24Five
Pros and Cons
Pros
- Diverse trading instruments: forex, commodities, indices, stocks, cryptocurrencies
- Accessible account types: retail, professional, corporate, and demo accounts
- Proprietary trading platform available for web and mobile
- Multiple deposit and withdrawal options, including bank transfer and credit/debit cards
- 24/5 customer support through email and telephone
Cons
- Not regulated by any recognized financial authority
- Limited trading platform options, lacks MT4/MT5 support
- Potential for high risks due to lack of investor protection
- Withdrawal fees and processing times are not disclosed
- Inactivity fees may apply for dormant accounts
Basic Information
User Reviews
24Five Overview
24Five is a forex broker registered in the United Kingdom, operating for a period of 2-5 years under the full company name One World LTD. As an unregulated broker, it is essential for potential traders to be aware of the risks associated with trading in an environment without oversight from recognized financial authorities. While the lack of regulation raises concerns, the broker provides access to a variety of trading instruments including forex, commodities, indices, futures, stocks, cryptocurrencies, energies, and metals, catering to diverse trading preferences.
Is 24Five Safe? Regulation Analysis
Regulatory Information
24Five is not regulated by any recognized financial authority. This unregulated status means that potential traders should be aware of the significant risks involved in trading with this broker. Without oversight from established regulatory bodies, there is a lack of investor protection measures, which may increase the potential for fraud and financial loss.
Trading Products and Services
What trading instruments does 24Five offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | Major Pairs / Examples | Varies |
| Commodities | e.g. Gold, Oil | Varies |
| Indices | e.g. S&P 500, NASDAQ | Varies |
| Stocks | e.g. US, UK | Varies |
| Cryptocurrencies | e.g. BTC, ETH | Varies |
24Five provides a diverse array of trading instruments, catering to the needs of various traders. The broker offers access to multiple asset categories, including forex, commodities, indices, stocks, and cryptocurrencies. This variety allows both beginners and experienced traders to explore different trading strategies and diversify their portfolios. By offering a wide selection of products, 24Five supports flexible trading approaches, which can help traders adapt to changing market conditions and personal investment goals. Overall, the broad coverage of trading instruments enhances the platform’s appeal for users seeking diverse market opportunities.
Account Types and Trading Conditions
What Account Types and Fees Does 24Five Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Retail Account | Beginners and casual traders | Accessible for small investments, suitable for practice | Ideal for traders looking to explore markets without high capital |
| Professional Account | Experienced traders | Potential for higher leverage and advanced trading options | May require proof of trading experience or volume |
| Corporate Account | Corporate clients | Customized services tailored for businesses | Requires corporate documentation |
| Demo Account | New traders | Practice trading without financial risk | Suitable for testing strategies and familiarizing with the platform |
Account Opening Process
To open an account with 24Five, traders need to follow several steps. First, they will submit personal information, including their name, address, and contact details. Next, employment and financial information will be required to assess the applicant’s trading profile. Identity verification is essential, necessitating the submission of an official ID and proof of address. Once the account is set up, there is flexibility to upgrade to a professional account if the trader meets the necessary qualifications later on.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (Major Pairs) | Varies | $0 | Competitive spreads on popular pairs |
| CFDs (Indices) | Varies | $0 | Access to major global indices |
| CFDs (Commodities) | Varies | $0 | Includes precious metals and energy products |
| Cryptocurrencies | Varies | $0 | Wide selection of digital currencies available |
Other Fees
There are several additional fees to consider when trading with 24Five. Deposit and withdrawal fees may apply, although specific amounts are not disclosed. Inactivity fees could be charged if the account remains dormant for a prolonged period. Traders should also be aware of potential platform usage fees, overnight interest (swap rates) for holding positions, and currency conversion fees when trading different currency pairs.
Trading Platforms and Apps
What Trading Platforms and Apps Does 24Five Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| Proprietary Platform | Web, Mobile (iOS/Android) | Secure login, market search, multiple order types, real-time alerts | Demo accounts available |
| Mobile App | iOS, Android | Convenient access, push notifications, easy order placement | Demo accounts available |
| Desktop Version | Windows, macOS | Comprehensive trading tools, secure login, advanced charting | Demo accounts available |
The proprietary platform of 24Five offers a user-friendly interface suitable for web and mobile trading, providing essential features such as secure login options and real-time alerts. The mobile app ensures that traders can manage their accounts and execute trades conveniently from anywhere, while the desktop version supports advanced trading tools and multiple order types for a comprehensive trading experience. Overall, 24Five’s platforms cater to a range of trading needs, enhancing user accessibility and engagement.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | 3–5 days | No platform fee | Min 50, Max 10k/day | USD, EUR |
| Credit/Debit Card | Instant | No platform fee | Min 50, Max 5k/day | USD, EUR |
| Cryptocurrency | Instant | No platform fee | Min 50, Max 20k/day | BTC, ETH |
| e-Wallet | Instant | 1.5% charge | Min 50, Max 10k/day | USD, EUR |
Minimum Deposit
The minimum deposit requirement for 24Five is typically $50. This amount may vary depending on the payment method chosen, account type, or specific regional regulations.
How to Withdraw
To withdraw funds from your 24Five account, follow these steps:
- Log in to your 24Five account.
- Navigate to the ‘Withdrawal’ section in your account dashboard.
- Select your preferred payment method for withdrawal.
- Enter the amount you wish to withdraw and confirm your request.
- Complete any required verification steps as prompted.
- Submit your withdrawal request and wait for confirmation of processing.
Customer Support
24Five Customer Support Overview
Support Channels
24Five offers multiple contact methods for customer support, ensuring traders can easily get the help they need. Traders can reach out via:
- Email: For general inquiries, traders can contact support at info@24five.com.
- Telephone: Customers can call the support team at +44 7784 108738 for direct assistance.
- Social Media: 24Five maintains a presence on various social media platforms, providing another avenue for support and updates.
Service Availability
The customer support services at 24Five are available 24/5, allowing traders to seek assistance during the trading week. While specific languages supported are not detailed, it is advisable to reach out in English for optimal communication.
Frequently Asked Questions
24Five is not regulated by any recognized financial authority. This unregulated status means that potential traders should be aware of the significant risks involved in trading with this broker, including a lack of investor protection measures.
24Five offers a diverse array of trading instruments, including forex, commodities, indices, stocks, cryptocurrencies, energies, and metals. This variety caters to different trading preferences and strategies.
To withdraw funds from your 24Five account, log in, navigate to the ‘Withdrawal’ section, select your payment method, enter the withdrawal amount, and confirm your request. Be prepared to complete any required verification steps.
24Five offers customer support through multiple channels, including email at info@24five.com and telephone at +44 7784 108738. Support services are available 24/5 to assist traders during the trading week.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.