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24 Markets Review: Smarter Forex Trading in 2024?

24 Markets Review

Welcome to our 24 Markets review! Today, we will talk about a South African brokerage that wants to create a decent trading environment. But here’s the burning question – is it a reliable choice for you? Let’s dive into the details to find out the whole truth about this trading firm.

Company type Broker
Legal name DEDA Capital Markets (Pty) Ltd
Regulation Regulated by FSCA
Registered in South Africa
Established 2022
Website 24markets.com
Financial Authorities Warnings None found
Contacts [email protected], +27 101 577 500
If withdrawal is possible Yes
Fees From $100
If Active on Social Media: Yes, X, Facebook, Linkedin, and Instagram 
Investor Protection: No
Activity areas Italy, Spain, United States, India, Brazil
Main threats Hidenn domain, no Tier 1 regulation, and grammar errors
Main perks Positive Trustpilot reviews

Defining 24 Markets

So, what’s the deal with 24 Markets? This broker is regulated by the local Financial Sector Conduct Authority (FSCA) under DEDA CAPITAL MARKETS (PTY) LTD. Now, the FSCA keeps its lips sealed about the broker’s operating domain. Notably, this is what makes everything a bit tricky.

Also, the address and license information don’t quite match. Despite these issues, our close look finds overall compliance.

FSCA’s Unique Requirements

Now here’s where it gets interesting. FSCA does things a bit differently compared to European regulators. There are no specific minimum capital requirements here! It’s a case-by-case evaluation.

The focus is on confirming that the broker can cover all expenses and potential debts. Brokers in South Africa face some evaluations. It is essential to see if they’re legit and if their employees are qualified. FSCA’s reputation is solid after all, but Tier 1 regulation is always a safer bet. This goes without saying!

Tier 1 regulators to look out for are the FCA, CySEC, Bafin, and ASIC. 

24 Markets Platform – User-Friendly MetaTrader 5

What about the trading platform here? This broker did an excellent job with MetaTrader 5 and a slick web-based solution. The web platform is great for beginners, but MetaTrader 5 steals the show.

This is a powerhouse! It has more than 10 million downloads and some amazing reviews. With tools for both technical and fundamental analysis, it’s a reliable choice for traders.

Tip: Did you know that it costs $25,000 to open a basic account at SepaFX? This indeed points to a scam. It’s best to avoid shady companies like this one!

Exploring Financial Instruments

Now, let’s talk about asset classes here! This broker covers commodities, indices, forex, cryptocurrencies, and over 2,000 stocks. This is indeed a big plus!

Still, we must mention another drawback. Typos, especially in crypto listings, make us raise an eyebrow. For example, they misspelled the name of the Stellar crypto asset. Often, it happens that websites with poor grammar point to deceptions.

Despite that, the broker seems solid, offering exposure to various asset classes.

Tip: Did you know that CryptoGo365 is a scam and not a creative one? The company onboards clients without any permission, running the fraud from offshore. We’ve seen it many times before.

Account Tiers and Trading Conditions

What about the 24 Markets account types? Considering different traders, this broker presents a range of account types. From the newbie-friendly Discovery account to the Exclusive VIP account, each tier has its perks. Now, for a more favorable trading environment, you’re looking at a minimum deposit of $10,000.

Let’s take a closer look:

  • Discovery Account
    • Price: $100
  • Gold Account
    • Price: $5,000
  • Platinum Account
    • Price: $25,000
  • Exclusive VIP Account
    • Price: $100,000

Spread and Leverage Insight

Now, we can also see ECN accounts. Notably, there are two types:

  • CLASSIC ECN
    • Price: $1,000
  • PRO ECN
    • Price: $50,000

Spread variations are between 0.8 and 1.9 pips across standard accounts. The Discovery account, with a higher spread of 1.9 pips on EUR/USD, needs a bit of caution. What about tighter spreads at 0.8 pips? Well, you’ll need a hefty $100,000 deposit.

Now, what about that claim about affordable ECN accounts starting at $1,000? It sounds good, but the associated spread seems higher than the industry norm. Lastly, we see that they talk about leverage of 1:300. 

Note: Speaking of 24 Markets withdrawal options, we can see they support bank cards and wire transfers. 

User Opinions Matter – 24 Markets Reviews

If we look at Trustpilot, this trading firm has a solid 4.1-star rating from 34 users. This looks relatively good, but you should keep in mind they lack Tier 1 regulation. That makes us a bit wary.

The 4.1 stars are good, but in the FX world, we need something better. Make sure you lean toward a 4.5-star cushion and above. Safety should always come first!

Choosing a Safe Forex Broker

When on the hunt for a secure broker, you should consider a few key things. First off, make sure the broker is well-regulated and trusted. This means you should check their regulatory status and what people say about them.

Look into their history, see how long they’ve been around, and check if they’re financially sound. Also, peek at their trading platforms and tools – are they a good fit for you? In addition, don’t forget about your money’s safety! 

Look into the broker’s security measures and how easy it is to dive into the markets. By going through these steps, you’ll find an FX companion that cares about keeping your investments safe and sound.

Unlocking Earning Potential

Are you ready to rake in some capital through online trading? With proper knowledge, it’s a breeze, and we’ve got your back! Contact us for free consultations on the top FX and crypto platforms.

Moreover, don’t miss the scoop on our mind-blowing new offer – the AI Analysis Tool. This slick software predicts price changes by juggling historical prices, the latest news, and other data.

Final Words

Wrapping it up – when you’re surfing the waves of online trading, always play smart. Sure, 24 Markets has its perks, but they lack Tier 1 regulation. Also, their website is not fully professional.

Lastly, remember a little gem – our AI Analysis Tool. This is similar to a market whisperer, offering a unique spin on trends. It is worth taking a look! 

FAQ

What is 24 Markets?

24 Markets is a South African broker regulated by FSCA.

Is 24 Markets Regulated?

Yes, it is. This broker is regulated by FSCA.

How to Choose a Trustworthy Broker?

Make sure you check the regulations, track records, and trading tools the broker offers.

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