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Expert Option Review: Complete Beginners Guide

In this Expert Option Review, we will take a look at a broker that offers clients the chance to invest in instruments such as digital options.

The broker offers traders the chance to trade over 100 different assets including a range of different cryptocurrencies. They have been around since 2020 and have a wide range of opinions online.

The key question is whether Expert Option is safe and can it be trusted?

In this comprehensive review of Expert Option we will go over everything that you need to know about the broker. We will dig into their history, regulations, customer service and fees.

Overview

Expert Option was started in 2020 and is owned and operated by Expert Option Ltd.

The company is based in Saint Vincent and the Grenadines. There office location is 1510, Kingston, Suite 305, Griffith corporate centre. If you wanted to find more information Expert Option then you can look up their company number with registration number 22863.

Expert option also has a company that will process the payments for the brand and that is Vestede Limited (company no 116061). They are based in Gibraltar.

The company offers Digital Options instruments on numerous different assets. Digital Options are essentially options that will have a binary outcome on expiry.

What really stands out for expert option is that they have developed their own trading engine and platform. This is contrary to the usual practice where brokers would outsource their platforms to an external technology provider.

Is Expert Option Safe?

This is perhaps one of the most relevant questions when it comes to choosing a broker and completing a review. There have been too many examples of brokers in this industry that have operated in a less than stellar manner.

There were some concerns online about Expert Option given that the company was registered in St Vincent. We asked Expert Option about the reasons for this and they stated that it was for tax efficiency reasons. Whether this is the only reason for it, we cannot tell. However, there are many exchanges and brokers that have made similar choices.

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For example, some of the largest cryptocurrency exchanges operate in offshore locations. The Binance crypto exchange is registered in Malta whereas exchanges like BitFinex, which is one of the biggest, is registered in Luxembourg.

One of the most important factors that you need to consider when you are about to trade with a broker is their regulations. What jurisdictions are they registered in and what client protections are there?

In the case of Expert Option, they are certified by the Financial Market Relations Regulation Center. This is a non-governmental voluntary oversight body that is located in Russia. You can view their licence certificate over here.

They are also regulated by the Vanuatu Financial Service Commission. This is a relatively new regulator that has started offering financial service licences to offshore companies. You can read more about their client protections on this website.

We could not find the Vanuatu licence number on their website or independently verify their registration there.

Another really important factor when you are considering a broker is whether the information that you send them is secure. Encrypted communication is now the standard among brokers and financial websites.

Why is this important?

Well, given the prevalence of sophisticated hackers these days sending information such as credit card details and personal documents is really risky. That is why you have to make sure that the broker uses the latest standards in SSL encryption.

Expert Option is SSL encrypted and you can see this by observing the green padlock in the browser window. This means that all of the information that you send to Expert Option’s servers is encrypted using AES 256 encryption.

It is very important that when you are visiting Expert Option’s website that you see this green padlock on the site to make sure that you are not falling victim to a phishing attack.

Expert Option Assets

As mentioned, Expert Option has a range of different assets that you can trade options on. These range from the more traditional asset classes such as Forex, Equities and Commodities, to the new and exciting cryptocurrency field.

With Fiat currency trading pairs, you have all of the major crosses including AUD, USD, GBP, NZD, CAD, EUR and CHF. With equity instruments you have some of the most interesting companies such as Amazon, Baidu, Coca-Cola and Tesla. There are three commodities that you can trade and they are Gold, Silver and Oil.

On the digital currency side it seems as if Expert Option has gone all in. In fact, they have more cryptocurrency pairs than they have of all other assets. Below are all the crypto pairs that they provide on their platform.

Tradable Instruments

As mentioned, Expert Option is a Digital Option platform. This means that the tradable instruments are derivatives that get their value from the underlying asset price.

Digital Options work in a similar way to traditional options in that they have an asymmetric pay-out. This means that unlike CFDs and Futures, your gain / loss is capped by a predetermined amount.

Options, unlike futures, give the holder the right but not the obligation to buy or sell an asset at some predetermined price in the future. If you enter a CALL option you are going long the underlying asset and if you enter a PUT option you are shorting the underlying price.

With a Digital option, your pay-out is either set to some percentage of your invested capital or it is set to 0. In terms of the pay-out rates at Expert Option, they vary. They range from 70% to 90%.

There are also two expiry times at expert option. They are 1 minute and 2 minute expiries. We would have liked to have seen a slightly longer option expiries such as 1 hour or daily options.

However, if you are a day trader who likes to embark on scalping tactics then shorter expiry times could be to your liking.

