24markets 2025 Review: Everything You Need to Know
Summary: 24markets has garnered mixed reviews, with users highlighting its user-friendly platforms and competitive trading conditions, but concerns about its regulatory status and withdrawal issues persist. The broker offers a range of trading assets and competitive leverage but lacks the credibility of tier-1 regulated brokers.
Note: It is important to note that 24markets operates under different entities in various regions, which may affect its regulatory status and client protection. This review aims to provide a balanced perspective based on multiple sources.
Rating Breakdown
We score brokers based on user feedback, expert opinions, and factual data from various reliable sources.
Broker Overview
Established in 2014, 24markets is a South African brokerage owned by Deda Capital Markets (Pty) Ltd, regulated by the Financial Sector Conduct Authority (FSCA). The broker offers trading on the widely popular MetaTrader 5 (MT5) platform and its proprietary web trader, providing access to over 2,000 assets, including forex, commodities, indices, and cryptocurrencies. Despite its claims of regulation, there are concerns regarding the transparency and credibility of its operations.
Detailed Section
Regulatory Environment:
24markets claims to be regulated by the FSCA, which has less stringent requirements compared to tier-1 regulators such as the FCA or ASIC. This raises questions about the broker's credibility. The FSCA does not disclose the specific domain for the broker, making it challenging to verify its legitimacy (Forex Peace Army).
Deposit/Withdrawal Options:
The broker supports various deposit methods, including credit cards, bank transfers, and electronic payment solutions like Perfect Money and AdvCash. However, there are concerns regarding withdrawal processes, with reports of delays and difficulties in accessing funds (Scam Helpers).
Minimum Deposit:
To open a trading account with 24markets, the minimum deposit is set at $100, which is relatively low compared to many brokers. However, higher-tier accounts require significantly larger deposits, ranging from $5,000 to $100,000 for better trading conditions (BrokersView).
Bonuses/Promotions:
24markets offers bonuses, but these are often tied to high trading volume requirements, making it difficult for traders to withdraw bonus-related profits (The Forex Review).
Asset Classes:
The broker provides access to a wide range of asset classes, including over 45 forex pairs, commodities, indices, and cryptocurrencies. This diversity can appeal to traders looking to explore various markets (WikiFX).
Costs (Spreads, Fees, Commissions):
Spreads at 24markets vary depending on the account type, with the discovery account experiencing spreads as high as 1.9 pips on major pairs. For tighter spreads, traders must opt for higher-tier accounts, which can be a barrier for smaller investors (BrokersView).
Leverage:
24markets offers leverage up to 1:300, which is higher than what is typically allowed in more regulated jurisdictions. While this can lead to significant profits, it also increases the risk of substantial losses, particularly for inexperienced traders (24 Forex Secrets).
Allowed Trading Platforms:
Traders can use both the MT5 platform and the proprietary web trader, catering to both novice and experienced traders. The MT5 platform is known for its advanced features, including algorithmic trading capabilities (The Forex Review).
Restricted Regions:
While the broker operates internationally, it is essential to check specific country regulations, as some regions may impose restrictions on trading with 24markets (Scam Helpers).
Available Customer Support Languages:
Customer support is primarily available in English, with multiple contact methods including email and phone support. However, user reviews suggest that response times can be slow and inconsistent (BrokersView).
Rating Recap
Detailed Breakdown
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Account Conditions (Score: 6): The minimum deposit is competitive at $100, but higher tiers require significant capital, limiting access for smaller traders.
Tools and Resources (Score: 7): The availability of MT5 and educational resources is a plus, but the web trader lacks advanced features.
Customer Service and Support (Score: 5): Mixed reviews on customer support responsiveness; some users report slow assistance and withdrawal issues.
Trading Setup (Experience) (Score: 6): User-friendly platforms, but higher spreads on lower-tier accounts may deter new traders.
Trustworthiness (Score: 4): Regulatory concerns and reports of withdrawal difficulties raise questions about the broker's reliability.
User Experience (Score: 5): Generally positive feedback on trading experience, but concerns over fund accessibility may affect overall satisfaction.
In conclusion, while 24markets offers a range of trading options and a user-friendly experience, potential clients should approach with caution given the regulatory ambiguities and mixed user reviews.
