Owned by Rodeler LTD, 24Option began trading binary options in 2008, and later became a trading platform for CFD and forex. Although the main company is based in Cypress, they also have another company in Belize for international clients.
Their goal is to allow as many people to trade as possible. That's why, in addition to the many trading options they have, 24Option also offers educational materials to help people understand how to trade CFD and forex.
Since its break from binary options trading, 24Option has become a unique broker, enabling both experienced and newer traders to participate. In this 24Option review, we'll give you everything you need to know about this broker and help you decide if they're right for you.
|Whenever you're dealing with trading and investing, you want to make sure you're using a reputable company on a safe platform. 24Option's practices suggest they are a reliable broker.|
Table of Contents
- 1 Trading Platform
- 2 24Option Account Types
- 3 Assets
- 4 24Option Mobile App
- 5 Is 24Option Regulated?
- 6 24Option Deposits and Withdrawals
- 7 Supported Currencies
- 8 24Option Demo Account
- 9 Max lots, max trade size, leverage, and margins
- 10 Bonuses and Promos
- 11 Education
- 12 Special Features
- 13 Customer Support
- 14 Is 24Option A Scam?
Whether you are a novice or a professional trader, you will feel at home trading with 24Option. Where other interfaces have been clunky or unintuitive, 24Option stands out among the crowd. The platform interface has a wide range of choices to choose from, and it uses the latest technology to deliver the best services to its clients. The user-friendly platform makes it easy for users to invest wisely without missing any opportunities that arise within the markets.
MetaTrader 4, shortened to MT4, is one of the most popular trading platforms that people prefer for CFD and forex. 24Option integrates advanced trading tools to the platform to ensure you get real-time results when spot trading. Though using the MT4 platform is complicated, especially for first-time users, 24Option simplifies things by using easy to understand analysis tools and other automation options. If you want to test it out, you’ll have to register with 24Option before you can download the software.
24Option Account Types
24Option offers four trading accounts with a leverage of 1:500. You can choose from basic, gold, platinum, and VIP accounts. Luckily for beginners or those who want to test out this platform, the minimum deposit to open an account with 24Option is $250.
The basic account requires an initial deposit of $250. The Basic account gives you floating spreads as low as 2.5 pips for EUR/USD, and 2.8 for GBP/USD and USD/JPY. You also get access to some educational resources, including one basic lesson, daily market report, trading central, and two daily TC SMS alerts. When it comes to webinars, this is the only tier that doesn’t offer any.
The gold account requires an initial deposit of $5,000. Gold is a step up from Basic in that your floating spreads move to 2 pips for EUR/USD and 2.5 for GBP/USD and USD/JPY. You get access to the same educational resources, plus an additional basic lesson and a monthly webinar.
A platinum account requires a deposit of $10,000 or more. With this tier, you get EUR/USD at 1.6 pips and GBP/USD and USD/JPY at 1.9 pips. Platinum is where you really get into the education side of things, too. Instead of just the basics, you get three advanced lessons, two monthly webinars, four daily TC SMS alerts, and the same daily news and trading central access as you do with Basic and Gold accounts
A VIP account requires an investment of $10,000. If you're looking to get everything you can out of 24Option, VIP is the account type you want. You get five advanced lessons and five monthly webinars. Plus, you'll get seven daily TC SMS alerts and no withdrawal fees, whereas, with the other three tiers, you only get a limited number of free ones.
24Option offers over 130 different assets in 4 main categories including currency pairs, market indices, stocks, and commodities.
Since its introduction to the market, CFD (contract for difference) is one of the most popular trading assets in the world. One of the reasons for its popularity is the low capital requirements needed to be successful. It also gives traders the option of going short or long on assets, and since they are derivative products, traders choose CFDs to avoid stamp duty.
Within the CFDs trading options, the services include cryptocurrency trading, commodities, indices, and stocks. Trading in CFDs on 24Option allows you to predict the movement of the market and buy if you anticipate an increase or sell if you foresee a decline.