Jurisdictions & Languages

Expert Option is restricted in certain jurisdictions and are not open to investors from the following countries: USA, Canada, European Economic Area, Switzerland, Israel, New Zealand, Australia, Japan, North Korea, Puerto Rico, Sudan.

This is probably related to the individual regulations in those states that do not allow offshore brokers such as Expert Option Ltd to solicit clients.

For those regions that Expert Option operates, they have translated their website and platform into a number of different languages. These are given in the image on the right.

In terms of telephone support, this is only available in English, Thai and Hindi.

Expert Option Demo Account

At expert option, you can trade on a demo account with $10,000 of demo money. An Expert Option demo account is a great way for the trader to get a better sense of how the platform works and whether they could indeed see themselves using it. It is also something that not many cryptocurrency exchanges will offer their traders.

What we really liked about the Expert Option demo account is that there are no obligations on the side of the trader. You do not even have to sign up and you can practice trading in demo anonymously on Expert Option to your heart’s content.

This is a stark departure from older Digital option brands that have used the demo account as a way to drag the clients in by manipulating them to hand over more funds. The Expert Option demo account also has all of the same pricing that you will find on the live account below.

Live Accounts

Something that we have not seen that often in the CFD broker and Cryptocurrency exchange space is the range of different account types that are offered by Expert Option.

Sure, at some cryptocurrency exchanges you will have tiered account levels but these are merely determined by how much you are willing to verify yourself on the exchange. At expert option, the tiered accounts are determined by how much you invest.

Here are the benefits that are supposed to come with the account options that they provide.

Basic Silver Gold Platinum Exclusive
Personal Manager Introduction Introduction Account Manager Senior Account Manager
Educational Materials Yes Yes Yes Yes Yes
Market Reviews & Research Yes Yes Yes Yes
Priority Withdrawal Yes Yes Yes
Access to Strategies Yes
Max No Deals Open 10 15 30 No Limit No Limit
Max Deal Amount $25 $250 $1,000 $2,000 $5,000
Increased Profit 0 0 up to 2% up to 4% up to 6%

What does this mean for you?

Well clearly as is shown those accounts that have more money in them will have more benefits. However, we would suggest starting small. This is because you need to make sure that you need to make sure you are completely comfortable with the broker before you will commit such a large tranche of funds.

Moreover, you may want to consider against the bonus options that may be presented to you. This is because bonus terms are known to be incredibly onerous and have turnover requirements that are almost impossible to reach.

Hence, even though the prospect of “free money” sounds great, you have to realise that it is far from free and comes with terms and conditions that can restrict withdrawal.

Funding / Withdrawal

There are a few ways in which you can fund your expert option account. No doubt the easiest way that clients will opt for is to use a credit or debit card. In terms of the card types that they accept, it is Visa, MasterCard and UnionPay.

The minimum deposit at Expert Option is the $50 that they have on their first level account. They also have a maximum deposit size of $3,000. This is probably to do with the payment processor limits imposed on them.

There are also various electronic money funding options should you prefer that. They accept payments via Neteller, Skrill, WebMoney, Qiwi Wallet, Yandex Money and Payweb.

If you want to withdraw money from your account, then the minimum withdrawal amount is $10. This is probably because of the fees involved in the withdrawal.

If you are withdrawing funds then Expert Option can only withdraw it into the same account that you funded with. This is in order to avoid concerns of money laundering.

Customer Support & KYC

This is obviously a really important consideration for brokers and exchanges. There is nothing that is more frustrating than having to wait for days to get customer support.

Expert option claims that they have 24/7 customer support. You can reach these support agents directly from the trading platform. When we tried to reach out to the support team it took about 10 minutes to receive a response which is not too bad. You can also reach them on their dedicated support email at [email protected]

There are also numbers that you can call for their local offices. This is helpful for those traders that would like to speak to someone. Here are the local numbers

  • UK (English): Number: +44 20 3868 3160, email: [email protected], available 24/7
  • India (Hindi): Number: 000 800 443 0002, email: [email protected], available 10:30 – 19:30 (India time)
  • Thailand (Thai): Number: +66 6000 35 407, email: [email protected], available 10:30 – 19:30 (Thailand time)

In terms of KYC, Expert Option is required to complete a number of steps to make sure that you are who you say you are. This is the standard protocol in today’s markets to avoid the risks of Money Laundering and fraud.

When you fund your account at Expert Option they will usually ask for a proof of identity as well as a proof of address. They should take a day or two to verify these documents.

