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24 Capital Markets Review - is it scam or safe?

24 Capital Markets review - is 24cm.com scam or good forex broker?

RATING: 3 / 0 REVIEWS 24 Capital Markets
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 24CM is owned and operated by F1Markets Limited, a Cyprus Investment firm, located at Agios Dometios, 2372, Nicosia, Cyprus. The brokerage claims to be regulated by the Cyprus authorities. Read the whole review to find out the advantages and disadvantages in trading with this brokerage!

 

Account type Minimum deposit  Maximum leverage Spread
Basic $250 1:50 1.5 pips
Silver N/A 1:50 1.5 pips
Gold N/A 1:50 1.5 pips
Platinum N/A 1:50 1.5 pips

 

Advantage

 

Air-tight regulation 

 

On the brokerage’s website we read that the company behind the brand has a licence number 267/15 and is registered with the Cyprus Securities and Exchange Commission. Cysec is among the most reputable and distinguished regulatory authorities in the trading world and participation within its regulatory framework carries a lot of prestige, as it should. After checking with the online registry, we can confirm that F1Markets is in fact licensed and the brand is legitimate. Such a regulation is pretty valuable for potential clients, because it, most of all, provides huge assurance for the safety of the clients funds. 

 

Compliance with the regulatory standards of the Cyprus authorities compels a brokerage to segregate accounts i.e to handle the clients money separately from their own. In this way the chance of foul play is significantly lowered and traders should always take notice of such a requirement. It also guarantees potential clients of the brokerage participation in a compensatory scheme by which possible losses of traders, in the unlikely case of the brokerage’s bankruptcy, will be covered, up to € 20 000 per person. All this, and more, inclines us to state that traders may feel secure investing their funds with this brokerage. Those who are interested in other brokerages regulated by the same agency should be sure to check out list of recommended Cysec-regulated forex brokers: 

 

>>List of Cysec-regulated forex brokers<<

 

Reasonable spread 

 

Through access on its trading platform, we could see that 24CM offers potential clients a spread of 1.5 pips on EUR/USD which is just about the industry average and the margin that we like. We count this as an advantage, especially having in mind the assurance of regulation. The size of the spread has such importance in the trading world because it represents a sort of “constant cut” the brokerage gets, regardless of the losses or profits the client may acquire. As such, the lower it is, the higher the possible winnings of the traders. Interested traders should be sure to check out our list of recommended low-spread forex brokers: 

 

>>List of low-spread forex brokers<<

 

Minimum deposit 

 

The sum required for the most basic account is $250 which is nothing out of the ordinary and pretty standard. However, there may be traders who are unwilling to risk even such a sum, they should make sure to check out other regulated forex brokers, such as IG, who do not require a minimum deposit. 

 

No commission 

 

24CM does not charge any commission on trades which we always view as a big plus. Such things as commission usually can drive up drastically the cost of trading, and the higher the cost of trading, the lower the potential raw profit of the clients. 

 

Reasonable leverage

 

Through the demo account we could see that the brokerage offers a leverage of up to 1:50 which is a bit low, but will very soon be the usual leverage, since much of the trading world is moving in the direction of limiting the potential maximum leverage a broker may provide for clients. Traders interested in higher leverage should be sure to check out list of recommended forex brokers that offer leverage up to 1:500.

 

>>List of 1:500 leverage forex brokers<< 


Disadvantages 

 

No MT4/MT5

 

 The brokerage does not provide potential clients with access to the MT4 platform which is the preferred choice of more than 80 per cent of the trading world.  It has many unique features such as the MQL programming language which allows traders to design and backtest their own auto-trading bots or run ready-made ones. It also offers advanced analysis tools, charts, signals and indicators, all of which make it the foremost trading platform at the moment. All this and more inclines us to always view the missing MT4 as a disadvantage.

 

The brokerage does, however, offer a web-based trading platform with some analytic potential and crisp charts. Here is a screenshot for traders to see for themselves: 

 

Click to zoom.

 

Interested traders should be sure to check out our list of recommended MT4 forex brokers: 

 

>>List of MT4 forex brokers<<

 

Not a lot of payment methods 

 

Potential clients of the brokerage may deposit or withdraw via Credit card, Debit card, Wire transfer and Skrill. We view the lack of a variety of options for deposits or withdrawal as a disadvantage because it limits the possibilities for traders. 

 

Withdrawal fees and others

 

Although we stated above that there is no commission in store for traders, in the section “Legal” of the brokerage’s website we read that potential clients may be liable to a number of fees. One such is the withdrawal fee where by clients will be charged 3.5 per cent if they decide to take away their funds via Card and $30 if they do it via wire transfer. Furthermore, there are inactivity fees as well. Clients will be charged € 80 for an account that has been inactive for 2 to 3 months, € 120 for a period of three to six months, and for accounts that have not been used for more than half a year – clients will be charged € 200. There is also a maintenance fee of €10 a month. We always regard such fees as a disadvantage, because they may drive up the cost of trading. 

 

Conclusion 

 

24CM is an interesting brokerage since it has both sharpened advantages and disadvantages. Most important of all – the company behind the broker is in fact licensed by Cysec which provides huge assurance for the safety of the clients funds. There were, however, a troubling number of fees for potential clients which we have described above and may have a substantial effect on the total cost of trading. The spreads are reasonable, as well as the leverage, and the web-based trading platform isn’t that bad, although unable to compete with the MT4. All in all, we would advise interested traders to take notice of the fees and check out for themselves all the other trading options to which we have linked throughout the review. 

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Traders` reviews for 24 Capital Markets

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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