Although mid-to-late type M dwarfs are the most common stars in our stellar neighbourhood, our knowledge of these objects is still limited. Open questions include the evolution of their angular momentum, internal structures, dust settling in their atmospheres and age dispersion within populations. In addition, at young ages, late-type Ms have masses below the hydrogen burning limit and therefore are key objects in the debate on the brown dwarf mechanism of formation. In this work, we determine and study in detail the physical parameters of two samples of young, late M-type sources belonging to either the Chamaeleon I dark cloud or the TW Hydrae Association and compare them with the results obtained in the literature for other young clusters and also for older, field, dwarfs. We used multiwavelength photometry to construct and analyse SEDs to determine general properties of the photosphere and disc presence. We also used low-resolution optical and near-infrared spectroscopy to study activity, accretion, gravity and effective temperature sensitive indicators. We propose a Virtual Observatory-based spectral index that is both temperature and age sensitive. We derived physical parameters using independent techniques confirming the already common feature/problem of the age/luminosity spread. In particular, we highlight two brown dwarfs showing very similar temperatures but clearly different surface gravity (explained invoking extreme early accretion). We also show how, despite large improvement in the dust treatment in theoretical models, there is still room for further progress in the simultaneous reproduction of the optical and near-infrared features of these cold young objects.