Forex trading has become very popular in the past few years, especially for the retail traders. According to the Bank for International Settlements (BIS), The FX traded volume per day was in excess of $4.9 trillion as of August 2012. The market is open 24 hours a day and traders can enjoy trading anytime from anywhere in the world. This has attracted many players among them 24CM. In this www.24cm.com review, we are going to try and establish whether this broker is worth investing in. We will also look into the services they offer as compared to what other established FX brokers have to offer.
Min. Deposit: $200
Trading Platform: MT4
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CFD trading at 24CM
Contracts-for-Difference (CFDs) are now very popular because they enable traders to participate in instruments even without necessarily buying the actual instruments. At 24CM there are tutorials which are designed to help beginner traders get a better footing. With a reasonably low capital outlay, a trader is able to participate in CFD trading. The downside with trading CFDs at 24CM is that the initial deposit you have to put must be at least $250. There are many well-established Forex brokers that only ask for $100 or even $50 as initial deposit. This then makes trading CFD here a bit expensive for a beginner.
Forex trading at 24CM
Until recently, 24CM was not widely known for its Forex platform but rather for its prowess at offering the best binary options trading platform. Is 24 Capital Markets legit? This is the question that many traders who didn’t know the firm’s popularity in binary options keep asking. On the new FX platform, traders are able to use MT4 platform which is the most popular trading platform. According to 24CM, traders get to enjoy three different chart types and over 50 technical indicators. The Traders are required to download the MT4 app to their computer or smartphone. Just like CFD trading FX trading at 24CM is hampered by the high initial deposit requirement of $250 which makes it tough for many first time traders.
Like a majority of FX brokers, 24 Capital Markets Forex broker is now offering its customers cryptocurrency alongside fiat currency, CFDs, and commodities. This means that you can participate in the speculation business of cryptocurrency whether by buying and selling cryptos directly or through CFDs. Major cryptos such as Bitcoin and Ethereum are some of the digital currencies to explore here. In order to participate in crypto trading on the 24CM platform, you will need to download the MT4 app. Just like it is with the fiat currencies, the owners of the company promises the crypto traders between 60-88% winnings. The minimum initial deposit is still $250 and residents of the USA don’t have access to the platform.
Is 24 Capital Markets scam?
24 Capital Markets broker is regulated and licensed by CySec. However, being regulated by this globally renowned regulatory body does not necessarily mean that the services that you will get here are impeccable. Some of the complaints which you will find against the broker include the high initial deposit of $250. The other common complaint is that the account managers at the brokerage firm keep on insisting on traders to deposit more and more funds into their trading accounts. While this will mean more returns for the trader, it is also a sign of a 24CM scam. This is because there are a good number of traders who complain that they find it extremely difficult to withdraw their winnings. If for example, a trader deposits an initial deposit of $250 and is persuaded to add another $200 by the account manager then they are at a high risk of losing everything. This is because statistics show that about 90% of all FX retail traders lose their money. In our 24CM review, we have seen that the broker’s commitment to giving traders their winnings is not 100%.