Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighTakes retail deposits with no licence on any register, while advertising two. Not on the Central Bank of Azerbaijan list, and the Saint Vincent entry is a company registration.
Identity & transparency
5/10 · ModerateEntity name, two registration numbers, street address, landline and email are all published, and the Saint Vincent record checks out. Offset by two same-named companies in two countries and no disclosed ownership.
Withdrawals & conduct
3/10 · LowNo fund-integrity complaint of any kind ties to this operation, and no advance-fee demand was found. Also no independent confirmation that payouts arrive.
Reputation
6/10 · HighNo review footprint at all on any platform swept, positive or negative, against an advertised 28,000 active users. Aggregators that cover it record it as unregulated.
Website claims
9/10 · CriticalStates it is licensed by the FSA and Azerbaijan's regulator and counts two licences, when none exist. The certificates section displays no document and no register link.
Operational history
6/10 · HighBrand evidenced from 2022 and the Azerbaijani company from March 2024, but the live site is five months old and the Saint Vincent contracting entity is 19 months old.
Who they are
A quick desk file on the company behind the brand.
- Brand: FX24, presented on the site as FX24 | BIGRAY FINANCE GROUP.
- Legal entity: Bigray Finance Group LLC. The terms name two separate companies of that name: registration 1406246501 in Azerbaijan, and registration 4044 in Saint Vincent and the Grenadines.
- Registered: House 25E, Neighborhood 1978, Mammad Araz Street, Narimanov District, Baku AZ1069, Azerbaijan. The Saint Vincent company is held through the registered agent Wilfred Services Ltd.
- Website: fx24.market, registered 14 April 2026. The older fx24broker.com, registered 28 August 2022, now redirects into it. Client areas run at my.fx24.market and id.fx24.market.
- Only licence: none. The Saint Vincent entry is a company registration, and the Azerbaijani number is the company's own registration number, not a licence.
- Offers: forex, stocks, indices, commodities and cryptocurrencies on MetaTrader 5, from 25 US dollars, leverage to 1:500, hedging permitted on negative margin.
- Not accepted: the terms publish no list of excluded countries. The site runs in English, Persian and Arabic, and support is offered through Telegram and a UK WhatsApp number.
- Age claim: the site advertises no founding year. The brand is evidenced back to 2022 through the older domain.
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
FSA (Saint Vincent and the Grenadines Financial Services Authority)
Central Bank of the Republic of Azerbaijan (CBAR)
Why we reached this verdict
How the evidence adds up.
This is a real trading business with a real company behind it, marketing a licence it does not have. That combination is high risk rather than proven theft, and the score reflects exactly that.
- The Azerbaijani licence claim fails at the regulator. The Central Bank of the Republic of Azerbaijan publishes its licensed investment companies in full. Twelve firms are listed, and Bigray Finance Group is not one of them. The same page records that an investment company must be a joint-stock company, so an LLC could not hold that licence in the first place. Azerbaijan operates no separate authorisation for retail forex brokers.
- The Saint Vincent credential is not a licence. The Financial Services Authority register shows BigrayFinanceGroup LLC, registration 4044, an LLC, status Active, incorporated on 21 February 2025 through the registered agent Wilfred Services Ltd. The Authority's own guidance describes LLC formation as a 24 hour incorporation for legitimate business activity. It confers no trading permission and no protection for deposits.
- The claim was added, not inherited. An archived copy of fx24broker.com from 29 March 2024 carries the same company name, the same registration number 1406246501 and the same Baku address, and makes no regulatory claim whatsoever. The licensing language appears only on the newer site, after the Saint Vincent company was formed in February 2025.
- Nothing backs the claim on the site itself. The section headed 'Regulated and Certified for Your Trust' displays no certificate, and its download control produces no document. There is no licence number and no link to any register anywhere on the site, which is the one thing a genuinely licensed broker always provides.
- Which company holds the money is not stated. The terms name the Baku company and the Saint Vincent company together and call each of them 'the Company'. A client cannot tell from the contract whose balance sheet holds their deposit, or which country's courts apply.
- No customer trace at all. Neither fx24.market nor fx24broker.com has a Trustpilot page, an independent broker database records no user reviews, and no first-person account appears on the discussion platforms we swept. For an operation advertising 28,000 active users and 12 million in volume, an empty public record is itself a finding.
- What we did not find matters too. No regulator warning names this company or either of its websites, no enforcement action, no court record, and not one complaint about a blocked withdrawal. We looked specifically for the advance-fee pattern and found no instance of it here.
- Two numbers carry the score rather than misconduct. The contracting entity in Saint Vincent is 19 months old, and the review footprint is empty on every platform swept. Our evidence-based figure and the profile-based minimum both land at 65 percent. The Azerbaijani company is older, evidenced in operation since at least March 2024, but Azerbaijan publishes no open company search, so its incorporation date could not be established and the age here is an upper bound resting on the domain record.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The homepage states that FX24 Broker is officially registered and licensed by the FSA and Azerbaijan's financial regulator, and a headline counter advertises two regulatory licences.