Expert Option Platform

One of the most interesting parts of the Expert Option package has to be their trading platform. As mentioned, this platform was built in house and is hence unique among the other option and CFD platforms.

The web-based platform seems to be well designed with numerous tools at the trader’s disposal. Everything that is related to your account administration is on the left of your screen. Here you can fund your account, monitor your past trades or make use of their extensive educational material.

In the middle you will have all your charts and markets. You can choose a layout that works best for you and you can split the chart among more than one asset. This is beneficial for those traders who like to trade more than one market at a time. As you can see below, we are monitoring both Gold and EUR/USD.

Web Based Platform of Expert Option

If you are one of those traders that likes to run technical analysis then you can use the charting tools and indicators that Expert Option has. While these can be useful, they are fairly rudimentary for a charting package.

For example, you have some drawing and mapping capability where you can sketch out your trendlines and entry points. You can also switch from the standard area chart for a more specific line, bar or candle chart.

Taking a look at the indicators, they give you a list of 8 different indicators that you can use. You have your basic Moving Averages, Bollinger Bands, RSIs, MACDs etc. The customization options around these indicators is relatively simple with only one or two different inputs.

If you wanted to get a bit more of a perspective on the market trends then you can open up that tab to the right of the chart. This gives you an idea of which assets are trending the most and in which direction they are heading. You can also adjust the time frame if you wanted to use this as part of your analysis of the option expiry.

The order functionality at Expert Option is rather basic. It appears to be a simple buy / sell order with the only parameters that you can adjust being the amount invested on the trade as well as the strike rate.

Pro Tip: When you adjust the strike rate, you are also adjusting the odds and payouts. If you have a particularly strong view on the direction then you can adjust the payout based on that.

Social trading is an interesting piece of functionality that Expert Option have included on their platform. This allows you to see where the other traders are placing their trades and what strategies they are employing.

For example, you can see things such as the deals that were entered into, the prices that were locked in as well as the profits and losses of the individual traders. Not only is this a great way for you to follow those traders that are profitable but it also gives you a good sense of where market sentiment is going.

You can view social trading in two ways. Firstly, you can head on over to the social trading tab. This is the image on the right below and it will give you a snapshot of the current traders on Expert Option. Here you can see the general (up or down) as well as the leader boards of those traders that have done well.

Social Trading Functionality at Expert Option

You also can view all of the trades that were placed by others on the chart itself. Here you can see in real time which way they have positioned themselves. We found all of the social trading tabs on the chart a bit distracting but it could work for you.

This is another feature that Expert Option has included that could help to inform your trading. The analytics section is more for those traders who would like to have some fundamental analysis on particular assets and markets.

For example, the first section is a collection of videos that will take you through the latest market movements and news over the past week. We were quite impressed with these videos as they were well presented and had useful visuals and charts to support the data.

Another handy tab in the analytics section is the part that gives you an overview of the financial exchanges and what their trading hours are. This is more relevant for those traders that want to trade equities during the live market hours.

Expert Option PC Client

While the web-based platform is great for convenience sake, the most optimal trading experience comes from the PC clients. This is because you will be using your PC to trade instead of your web browser. This is naturally more efficient as we found the web interface to be quite resource heavy on the browser.

Moreover, if you are looking for the quickest execution then the desktop client is a better choice. This is because your orders are being sent directly from your PC to the Expert Option servers. When you place your orders on your web browser then they have to first pass through the website architecture.

The desktop client is available for download on Microsoft windows as well as Mac OS. Once you have downloaded the programs and loaded them, you will be asked for your Expert Option login credentials.

Expert Option App

For those traders who are always on the go, Expert Option also has a mobile app that is available for download on both iOS and Google Play.

The app is really well laid out and it is clear they spent a great deal of money developing it. They have tried to get as much functionality into the app that they can. Compared to some of the other apps that we have seen, this one seems to have many more features.

Indeed, if we take a look at some of the ratings of the app in both stores, the majority of the feedback is positive. In the few cases that there are negative reviews or bad experiences, the Expert Option customer support staff seem to be quick to respond.

So, should you use the mobile app?

Well, it really depends what sort of trading experience you are after. Although the app is quite advanced compared to its peers, it still lacks much of the functionality that you will have on the desktop client and the web-based interface.

Moreover, mobile trading will have to rely on mobile connectivity which can sometimes be pretty slow. This can be frustrating when you are trying to open / close trades and the mobile data falls away for a few seconds.

With that being said, the mobile app is more suitable for beginner traders who are looking for an easy and convenient way to trade the markets.

