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24markets

South Africa|2-5 years|
MT5 Full License|Suspicious Scope of Business|Suspicious Overrun|High potential risk|

https://24markets.com/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

Full License

4
Server Name
OrgCorporateSolutions-Live MT5
Server Location

Contact

support@24markets.com
https://24markets.com/
Spaces, 9th floor, Atrium on 5th building, 5th street, Sandton, 2196 South Africa

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Disclosure

Danger

ES CNMV
2024-04-08

Contact number

Other ways of contact

Broker Information

More

Company Name

ORG Corporate Solutions (PTY) Lt

Abbreviation

24markets

Platform registered country and region

South Africa

Company website
WhatsApp
  • 447827398835

Pyramid scheme complaint

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Warning: Low score, please stay away! 2
Previous Detection : 2024-07-18
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The South AfricaFSCA regulation (license number: 50640) claimed by this broker is suspected to be clone. Please be aware of the risk!

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24markets · WikiFX Survey

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24markets · Company Summary

Registered in South Africa
Regulated by No effective regulation at this time
Year(s) of establishment Within 1 year
Trading instruments forex, spot metals, stocks, futures, spot indices and commodities, cryptocurrencies
Minimum Initial Deposit Information not available
Maximum Leverage 1:300
Minimum spread 0.1 pips onwards for EURUSD
Trading platform MT5 and WebTrader
Deposit and withdrawal method VISA, MasterCard, Maestro, wire transfer.
Customer Service Email, phone number, address, social medias
Fraud Complaints Exposure No for now

It is important to note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.

In this review, if there is a conflict between the image and the text content, the text content should prevail. However, we recommend that you open the official website for further consultation.

Pros and cons of 24markets

Pros:

  • A wide range of trading instruments, including forex, stocks, commodities, and cryptocurrencies.

  • Multiple account types with varying spreads and commissions to cater to the needs of different traders.

  • Availability of educational resources such as the demo account, economic calendar, and trading signals to help traders make informed decisions.

  • MT5 and WebTrader platforms available for traders who prefer web-based platforms or desktop applications.

  • Efficient customer support available via various channels including email, phone, and social media.

  • High maximum leverage of up to 1:300, which allows traders to increase their potential profits.

Cons:

  • Limited information on deposit and withdrawal options, including additional fees, minimum amounts, and processing times.

  • The minimum deposit amount is not specified, which may discourage new traders who have limited funds.

  • The regulatory status of the company is unclear, which may raise concerns for traders who prioritize safety and security.

  • No mention of negative balance protection, which could lead to significant losses beyond the trader's initial investment.

  • The lack of transparency in certain areas of the company's operations could be a cause for concern for some traders.

  • The absence of a social trading feature may disappoint traders who prefer to follow and copy the trades of experienced traders.

What type of broker is 24markets?

Advantages Disadvantages
24markets offers tight spreads and fast execution due to its Market Making model. As a counterparty to its clients' trades, 24markets has a potential conflict of interest that may lead to decisions that are not in the best interest of its clients.

24markets is a Market Making (MM) broker, which means that it acts as a counterparty to its clients in trading operations. That is, instead of connecting directly to the market, 24markets acts as an intermediary and takes the opposite position to its clients. As such, it can offer faster order execution speed, tighter spreads and greater flexibility in terms of the leverage offered. However, this also means that 24markets has a certain conflict of interest with their clients, as their profits come from the difference between the bid and ask price of assets, which could lead to them making decisions that are not necessarily in the best interests of their clients. It is important for traders to be aware of this dynamic when trading with 24markets or any other MM broker.

General information and regulation of 24markets

24markets is a South African-based online trading brokerage firm that offers trading services in various financial instruments including forex, shares, indices, commodities, and cryptocurrencies. The broker provides traders with several trading account options, including ECN accounts with competitive trading conditions, such as low spreads and commissions, and high leverage of up to 1:300. The broker also offers educational resources, market analysis, and customer support services. However, the broker's limited payment options and lack of regulatory oversight are a concern.

