24markets Forex Broker

24markets Review SummaryFounded2014Registered Country/RegionSouth AfricaRegulationSuspicious cloneMarket InstrumentsForex, Commodities, Crypto, Indices, Stocks, CFDsDemo Account❌LeverageUp to 1:500SpreadFrom 1.5 pips (EUR/USD, Discovery account)Trading PlatformWebTrader, MetaTrader 5 (MT5), Mobile AppMin Deposit$100Customer SupportEmail：support@24markets.comPhone：+27 101 577 500 (Available 24/5)WhatsAppLive chat24markets Information 24markets is a South Africa-based broker launched in 2014, offering CFDs on Forex, indices, commodities, stocks, and crypto. While it features a range of platforms including MT5 and web-based trading, it falsely claims FSCA regulation under another companys license.Pros and ConsProsConsOffers MT5 and a web platformCloned licenseMultiple account types with tiered benefitsDemo and Islamic accounts not availableSupports Forex, stocks, crypto & moreLimited information of swap and inactivity feesIs 24markets Legit? The broker claims to be regulated by FSCA using license No. 50640, which actually belongs to DEDA CAPITAL MARKETS (PTY) LTD. However, the brokers name and domain do not match the licensed entity, clearly indicating a fake or cloned license intended to mislead users.Regulatory Status Suspicious cloneRegulated bySouth Africa – Financial Sector Conduct Authority (FSCA)Licensed InstitutionDEDA CAPITAL MARKETS (PTY) LTDLicensed TypeFinancial Service CorporateLicensed Number50640What Can I Trade on 24markets? 24Markets offers a wide selection of CFD trading instruments, including dozens of Forex pairs, over 10 global indices, major commodities, and popular cryptocurrencies. While stocks are supported, ETFs are not mentioned.Tradable InstrumentsSupportedForex✅Commodities✅Crypto✅CFD✅Indexes✅Stock✅ETF❌Account Types 24Markets offers three live account types: Discovery, Prime, and Master. Each suits different trading levels—from beginners to professionals—with increasing benefits like tighter spreads, higher leverage (up to 1:500), and VIP services.Account TypeMin DepositKey FeaturesBest ForDiscovery$1001.5 pip spreads, up to 100:1 leverage, no priority support, some education toolsBeginnersPrime$5,0000.8 pip spreads, up to 300:1 leverage, 3 swap-free days, 3x weekly rep meetingsIntermediate tradersMaster$20,0000.3 pip spreads, up to 500:1 leverage, 7 swap-free days, full VIP featuresAdvanced/professional tradersLeverage 24Markets offers dynamic leverage of up to 1:500, depending on the account type. While high leverage can increase profits with little capital, it also increases the danger of significant losses without appropriate risk management.24markets Fees Compared to industry standards, 24Markets trading fees are moderate to slightly high, especially for entry-level accounts. While spreads decrease with higher-tier accounts, the absence of transparent commission and swap rate details limits cost comparison for advanced traders.Account TypeEUR/USD Spread (From)CommissionDiscovery1.5 pips$0Prime0.8 pips$0Master0.3 pips$0 Spreads: Start from 1.5 pips on the Discovery account and go as low as 0.3 pips on the Master account. Commissions: No commissions are stated across all account types. Swap Rates: Swap-free trading is available for up to 7 days on higher-tier accounts. Exact overnight swap fees are not publicly disclosed.Non-Trading FeesNon-trading Fees Deposit Fee Varies by payment method and bank; some may incur third-party processing feesWithdrawal Fee May apply depending on withdrawal method or expedited requestInactivity Fee Not mentionedTrading PlatformTrading PlatformSupportedAvailable DevicesSuitable for what kind of tradersWebTrader✔Web browser (desktop/mobile)Traders looking for intuitive, real-time web-based tradingMetaTrader 5 (MT5)✔Windows, macOS, Android, iOSAdvanced traders needing analytical tools and multi-asset accessMobile Trading App✔iOS, AndroidTraders who prefer on-the-go access and mobile convenienceMetaTrader 4 (MT4)❌–Not supportedDeposit and Withdrawal 24markets does not charge fixed deposit or withdrawal fees itself, but third-party processors or banks may apply charges depending on the method and location. The minimum deposit required to open an account is $100. Deposit Options Deposit OptionsMin. DepositFeesProcessing TimeBank Wire Transfer$100May vary by providerFew minutes to a few hoursCredit/Debit Cards$100May vary by providerFew minutes to a few hoursE-wallets$100May vary by providerFew minutes to a few hoursOnline Payment Methods$100May vary by providerFew minutes to a few hours