Education

This is another place where we think Expert Option tends to stand out. They have quite extensive educational material for traders.

This is accessible either through the platform in the “education” tab or on the homepage in the footer. If you are to navigate to the education tab you will see the numerous topics that they cover. These include the following:

  • Fundamental Analysis
  • Technical Analysis
  • Graphical Analysis
  • Psychology of Trading
  • Trading Strategies
  • Glossary of Terms

There are also a range of videos that they have for the traders. These are helpful for those new traders that need guidance on how to make the most of the platform. These are all in the “How to get started” tab.

Reputation

Compared to all the other Option brands, it seems that Expert Option has a relatively clean online reputation. However, we did notice that there were a few issues raised with the location of the company. Some traders were uncomfortable with the St Vincent registration.

There were of course quite a few clients who took issue with the bonuses that they had accepted. As we had stated above, Bonuses come with onerous terms and conditions and these clients probably did not read them or were not aware of them.

There were also one or two complaints about the pay-out ratio being adjusted for those clients that had a strong trading record. Of course, this could be hard to verify as the reviewer did not leave evidence of the claim.

Lastly, there were a few complaints that traders had about withdrawal requirements. They were claiming that Expert Option was not authorising their requests. However, upon examination it seems that they had not properly authenticated their accounts.

What We Didn’t Like

While the Expert Option platform is highly efficient and there is a plethora of resources that are available to the trader, there were a few things that we thought warranted improvement.

Firstly, we have to take issue with their regulatory licence. While it is not meant as a slight against the Vanuatu regulators, a licence in Europe is much more secure. If Expert Option wants to gain the full trust of their European clients then they should aim to get regulated in the EU or an equivalent.

Moreover, if Expert Option was able to get a European licence then they could take clients from the continent. This would serve them well as it could increase their user base.

On the platform side, we would have preferred it if they had more options in terms of expiry times. Some clients prefer not to trade with such short expiry times and this is especially true for those clients who do not use technical analysis for their trading.

Lastly, we would have liked to have seen some cryptocurrency funding options. They do, after all, offer a range of different cryptocurrency assets to trade so it is only logical that they would offer funding options as well.

There are also numerous other brokers which offer this option as it allows them to administer the accounts anonymously, it reduces the fees and it is quick and effective. Perhaps Expert Option will include this at a later date.

EO.finance

Something else that you may realise is that Expert Option is linked to EO.finance. This is a separate service that is also available to traders from the platform. Essentially, it is a cryptocurrency wallet and exchange service.

You can exchange both cryptocurrency and fiat on the platform. If you wanted to buy in fiat then you have a range of options including through the use of a credit / debit card. Hence, if you were looking for a mere exchange than a trading experience, it could be for you.

There is also a pretty large selection of coins that you can buy with this wallet. They make a market in over 40 different cryptocurrency assets. This is advantageous for those traders who were looking for a “fiat” gateway where they could easily buy and sell some of these smaller cap altcoins with their fiat currency.

EO.finance is based in Estonia and they have a European licence. You can see their Estonian Financial Intelligence licences here and here.

The Crypto Wallet

Once you have purchased your coins you can also make use of the EO.finance wallet provided. This is available in a number of different forms. For example, it can be used as a mobile wallet on an Apple device or on an Android.

You can also use the wallet online through either the web version or through the browser plugin. The browser plugin is currently available on Firefox and Chrome. We would suggest that you use the plugins and apps over the web-based wallet. Your risk of loss through a website is much more pronounced than it is locally on a device.

The wallet also includes the company’s proprietary coin (the EO Coin). This can be considered as their own version of the Binance coin or the KuCoin offered on other exchanges. When you complete your transactions with their EO coin then you will get 50% off of the fees related to said transactions.

Conclusion

As we have shown in this Expert Option review, the broker is no doubt a great option for traders who want advanced trading software as well as extensive education.

They will also appreciate the range of different accounts that they can open with varying levels of support and trading functionality. It also helps the trader who is new to make use of the completely free and anonymous demo account.

We also liked the fact that there was responsive customer service that dealt with all of our queries promptly. Those in other countries will find it useful that they have translated the website into a number of different languages and have customer support available in three.

As mentioned, there were a few places that we thought Expert Option could improve. These mostly related to their regulations, platform and funding options. We hope that Expert Option could take this into consideration.

Moreover, our review has found that although Expert Option operates in an industry that has faced a great deal of issues in the past, they appear to be completely above board and have a relatively clean reputation.

So, is Expert Option the broker for you?

