Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
9/10 · CriticalNo licence from any authority while taking retail deposits, plus an advertised claim to hold licences from two named regulators that neither register supports.
Identity & transparency
6/10 · HighEntity, two registration numbers, street address and landline are disclosed, but no owners or officers are named, the alias site gives a different Baku address, and no independent corporate record could be retrieved.
Withdrawals & conduct
6/10 · HighFour specific fund-integrity reports with amounts and dates clustered Oct 2024 to Mar 2025, set against credible positive payout reports; concentrated on one platform, so treated as a pattern that is not fully corroborated.
Reputation
6/10 · HighMixed and thin: 2.9 out of 5 on one Persian platform against 4.61 on another, no presence on mainstream review sites, several English review sites rate it unregulated, and no regulator warning anywhere.
Website claims
8/10 · CriticalStates in two languages that it operates under licences from the FSA and the Azerbaijani regulator and advertises more than two licences, while its own terms name no regulator and the certificate download delivers nothing.
Operational history
4/10 · ModerateContinuous operation of the brand verified from November 2022 with no age misrepresentation on its own site, but the figure is an upper bound because neither operating company could be dated.
Who they are
A quick desk file on the company behind the brand.
- Brand: FX24, also presented as FX24 Market and FX24 Broker.
- Legal entity: Bigray Finance Group LLC. Clause 1.1 of the terms names two companies of that same name, one in Azerbaijan with registration 1406246501 and one in Saint Vincent and the Grenadines with registration 4044, and defines both collectively as the Company.
- Registered: House 25E, Neighborhood 1978, Mammad Araz Street, Narimanov District, Baku AZ1069, Azerbaijan. The operation older alias site gives a different Baku address, on Tbilisi Avenue in the Nasimi district.
- Website: fx24.market, with client areas at id.fx24.market and my.fx24.market. The same operation also runs fx24broker.com and a credential-gated portal at app.fx24broker.com.
- Only licence: none. Two company registrations are presented on the site as regulatory licences.
- Offers: MetaTrader 5 accounts from a 25 dollar minimum deposit, leverage to 1:500, forex, indices, shares, commodities and crypto CFDs, deposit bonuses, hedging on negative margin, and an affiliate programme. Support in English, Persian and Arabic.
- Not accepted: no country is excluded. Section 3 of the terms places the entire legal burden on the client.
- Age claim: none published in any language version. The FX24 brand has run continuously since at least November 2022.
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.
The verdict rests on regulatory findings taken from the two authorities the broker itself names, not on user complaints.
- The Azerbaijani claim fails at the register. Both the English and Persian home pages state that FX24 is officially registered and operates under a licence from the financial regulator of Azerbaijan, and the site advertises more than two regulatory licences. The Central Bank of the Republic of Azerbaijan lists twelve licensed investment companies, every one of them a joint-stock company, and Bigray Finance Group LLC is not among them. The core service that requires this licence is precisely what FX24 does: accepting and processing customer orders in financial derivatives.
- The Saint Vincent claim refutes itself. The authority there states plainly in its published warning notices that it does not issue licences for forex trading or brokerage, and does not regulate or license limited liability companies engaged in that business. An LLC formation in that jurisdiction costs 125 dollars and completes within 24 hours, on the authority own published fee schedule. Number 4044 is a company formation, and the broker own terms say exactly that.
- The marketing contradicts the legal documents. The terms and conditions name no regulator anywhere. They name only two company registrations. A broker that holds a licence puts the number and the register link in front of the client; this one publishes neither, and the certificate download beside the phrase backed by reputable regulations returns no file.
- Unlicensed solicitation is wide open. The account funnel offers every jurisdiction on its list, including the United States, the United Kingdom, Germany, Iran, Cuba and North Korea, with no restricted-country clause behind it. For an operation with no authorisation in any jurisdiction, that is not a compliance gap at the margins.
- Fund-integrity reports exist and are specific, but they sit on one platform. Four accounts on a single Persian review site describe money not being returned, with amounts, dates and in one case a transaction hash, clustered between October 2024 and March 2025. They meet three of the four tests we apply, failing only independence: we could not corroborate them on a second platform, and the same ecosystem also carries positive reports of deposits and withdrawals working. We have therefore not treated them as the spine of this verdict.
- How the number was reached. The weighted mean of the six dimensions is 6.7, or 67 per cent. Three independent strong findings raise the floor to 70, and we set it at 72 to reflect five such findings rather than three. There is no regulator warning, no enforcement action and no clone, which is why this is not a higher band.