Forex, on the other hand, helps traders to profit as much as possible without making any major currency trading mistakes. The forex market is vast and comes with high liquidity, but you can start with a small investment to build a large portfolio over time. Trading forex with 24Option provides you with other opportunities such as risk management tools, a reliable 24/7 customer service team, and easy access to a forex education center.
24Option Mobile App
Mobile trading with the 24Option forex broker is also another option for traders. The broker provides free mobile apps for android and iOS users, making them available on the Google Play Store or Apple app store. Some mobile apps from other brokers have watered down apps when compared to the desktop platform, but that isn’t the case here. The mobile app, which has a simple interface, provides you with all the trading features from the site. The login process is both secure and fast, with straightforward details and bonus availabilities for mobile traders.
Is 24Option Regulated?
24Option is a CYSeC (Cyprus Securities and Exchange Commission) regulated forex broker under CIF license no. 207.13. It operates on stringent regulatory obligations that safeguard their client funds deposited in segregated accounts. Besides CYSeC regulation, the forex brokerage company is also a member of the Investment Compensation Fund that entitles traders to claim up to 20,000 Euros. Other regulatory agencies that 24Option complies with are AMF, France, CONSOB, Italy, BaFin, Germany, CA, and UK.
24Option Deposits and Withdrawals
Your method of deposit and withdrawal depends on your location. Different countries support different payment types.
24Option allows for a wide range of deposit and withdrawal methods, including credit cards (VISA, Mastercard, and Discover), electronic payments via Skrill, and bank transfer. Deposits and withdrawals are secure and safe, so you don't have to worry about your funds.
There is a minimum deposit, but the amount depends on how you fund your account. With credit cards and electronic payments, the minimum deposit is $250, whereas, with a bank wire transfer, you need a minimum of $1,000. They also have a daily maximum of $10,000, and a monthly limit of $40,000.
The withdrawal options are not very different from the deposit choices at 24Option. On the same banking page of the company website, withdrawal options are available depending on your country. 24Option processes all the trader withdrawals depending on payment methods, which helps in minimizing money laundering. If the withdrawal amount made using a credit card is larger than the deposit amount, the trader gets the balance through a wire transfer.
Before completing a withdrawal request, 24Option requires you to provide documents to prove your identity. Verification documents include a driver’s license, the official state identification document, and a current passport. Besides any of these documents, you also need to show proof of your address through a bank statement, a utility bill, or a credit card statement. The minimum amount you can withdraw is $10, and the maximum is the amount you have in your 24Option account account.
Even though you can withdraw your funds at any time, 24Option processes withdrawals only during the business hours. Withdrawal fees depend on the kind of account you are operating. For diamond and platinum account holders, the withdrawal fee is free, while those with gold, basic, and silver accounts pay their fees per the currency they are trading in and withdrawing. Wire transfer withdrawals attract more charges.
Here are the 24Option withdrawal fees:
- Credit/Debit – 3.5%
- Neteller – 3.5%
- Perfect Money/Moneybookers (Skrill) – 2%
- Wire transfers – $30, €30, £30, ₣30, ₽1800, R300
As with many other companies, traders occasionally complain of withdrawal delays. Many of the delays are due to the slow proofing of the identification procedures. The best way to avoid this is to send all your identification details before making the withdrawal request. By communicating the details early, you can minimize withdrawal complaints and ensure faster payment methods.
After registering with 24Option, the first option will be to choose the currency you prefer to use. Unlike many other brokers, 24Option gives you the opportunity of trading with various currencies for a single account. The most popular currencies are the US Dollar, the Japanese Yen, The Euro, British Pound, and the Ruble.
24Option Demo Account
Before you start trading CFD or forex, you want to know what you're getting into. Some online brokers offer demo accounts so you can trade with the equivalent of Monopoly money before you get serious about it.
24Option does, too. When you sign up with a Basic account, you get a demo along with it. This demo account comes with $100,000, so you can get a feel for the platform and how it works.
With a demo platform, there’s no risk to you, and you won't lose your actual funds by trading before you see how the platform functions. You can observe forex and CFD trends and decide whether you're ready to take it a step further with an upgraded account.
