When it comes to picking the right Forex broker, you need to browse the broker’s website and read some objectively written reviews. 24CM Forex broker is the broker we take a look at today. The firm opened its doors in mid-2018. It is owned and operated by F1Markets Limited which is based in Cyprus. F1Markets Ltd is located along Kolonakiou Avenue 43, 4103 Agios Athanasios Limassol. In our 24CM Forex broker review, we take a look at some key features of this broker.
24 Capital Markets Review
The license and regulation details of 24CM broker
As noted earlier, F1Markets owns and operates 24CM. F1Markets is an investment firm and is licensed by Cyprus Securities and Exchange Commission (CySEC). The license number of the firm is 267/15. Upon perusing further, you will find out that there is another firm by the name IOS Investment Limited which uses the 24CM brand. According to 24CM, IOS Investment operates the Forex trading business for clients based outside the European Economic Area. IOS is licensed by International Financial Services of Belize. But as you may be aware, Belize is not the most ideal regulator when it comes to financial matters. In fact, Belize is known for being a host of many shell corporations which are used to evade tax and swindle people money among other things.
Trading at 24CM Forex broker
This 24CM scam review reveals how the firm has invested in a trading platform which is easy to understand and use. The platform is developed by Scipio. In addition to own web-based trading platform, 24CM uses MT4 platform which is popular amongst FX traders for its charting and analysis features. If you own an Android or an iOS mobile device, you will not have a hard time as the firm has invested in a Mobile App compatible with both operating systems.
The underlying assets that you can trade at 24CM are over 270. You can opt to trade in gold, currencies, wheat, Silver and so on. The broker also offers CFD trading as well as cryptocurrency trading which has become very popular in the recent months. Due to the MiFID II rules, the maximum leverage you can enjoy when trading popular currency pairs is 30:1. The leverage for cryptos is 2:1. These rules have been introduced to reduce the risk on newbie traders losing their money. It is worth noting that these rules are only applicable in EEA and IOS which is licensed in Belize is not obliged to follow them.
The accounts you get at 24CM
There are basically four different types of accounts at 24CM. There is Basic, Silver, Gold and Platinum account. All accounts come with a ‘dedicated account manager’, daily market brief and a demo account loaded with 100k virtual money. The one thing that is obvious when you visit the accounts page is the lack of any information on the initial deposit requirement. However, there are 24CM Forex broker reviews which say the minimum deposit if $250. This is a bit high considering there are brokers of good stature that require a deposit of only $50.
Is 24CM Forex broker legit?
In our 24CM scam review, we have looked at some of the features which are critical to consider when a trader is shopping for an FX broker. With 24CM, there are questions surrounding the licensing and the regulation of the firm. In addition to that, even though a trader in Europe and another in Asia may be accessing the 24CM website, the firms handling their trades are different.
There is also the issue of displaying the different accounts and not giving all the information regarding them. A trader will not automatically know how much s/he will need as the initial deposit because the firm has not displayed this information on its official website. This makes 24CM Forex broker look scammy in the eyes of some traders.
If you want to read our outdated research about 24 Capital Markets scam – you can find it below.
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.
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.