- One honest limit on the history. The four-year track record is an upper bound. It rests on the domain leg alone, because neither the Azerbaijani nor the Saint Vincent company could be dated: Azerbaijan commercial register and the Saint Vincent entity lookup both decline to return a record for this company. If either entity is younger than the website, the real operating history is shorter than four years.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The Central Bank of the Republic of Azerbaijan publishes the complete list of licensed investment companies, twelve firms, all joint-stock companies. Bigray Finance Group LLC and FX24 are absent, and the licence definition on the same page covers accepting and processing customer orders in financial derivatives, which is what FX24 does.
E2The Saint Vincent and the Grenadines Financial Services Authority states in its own published notice that it does not issue licences for forex trading or brokerage activities, and does not regulate or license limited liability companies engaged in forex trading or brokerage.
E3The FX24 home page states that the broker is officially registered and licensed by the FSA and Azerbaijan financial regulator, and the performance panel advertises more than two regulatory licences. No licence number and no register link is published for either claim.
StrongFX24 home pageE4Clause 1.1 of the FX24 terms names two companies called Bigray Finance Group LLC, one with Azerbaijani registration 1406246501 and one incorporated as a limited liability company in Saint Vincent and the Grenadines with registration 4044, and names no regulator at all. The document that governs the client relationship contradicts the regulatory claim in the marketing.
E5Four users report money not returned: a withdrawal rejected and the account deleted with 2,000 dollars on it (2 Feb 2025), a 100 USDT deposit not credited despite a confirmed transaction hash (7 Mar 2025), a 173 dollar profit withheld on a bot-trading pretext followed by a ban on complaining (30 Oct 2024), and a bonus account rejected after 45 days with verification pending two months (25 Dec 2024). The platform records 2.9 out of 5 across 39 reviews and identifies the broker as fx24.market, formerly fx24broker.com.
E6The account opening form offers 244 nationalities and countries of residence including the United States, the United Kingdom, Germany, Iran, Cuba and North Korea, while section 3 of the terms sets out no restricted countries and places the entire legal burden on the client. An operation with no authorisation anywhere is soliciting everywhere.
E7The authority own page shows a Saint Vincent LLC is a company formation costing 125 dollars and completed within 24 hours, with no residency requirement, listed separately from its licensed financial institutions and licensed financial entities. This is what number 4044 represents.
E8The Persian version of the site carries the same claim, that FX24 is officially registered and operates under the licence of the FSA and the financial supervisory authority of the Republic of Azerbaijan, alongside a count of more than two regulatory licences. The false claim is made to the broker main client base in its own language.
ModerateFX24 Persian home pageE9The contact page repeats claims of 28,000 active users and 12 million dollars in trading volume. No review page exists for either of the broker domains on the main consumer review platform, and the main trading forums carry no discussion of it, leaving the claimed scale unsupported by any independent trace.
ModerateFX24 contact pageE10The alias site fx24broker.com publishes the same two registration numbers, the same support address and the same Baku landline as fx24.market, and repeats the claim of the FSA and the financial regulator of Azerbaijan. It gives a different registered address, on Tbilisi Avenue in the Nasimi district of Baku.
ModerateFX24 Broker alias websiteE11The main domain fx24.market was registered on 14 April 2026 through NameCheap on Cloudflare nameservers, with the record last changed on 11 August 2026.
E12The predecessor domain fx24broker.com was registered on 28 August 2022 and shares the identical pair of Cloudflare nameservers with fx24.market, tying the two sites to one operation and establishing the older of the two domain dates.
E13The earliest archived copy of fx24broker.com, from 14 February 2023, already shows the same Persian-language FX24 broker offering MetaTrader 5, forex, indices, crypto, commodities and shares, with news posts dated November 2022. The brand has run continuously on that domain since then, so the domain is not an aged shell repurposed by a new operator. It then advertised leverage to 1:1000 and insured accounts.
E14No investor alert or warning notice published by the Saint Vincent and the Grenadines authority names FX24, Bigray Finance Group or either of the broker domains. The most recent notices concern unrelated entities.
E15Ten named users across three Persian platforms report satisfactory experiences, several praising deposit and withdrawal speed, low spreads and support. One platform aggregates 4.61 out of 5 across 242 reviews and notes on its own account that the Saint Vincent status is registration only and not regulatory oversight.
ModerateKhanesarmaye, FX24 broker reviewE16A second Persian platform records five user reviews, four positive on execution, spreads and withdrawal speed and one negative describing poor execution and deposit and withdrawal processes, and dates the business to 2024 while noting only company registration in Azerbaijan and offshore registration.
E17A third Persian platform records four user comments dated September 2024 to May 2025, all positive and none concerning deposits or withdrawals, and shows no licence number against the FSA claim.
E18An independent English-language review site assessing the operator it names as Big Ray Finance Group LLC concludes that FX24 holds no valid regulation from any tier-one authority and is low on transparency. The page names no website, so it corroborates the regulatory finding only in general terms.