In the following article, we will analyse the characteristics of this broker in all its dimensions, providing you with easy and well-organised information. If you are interested, read on.

General information

Market instruments

Advantages Disadvantages
Offers a diverse range of instruments for trading, including forex, stocks, futures, cryptocurrencies, and more Being an unregulated broker, traders may not have legal protection in case of any dispute or fraudulent activities
Availability of over 2000 financial instruments Unregulated brokers are not held to the same level of standards and regulations as regulated brokers, which could potentially lead to issues such as unfair pricing, lack of transparency, or unreliable order execution
Opportunity for traders to diversify their portfolio and potentially increase their profits Lack of oversight can lead to potential risks and uncertainties for traders in terms of the safety of their funds or the credibility of the broker's operations.

24markets offers a wide range of trading instruments for its clients, including forex, spot metals, stocks, futures, spot indices, commodities, and cryptocurrencies. With over 2000 financial instruments available for trading, traders have the opportunity to diversify their portfolio and potentially increase their profits. However, as an unregulated broker, 24markets is not held to the same level of standards and regulations as regulated brokers, which could potentially lead to issues such as unfair pricing, lack of transparency, or unreliable order execution. Traders should carefully consider the risks associated with trading with an unregulated broker and conduct thorough research before opening an account with 24markets.

market instruments

Spreads and commissions for trading with 24markets

Advantages Disadvantages
Multiple account types with varying spreads and fees Lack of transparency on minimum deposit requirements
Competitive spreads on higher-tier accounts High commission fees on lower-tier accounts
ECN account options with low spreads and commissions Lack of clarity on potential additional costs or fees
Access to over 2,000 instruments for trading No information provided on swap rates or other charges

In terms of spreads, commissions, and other costs, 24markets offers a variety of account types with different pricing structures to suit different traders' needs. The Discovery account offers wider spreads and higher commission fees, while the Pro ECN account boasts very low spreads and commissions. It's important to note that while some of the higher-tier accounts offer competitive pricing, the lower-tier accounts have relatively high commission fees. Additionally, 24markets doesn't provide transparent information on minimum deposit requirements or potential additional costs, such as swap rates or other fees. Overall, while 24markets offers a range of account types with competitive pricing for certain accounts, traders should be aware of potential hidden costs and carefully evaluate which account type would best suit their needs.

Trading accounts available in 24markets

Advantages Disadvantages
Multiple account types to choose from Minimum deposit not disclosed
Competitive spreads for most account types High commissions for some account types
ECN account options for low spreads Commission fees for share trading may be high for some traders

24Markets offers a variety of account types for traders to choose from, ranging from the Discovery account with a higher spread but lower commission fees, to the Pro ECN account with a very low spread but slightly higher commission fees. This allows traders to select the account type that best suits their trading style and preferences. However, the minimum deposit for these accounts is not disclosed, which may be a disadvantage for traders who want to know the initial investment required to start trading. Additionally, some of the commission fees for share trading may be high for some traders, which could potentially eat into their profits. Nonetheless, the availability of ECN accounts with low spreads can be a significant advantage for traders who prioritize low trading costs.

account types
account types

Trading platform(s) that 24markets offers

Advantages Disadvantages
Offers both MT5 and WebTrader platforms Limited platform options compared to other brokers
MT5 is a popular and advanced trading platform with a wide range of features and tools WebTrader may not be suitable for advanced traders who require more customization options
Both platforms are accessible on desktop and mobile devices The lack of proprietary platform may limit the customization and unique features available
WebTrader platform allows for easy trading without the need for software downloads MT5 may be overwhelming for new traders and requires some learning curve
MT5 provides access to advanced charting and analysis tools, allowing for in-depth technical analysis WebTrader may have limited charting and technical analysis capabilities compared to MT5

