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Review of 24k Markets – Red Flags to Watch Out For
It’s no secret that the 24k Markets brokerage, owned by 24 Markets Ltd, has been around since 2023, operating under the jurisdiction of Saint Lucia. But before you dive into trading with them, it’s crucial to understand the potential risks involved. Here’s what you need to know:
Regulatory Concerns
One of the primary concerns with 24k Markets is its lack of proper regulation. Despite claims of being a reputable broker, there’s no evidence of regulation from authorities like FCA, BaFin, ASIC, CFTC, or others. Without regulatory oversight, traders are left without essential protections.
Targeting Vulnerable Traders
While reviews of 24k Markets are scarce, their website traffic suggests they’ve been targeting traders from countries like Saudi Arabia, the UK, the US, and Canada. These are regions with strict regulatory frameworks, which 24k Markets fails to comply with, similar to Layray brokerage.
Opaque Fees and Charges
Transparency is key when it comes to trading fees, but 24k Markets falls short in this regard. While they claim spreads start from 0.2 pips with commissions from $7 per lot, other fees remain undisclosed. This lack of transparency can lead to unexpected costs for traders.
Limited Trading Platforms
Legitimate brokers often provide access to trusted trading platforms like cTrader or MetaTrader. However, 24k Markets opts for its own web-based platform, raising concerns about reliability and functionality. This could pose challenges for traders accustomed to more robust platforms.
Questionable Withdrawal Process
While 24k Markets claims to offer swift withdrawals, details about the process are vague. Withdrawal methods include credit cards and bank accounts, with funds taking up to five business days to process. Additionally, customers may face additional requirements and undisclosed withdrawal fees.
Customer Support Challenges
A broker’s customer support is essential for resolving issues and addressing concerns. However, 24k Markets only offers a web contact form, raising doubts about the responsiveness of their support team. Traders may experience delays in receiving assistance, further complicating matters.
In conclusion, trading with 24k Markets poses significant risks due to its lack of regulation, opaque fee structure, limited trading platforms, and questionable customer support. Traders are advised to exercise caution and consider alternative, regulated brokers for their trading needs. If you’ve encountered issues with 24k Markets, don’t hesitate to seek assistance from our refund specialists for guidance.