- USDT and exchanger payments cannot be reversed by a bank or card issuer, so there is no chargeback if something goes wrong.
- If a withdrawal is refused, complain in writing to Bigray Finance Group LLC and ignore anyone who offers to recover your money for an upfront fee.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed October 30, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
What traders say about FX24
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