In terms of the platform dimension, 24Markets offers both MT5 and WebTrader platforms. MT5 is a popular and advanced trading platform that provides access to a wide range of features and tools, including advanced charting and analysis tools, making it suitable for experienced traders. However, the MT5 platform may require a learning curve and could be overwhelming for new traders. The WebTrader platform, on the other hand, is accessible on desktop and mobile devices and allows for easy trading without the need for software downloads. However, it may have limited charting and technical analysis capabilities compared to MT5, making it unsuitable for advanced traders who require more customization options. Overall, while 24Markets offers a limited range of platforms, the availability of both MT5 and WebTrader could meet the needs of many traders.

trading platform

Maximum leverage of 24markets

Advantages Disadvantages
Can increase profits Can also increase losses
Allows for larger positions High risk for inexperienced traders
Provides more trading opportunities Can lead to margin calls
May require less capital Increased risk of account wipeout
Can amplify gains on successful trades

24markets offers a maximum leverage of up to 1:300, which can be advantageous for traders as it allows them to increase their positions and potentially amplify their profits. Additionally, it may require less capital to open a position, providing more trading opportunities. However, it is important to note that high leverage also increases the risk of losses, and inexperienced traders may be at a higher risk for margin calls and account wipeout. Therefore, it is crucial for traders to understand the risks involved with high leverage and to use it responsibly.

Deposit and Withdrawal: methods and fees

Advantages Disadvantages
Multiple payment options available Lack of transparency on additional fees
Deposits are processed instantly Minimum deposit amount is not disclosed
Withdrawals are processed within 1-2 business days Withdrawal fees are not disclosed
Secure payment methods Limited payment options compared to other brokers
User-friendly payment system

24markets offers a limited number of payment options, including VISA, Mastercard, Maestro, and wire transfer. While multiple payment options are available, the lack of transparency on additional fees and minimum deposit amounts is a significant disadvantage for traders. The company does not disclose the withdrawal fees, which can make it difficult for traders to make informed decisions. However, deposits are processed instantly, and withdrawals are typically processed within 1-2 business days, which is a plus point. Overall, the payment system is user-friendly and secure, but the limited payment options compared to other brokers may be a drawback for some traders.

deposit and withdrawal

Educational resources in 24markets

Advantages Disadvantages
- Wide range of educational resources available, including market analysis, trading signals, economic calendar, and economic insights, allowing traders to stay informed and make informed trading decisions. - Some educational resources may be too basic for experienced traders.
- Demo account available, allowing traders to practice trading strategies and get a feel for the platform without risking real money. - Some educational resources may be biased towards promoting the broker's services rather than providing objective information.
- Regular newsletters and analyst views provide timely updates on market news and trends. - Some educational resources may be outdated or not relevant to current market conditions.
- Trading signals can be useful for traders who want to follow the recommendations of expert traders. - The quality of trading signals can vary, and traders should exercise caution when relying on them.

Overall, 24markets offers a solid range of educational resources to help traders stay informed and make informed trading decisions. However, traders should be aware of potential biases and exercise caution when relying on any educational resources, including trading signals. The demo account is a useful tool for traders to practice trading strategies and get familiar with the platform before trading with real money.

educational resources

Customer service of 24markets

Advantages Disadvantages
Multiple contact options (email, phone, social media) Service hours are not indicated
Physical address provided for inquiries or complaints No indication of multilingual customer support
Presence on various social media platforms Limited information on the website about customer support
Phone number available for quick assistance No live chat option for immediate support

24markets provides several customer care options to cater to the needs of their clients. Customers can contact them through email, phone, or social media. They also provide a physical address for clients to make inquiries or complaints. However, there is no indication of multilingual support, and the service hours are not specified. There is also limited information on their website regarding customer support, and there is no live chat option for immediate assistance. Nevertheless, the availability of multiple contact options and a phone number for quick assistance shows their commitment to providing a reliable and accessible customer support system.

customer support

Conclusion

In conclusion, 24markets is a relatively new online trading broker offering a range of financial instruments, including forex, commodities, and shares. The company provides multiple account types to suit different trading styles, with varying spreads and commissions. It also offers educational resources to help traders improve their knowledge and skills. However, there are some downsides to the platform, such as limited payment options, unclear information on fees and procedures, and the lack of regulation from major financial authorities. Traders should carefully consider these factors before choosing 24markets as their broker. Overall, 24markets seems to offer competitive trading conditions and a user-friendly platform, but potential users should proceed with caution and conduct their own research before making any investment decisions.