Max lots, max trade size, leverage, and margins
Irrespective of the type of account you hold with 24Option, the requirement is to adhere to the company’s margin call level of 125% and a top level of 20-100%. For forex pairs, the maximum size of trading is 10 or 30 lots. The relevant pages on the company’s website give you a complete list of the categories where different forex pairs fall. The maximum trade size for stocks is 10 lots with 10-default leverage. Indices have a maximum trade size of 3 lots with default leverages of 50.
Bonuses and Promos
Sign-up bonuses are one of the things that make 24Option stand out. Depending on the type of account you open, bonus amounts range from 30% to 100%. The company also provides promotion packages that include a holiday bonus or a deposit bonus, especially when the markets are volatile. Other bonuses include premium prizes that come as gifts such as a MacBook or an iPad.
The company offers traders a deposit bonus under their bonus scheme at the amount of 25% to 50% on the first deposit amounting to $500. You cannot withdraw your bonus until the amount in your 24Option account is thirty times the initial investment amount.
A demo platform is also another perk that comes with opening an account with the broker. You do, however, need to deposit about $250 before you get to use the demo. It helps to use this demo platform to learn trading strategies and see how the markets work in real-time.
You can choose to opt-out of the bonus incentives at any time you want.
24Option has some of the best CFD and forex education resources available. Most of its resources come through the daily news offered at all account levels, as well as webinars and basic or advanced lessons.
The platform is unique in that it was intended to help people trade and invest smarter. These webinars and lessons allow traders to learn more about trading before—and while—they participate in CFD and forex trading. You can even use their advanced interactive ebook to learn more about trading and test your skills.
Their educational materials go beyond the basics, too. For Basic and Gold accounts, you can only access the basic lessons, but as you upgrade your account, you can utilize more advanced lessons. Plus, they have videos on their website for beginning and intermediate traders to watch and learn more about CFD and forex.
One of the most attractive special features that 24Option provides its traders is a practical, economic calendar that they can reference. The calendar allows traders to track important events that can impact their trade decisions. The data is easily viewed by impact, date, currency, forecasts, and actual data.
Another unique feature that sets the broker apart is the simplicity of the platform. Through their famous black theme, 24Option makes it very easy for even those using the platform for the first time to find information and make a trade.
Traders also get the opportunity to study the market behavior using technical analysis tools such as market indicators, graphic tools, and special reports. The technical analysis helps the traders to predict the future trends of the asset they are trading. Alongside the technical analysis, the broker also provides an extensive fundamental analysis that allows traders to study the factors and events that influence the price of an asset.
Here is a short list of some of the other features that come with 24Option:
- Buyback: You can “cancel or terminate” a trade up to 5 minutes before expiration. You won’t get all your money back, but you will minimize your losses
- Demo Account: As stated earlier, this account is great for practicing different trading strategies but is only available after depositing $250
- Financial News Headlines: Stay up to date on all the latest trends in the world
With 24Option, you not only get professional help, but you also get personal assistance. To allow you to access all the information and support you need, the broker provides several options that you can use to contact them. The options include via email, phone, live chat, or by filling out a form on the contact us page.
The contact us page displays a map showing the entire 24Option support regions across the world that the broker serves. A click on any of the pins takes you to the region’s website with all the information you need to know. The website of 24Option provides support in 15 languages. These include:
Is 24Option A Scam?
Whenever you're dealing with trading and investing, you want to make sure you're using a reputable company on a safe platform. 24Option's practices suggest they are a reliable broker.
When they moved away from binary options, their goal was to maintain their standing and image as a reputable platform. Their practices and history suggest that they care about their traders' and investors' funds and keeping those funds protected.
24Option is also regulated by two different entities, showing that regardless of where you are trading from, they strive to keep ethical business practices in place. Your account and funding information is secure with 24Option.
Robert Wolfe is the founder and chief editor of Impact Investing Collaborative. Robert is an expert trader with over 10 years of experience trading binary options, Forex, and CFDs. He prides himself in providing accurate and in-depth reviews in order to help others find a trading platform that fits their needs. When Robert isn’t actively trading or managing Impact Investing Collaborative, he enjoys spending time with his 3 kids, playing golf, and spending time outdoors.