Forex24

Forex24 is a retail forex and CFD broker established in Cyprus in November 2018. It is operated by Lydya Financial Ltd, a company incorporated in Cyprus with registration number HE334292. The broker's official website is forex24.com, and its registered address is at 5 Nikou Kazazaki, George Court, 1st Floor, Ayios Theodoros, 8035 Paphos, Cyprus. The broker targets retail traders in Europe and was positioned as a MiFID-compliant investment firm.

Forex24 offers three account tiers—Gold, Silver, and Bronze—with minimum deposits ranging from €250 to €1,000 and maximum leverage capped at 1:30 for major forex pairs and 1:20 for non-major pairs. The broker's product suite primarily focuses on forex and CFD instruments, although specific instrument lists were not publicly detailed. The company was registered with multiple European regulators, including the FCA in the UK, BaFin in Germany, CONSOB in Italy, and ACP in France, under the MiFID passport scheme.

Forex24 was regulated by the Cyprus Securities and Exchange Commission (CySEC) under licence number 300/16, classifying it as a Cyprus Investment Firm (CIF). This licence allowed the broker to offer investment services across the European Economic Area (EEA) under MiFID II passporting rights, with the exception of Belgium. The broker was also registered in several key European jurisdictions as a passported entity.

In November 2023, Forex24 announced its decision to voluntarily renounce its CySEC authorisation, effectively ceasing operations as a CIF. According to the notice, the company was unable to continue providing investment services and instructed clients to close all open positions and withdraw funds. This action effectively ended the broker's regulated status, and as of that date, it no longer operates as an active brokerage.

Forex24 structured its account offerings into three tiers: Bronze, Silver, and Gold. The Bronze account required a minimum deposit of €250 and provided access to the same maximum leverage as higher tiers—1:30 for major forex pairs and 1:20 for non-majors. The Silver and Gold accounts each required a minimum deposit of €1,000, though the broker did not publicly specify distinct features or benefits for these tiers beyond the higher entry threshold.

The broker's maximum leverage levels are consistent with CySEC's retail investor limits under ESMA regulations, indicating that all accounts were classified as retail. Specific spreads, commissions, or platforms (such as MT4 or MT5) were not published on the broker's own website, but given its nature as a retail FX/CFD broker, it likely offered standard industry platforms. The absence of detailed trading conditions in the public domain adds a layer of opacity for prospective traders.

The most significant development for Forex24 is the voluntary renunciation of its CySEC licence, announced in late 2023. This decision marked the end of its operations as a regulated broker. The company instructed clients to close all open positions and requested that funds be withdrawn from trading accounts. New transactions were disabled from 6 November 2023, and the broker has since ceased active client onboarding and trading activities.

As a result, Forex24 is no longer a functional brokerage. Traders considering this broker should be aware that it is not currently accepting new clients or facilitating trades. The voluntary surrender of its licence under such circumstances suggests financial or operational difficulties, and the broker's future remains uncertain. FXCanary advises caution and recommends seeking alternative regulated brokers for active trading needs.

Forex24 was primarily aimed at retail traders within the European Union who seek a CySEC-regulated broker with multiple account options. Its leverage limits, in line with ESMA rules, made it suitable for conservative retail traders who prefer lower leverage. However, the broker's current inactive status means it is not suitable for any trader seeking an active trading environment.

The broker's European registration and MiFID passporting indicated an intention to serve a broad continental client base, but the recent closure of operations has nullified that offering. Traders looking for a regulated EU broker should look elsewhere.