The other side
The strongest case in this broker’s favour.
The case against FX24 has real limits, and several findings point the other way.
- This is a genuine trading operation, not an empty shell. A dedicated MetaTrader 5 server runs under the Bigray Finance Group name, which is not something a pure front can fabricate. The platform, the account tiers and the client portals all function.
- The history is real and continuous. The FX24 brand has operated on fx24broker.com since at least November 2022, and the earliest archived copy from February 2023 shows the same Persian-language broker with the same products. This is not an aged domain repurposed by a new operator, and not a rebrand escaping a bad record. We found no adverse history on the predecessor domain.
- Identity is disclosed, not hidden. A named legal entity, two registration numbers, a street address, a Baku landline and a support email all appear in the footer of every page, plus a full set of legal documents including AML and conflict-of-interest policies. Many worse operations publish none of this.
- No authority has acted against it. There is no entry naming FX24, fx24.market, fx24broker.com or Bigray Finance Group on the Saint Vincent investor alerts list, and we found no regulator warning, no enforcement action and no fraud-related court record naming this operation anywhere.
- The complaint picture is genuinely mixed. Around ten named users across three platforms report satisfactory experiences, several specifically praising deposit and withdrawal speed. One Persian site aggregates 4.61 out of 5 across 242 reviews. Competitors do plant withdrawal complaints, and we cannot exclude that for a set concentrated on one site.
- No advance-fee pattern. We found no report of FX24 demanding a tax, fee or further payment before releasing funds, which is the single most incriminating pattern in this sector and is absent here.
- The wording may be careless rather than calculated. The claim names the FSA without saying which one, and a firm that genuinely believed a Saint Vincent registration amounted to regulation would write much the same sentence. That is an explanation for the error; it is not a defence of it, because the site also advertises a licence count and a downloadable certificate.
- Not the FX24 that was blocked in Italy. A different operation using the same brand, Swiss Management Corporation Ltd at fx24.one, was blacked out by the Italian regulator in 2021. That order has nothing to do with this company, and we have excluded it.
What would change this
What we would need to see to revise the verdict.
Specific, checkable things would move this verdict in either direction.
- Toward legitimate: Bigray Finance Group appearing on the Central Bank of the Republic of Azerbaijan register of licensed investment companies, or any genuine dealing licence from a recognised authority with a number and a working register link published on the site.
- Toward legitimate: the site correcting itself. Removing the claim to be licensed by the FSA and by the Azerbaijani regulator, dropping the licence count, and stating plainly that it holds company registrations only, would remove the largest single finding here.
- Toward legitimate: a restricted-country list that actually excludes the jurisdictions where the firm has no authorisation, applied in the signup funnel.
- Toward legitimate: documented resolution of the four outstanding fund-integrity reports, or a body of independent payout confirmations on a platform outside the affiliate ecosystem.
- Toward worse: a warning notice naming FX24, Bigray Finance Group or either domain from any regulator, which would make this a confirmed case.
- Toward worse: the same withdrawal-refusal pattern appearing on a second independent platform, or any credible report of a payment being demanded before funds are released.
- Toward worse: confirmation that either company was incorporated recently, which would cut the track record well below four years.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Central Bank of the Republic of Azerbaijan: licensed investment companies
The full official list of firms licensed to provide investment services in Azerbaijan. Bigray Finance Group does not appear on it.
Saint Vincent and the Grenadines FSA: what an LLC registration is
The authority own page showing an LLC is a 125 dollar company formation completed in 24 hours, not a financial licence.
Saint Vincent and the Grenadines FSA: notice on forex licensing
The authority states here that it issues no forex or brokerage licences and does not regulate LLCs in that business.
Saint Vincent and the Grenadines FSA: entity name search
Where a Saint Vincent company registration would be looked up. The published extract returns no record for this company.
Saint Vincent and the Grenadines FSA: investor alerts
The authority warning list. No notice names FX24 or Bigray Finance Group.
FX24 terms and conditions
The broker own document naming its two company registrations and, notably, no regulator at all.
Frequently asked questions
Quick answers about this broker’s safety.
Is FX24 a scam?
We rate FX24 a likely scam at 72 per cent risk. It advertises licences from the FSA and from the financial regulator of Azerbaijan, and neither licence exists. No authority has issued a warning against it and a real trading platform runs behind it, which is why we stop short of calling it confirmed. Treat any deposit as money you could lose with no recourse.
Is FX24 a fraud?
No regulator or court has found fraud against FX24, and we make no such finding. What we can state is the conduct we verified: the broker claims two regulatory licences it does not hold, publishes no licence number or register link, and several clients report deposits not credited and withdrawals refused. On that basis we assess the risk of fraud as high, but the label is our assessment, not a legal finding.
