24markets Review: Is it safe to deal with a 24markets broker?
Choosing an appropriate broker is essential for safe trading. This 24markets review entails all the important things you will need from 24markets.com to determine whether it is a safe platform or a lot of potential risks. The information available, customer feedback, and analysis of the industry are the basis of our 24markets review.
24markets Broker Overview
- Website: https://24markets.com/
- Website Availability: Yes
- Headquarters Country: Suite 803, 8th Floor, Hennessy Tower, Pope Hennessy Street, Port Louis
- Owned By: 24markets.com
- Blacklisted by: Not Recommended By Review Website Like Fraud Recovery Experts
- Domain Age:
- Name 24MARKETS.COM
- Registry Domain ID 1852081495_DOMAIN_COM-VRSN
- Registered On 2014-03-26T18:04:13Z
- Expires On 2034-03-26T18:04:13Z
- Updated On 2024-04-15T10:12:14Z
24markets is a South Africa-based broker that was established in 2014. Various assets like Forex, indices, commodities, equities, or notables are selling CFDs. The platform promotes popular tools such as MT5 and web-based trading solutions. Serious questions now arise as to the legitimacy of this broker and pose red flags to its potential investors.
Questionable Regulation Claims
Misuse of FSCA License
One of the main red flags about 24markets is its claim to be FSCA regulated, which is altogether false. The broker says it operates under license number 50640, which belongs to DEDA CAPITAL MARKETS (PTY) LTD. A closer inspection reveals that the name ’24markets’ and its domain are not connected to the licensed entity; this strongly indicates the use of a cloned license deceptively to hoodwink users.
How the 24markets Scam Works
Misleading Promises
According to reports, this scam convinces its victims to make nominal investments on the pretext of a so-called “protected” trade-in 24 markets trading. With the illusion of confidence given to the user, larger amounts are then coaxed in for what are, supposedly, safer trading opportunities.
Losses and No Support
The trader has bad trades explained to him supposedly after the deposit, with the bad trade wiping out the entire account all at once. From then onwards, nothing about 24markets. Many user experiences hint at a similar pattern: Once the funds have been lost, the broker ceases to be a communicator, only to later get back to the victim with more promises of recovering their losses.
What Users Are Saying
Investors have warned about the risks of investing with 24markets:
- “Don’t put money into 24 markets. Irresponsible humans. Last till all the money goes, they will not reply.”
- “Total scam. Don’t invest in this company.”
- “They said there isn’t an account in my name, but it is still active. I have proof. Check ID Deda capital-124522.”
These are consistent reviews, showing a disturbing pattern of fraud and poor customer service.
Final Verdict – 24markets Review
As this 24markets review shows, the platform appears to have questionable regulatory claims and some unethical trading practices. The non-existence of genuine regulation and being licensed by another company without approval makes one conclude that this broker needs to be strongly avoided.
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