FameFX24 (famefx24.com) is a Contract for Difference broker, with its domain registered on April 3, 2023. This broker primarily targets retail and institutional clients, offering trading services in financial derivatives such as forex, stocks, indices, cryptocurrencies, and commodities. It does not provide services to jurisdictions where such actions might violate local laws or regulations.
Company Registration Information and Regulatory Status
Public information on the FameFX24 (famefx24.com) website claims that the broker is registered in multiple countries and has obtained licenses from several regulatory agencies, including the Australian Securities and Investments Commission (ASIC) (Trading Point of Financial Instruments Pty Limited), the Cyprus Securities and Exchange Commission (CySEC) (Trading Point of Financial Instruments Ltd), the Belize Financial Services Commission (IFSC) (FameFX24 Global Limited), the Italian Companies and Exchange Commission (CONSOB) (FAME INVESTMENTS AG), the Austrian Financial Market Authority (FMA) (FAME INVESTMENTS AG), and the Dubai Financial Services Authority (DFSA) (Trading Point MENA Limited).
Upon verification, it was found that there is no company named FameFX24 Global Limited registered with the Belize Financial Services Commission (IFSC). The Austrian Financial Market Authority (FMA) shows that the official website of FAME INVESTMENTS AG is www.fameinvestments.at, not famefx24.com. Moreover, the Italian Companies and Exchange Commission (CONSOB) has listed famefx24.com on its warning list for operating without authorization. Additionally, the regulatory information on the FameFX24 website appears to be a misappropriation of content from the well-known broker XM.
Therefore, FameFX24 (famefx24.com) is essentially a fraudulent site with no legitimate company entity or regulatory oversight.
Trading Instruments
FameFX24 offers a variety of financial derivatives for trading, including forex, stocks, indices, cryptocurrencies, and commodities.
- Forex: The forex market is the largest financial market globally, involving the exchange of currencies between different countries. Traders profit by buying and selling currency pairs such as EUR/USD, GBP/JPY, etc. The forex market is highly volatile, influenced by global economic data, political events, central bank policies, and other factors.
- Stocks: Stocks represent a share of ownership in a company, and investors holding stocks become shareholders. The stock market allows investors to earn profits by buying and selling company shares. Stock prices are influenced by company performance, market trends, economic conditions, and industry dynamics. Investors can invest in the stock market by purchasing individual company stocks or a group of stocks through mutual funds or ETFs.
- Indices: Stock indices measure the collective performance of a specific market or market sector, such as tech stocks or energy stocks. Common stock indices include the S&P 500, Dow Jones Industrial Average, and the NASDAQ Composite Index. Investors can invest in these indices through index funds or index futures, thereby diversifying investment risks and achieving average market returns.
- Cryptocurrencies: Cryptocurrencies are digital or virtual currencies based on blockchain technology, with Bitcoin and Ethereum being the most notable examples. The cryptocurrency market is highly volatile, influenced by market demand, investor sentiment, technological developments, regulatory policies, and more. Investors can buy, sell, and store cryptocurrencies through cryptocurrency exchanges.
- Commodities: The commodities market involves trading natural resources and agricultural products such as oil, natural gas, gold, silver, copper, coffee, and wheat. Commodity prices are affected by supply and demand changes, weather conditions, geopolitical events, and global economic activities. Investors can invest in commodities through futures contracts, spot markets, or exchange-traded commodity funds (ETFs).
Account Opening
Testing has shown that the account opening and login links provided on the FameFX24 website are not functioning, thereby preventing users from opening an account on the platform.
Trading Accounts
The page for trading account types on the FameFX24 website is inaccessible, making it impossible to determine the offered spreads, trading leverage, margin call/stop-out levels, trading commissions, minimum/maximum trade sizes, maximum open positions/orders, and minimum price increments.
Trading Platform and Deposit/Withdrawal Methods
FameFX24 claims to offer the MT4 trading platform, available on both desktop and mobile. However, no information on this broker was found on the MT4 platform. Additionally, the website does not clarify the supported deposit/withdrawal methods, associated fees, or minimum deposit/withdrawal amounts.
Conclusion
Traderknows alerts investors that FameFX24 (famefx24.com) is a fraudulent website that has stolen company information from the reputable broker XM and asset management firm FAME Investments AG. Investors are advised to choose brokers that are transparent, strictly regulated, and reputable to avoid unnecessary financial losses.
Currently, this broker is marked as "Suspected Fraud" on Traderknows.