We would encourage you to do your own research. But if you are interested in a strong platform with numerous cryptocurrency assets and you are in a country that Expert Option operates in, then may indeed be a solution.

Beginner’s Guide to 24option: Complete Review

24option delivers an intuitive trading platform with the latest tech and a range of trading choices. One of the goals of 24option is to help the masses trade, whether they are new to trading or experienced professionals. 24option prides itself on offering extensive educational materials, including daily news, webinars, and more.

The vision behind 24option was to make it possible for traders to invest in financial markets via a user-friendly platform. This broker makes a commitment to integrity with four specific points. One focus is connecting opportunities, making it possible for traders to connect with the numerous daily opportunities that arise. 24option also ensures that clients can maintain control, so they drive their own success and delivers freedom of choice with tailored solutions to meet individual needs, unlimited market assets, and more than 100 tradeable assets. Finally, 24option delivers professional and personal support that is there to help clients every step of the way.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84.94 % of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

24option Account Types

There are four types of accounts available from 24option, and you can select the one that best meets your needs. You can choose the right one for you upon registering or just register to start trading. Alternatively, you can consult with an Account Manager who will help you choose an account based on your goals.

Basic Accounts include a platform introduction, a dedicated account manager, access to webinars and seminars, an introduction to the financial markets, a demo account with 100,000, and a daily market brief.

Silver Accounts add an explanation of risk management, no maintenance fees, max lots, and a one-on-one tutorial for sentimental, technical, and fundamental analysis. This type of account also receives explanations of the most common trading strategies that are short, medium, or long, depending on your preference.

Gold Accounts get senior account managers, access to Trading Central, free withdrawals, and a one-on-one course for using MT4. Finally, Platinum accounts get better spreads. It is possible to upgrade your account in the future, with approval from 24option.

To become a 24option trader, you just need to complete registration, which you can do via the homepage. Alternatively, you can click Sign Up in the top-right corner of any page on the website. You will need to make a minimum deposit of $250, and once that transfer is completed, you can begin trading.

24option Asset Coverage

24option offers a range of assets, with a focus on CFDs and forex. CFDs, or contracts for difference, are derivative products that make it possible to trade on the difference between closing and starting values without actually owning the asset. This type of trading also allows for a lower initial investment. To trade one of the CFDs on 24option, you predict the asset’s market movement. Buy if you predict there will be an increase in value or sell if you think it will fall.

The other major category of assets available to trade via 24option is forex. Trading forex is when you buy one currency and sell another at the same time. The goal is to profit from the changing values of the two currencies in question. Because there are huge volumes traded every day in forex, this market has very high liquidity, especially in the case of the major currency pairs. Like CFDs, it is also possible to invest in forex with a small initial investment, but the tradeoff is that you must then use leverage. While leverage can amplify the potential gains, it also magnifies the potential losses. As such, a great deal of skill and knowledge is necessary to trade forex.

Within the category of CFDs, you will find a range of assets available for trading on 24option, including cryptocurrencies. 24option supports trading the five most popular cryptocurrencies as CFDs. Other CFDs include commodities, stocks, and indices.

What Devices Can You Use to Trade with 24option?

24option offers a web trader via its main website. You do not need to make any downloads to use this trader, and you can use any of the popular browsers, provided they have been updated relatively recently. There is support for Explorer 8.0, Google Chrome 4.0, Firefox 3.6, and higher. Keep in mind that viewing all the elements on the website requires you to have Flash player installed, and you will need to enable JavaScript to trade via the 24option website.

Alternatively, you can also use one of the mobile applications to trade with 24option. There are applications for both Android and Apple devices. You can use 24option’s web trader or utilize the MetaTrader 4 platform, which is available for most desktops, browsers, and mobile devices.

24Option Web Trader

The setup of the 24option web trader is similar to other brokers, which makes it easy for clients to figure out exactly how to use it. On the left third or so of the page, you will see a list of assets, each with a column displaying its bid, ask, change, and high/low. You can scroll through the various instruments listed there to find your chosen instrument. Alternatively, you can use the search bar on the top-left corner of this section. Clicking the search bar also lets you filter results by asset type, with divisions for forex, cryptocurrencies, commodities, stocks, indices, and favorites.

The right two thirds or so of the screen shows the expected graph for your chosen instrument, although there is an option to not show the graph and just view the order form. Unfortunately, you can only view either the graph or the order form, not both at the same time.