Is FX24 regulated?
No. The Central Bank of the Republic of Azerbaijan publishes the complete list of licensed investment companies and Bigray Finance Group LLC is not on it. The Saint Vincent and the Grenadines authority states it issues no forex or brokerage licences at all. FX24 holds two company registrations, which are not financial regulation.
What is licence number 4044?
It is not a licence. FX24 own terms and conditions describe number 4044 as the registration of Bigray Finance Group LLC as a limited liability company in Saint Vincent and the Grenadines. That is a company formation, which on the authority own fee schedule costs 125 dollars and completes within 24 hours, and it carries no supervision of how client money is handled.
What about registration number 1406246501?
That is the company state registration number of the Azerbaijani entity, shown in the site footer. It records that a company exists and pays tax. It is not a financial licence, and the Central Bank register of licensed investment companies does not include this company.
Can I withdraw my money from FX24?
Some clients say withdrawals were fast. Others say they were not paid: one reports a withdrawal refused and the account then deleted with 2,000 dollars on it, another a 100 USDT deposit never credited despite a confirmed transaction, and a third a 173 dollar profit withheld on the grounds that the trading looked automated. Because there is no licence, no regulator can compel payment if this happens to you.
Is my money safe with FX24?
There is no structural protection. Without a licence there is no requirement to keep client money separate from company money, no compensation scheme if the firm fails, and no ombudsman to appeal to. Your funds depend entirely on the company choosing to pay.
Who owns FX24?
The site names Bigray Finance Group LLC as the operator, with an Azerbaijani company and a Saint Vincent company of the same name. No directors, owners or managers are named anywhere on the site, and we found no independent corporate record for the company in either jurisdiction.
How old is FX24?
The brand has operated since at least November 2022, when its original site fx24broker.com was already live as an FX24 broker, on a domain registered in August 2022. The current fx24.market domain was registered in April 2026. About four years is an upper bound, because neither company behind the brand could be dated, and Persian review sites date the business to 2023 or 2024.
Is FX24 a clone of another broker?
No. The registration numbers it publishes are its own, not another company credentials, and it does not copy the identity of a regulated firm. Be aware that several unrelated operations use the FX24 name, including one blocked by the Italian regulator in 2021 at a different address. Judge any FX24 review by the exact website it names.
Is this the FX24 that Italy blocked?
No. The Italian regulator ordered access blocked to fx24.one, run by Swiss Management Corporation Ltd, in February 2021. That is a different company at a different domain, and it pre-dates this operation. We excluded it from our assessment and none of its findings are attributed here.
Does FX24 accept clients from my country?
It appears to accept everyone. The signup form offers every jurisdiction on its list, including the United States, the United Kingdom, Germany, Iran, Cuba and North Korea, and the terms set out no restricted countries. Since the firm holds no authorisation in any jurisdiction, it is not permitted to solicit residents of most of them, and the terms push that legal risk onto you.
FX24 says it has 28,000 active users. Is that credible?
We could not reconcile it. A brokerage with 28,000 active users and 8,000 funded accounts leaves a visible trace, yet there is no Trustpilot page for either of its domains and nothing on the main trading forums. The only substantial discussion sits on Persian broker-affiliate sites. Treat the figure as marketing.
What should I check before depositing with any broker?
Find the licence number on the broker site, then open the regulator own register and confirm that number, the exact company name and the website all match. If the broker publishes no number, no register link, or a certificate that will not download, stop there. Also check that your own country is not one the broker has no permission to serve.
What we recommend
The practical takeaway from everything above.
Treat FX24 as an unregulated venue and size any exposure accordingly.
- Do not deposit money you cannot afford to lose outright. There is no licence behind this operation, so there is no regulator to escalate to, no ombudsman, no compensation scheme and no requirement that client money be held separately from company money.
- Do not rely on the regulation section of the site. Check the two authorities named there yourself using the links below. Neither register shows this company.
- If you already hold a balance, request a withdrawal of the full amount now rather than later, keep every ticket number, transaction hash and chat transcript, and do not accept a bonus, because bonus terms are the mechanism most often cited when withdrawals are refused.
- Never pay a fee to release your own funds. No legitimate broker requires a tax, commission or unlock payment before returning a balance. A demand like that is the point to stop and gather records.
- If money is already withheld, raise a chargeback or recall with your bank or card issuer promptly, report the loss to the police in your country of residence, and treat any firm offering to recover funds for an upfront fee as a second scam.
- For our own records: status suggested as scam on a provisional basis, with a risk banner, no delisting, and a re-review in 30 days. The basis is the false regulatory claims and the unresolved fund-integrity reports, not a regulator finding, and a human reviewer should weigh that before the status is applied.
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 18, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.