24 Capital Markets is one of the well-known FX brokers to have shifted from the binary options sector. The brokerage firm is registered and licensed by CySec of Cyprus. The brokerage firm has a global presence and it uses at least four different languages to reach its customers. The company is one of the oldest online FX firms. Among the key features that make 24CM stand out include an initial deposit of $250, having a withdrawal period of three days and having six different types of accounts. In this 24 Capital Markets review, we will look at the complaints leveled against the broker by traders from different parts of the world and over the years.
24 Capital Markets Review
The complaints against 24 Capital Markets
24 Capital Markets has a pool of account managers who are supposed to help traders make the best trading decisions. Our 24 CM review reveals that these account managers are overly aggressive and have been accused by many traders of giving misleading trading tips. The managers constantly and persistently call customers urging them to deposit more money into their trading accounts. Some customers claim that their account managers at 24CM give misleading advice so that they can make loses and the managers are left to make profits through commissions. Many of the 24 Capital Markets reviews claim that the account managers at the firm give misleading advice on purpose especially when the firm was concentrating on binary options.
Is 24 Capital Markets legit?
One online trader says that he had an account with 24CM and while talking to his account manager, he brought up the issue of difficulty withdrawing funds through skrill. The manager suddenly suggested that when the trader gets to withdraw their money, they should also close their account. The manager went on and told the trader that he would no longer serve him because while the trader withdrew his cash, the manager would no longer make any money.
When signing up with the 24CM, you will be guided by robots which are quite good and accurate. But once you have deposited cash into your account, the robots disappear and you are allocated an account manager. The account managers are quite aggressive especially for a novice trader who needs to take things slowly. It is in the melee that beginner traders find themselves making huge losses on their accounts. The other common complaint which makes many wonder of 24 Capital Markets scam possibility is the comparatively low returns that the broker offers. Sometimes the account managers even tell traders that for them to get access to a demo account they will need to deposit funds in their accounts first.
Should you consider 24 Capital Markets broker?
There are many complaints about 24 Capital Markets but there are also a good number of positive reviews. A trader should do their own research and establish whether they want to go with the broker or not. One of the things that stands out though about 24 Capital Markets broker is that while the minimum deposit is set as $250, the minimum investment per trade should be $24. This then means that if you were to make a few losses (which is often the case), you are likely to lose your entire investment in a matter of a few trades.
It might a bit harsh to brand 24 CM scam since it is registered and licensed by CySec and other well-established regulatory bodies. However, the unethical behavior towards customers makes the otherwise good name be scarred. The best advice to consider taking when you consider trading using the 24 CM platform is to just not listen to the signals they give you.