24markets Forex Broker
Basic Information
South Africa
2-5 years Suspicious Regulatory License Suspicious Scope of Business Suspicious Overrun High potential riskCompany profile
Rating Index
Platinum
Gold
24markets Forex Broker - Complete Information Guide
1. Overview of the Broker
24markets, officially known as Deda Capital Markets (Pty) Ltd, was established in 2017 and is headquartered in Johannesburg, South Africa. This privately held company primarily serves retail clients, offering a wide range of trading services in various financial markets. Since its inception, 24markets has focused on providing a user-friendly trading environment, catering to both novice and experienced traders.
Over the years, 24markets has achieved significant milestones, including the expansion of its trading asset portfolio to over 2,000 financial instruments, including forex pairs, CFDs, commodities, and cryptocurrencies. The company operates under the regulatory oversight of the Financial Sector Conduct Authority (FSCA) in South Africa, which enhances its credibility in the financial services industry.
The business model of 24markets is primarily retail-focused, offering services such as online forex trading, CFD trading, and educational resources for traders. This approach allows the broker to cater to a diverse client base, including individual traders looking to engage in the global financial markets.
2. Regulatory and Compliance Information
24markets is regulated by the Financial Sector Conduct Authority (FSCA) of South Africa, under license number 50640. This regulatory framework ensures that the broker adheres to strict compliance standards, providing a level of security to its clients. The FSCA's oversight covers aspects such as financial reporting, client asset management, and the segregation of client funds from the company's operational funds.
The regulatory license is valid within the jurisdiction of South Africa, and while the FSCA imposes certain operational requirements, it is noted that these regulations may not be as stringent as those enforced by other major financial authorities in Europe or the United States. Clients' funds are kept in segregated accounts, which adds an extra layer of protection against potential insolvency.
24markets implements robust KYC (Know Your Customer) and AML (Anti-Money Laundering) measures to ensure compliance with international standards. This includes verifying the identities of clients and monitoring transactions for any suspicious activity.
3. Trading Products and Services
The 24markets broker offers a diverse range of trading products, including over 45 forex currency pairs and a comprehensive selection of CFDs covering various asset classes. These include:
- Indices: Major global indices to allow traders to speculate on market movements.
- Commodities: Trading options for precious metals like gold and silver, as well as energy resources such as oil.
- Stocks: Access to a wide range of global stocks, enabling traders to participate in equity markets.
- Cryptocurrencies: Options to trade popular cryptocurrencies, including Bitcoin and Ethereum.
The broker continuously updates its product offerings, ensuring traders have access to the latest market developments and trading opportunities. Retail trading services are designed to be user-friendly, while institutional clients can also benefit from tailored solutions.
4. Trading Platforms and Technology
24markets provides its clients with access to two primary trading platforms: MetaTrader 5 (MT5) and its proprietary WebTrader.
MetaTrader 5: This widely recognized platform is favored for its advanced trading features, including comprehensive charting tools, technical indicators, and automated trading capabilities through Expert Advisors (EAs). MT5 is available on both desktop and mobile devices, enabling traders to execute trades and manage their accounts from anywhere.
WebTrader: This platform offers a straightforward interface that can be accessed directly through a web browser, making it easy for traders to log in, search for assets, and place orders without needing to download any software.
Both platforms support multiple execution modes, including ECN and Market Making, allowing for flexibility in trading strategies. The broker's servers are strategically located to ensure fast order execution and minimal slippage.
5. Account Types and Trading Conditions
24markets offers a variety of account types tailored to different trading needs and experiences. The available accounts include:
- Discovery Account: Requires a minimum deposit of $100, with higher spreads and commissions.
- Gold Account: Requires a minimum deposit of $10,000 and offers improved trading conditions.
- Platinum Account: Requires a minimum deposit of $50,000.
- Exclusive VIP Account: Requires a minimum deposit of $100,000.
- Classic ECN Account: Requires a minimum deposit of $1,000 with competitive spreads.
- Pro ECN Account: Requires a minimum deposit of $50,000 and provides the best trading conditions.
Leverage options range up to 1:300, allowing traders to amplify their positions. The minimum trade size is set at 0.01, and overnight fees apply depending on the asset class being traded.
The broker also offers a demo account for new traders to practice their strategies without financial risk.
6. Fund Management
24markets supports various deposit methods, including:
- Bank Transfers
- Credit/Debit Cards
- Electronic Payment Solutions such as Perfect Money and AdvCash
- Cryptocurrencies
The minimum deposit requirement varies by account type, starting at $100 for the Discovery Account. Deposits are generally processed instantly, while withdrawal processing times can range from 24 to 48 hours for e-wallets and up to several business days for bank transfers and card withdrawals.
While 24markets does not charge deposit fees, it is essential to check for any potential withdrawal fees, as these are not explicitly stated on their platform.
7. Customer Support and Educational Resources
24markets provides customer support through multiple channels, including:
- Phone: +27 101 577 500
- Social Media
While the broker offers support in English, it is unclear if multilingual support is available. The service hours are not specifically indicated, which may affect clients in different time zones.
Educational resources provided by 24markets include:
- Webinars and Tutorials
- Market Analysis Services
- Trading Tools: Such as calculators and economic calendars
These resources aim to enhance traders' knowledge and help them make informed decisions in the market.
8. Regional Coverage and Restrictions
24markets primarily serves clients in South Africa and has a significant presence in other regions. However, it is essential to note that the broker may not accept clients from certain countries due to regulatory restrictions. Specific prohibited countries are not explicitly listed, so potential clients are advised to check the broker's website or contact customer support for detailed information.
In conclusion, the 24markets broker presents a range of trading options and services suitable for both novice and experienced traders. While it operates under the regulatory framework of the FSCA, prospective clients should conduct thorough research and consider their trading needs before engaging with the platform.
24markets Similar Brokers
Latest Reviews
FX1492746351
Australia
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.
37130
2024-06-17
AC141
Spain
Just look at the photo and you will understand what I mean. Be Careful!!!
Exposure
2023-08-16
Jenniee
United States
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!
Positive
2024-07-12