StrongFX24 homepageE2The Central Bank of the Republic of Azerbaijan publishes its licensed investment companies in full. Twelve firms are named and Bigray Finance Group is not among them. The same page states an investment company must be a joint-stock company, a form this LLC does not take.
E3The Saint Vincent and the Grenadines FSA register records BigrayFinanceGroup LLC, registration 4044, entity type LLC, status Active, incorporated 21 February 2025, registered agent Wilfred Services Ltd. The record was read from the register's own data service.
E4The Authority describes LLC formation as a 24 hour incorporation made through a licensed registered agent for legitimate business activity, confirming that registration 4044 is corporate paperwork and not a financial licence.
E5The terms name two separate companies as the Company: Bigray Finance Group LLC registration 1406246501 in Baku, and Bigray Finance Group LLC registration 4044 in Saint Vincent and the Grenadines. The contract does not say which one holds client funds, and states no governing law.
ModerateFX24 terms and conditionsE6An archived copy of fx24broker.com from 29 March 2024 carries the same company name, the same registration number 1406246501 and the same Baku address, and makes no regulatory or licensing claim anywhere on the page.
E7The section headed Regulated and Certified for Your Trust displays no certificate, and its download control produces no document. No licence number and no link to any regulator's register appears anywhere on the site.
E8Domain records show fx24.market was registered on 14 April 2026 and fx24broker.com on 28 August 2022, both now on the same nameservers. The older address redirects into the current site.
ModerateDomain registration recordsE9An independent broker database lists the operation at fx24broker.com as unregulated, records that no matching authorisation was found at the Financial Conduct Authority, notes that Azerbaijan has no regulatory body for foreign exchange, and shows no user reviews at all.
ModerateBrokersView broker databaseE10A website risk service scores fx24broker.com at zero and places the operator in Azerbaijan with registrant details withheld.
E11The FCA warning headed Swift Capital FX24, published 19 January 2023, names the website swiftcapitalsfx24.com and an address at 47 Queens Road, Weybridge. It concerns a different operation and does not name this broker or its websites.
E13The broker's platform pages advertise MetaTrader 5 across desktop, web and mobile with 250 trading instruments, and a dedicated trading server runs under the company's own name, indicating genuine trading infrastructure.
ModerateFX24 platforms pageE14The deposit and withdrawal answer lists bank wire, cards and e-wallets rather than crypto-only rails, and states most withdrawals complete within 24 hours.
E15The about page presents no founding year, no named management and no ownership detail, so the operation's history rests entirely on records held elsewhere.
WeakFX24 about page
The other side
The strongest case in this broker’s favour.
The fair case for FX24, which a reader deserves before acting on the number above:
- The company is real and checkable. The Saint Vincent registration is genuine, active, and confirmed on the Authority's own register with a matching name and date. Many suspect operations fail this basic test. This one passes it.
- It is not impersonating anyone. FX24 trades under its own name, quotes its own registration numbers and publishes its own address and landline. It borrows no other firm's licence, entity or identity, which is the single most common mechanic among genuinely fraudulent brokers.
- The trading infrastructure is real. A dedicated MetaTrader 5 server runs in the company's own name, and the site sells standard retail conditions: a 25 dollar minimum, spreads from 0.1 pips, market execution. This is not a fake terminal with invented prices.
- The brand has continuity. The operation is evidenced back to 2022 through fx24broker.com, and the archived 2024 pages show the same company, number and address as today. Nothing has been renamed or hidden.
- Not one person has reported losing money. After sweeping several platforms we found no withdrawal complaint, no frozen account and no demand for a release fee. Many brokers we rate at this level have a visible trail of harmed clients. FX24 does not.
- Payment rails look ordinary. The site advertises bank transfer, cards and e-wallets rather than a crypto-only wallet address, which is the usual tell.
- Some of the blame sits with our own record. Our profile pointed at fx24.one, a dead domain belonging to an unrelated European broker, and filed the company under the United Arab Emirates. Earlier assessments of this broker were partly built on the wrong subject.
What would change this
What we would need to see to revise the verdict.
Concrete things that would move this verdict in either direction:
- Towards safe: the Central Bank of the Republic of Azerbaijan listing Bigray Finance Group among its licensed firms, or any recognised regulator publishing a register entry naming this company and fx24.market.
- Towards safe: the site removing the claim that it is licensed by the FSA and by Azerbaijan's financial regulator, and stating plainly that it is an unlicensed offshore broker. Honest disclosure would cut the website-claims score sharply.
- Towards safe: the terms naming one contracting entity, one governing law and one segregated-funds arrangement, so clients know who holds their deposit.
- Towards safe: a body of independent, dated payout confirmations from real clients across more than one platform, over a period of months.
- Towards scam: any regulator warning naming fx24.market, fx24broker.com or Bigray Finance Group LLC.
- Towards scam: credible first-hand reports of withdrawals refused or stalled, and in particular any demand for a tax, unlocking or verification payment before funds are released. One specific, checkable instance of that would change this report immediately.
