24Markets is a regulated CFD-only trading platform that hit the scene in 2014. It quickly became the go-to platform for traders worldwide. 24Markets is owned by DEDA Capital Markets (Pty) Ltd and regulated by South Africa’s FSCA (FSCA License No.50640). Whether you’re into stocks, crypto, or forex, you’ll have many trading options to choose from. They also have attractive bonuses and a demo account to practice without risk.
24 Markets offers personal training for new traders and offers tools, education, and support to help you get the most out of your trades.
- Regulated by FSCA: Ensures the platform meets legal requirements and is safe for traders
- Wide Range of Instruments: Offers over 2,000 trading instruments, including forex, spot metals, stocks, futures, spot indices, and commodities
- Advanced Trading Platforms: Supports MetaTrader 5 and WebTrader, providing user-friendly platforms ideal for novice and experienced traders
- Educational and Support Services: New traders receive personal training sessions with a wealth of educational content to improve trading skills
- Brand Recognition: Not as widely recognized as other well-established trading platforms
- ECN Account Spreads: Spreads on these accounts are higher than typically expected for ECN accounts
Is 24Markets Secure?
Yes. 24Markets is regulated by the FSCA and its use of advanced security technologies provides a secure online trading environment.
Being regulated by a tier-1 authority means that 24Markets must keep high financial integrity levels. They also need to practice the client fund segregation (keeping your funds separate from company funds) and adhere to strict financial reporting rules.
Markets and Products
24Markets provides access to over 2,100 financial instruments, including stocks, bonds, commodities, ETFs, forex, and indices. It has features like stop loss & take profit, limit and stop orders for successful trade management.
- Stocks: Access to various global stocks for traders to participate in different equity markets.
- Indices: Offers traders the opportunity to trade on major global indices.
- Commodities: The platform allows trading in commodities, such as precious metals and energy resources, for traders interested in diversifying into physical goods.
- Forex: With a selection of major, minor, and exotic currency pairs, forex traders can trade in the world’s largest financial market.
- Cryptocurrencies: 24Markets also supports the growing demand for trading in popular cryptocurrencies.
24Markets Fees and Charges
Fees are not provided on their website. Commissions range from 0.08% to 0.2%, depending on the account and trading instruments. Commissions are charged when the position is opened. The commission includes the opening and closing of the position.
24Market’s charges include spreads, commissions, currency conversion fees, and swaps, with details stated on their Terms and conditions page. It’s the trader’s responsibility to understand and pay applicable taxes if any happen since this doesn’t fall on the broker. Some financial instruments carry tax obligations, which 24Markets may pass to the trader. So, there might be some additional costs that are not imposed by 24Markets.
We recommend contacting their support for specific details about fees and commissions based on your requirements.
| Account Type | Account Size | Commission |
|---|---|---|
| Discovery | $1,000 | 0.2% / $10 min |
| Gold | $5,000 | 0.16% |
| Platinum | $25,000 | 0.12% |
| Exclusive VIP | $100,000 | 0.8% |
| Classic ECN | $1,000 | $0.03 per unit on FX/ Metals0.16% on shares |
| PRO ECN | $50,000 | $0.04 per unit on FX/ Metals0.08% on shares |
24Markets Account Types & Account Opening
24Markets provides a variety of account types with differing conditions. Account types range from Discovery to Exclusive VIP, including specialized ECN accounts.
How to Open an Account
Opening an account with 24Markets can be completed in just a few simple steps. Once your account has been verified, you can begin trading immediately.
- Click the “Open Account” button and complete the registration form on their website.
- Deposit funds into your trading account.
- Verify your account by providing the necessary documents and financial information, including a copy of your ID, proof of residence, and deposit verification.
- Pick an asset to trade.
- Start trading.
Trading Platforms
24Markets offers MetaTrader 5 (MT5) and a web-based platform for its users, ideal for novice and experienced traders.
Mobile Trading Platform
- Their user-friendly mobile platform enables traders to log in, search for assets, place orders, and set alerts/notifications directly from their smartphones.
Web Trading Platform
- This is accessed directly from your web browser, allowing users to log in securely, search assets, place orders, and customize alerts. This is a great option for traders who don’t want to download trading software.
24Markets Research Tools
24markets offers its users educational resources upon sign-up, including one-on-one support via phone sessions.
Through the use of the MT5 trading platform, traders have access to advanced trading and analytical features, including:
- Fundamental and technical analysis tools
- Trading robots (Expert Advisors)
- Copy trading
- Support for over 80 technical indicators and analytical tools
- Multiple chart setups
- Detailed financial news
24Market’s educational resources are aimed at beginner to intermediate traders looking to improve their trading knowledge, while traders looking for advanced trading tools are also catered for.