Below the chart, you will find a list of your open trades, each with its trade number, opening time, symbol, lots, and type. Clicking on the tabs immediately next to the one dedicated to open trades will show you your orders and trade history. A nice touch is that immediately to the right of this is the Economic Calendar, conveniently built into the platform. You can see the date, currency, message, impact, actual, forecast, and previous. To the right of that, you will see the daily market update.

Trading Interface

The default graph type is candlestick, although you can change it to dots, area, line, Heikin Ashi, or HLC. To do this, click the three dots in the top-left corner of the chart. Below the dots, you will see a settings symbol, which lets you customize your chart further.

The same drop-down menu with three dots also lets you select the time intervals on the chart, with options of 1 minute, 5 minutes, 15 minutes, 30 minutes, hourly, daily, weekly, or monthly. This drop-down menu is also where you will find the option to zoom in or out on the chart, which you can also accomplish via a mouse scroll. Other zoom options include zoom left, zoom right, view all, and default zoom. Below these in the drop-down menu, you will find the ability to enable or disable the pointer, delete selected shapes, delete all shapes or studies, or duplicated the selected shapes.

Below this, you will find a wide range of drawing tools, such as rays, lines, extended lines, trend lines, arcs, ellipses, triangles, and more. There are also advanced tools like Fibonacci retracement, Fibonacci time-zones, Fibonacci fans, Fibonacci arcs, Gann fans, Fibonacci extension, time-extensions, Gann squares, cycle lines, and linear regressions. Or you can launch the Indicators Wizard at the bottom of the drop-down menu. The Indicator Wizard lets you set favorites and divides indicators into Trend, Oscillators, Customize, and Bill Williams, with dozens of options.

While the vast array of tools on the graph is a strong point in favor of 24option, traders will likely find it incredibly tedious to scroll through the entire drop-down menu to find the specific tool they want. Other platforms that divide these tools into separate drop-down menus tend to be more convenient.

The top-right corner of the graph offers a full-screen option, but even if you select this, everything remains in a single drop-down menu. The top-right corner of the graph itself shows the open, high, low, and close prices for a point that you hover over. Hovering over any point on the chart will also show you the specific price and time.

How to Trade on 24option

To make a trade, go to the web platform on 24option and make sure the graph is closed so you can view the order form. Select your chosen instrument on the left section of the screen, then fill out the volume you wish to trade (in lots) on the form. As you enter a figure, the pip value to the right will automatically update. Immediately below the volume and pip value, there is the option to “Open trade when rate reach.” Check the box if you wish to open the trade only when the rate reaches a certain point, then adjust the value in the box to the right. Once you do so, you can select Sell or Buy. From there, you have the option to select to “Close at loss” or “Close at profit,” if you wish. Checking either of these boxes will allow you to adjust the measurement to pips or rate and then adjust the figure. Once you are ready, click Trade.

Alternatively, you can choose to buy or sell at the market value. Below the option to “Open trade when rate reach,” you will see a Sell button on the left and a Green buy button on the right. Each shows a value and you can view the pips of spread between them. The value indicates the points that the asset must pass for your trade to be successful. Click on the relevant button followed by Trade to place a trade at the market value.

Mobile Applications

The mobile application from 24option is offered for either iOS or Android devices. Either application offers the same functionality that you will find via the web trader from 24 option along with the Education Center. There are 12 languages available to help appeal to clients from around the world. Use the application to make trades, explore assets, track your trades, analyze past trades, or view breaking news.

Supported Currencies

When you register an account with 24option, you will be prompted to choose your preferred currency for trading. Unlike some brokers, 24option does make it possible to use several different currencies in a single account, a feature that many traders appreciate. You can set the preferred currency of your account to U.S. dollar, Japanese Yen, British Pound, Euro, or Ruble.

24option Deposits

There is a lengthy list of ways to make a deposit with 24option, with slight variations depending on your country. There is support for credit and debit cards, including Visa, Master Card, and Discover. You can also make a wire transfer or Fast Bank Transfer. Other deposit methods include Diners, Switch, JCB, Neteller, Skrill, AstroPay, iDEAL, Qiwi, Sofort, GiroPay, Neosurf, PostePay, and PaySafeCard. To view the specific options for your region, go to the Banking page of 24option, which is found under the Forex/CFD main tab in the My Account subheading. Select your country from the drop-down menu, and you will see a complete list of options for deposits and withdrawals appear, along with the option to read more about each method.

