24Markets Review: Is 24Markets.com Legit?

24Markets is a broker dealing with forex, indices, commodities, shares, metals, and cryptocurrency trading. The company accept investors worldwide to make a personal investment. This South African broker claims to have been in the industry since 2014. They are presenting a secure and transparent environment for traders. 

We noticed 24Markets.com does not charge hefty fees to traders. Unfortunately, you must be willing to deposit more cash to enjoy better returns. This company has not met international qualifications. However, you might give them a trial if you are a South African citizen,

However, you need an international broker verified by traders regarding investment. There are many legitimate forex platforms and cryptocurrency trading entities. These are entities regulated by world-class financial watchods. 

24Markets.com Review

Our biggest concern is that 24Markets.com lacks audited trading results. The company should only target worldwide clientele when ready to provide all the necessary materials. You must know the qualification of the account managers, financial analysts, and founders. 

24Markets has availed the name of its parent company. Another thing to consider when trading is whether a broker works with a top-tier bank. Doing so grants you peace of mind. This is because the traders’ accounts are segregated from the company’s. Currently, there is minimum data on the company. 

We cannot verify whether the client reviews that are there are genuine. It is important to keep watch and approach with caution. During this review, the website seemed to have experienced some errors. 

The design and appearance were not appealing. You won’t find such mistakes with leading companies, and a notice is given if there is system maintenance; a stringent financial watchdog requires all licensed companies to report daily trading results to the authority. If a company faces bankruptcy, it should compensate traders. 

24Markets Trading Conditions 

24Markets requires a minimum trade size of 0.01. The firm advertises a maximum leverage of 1:300. The limit exceeds what financial watchdogs approve. This raises concerns about whether this is a legal entity. 

The majority of regulatory bodies allow companies to offer a 1:30 cap. However, professional traders with proof of sufficient capital and experts can enjoy high limits. The process minimizes the involved risks. On the other hand, offshore brokers lure customers with high leverage limits. 

When accepting high leverage, remember you can either make profits or losses. There is no in-between. We recommend avoiding such offers, especially if you are a newbie. The EURUSD pair has a spread of 1.9 in the Discovery account. 

Investors that deposit high amounts can enjoy a tight spread of 0.8 pips. The conditions are unfavourable since investors must deposit $100,000. The average spread standard in the market is 1.5 pips. Some ECN brokers offer zero pips spreads. 

In summary, 24Markets is not an expensive company. However, we expected some attractive trading conditions favourable for novice traders. Maybe with time, the platform will do something. Time will tell. 

The Available Trading Platform

 24Markets offers MT5 and a web trader interface. Investors can use their phones to trade or computers. 24Markets.com has over 45 forex pairs, ten cryptocurrencies, and 270 plus CFDs. Traders can also use EAs to execute trades. 

MetaTrader5 has many adorable features. It is among the most used software in the market. However, you must also be careful, as some scammers purchase the interface to win traders’ trust. 

You can use trading robots to keep track of the market and execute the trade automatically. The software has superior analytical tools and reliable indicators. You can also easily use the chart tools and access multiple market place. Investors can also set notifications to receive updates when prices hit or below particular levels. 

24Markets Withdrawal and Deposits

The listed payment methods are; PerfectMoney, Bank Wire transfers, Visa, MasterCard, cryptocurrency, and AdvCash. You need a starting capital of $100. At the moment, there are no mentions of absurd charges. 

24Markets is offering bonuses and promotions. Some regulatory bodies are against brokers offering these lucrative services. The reason being the money legally belongs to the company. And some scammers attach ridiculous trade volumes, which you must meet to qualify for a withdrawal. 

The company claims to have the best affiliate commissions. Depending on your effort, you can get up to $1200 CPA. Unfortunately, we did not find the legal documentation, which is unethical. Genuine companies feature their terms and conditions openly. Investors will know what they are signing up for before opening accounts. 

Contact Details and Customer Support

24Markets alleged office is in South Africa. The company support is available via phone and email. You can also fill in the contact form. The company has tried to be transparent. Many offshore platforms do not bother disclosing their area of operation. 

It would be best if you chose a genuine broker that is responsive. You never know when you may face a challenge. When this occurs, you will need a professional and timely response. Unfortunately, offshore entities lack sufficient cash to hire a top-notch support team. Therefore, investors end up being treated unethically. 

Another thing you need to be cautious about is sharing personal data. To verify your trading account, brokers need your ID, phone number, and email address. Sharing government-issued documents can cause you more trouble. Only give access to such materials to trusted entities. 

Is 24Markets.com Legit? 

The company has a license from the local financial regulator FSCA. The agency is a bit lenient compared to other watchdogs in the market. Nonetheless, it is recommendable the firm has sought a license. The broker accepts traders globally. Therefore, it would be best to acquire licenses from these other countries. 

24Markets’ parent company is ORG Corporate Solutions (PRY) LTD. Unfortunately, the local regulator fails to feature the URL  of the licensed broker. This can create a loophole whereby some fraudsters will take advantage of the situation. 

FSCA, unlike financial watchdogs such as NFA, FCA, FINMA, CySEC, ASIC, and MFSA, does not have a capital requirement. These agencies set different capital standards that could be as high as $20M and 730K EURO. The amount proves platforms can smoothly run their operations without misappropriate use of funds. 

The South African watchdog only requires a company to have sufficient funds for potential debts and expenses. Another requirement is for brokers to have a physical address and financial evaluation to determine their financial stability and reputation. 

This is better, as some offshore companies operate virtually. They don’t work with professionals. This is the reason behind their failure. When a financial regulator is involved, companies work with professionals. 

24Markets Customer Reviews

We found some customer reviews on wikifx.com. The testimonials mostly seem to be from South African citizens. They claim the broker is licensed, allowing them to trade themselves. There is no withdrawal problem. Most are happy with the MT5 platform and overall experience. 

There is also a customer who is displeased with 24Markets. He accuses the broker of price manipulation and fraud. Unfortunately, all the above statements are left by anonymous people. 

We cannot find the reviewer’s social media accounts. Additionally, the individuals have no profile pictures. We cannot rely on the information. Also, the company claims to be reputable and to have been in the market for years. It is disappointing that we cannot find verified customer reviews. 

Final Verdict

24Markets is a South Africa broker. The company should meet international regulator requirements to be considered a worldwide legitimate broker. We find their spread wide and leverage extremely high for novice traders.

There are better investment companies in the market with a proven reputation. Ensure you perform thorough research on any scheme before depositing funds. 

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