Frequently asked questions about 24markets

  • Question: What is 24markets?

  • Answer: 24markets is a forex and CFD broker that offers trading services to individual traders and institutions. They provide access to global financial markets, including forex, commodities, indices, and shares.

  • Question: What trading platforms does 24markets offer?

  • Answer: 24markets offers the popular MetaTrader 5 (MT5) platform and a WebTrader platform that can be accessed directly through a web browser.

  • Question: What is the minimum deposit requirement to open an account with 24markets?

  • Answer: The minimum deposit requirement to open an account with 24markets is not revealed on their website.

  • Question: What are the available payment methods for deposit and withdrawal?

  • Answer: 24markets offers several payment options, including VISA, MasterCard, Maestro, and wire transfer. However, they do not disclose additional fees, minimum amounts, and processing times for these methods.

  • Question: What is the maximum leverage offered by 24markets?

  • Answer: 24markets offers a maximum leverage of up to 1:300, which means that traders can potentially increase their profits or losses by up to 300 times their initial investment.

  • Question: What educational resources does 24markets provide for traders?

  • Answer: 24markets provides several educational resources for traders, including a demo account, economic calendar, economic insight, trading signals, analyst views, newsletter, and panoramic view. These resources can help traders to improve their skills, knowledge, and trading strategies.

User Reviews

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Jenniee
more than one year
24markets is the real deal! Their maximum leverage is impressive, giving traders the power to make the most of their capital. And their customer service is second to none, always available and eager to help. Very satisfied with my experience so far!
2024-07-12 17:49
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0
0
FX1492746351
more than one year
Joined 24markets recently and have mixed feelings. The platform is user-friendly with tight spreads and the customer service is responsive. However, the registration process was a bit cumbersome due to strict security measures, and I noticed they don't offer ETFs, which was a letdown.
2024-06-17 16:18
Reply
0
0
7GYM
more than one year
24markets is a total scam broker. Never make the mistake of opening an account with them. They charge fees to your account for no reason and claim their trading account terms and conditions are total nonsense, just a ploy to lure more people into opening accounts so they can fraudulently charge fees. If there are any bonuses in your account, they will never pay you any amount from the profits you've earned.
2024-03-08 18:28
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0
0
Claudio942
more than one year
Recorded by myself. I got a call to introduce myself but mostly I trade myself. Checked the license and all, very good. I have the ability to trade better. For me everything is fine. Tried to withdraw my funds, no problem that way. Great mt5 platform. Overall good experience
2023-07-04 19:04
Reply
0
0
Pasquale847
more than one year
I am very happy with the experience, platform overall good experience
2023-07-03 23:23
Reply
0
0
yewL
more than one year
I have reached a point where I just want to close my trading account. However, I cannot get this done. For this broker manipulated the price and my trading account. As said before, this broker is nothing but a scammer. And we can see this from its high minimum deposit requirement. I hope that you guys stay clear of this broker.
2023-03-20 17:10
Reply
0
1
Bruno4553
more than one year
I am very happy with the service of 24makets. Fast service, advice at all times. 9.5/10
2023-03-06 19:46
Reply
0
0
FX1320962681
more than one year
24markets is the company that have ever seen in my Life is just a good company so far since I start to invest in that company have been able to feed me and my family! Thank you for everything!
2023-03-02 13:46
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0
0
1
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