Keep in mind that there is a minimum deposit for 24option based on funding type. For credit cards, the minimum is $100, €100, £100, R1200, or ₽10,000. For electronic payments, it is identical. Wire transfers have slightly higher minimums of $1000, €1000, £1000, R1200, or ₽10,000. There is also a maximum deposit amount depending on the payment method. You have to contact your account manager if your deposit is via wire transfer or electronic payments to get the maximum amount. For credit card deposits, there is a daily limit of $/€/£ 10,000 or ¥100,000 and a monthly limit of $/€/£40,000 or ¥4,000,000. 24option does reserve the right to adjust those values, both for minimums and maximums, at any moment without notice.

Deposits made via credit cards and electronic payments are credited as soon as 24option receives the payment. Wire transfers may take as long as five business days before your account receives the funds.

Deposit Bonus

24option does currently offer a deposit bonus known as the First Deposit Trading Bonus Scheme. The trading bonus is the equivalent of 25 percent or 50 percent of your first deposit or $500, whichever of the two is lowest. You can view the full details of the bonus in the Legal section of 24option or by consulting your account manager.

24option Withdrawals

24option has the same withdrawal options as those for deposit. You can view the specific options for your country on the same Banking page as the deposit methods, but know that they will likely be identical. To make a withdrawal, you just go to the banking page of your account and select Withdrawal. Fill out the form, and then submit it by selecting Next.

As is the case with any other broker, 24option has the policy of processing all withdrawals back to the original payment method. This is to provide protection against money laundering. In cases when the amount of the withdrawal is more than the deposit amount made by credit card, the remaining balance is transferred via a wire transfer.

For further security and anti-money-laundering protection, 24option will request verification documents before you can complete your first withdrawal. This includes an official ID with a picture, such as an official government ID document, driver’s license, or passport that is not expired. You will also need to submit proof of address, such as a utility bill (electricity, phone, or water from the past six months) or a credit card or bank statement. In the case of deposits made via credit cards, you will need to also submit a photo of the front and back of the credit card, showing just the final four digits of the card. If you need to provide documentation, you will receive an email letting you know and providing instructions.

The minimum withdrawal amount from 24option is $10, and the maximum limit is the amount of funds currently in your account. You can make a withdrawal at any time, but 24option only processes the requests during business hours. 24option always strives to complete the withdrawal requests as quickly as possible.

24option Withdrawal Fees

The withdrawal fees from 24option vary based on account type with all withdrawals from Platinum and Diamond Accounts being free. Those with Basic, Silver, or Gold have the following fees depending on the currency in question: 35 USD/EUR/GBP/CHF, 250 CNY, 4,000 JPY, 2,500 RUB, or 100 TRY. If you withdraw via a wire transfer, there will be a fee of 35 USD, 35 EUR, 35 GBP, or 4,000 JPY. Withdrawals via credit card come with a 3.5 percent fee while Skrill (Moneybookers) withdrawals have a 2 percent fee, Webmoney has a 0.9 percent fee, Qiwi has a 3.5 percent fee, and Neteller has a 3.5 percent fee. Intermediary banks may also charge additional fees.

24option Fees

24option also charges inactivity fees for accounts that do not have any transactions for a period of two months or more. Transactions include deposits, withdrawals, and trades. The fee for two to three months of inactivity is 80 EUR, which rises to 120 EUR for three to six months and 200 EUR for more than six months of inactivity. If the client’s currency is not in Euro, then they will be charged the equivalent based on the exchange rates of that day.

There are also monthly maintenance fees of 10 EUR. If you are charged an inactivity fee, this replaces the maintenance fee. 24option does not charge any fees for deposits, commissions, or financing.

Max Lots, Max Trade Size, Leverage, and Margins

Regardless of account type, 24option has a margin call level of 125 percent and a stop out level of between 20 and 100 percent. The maximum trade size for forex pairs is either 30 or 10 lots, and you can view a full list of which forex pairs fall into which category on the relevant page in the Legal tab of 24option. For stocks, there is a maximum trade size of 10 lots and default leverage of 10. For indices, these figures are 3 and 50, respectively.

Personal Information

24option relies on the least high-tech techniques available to protect the private information of clients at all times. All transmissions are secured via a 128-bit SSL encryption certificate that Thawte provides.

CFD Strategies

In addition to the extensive education section, 24option also has a separate page of its website where the broker outlines some of the basic strategies for CFDs. The basic strategies include focusing on just a few markets at first, preferably just three for beginner traders. By following this strategy, you can eventually become an expert in a given market.

Another strategy is determining the best timeframe for you as some traders prefer long time frames while others prefer short ones. Long-term traders of CFDs will focus on monthly or weekly time frames while short-term traders look at daily movements or those that are even smaller, such as within minutes. You should choose the time frame that works best with your personality.

