WikiFX Scam Alert: Beware of M24 Markets!!!!

Investors who are still trading forex at M24 Markets had better quit trading ASAP!!! Investors who have been deceived by this broker please contact WikiFX to help you recover your funds!!!

First and foremost, let us get straight to the point. On our next screenshot you may check the recent warning against M24 Markets (m24markets.com), issued on August 30th by the Financial Conduct Authority (FCA) in the UK. Take a look (source: https://www.fca.org.uk/news/warnings/m24-markets):

“Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorized or registered by us”, the warning reads. “This firm is not authorized by us and is targeting people in the UK. You will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if things go wrong”.

WikiFX also paid a visit to the broker‘s official website to learn more. M24 Markets apparently wants people to believe it’s a British broker with its address in the UK. So, to call itself legit, M24 Markets should be authorized by the local financial regulator FCA. But as has been proved earlier, it is not! The FCA has exposed the broker as a scam with its warning! M24 Markets is blacklisted!

M24 Markets seems to be offering the industry standard MetaTrader5 trading platform, but that certainly does not change the fact that we are dealing with a virtually anonymous, unregulated scam website, which on top of that has already been blacklisted by the financial authorities in the UK.

The only asset class for trading is Forex, which is actually a limitation as there arent many instruments available.

The spreads advertised in the presentation are far from attractive, starting as high as 5 pips with the Beginner Account and as high as 3 pips with the Pro Account. Just bear in mind that in order to be considered acceptable, the spread of the benchmark EUR/ USD pair should not exceed 1.5 pips with a standard account and no trading commission taken.

The trading risks are high as leverage can reach 1:500, a ratio with significant profit potential but its very dangerous, at the same time. The problem here is that the British regulator FCA does not allow more than 1:30, so with or without warning, we can tell that M24 Markets does not comply with regulation, which suggests that the brokerage is a scam!

Furthermore, the information about withdrawals and fees is missing, and here comes another major red flag. That is, the brokerage does not even have legal documents such as T&Cs or a User Agreement, which outright proves that M24 Markets is illegal. For those unaware, these documents serve as contracts between both parties and clients cannot commence trading unless they submit signed copies of the papers!

Now let's search “M24 Markets” on WikiFX APP to find out more about this broker. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX (https://www.wikifx.com/en/dealer/1231400866.html), M24 Marketscurrently has no valid regulatory license and the score is rather negative - only 1.46/10! WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

Investors are advised to search relevant information on WikiFX APP about the broker you are inclined to trade with before finally deciding whether to make investment or not. Compared with official financial regulators which might lag behind, WikiFX is better at monitoring risks related to certain brokers - the WikiFX compliance and audit team gives a quantitative assessment of the level of broker regulatory through regulatory grading standards, regulatory actual values, regulatory utility models, and regulatory abnormality prediction models. If investors use WikiFX APP before investing in any broker, you will be more likely to avoid unnecessary trouble and thus be prevented from losing money! The importance of being cautious and prudent can never be stressed enough.

In a nutshell, it's not wise to invest in M24 Markets. The so-called brokerage is nothing more than an outright scam, which is in the spotlight of a recent investigation by the British financial authorities, who have already blacklisted the website for targeting UK customers without proper authorization.

WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing. You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed.

WikiFX keeps track of developments, providing instant updates on individual traders and helping investors avoid unscrupulous brokers. If you want to know whether a broker is safe or not, be sure to open WikiFXs official website (https://www.WikiFX.com/en) or download the WikiFX APP through this link (https://www.wikifx.com/en/download.html) to evaluate the safety and reliability of this broker!