- Towards scam: the appearance of a licence number on the site that turns out to belong to a different company.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Central Bank of Azerbaijan: licensed investment companies
The full list of firms Azerbaijan licenses. FX24 and Bigray are not on it.
St Vincent and the Grenadines FSA: entity name search
Search BigrayFinanceGroup to see registration 4044, an LLC incorporation.
St Vincent and the Grenadines FSA: what an LLC registration is
The Authority's own description of LLC formation, which is not a trading licence.
FX24 terms and conditions
Where the broker names both of its Bigray Finance Group companies.
Frequently asked questions
Quick answers about this broker’s safety.
Is FX24 a scam?
We cannot call it a proven scam. No regulator has warned about it, no enforcement action names it, and we found no client reporting a blocked withdrawal. We do rate it high risk at 65 percent, because it takes deposits with no licence from any authority while telling visitors it is licensed.
Is FX24 a fraud?
We found no evidence of fraud. There is no regulator warning, no enforcement action and no fraud-related court record naming Bigray Finance Group LLC, fx24.market or fx24broker.com. What we did establish is that its regulatory claim is untrue, which is a serious misrepresentation but not in itself proof of a crime.
Is FX24 regulated?
No. The site says it is licensed by the FSA and by Azerbaijan's financial regulator. The Central Bank of Azerbaijan lists twelve licensed investment companies and Bigray Finance Group is not among them, and the Saint Vincent credential is a company registration rather than a licence.
What is the Saint Vincent registration number 4044 worth?
It confirms the company exists. The Saint Vincent and the Grenadines Financial Services Authority register shows BigrayFinanceGroup LLC as an active LLC incorporated on 21 February 2025. The Authority describes LLC formation as a 24 hour incorporation through a registered agent. It gives no oversight of trading and no protection for deposits.
Who owns and operates FX24?
The site names Bigray Finance Group LLC as the operator, at House 25E, Neighborhood 1978, Mammad Araz Street, Narimanov District, Baku. The terms also name a second company of the same name in Saint Vincent and the Grenadines. No directors or beneficial owners are published.
Can I withdraw my money from FX24?
We found no complaint saying withdrawals were refused, and the site advertises bank transfer, cards and e-wallets with most withdrawals inside 24 hours. We also found no independent confirmation from clients that payouts actually arrive. Because there is no licence, a refusal would leave you with no regulator to appeal to.
Is my money safe with FX24?
It is not protected. With no licence in any jurisdiction there is no segregation requirement you can enforce, no ombudsman and no compensation scheme. Whatever you deposit is exposed to the company alone.
How old is FX24?
The brand runs back to at least August 2022, when fx24broker.com was registered, and archived pages from March 2024 show the same Azerbaijani company and registration number. The current site fx24.market was only registered in April 2026, and the Saint Vincent contracting company dates from February 2025.
Is FX24 a clone of another broker?
No. It trades under its own name and quotes its own registration numbers, and it does not borrow another firm's licence or identity. Be aware that several unrelated businesses use the FX24 name, so warnings you find online may concern a different operation.
I saw an FCA warning about FX24. Does it apply to this broker?
Not to this one. The FCA notice from January 2023 concerns Swift Capital FX24 at the website swiftcapitalsfx24.com, a different operation. Similar names also belong to FX24 Investment Ltd and FX24Trade, which are again separate. Always match the exact website address before applying a warning.
Why are there no reviews of FX24 anywhere?
That is one of our concerns. Neither fx24.market nor fx24broker.com has a Trustpilot page, and independent broker databases show no user reviews at all. A firm advertising 28,000 active users would normally leave some public trace, positive or negative.
Does FX24 really offer MetaTrader 5?
Yes. The platform pages advertise MetaTrader 5 across desktop, web and mobile, and a dedicated trading server runs in the company's own name. The trading technology appears genuine, which is separate from the question of whether the business is licensed.
What should I check before depositing with any broker?
Find the licence number on the broker's site, open the regulator's own register and confirm that the number, the company name and the exact website address all match. If a broker says it is regulated but publishes no number and no register link, as FX24 does, treat the claim as unproven.
What we recommend
The practical takeaway from everything above.
Treat FX24 as an unregulated offshore broker and size any exposure accordingly.
- Do not rely on the regulation claim. There is no licence behind it. If your money goes missing there is no regulator to escalate to and no compensation scheme.
- Check it yourself before depositing. The Central Bank of Azerbaijan register and the Saint Vincent entity search are linked below and take a minute each.
- If you still trade, deposit only what you can lose, withdraw early and often to prove the pipe works, and keep dated records of every transfer, ticket and chat.
- Avoid bonuses and any offer that ties your balance to a trading-volume condition.
- Never pay a fee to release a withdrawal. No legitimate broker asks for a tax, unlocking or verification payment before returning your own money. If you are asked, stop paying and collect evidence.
- If you are already affected, contact your bank or card issuer about a chargeback, keep every record, and be wary of anyone offering to recover your funds for an upfront fee, which is a common follow-on scam.
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 September 16, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.