24ProfitMarket foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://24profitmarket.com, about the company's legal and temporary regulatory information, the company's address Flat 2 4 Cliff Road, Cowes, England, PO31 8BN.
24profitmarket is a trading name of Invest Global Marketing Ltd, which was allegedly established in 2017. The company claims to be headquartered in Cowes, England, specifically at Flat 2, 4 Cliff Road, Cowes, England, PO31 8BN. It operates as a private entity, focusing primarily on retail forex trading and offering various financial instruments to its clients.
The broker aims to serve a diverse clientele, including both novice and experienced traders, by providing access to a wide range of financial markets. Throughout its development, 24profitmarket has claimed to have built a robust trading platform, although its regulatory status raises concerns among potential clients. The company operates under a market-making model, which allows it to facilitate trades directly with its customers.
Despite the lack of a solid regulatory framework, 24profitmarket has been marketed as a viable option for traders seeking to engage in forex, indices, commodities, shares, and cryptocurrencies. However, its lack of transparency and regulation has led to scrutiny and warnings from various financial watchdogs.
24profitmarket broker strives to provide a comprehensive trading experience, but potential investors should be aware of the inherent risks involved in trading with an unregulated entity.
Currently, 24profitmarket operates without any valid regulatory oversight, which is a significant red flag for potential investors. The broker claims to be registered in the United Kingdom; however, it has no affiliation with reputable regulatory bodies such as the Financial Conduct Authority (FCA). The regulatory status of 24profitmarket is listed as “no license” on platforms like WikiFX, where it has received a low score of 1.16/10.
The company does not provide any valid regulatory license numbers or documentation to support its claims. Additionally, there are no details available regarding customer fund segregation policies, which are crucial for ensuring the safety of client investments. Without regulatory compliance, 24profitmarket cannot guarantee client fund protection or participation in investor compensation schemes, leaving clients vulnerable to potential losses.
The broker also lacks robust KYC (Know Your Customer) and AML (Anti-Money Laundering) measures, which are essential for preventing fraud and ensuring the legitimacy of its operations. The absence of regulatory oversight and compliance measures raises significant concerns about the safety and security of funds deposited with 24profitmarket.
24profitmarket broker thus operates in a high-risk environment, and traders are advised to exercise extreme caution when considering this broker for their trading activities.
24profitmarket claims to offer a diverse array of trading products across various asset classes. The broker provides access to:
The broker promotes itself as a one-stop-shop for traders looking to diversify their portfolios. However, the lack of clarity on the specific number of forex pairs and the types of CFDs available is concerning.
Additionally, 24profitmarket does not regularly update its product offerings or introduce new trading instruments, which is a common practice among more established brokers. There is no mention of any unique or proprietary trading products that set 24profitmarket apart from its competitors.
While the broker aims to cater to retail clients, there is little information available regarding services for institutional clients or white-label solutions. This lack of transparency in its offerings raises questions about the broker's commitment to providing a comprehensive trading experience.
In summary, while 24profitmarket broker claims to offer a variety of trading products, the ambiguity surrounding its offerings and the lack of detailed information may deter potential clients from engaging with the platform.
24profitmarket utilizes the well-known MetaTrader 4 (MT4) platform for trading, which is favored by many traders for its user-friendly interface and extensive analytical tools. The broker claims to provide access to MT4 across various devices, including desktop, web, and mobile applications for iOS and Android.
However, while the MT4 platform is a robust trading solution, the lack of proprietary platform development raises concerns about the broker's technological capabilities. The broker does not provide detailed information regarding its execution model, whether it operates on an ECN (Electronic Communication Network), STP (Straight Through Processing), or Market Making model.
Furthermore, there is no mention of server locations or the technological infrastructure supporting the trading platform, which are critical factors in ensuring fast execution speeds and reliable trading experiences. The absence of API access and automated trading support is also a notable limitation for traders looking to implement algorithmic trading strategies.
In conclusion, while 24profitmarket broker supports the widely recognized MT4 platform, its lack of proprietary technology and transparency regarding execution methods may limit its appeal to serious traders.
24profitmarket offers three types of trading accounts:
The minimum deposit requirements are relatively high compared to many licensed brokers, which often allow for initial deposits as low as $100.
The broker claims to offer competitive trading conditions, including spreads starting from 0.0 pips, but does not disclose specific information regarding commissions, leverage ratios, or overnight fees. This lack of clarity on trading conditions makes it difficult for potential clients to assess the actual cost of trading with 24profitmarket.
Additionally, there is no mention of demo accounts, which are essential for traders looking to practice their strategies before committing real funds.
Overall, the account types and trading conditions offered by 24profitmarket broker appear to be less favorable than those provided by more reputable and regulated brokers in the industry.
24profitmarket supports various deposit methods, including:
The minimum deposit requirement for the most basic account is €250, which is considered high compared to industry standards. The processing time for deposits is not explicitly stated, but it is typically expected to be immediate for card transactions.
Withdrawal policies at 24profitmarket are concerning. The broker requires a minimum withdrawal amount of $250 for bank transactions and $100 for other methods. Withdrawal fees are also applied: $35 for card withdrawals, $50 for bank transfers, and $25 for e-wallets. Additionally, a 10% fee may apply if a withdrawal is requested before meeting a turnover requirement of 200 times the initial deposit amount.
Withdrawal processing times can take up to 5 days, which is significantly longer than many legitimate brokers that often process withdrawals within hours.
In summary, the fund management policies at 24profitmarket broker raise several red flags, particularly regarding high fees and lengthy processing times, which may deter potential clients from engaging with the broker.
24profitmarket claims to offer customer support through various channels, including online messaging for inquiries and callback requests. However, the broker lacks direct contact information, such as telephone numbers or email addresses, which is a common practice among more transparent brokers.
The support service operates during business hours, but specific time zone coverage is not provided. The broker offers support in multiple languages, including English, German, Italian, Spanish, and Greek.
In terms of educational resources, 24profitmarket does not provide substantial materials for traders. There is no mention of webinars, tutorials, or other educational content that could assist traders in improving their skills. Additionally, there is no indication of daily market analysis or research reports, which are valuable tools for traders making informed decisions.
Overall, the lack of robust customer support and educational resources at 24profitmarket broker may hinder the trading experience for both novice and experienced traders.
24profitmarket primarily targets clients in various regions, but specific details regarding its main service markets are not disclosed. The broker has a presence in the United Kingdom, but it is unclear whether it operates in other jurisdictions.
The broker does not provide a clear outline of the countries or regions from which it does not accept clients. This lack of transparency can be problematic for potential investors who want to ensure compliance with local regulations.
In conclusion, 24profitmarket broker operates with limited transparency regarding its regional coverage and restrictions, which may raise concerns for potential clients seeking a reliable trading environment.
In summary, while 24profitmarket broker offers a variety of trading products and claims to support a robust trading platform, its lack of regulation and transparency raises significant concerns. Potential clients should carefully consider these factors before engaging with the broker, as trading with an unregulated entity carries inherent risks.
FX1171850791
Nigeria
I found 24ProfitMarket customer support service extremely helpful, especially as I was unsure what I needed. I got bonuses instantly after my first deposit.
Positive
2022-12-13