24Markets Educational Content
24Markets offers free one-on-one training sessions for newly registered users, covering the basics of trading and how to use the platform to place your first trade.
Other resources include:
- Newsletters: Regular updates and insights into market trends, keeping traders current about significant financial events and opportunities.
- Analyst Views: Professional analysis and opinions on market movements, helping traders make more informed decisions based on expert assessments.
- Trading Signals: Suggest potential trade entries, exits, and strategies based on technical or fundamental analysis to try to help improve trading outcomes.
- Economic Calendar: Lists upcoming economic events and indicators that could impact the markets.
- Economic Insights: In-depth analysis of economic conditions and forecasts, giving traders a better understanding of factors driving market dynamics.
Customer Service Overview
24Markets offers the following support channels:
- Email Support: You can reach 24Markets’ customer service via email at [email protected]
- Telephone Support: You can call them at +27 101 577 5001 for direct assistance.
- Live Chat: They offer real-time chat support on their website
As for responsiveness, customer reviews indicate a mixed experience. Some users appreciate the broker’s services, while others mention issues with cold calling and manners. Keep in mind that individual experiences may vary.
24Markets Deposit and Withdrawals
24Markets offers a few popular deposit options that you can easily use to fund your account and withdraw your money.
Deposit Methods
24Markets supports popular deposit options that traders can easily use to fund their accounts and access their earnings.
- International Wire Transfer: You can deposit funds via international wire transfer.
- Credit or Debit Card: Make deposits using your credit or debit card.
- Electronic Payment Solutions: 24markets accepts deposits through electronic payment solutions such as PerfectMoney and Advcash.
- Cryptocurrencies: You can also deposit using popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Dogecoin (DOGE), and Tether (USDT) (TRC-20)
Withdrawal Methods and Payout Times
Withdrawals are processed to return funds through the same methods used for deposits, with your most recent deposits being refunded first.
Withdrawal Methods: Include Skrill, Neteller, WebMoney, Wire Transfers, and Debit/Credit Cards.
Payout Times: E-wallet withdrawals (Skrill, Neteller, WebMoney) are often processed within 24 to 48 hours. Wire transfers and credit/debit card withdrawals may take several business days, depending on the processing times of the banks involved.
Make sure that you are aware of any potential withdrawal fees and the broker’s policy regarding withdrawal times. We recommend contacting support for further clarity, depending on the payment methods you intend to use.
24Markets Online User Reviews and Ratings
24Markets has a solid TrustPilot score of 4.0 stars based on 38 total reviews. This reflects a mix of customer experiences and satisfaction levels with its services.
- 5-star: Most users, 58%, praise the platform, highlighting the quality of trading options and educational resources as significant advantages.
- 4-star: 18% of users appreciate the platform’s features, including its social trading capabilities, indicating a positive but slightly reserved satisfaction.
- 3-star: A smaller segment, 8%, offers a moderate view, recognizing the platform’s strengths while noting areas for improvement.
- 1-star: 16% of the feedback is critical, with users citing concerns over withdrawal processes, marking this area as a potential improvement point for the broker.
This indicates that while a large portion of 24Markets’ users find value in their trading platform, especially regarding the trading environment and educational support, there are noteworthy concerns about withdrawals that prospective users might want to consider.
Author Opinion on 24Markets
24Markets is a regulated, secure CFD and Forex trading platform offering over 2,000 instruments across various markets. They have received positive feedback for their personal training sessions and educational content. Access to trading tools and insights via the Meta Trader 5 platform offers traders a significant advantage. While its ECN account spreads and brand recognition may pose slight concerns, the overall trading experience, backed by MetaTrader 5 and WebTrader platforms, is on point.
While 24Markets is not widely known internationally, it’s certainly a trading platform worth checking out.
Frequently Asked Questions
Can I trust 24Markets?
Yes, 24Markets is regulated by South Africa’s FSCA, ensuring a secure and transparent trading environment. They have operated since 2014 and have mostly positive reviews on Trustpilot and other review sites.
What is the minimum deposit at 24Markets?
Minimum deposits at 24Markets are not disclosed. We recommend contacting support for your specific requirements.
How long is 24Markets’ withdrawal?
Withdrawal times can vary, with e-wallets being the fastest at 24 to 48 hours. Other methods like wire transfers and credit/debit cards may take longer.
Which broker is better than 24Markets?
The suitability of a broker depends on individual trading needs and preferences. Compare features, fees, regulatory compliance, and user reviews to find the best fit for you.
How much commission does 24Markets take?
Commissions at 24Markets range from 0.08% to 0.2%, depending on the account and instruments being traded. Further details are available upon direct inquiry with the broker.
