What is 24K Markets？
24K Markets is a comprehensive online platform that offers a wide range of financial services, including trading in various asset classes such as 160+, stocks, cryptocurrencies, forex, commodities, futures and indices. The platform provides users with access to advanced trading tools, educational resources, market analysis, and customer support to enhance their trading experience.
Pros & Cons
Pros of 24K Markets:
- High Leverage: This broker offers a high leverage ratio of up to 1:500, allowing traders to enter trades of significantly larger value than the capital they possess. Although this can lead to increased profits, it can also amplify potential losses.
- Multiple Customer Support Channels: 24K Markets provides several channels for customer support including live chat, telephone, email, and social media. This could make it easier for clients to reach out with their queries or concerns.
- Demo Accounts Available: 24K Markets offers demo accounts, allowing users to practice trading without risking real money. This can be beneficial for beginners or those who want to test the platform.
- Multiple Account Types: 24K Markets offers five account types, providing users with the flexibility to choose an account that suits their trading needs.
Cons of 24K Markets:
- No Regulation: 24K Markets is not regulated, which increases risks for clients as the company doesn't have to adhere to any established financial standards nor offer protections typically required by financial regulators.
- US Clients are Not Accepted: The services of 24K Markets and any information on this site are not directed at and do not intend to elicit citizens and/or residents of the USA.
Is 24K Markets Legit or a Scam？
User Feedback: Users should check the reviews and feedback from other clients to gain a more comprehensive sight of the broker, or look for reviews on reputable websites and forums.
Security Measures: There are 7 account security measures for this broker. 24K Markets prioritizes account security through a comprehensive set of measures to safeguard users' funds and personal information.
Being fraud-aware is crucial, and users are encouraged to stay vigilant against potential scams or phishing attempts.
Proceed with a locked account, a secure procedure is in place for users to proceed and regain access.
Resetting the back-office password is another layer of security to prevent unauthorized access.
Documents accepted as a source of funds or wealth are verified to ensure compliance and legitimacy.
Selfie guidelines may be required for identity verification purposes, adding an extra level of security.
Users are provided with information on slippage, which refers to the difference between the expected price of a trade and the price at which it is executed.
Furthermore, 24K Markets prioritizes funds safety, implementing measures to protect users' funds from unauthorized access or misuse.
Market Instruments
24K Markets provides a wide range of market instruments for traders to engage with, catering to various trading preferences and strategies.
These instruments include FX Majors, which consist of the most traded currency pairs like EUR/USD and GBP/USD, as well as FX Crosses, which involve currency pairs that do not include the US dollar, such as EUR/GBP or AUD/JPY.
Traders looking for more unique opportunities can explore FX Exotics, which feature currency pairs involving major currencies and those from developing economies.
In addition to forex pairs, 24K Markets offers Futures contracts, enabling traders to speculate on the future price movements of various assets like commodities, indices, and currencies.
For those interested in the rapidly evolving world of digital assets, Cryptocurrencies are also available for trading on the platform. Traders can access popular cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.
Furthermore, traders can diversify their portfolios by trading Indices, representing the performance of a group of stocks in a particular market or sector.
US Shares and EU Shares provide opportunities to trade stocks listed on major US and European stock exchanges, respectively.
Lastly, traders can also engage in trading Commodities, including precious metals, energy resources, agricultural products, and more.
Account Types
STANDARD:This is an entry-level account with a spread of 0.8 pips and an Order volume of Lot $7. It is suitable for beginners or individuals who want to get started with trading.
PRO:This is a mid-level account that has a spread of 0.4 pips and an Order volume of Lot $8. The PRO account can be preferable for experienced traders who are willing to invest a higher amount for potentially greater returns.
VAR: This is a premium account that has a spread of 1.2 pips and no Order volume,providing access to more comprehensive services or features suited to advanced trading strategies and larger investment portfolios.
How to Open an Account？
Visit the company's official website, you can either choose to “Try a Demo” or “Register Now”.
If you want to try a demo account, click on the “Try a Demo” bottom, then fill up your basic imformation. It's worth noticing that you need to carefully consider their choice of leverage and balance.
If you choose to open a real account, you can either choose to “Sign in with Google” or create a new account. You will be prompted to provide certain personal information such as your name, email address, and password.
Next, you will be required to verify your email.
Then you need to complete a few more detials to fully set up your account.
Once your account is set up and verified, you can fund your account using the available deposit methods on the platform.
Leverage
provides its clients with a maximum leverage ratio of 1:500.This means that traders can control a position up to 500 times the amount of their deposited funds.This type of financial leverage can significantly magnify potential profits, but at the same time, it also amplifies the risk, making it a powerful tool in the hands of a savvy investor.
Spreads & Commissions
24K Markets utilizes a variable spread model, offering different spreads for different account types and separate tradable symbols.
It offers the spread from o.8 pips for the STANDARD account, 0.4 pips for the PRO account, 1.2 pips for the VAR account.
For the benchmark EUR/USD pair, the spread is as low as 0.8 pips, while the industry average is 1.5 pips.
You can find more detailed spread info on different tradable symbols in the screenshot below:
In terms of commission, 24K Markets doesn't invlove specific info, just saying that they charge low commission for forex trading. If you are interested in this broker and want to trade with them, you has better contact their customer to get further knowledge.
Trading Tools
24K Markets offers resources like Forex calculator and Trading hours to enhance the trading experience for users.
Forex calculator help traders analyze price charts and identify potential entry and exit points based on historical price data and patterns.
Trading hours provides real-time information on market developments, geopolitical events, and economic indicators, helping traders stay ahead of market trends and opportunities.
Deposit & Withdrawal
24K Markets doesn't reveal many details about deposit and withdrawal. Based on the limited info available on their website, we found that it seems to only accept crypto deposits, such as Bitcoin, Ethereum, XRP, Litecoin, Dogecoin, and USDT.
Customer Support
24K Markets offers comprehensive customer support to its clients. This includes being available 24 hours a day, 7 days a week. Clients can reach out to 24K Markets through various channels.
Email: The firm offers assistance through email at support@24kmarkets.com.
Live Chat: Live chat is available for clients who prefer a quick and instant response.
Social Media:24K Markets also maintains a strong presence on Facebook, Instagram, LinkedIn, YouTube, Twitter, TikTok,QQ, and WeChat providing clients with a more informal method of communication or for staying updated with the firm's latest news.
The company also provides its physical address: Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, Saint Lucia.
Conclusion
24K Markets offers a range of features and services such as high leverage and multiple customer support channels that cater to both novice and experienced traders in the forex market. However, it currently has no valid regulations. If you are interested in this broker, you should be cautious, do thorough research.
Frequently Asked Questions (FAQs)
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
