8.4
  • 24CM

  • Bonus: NO
  • Regulated: CySEC
  • Rating: 8.4 / 10
Broker Name: 24CM
Platform(s): CFD, Bitcoin, FX
Founded: 2018
Bonus: NO
Spreads: 1.5 pips
Leverage: up to 1:400
Regulated:   CySEC
Demo Account: Yes
Minimum Deposit: 100
US Traders:   Not Accepted

24CM Review

24 Capital Markets (24CM) is a CFD, FX and Crypto brokerage operated by F1Markets Limited, which is a Cyprus based company, authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under licence number 267/15. They are located at 43, Kolonakiou Avenue, Shop N2B, Ayios Athanasios, 4103 Limassol, Cyprus and the registered address is Tassou Papadopoulou 6, Flat/Office 22, Agios Dometios, 2373, Nicosia, Cyprus.

International services are offered by IOS INVESTMENTS Limited, which is regulated by the International Financial Services Commission of Belize with license number IFSC/60/511/TS/17. Both companies are part of the same group and share the 24CM brand. The brokerage can be contacted at telephone number +357 25 262513 and email [email protected]

 

Is 24CM A Scam?

24CM is a very new brokerage, launched in July 2018 but so far they look very promising and seems they’ve started off with the right foot. The main reason why I say that is because the owning and operating company (F1Markets LTD) is fully regulated by the CySEC and also EEA Authorized by the British Financial Conduct Authority (Reference number: 744255).

It’s true that the brokerage itself was just launched but the company behind it has a good track record and is regulated since 2015 so at the current time there is absolutely no scam suspicion regarding 24 Capital Markets. Also, the website looks professional and without the usual hype about huge profits; instead they focus on presenting the potential risks involved, which is the mark of a trustworthy brokerage.

 

Editor’s Note: Why Doesn’t 24CM Suck

CySEC regulation, British FCA authorization, Meta Trader 4, Demo accounts, market reviews that are updated daily. Need I say more? Looks like they are ticking all the boxes of a good brokerage and definitely one that doesn’t suck. If they continue the way they’ve started, I see them rising through the ranks of trusted brokers.

 

Why 24CM Sucks In 50 Words

On the website they show a couple of awards but there is no info about who awarded them. Did they receive these at a conference? Some contest among brokerages? Did a publication award them? If Yes, then which one? I don’t like when brokers just slap a pic of an award on their website, without giving any other info.

 

Should I Open An Account With 24CM

As mentioned before, 24 Capital Markets was just launched in July 2018 but they seem to have all the ingredients of a top brokerage. The platform choice is great: Meta Trader 4 as a desktop client and Scipio for the webtrader version (no download required). The available products are Contracts For Difference (CFD) on a variety of underlying assets, including currency pairs, stocks, indices, commodities and cryptocurrencies.

Accounts start at $250 (Basic), which is average for the industry but the requirements for the other three accounts (Silver, Gold, and Platinum) are not specified so you will probably need to contact an account manager.

Their Education Centre contains an extensive FAQ and Glossary, but maybe more importantly, a section for Daily Financial News in video format. A big thumbs up for actually updating this section daily. You will also find an Economic Calendar and information about Technical and Fundamental Analysis as well as basic explanations of CFD, leverage and some trading strategies.

Overall 24 Capital Markets looks like a very good choice if you are searching for your first brokerage or looking to make a switch from your current one. At the moment the only thing that bothers me a bit is their limited time in the business, but hey, we all started somewhere and besides, the owning/operating company has extensive experience in the field of online trading.

 

24CM Complaints

At the time of writing we couldn’t find any complaints regarding this broker, but of course, they are very new so this is normal. If anything changes, we will update as necessary.

 

24CM Regulatory Warnings And Announcements

So far no regulatory agency has warned against 24 Capital Markets. As always, we will update if necessary.

 

24CM Withdrawals

Traders will be able to withdraw funds only to the source of funding, meaning if they’ve deposited through credit card, they will withdraw to that card and the same goes for wire transfers. Clients will be required to send IDs and proof of residence to comply with KYC and AML rules.

Withdrawals will incur a charge of 35 USD/EUR/GBP for the Basic, Silver and Gold accounts (free for Platinum and Diamond). On top of this, there are some fees and it is not clear if the charges and fees are cumulative (meaning the client will maybe have to pay twice). The fees are as follows: credit card – 3.50%; Electronic payment – 2%; Wire transfer – 35 USD/EUR/GBP.

 

24CM Extras

Regulation by 3 major agencies, Meta Trader 4 trading platform, tons of underlying assets (over 270), CFDs on cryptocurrencies and daily video market reviews. These are all positives and things that should be offered by more brokers.

 
 

24CM Ratings

User Friendliness 16/20
The website is well organized and translated in 4 different languages. The web platform is very easy to use and intuitive, with demo accounts available. Mobile versions of the platforms are also available.

 

Range Of Markets, Spreads And Leverage 18/20
24CM offers over 270 underlying assets from the categories of indices, stocks, commodities, crypto currencies, and Fiat currencies. The leverage goes up to 1:50 which is on the low side but it is due to the new ESMA regulation which imposes several limits in order to protect investors. Soon all brokers will have to lower their leverage to comply with ESMA rules. The spreads are tight (approximately 1.5 pips for EUR/USD) but they are floating, so you can expect some fluctuation.

 

Deposits And Withdrawals 17/20
The minimum deposit is $100 and can be made through credit card, wire transfers, and Skrill. 24CM recommends credit cards and Skrill for deposits, because wire transfers can take up to 10 business days to appear in your trading account. Withdrawals can be made through the same methods, with a minimum of only 10 USD (or equivalent). This very low minimum is actually very good because it means your funds are not bound by high limits.

 

Fees And Support 15/20
There are no fees to open an account, just like anywhere else but the client will have to pay a charge of 35 USD if he/she wants to withdraw from a Basic, Silver or Gold account (free for the rest of the accounts) and a Fee of 3.50% for cards, 2.0% for e-wallets and 35 USD for wires. It’s not clear if the fees are cumulative, meaning that you will pay the “fee” and the “charge” or if you will pay only one of the two. Live chat support was quick to answer, polite and didn’t run around the bush when asked a normal question.

 

24CM Extras 15/20
Regulation and a professional looking platform like Meta Trader 4 are definitely some positive extras but other brokers have them as well. On the other hand, Daily video market reviews are something a lot more hard to come by. Let’s just hope they keep them daily.

 

24CM Overall Ratings 81 + Regulated (+3) = 84/100

 

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