Is FREEDOM 24 a Scam?

At FXCanary, our safety assessments are built from the ground up using a multi‑layered framework that goes far beyond a simple regulatory checkbox. We cross‑check licences against official public registers, analyse aggregated industry data, and scrutinise real‑user testimonials to understand how a broker behaves in practice. Our Scam Risk Score, on a scale from 0 (safest) to 100 (highest risk), synthesises these factors into a single actionable rating.

For Freedom 24, the score of 23/100 places it firmly in the 'Low risk' category. This reflects a strong regulatory foundation under the Cyprus Securities and Exchange Commission (CySEC) and a generally positive Trustpilot profile. However, the score incorporates a cautionary buffer from the volume of withdrawal‑related complaints and specific scam allegations that surfaced in user reviews, which we treat as serious signals requiring deeper investigation.

Freedom 24’s operating entity, Freedom Finance Europe Ltd, holds a Market Making licence (no. 275/15) from CySEC, a regulator within the European Union’s MiFID II framework. CySEC oversight mandates strict operational standards, including capital adequacy, transaction reporting, and conduct of business rules. We verified the licence’s ‘Regulated’ status on the CySEC register, confirming its validity.

Being licensed in Cyprus means the broker can passport its services across the EEA, giving it a broad reach while remaining accountable to a single, competent authority. This is a meaningful safeguard, as CySEC has the power to impose fines, suspend licences, and enforce client restitution. The licence type — Market Making — indicates Freedom 24 may act as a direct counterparty to client trades, which introduces a potential conflict of interest; however, EU rules require that such conflicts be disclosed and managed fairly.

A CySEC licence triggers several layers of investor protection that are critical to a safety analysis. First, strict segregation rules require Freedom 24 to keep client money and assets separate from its own, held with trusted third‑party custodians. In the unlikely event of insolvency, segregated funds are ring‑fenced from creditors, significantly improving the chances of full recovery.

Second, clients are covered by the Investor Compensation Fund (ICF) for up to €20,000 per person. While this cap may not fully protect larger portfolios, it provides a statutory safety net. Additionally, EU‑mandated negative balance protection ensures that retail traders cannot lose more than their account equity, a crucial shield during extreme market volatility. These protections collectively reduce the counter‑party risk that traders face.

Despite robust regulatory wrappers, real‑user feedback paints a more turbulent picture of fund repatriation. In our dataset, 16 of the 17 mentions related to withdrawals were negative. One trader lamented, “it may take up to 3 working days before a withdrawal is executed … a flat fee of 6.40 euros is charged for every single withdrawal,” while another complained, “I requested withdrawal support for Kaspa to external wallets. … the request was outright rejected.”

Deposit problems also surfaced frequently: 14 of 19 mentions flagged issues, with one user reporting that funds transferred from a company bank account never appeared. These recurring themes suggest operational friction that regulation alone has not eliminated. Even if such problems are eventually resolved, delays and unexpected fees erode trust, particularly when combined with claims of poor customer support during the process.

Our review identified several red flags stemming from user complaints. In the ‘Scam concerns’ topic, all five mentions were negative, with allegations of “deceptive and potentially fraudulent practices, including undisclosed fees and automatic enrollment into an unfavorable pricing plan.” Another user warned, “Avoid like the plague. … try and find a contact email for them? None.” The broker’s reliance on in‑app support only, with no public email, amplifies frustration when account access is lost.

Account and KYC procedures also drew six negative mentions without a single positive, suggesting a rigid or poorly communicated onboarding and maintenance process. One individual described being unable to trade or withdraw for months due to repetitive document demands. When aggregated, these patterns indicate that while Freedom 24 is not a classic scam, its operational practices and customer treatment can feel predatory to some clients.

Balancing the picture, Freedom 24 has earned a 4.0/5 rating on Trustpilot from over 1,200 reviews. Many users praise the platform’s ease of use and the assistance they received: “Accurate platform, excellent client services” and “Most important for me Freedom24 has an existing customer support that responds fast and is actually helpful.” These positive experiences are not isolated; 57 of 86 mentions of support were positive, indicating that when things go smoothly, the service can be responsive and effective.

Moreover, the broker’s long‑term presence since 2022 under a CySEC licence and its offer of a wide range of instruments — stocks, ETFs, options — lend legitimacy. The absence of any impersonator or clone websites (0 found in our scan) also means that traders are unlikely to be misdirected to a fraudulent copycat. These green flags suggest the core infrastructure is sound, even if execution gaps exist.

If you choose to trade with Freedom 24, take proactive steps to mitigate the risks illustrated by user reviews. Start by documenting every deposit and withdrawal request: save screenshots, note timestamps, and record all communication with support. This creates an evidence trail if a dispute escalates. Given the broker’s 6.40 EUR flat withdrawal fee and reported delays, plan your cash movements in larger, less frequent batches to minimize cost and administrative burden.

Before committing significant capital, test the withdrawal pipeline with a small amount to verify that the process works end‑to‑end for your specific bank and jurisdiction. Understand that while CySEC regulation provides a statutory safety net, the ICF compensation limit is only €20,000 — so avoid concentrating a portfolio beyond that threshold in a single broker. Finally, stay alert to any automatic enrollment in pricing plans; review your account settings regularly and question unexpected fees immediately.

Freedom 24 is a regulated broker under CySEC, providing that European regulatory framework offers meaningful assurances: fund segregation, negative balance protection, and an investor compensation scheme. These facts alone would place it in the low‑risk category. However, the substantial volume of negative feedback around withdrawals, deposits, and account handling cannot be dismissed as mere noise. The 23/100 Scam Risk Score is an honest reflection of a broker that operates with a sound legal structure but exhibits operational flaws that can harm the retail trader’s experience.

In our assessment, Freedom 24 is not a scam, but it is a broker that demands diligence. Traders who can navigate its fee structure, maintain robust personal records, and invest within the ICF‑protected limits may find a workable platform. Those who need seamless, low‑cost cash management and forgiving account processes should consider whether a broker with a cleaner complaints history might better suit their needs.