The final basic strategy that 24option reminds traders to consider is to always have a trading plan. This means completing research before going into a market, so you know if you want to go short or long and why, as well as the amount of capital you wish to risk and where you plan to enter or exit the trade. Having a strategy in place lets you minimize the risk and reduces the chances of mistakes due to fear or greed.

Forex Strategies

As is the case with CFDs, 24option has a short page of its website dedicated to forex strategies. The advice begins by suggesting that you select a period of time during which you will trade and then select the currency pairs that are most active within that period. Those who trade forex full-time will likely want to choose hours that correspond to U.S. trading times as that is when the USD pairs will be most active. If you do not have that luxury, you will need to evaluate which pairs are most active during the time you can dedicate to trading. This will likely come down to what markets are active during your trading time, based on time zones.

With forex, you should consider opting for longer time frames for trades, at least days or weeks. This is particularly smart for those who are part-time traders since you will not be able to watch the market 24/7. Even those who can trade forex full-time will appreciate that focusing on long-term forex trades gives more time to research and analyze.

Finally, as with CFDs and any other type of trading, you should always have a plan or strategy in place when trading forex. This plan should include the direction you will trade, the reasons for your market predictions, and your entry and exit points. Don’t forget to also include a stop loss level in case the trade doesn’t work out as you hoped.

What Other Trading Strategies Does 24option Explain?

If you go to the Education section of 24option, you will also find explanations for other trading strategies, specifically technical and fundamental analysis. In each case, you will find a description of the type of analysis and a quick guide to indicators or factors that help you accurately use the given method.

Educational Materials

In addition to the previously mentioned guides to trading strategies for CFDs and forex, 24option also offers a glossary for CFDs so you can familiarize yourself with all the terms that you will come across during research and trading. There is also a guide to cryptocurrencies, including a brief history as well as overviews of the most common cryptocurrencies (and those that 24option offers as crypto CFDs). This guide also features a quick overview of the cryptocurrency market and trading cryptocurrencies with 24option.

One of the best educational materials from 24option is its interactive eBook that delivers a visual guide to CFDs and forex. It has a range of topics, including a comprehensive glossary, trading strategies, market analysis, and trading psychology. There are even quizzes at the end of the chapters to let you test your knowledge. For those who prefer learning via videos, 24option has a very nice selection of videos on demand for all skill levels in a range of topics, including series for CFDs, forex beginners, forex intermediate traders, and a forex intro. Account holders can also take advantage of free webinars from 24option to hone their skills. These webinars cover a range of topics and encourage questions.

What Other Tools Does 24option Offer?

24option also has a news feed that includes daily market reports for various major markets and specific assets, as well as other relevant news that can impact forex and CFDs. You can alternatively look at the daily financial news, which includes both written and video summaries of the financial headlines for the day. Unsurprisingly, 24option has an economic calendar displaying the date, currency, message, impact, actual, forecast, and previous figures for each event.

Users with access to Trading Central get to take advantage of Advanced Market Analysis for historical and real-time information that can help traders find trends and patterns. The database in Trading Central has more than 8,000 assets, including forex, stocks, and commodities, all with commentary and data. You can set up alerts for updates on your favorite assets, view detailed technical analysis reports, utilize indicators, and use Japanese candlestick signals.

24option Customer Support

As mentioned, 24option strives to always provide personal yet professional support. As such, there are multiple contact options, including live chat via the website, email, or phone. As you navigate the 24option website, you will notice an icon for the live chat always is in the bottom-right corner of the page for convenience. Or visit the Contact Us page and fill out the form to receive a response via email.

Visiting the Contact Us page will show you a map of the world with pins marking customer support for each region or country that 24option serves. Clicking on any of these pins will display the specific website for that region, the email address, and the phone numbers, including separate numbers for general phone, fax, customer service, and affiliates. Alternatively, you can select your country from the drop-down menu directly below the map, which will take you to the appropriate pin on the map and display the same information.

24option Location and Regulations

24option is governed by two regulators – Rodeler Limited is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 207/13.

Rodeler is licensed by CySEC to offer the following Investment and Ancillary Services:

  • Reception and transmission of orders in relation to one or more financial instruments
  • Execution of Orders on Behalf of Clients
  • Safekeeping and administration of financial instruments, including custodianship and related services
  • Granting credits or loans to one or more financial instruments, where the firm granting the credit or loan is involved in the transaction
  • Foreign exchange services where these are connected to the provision of investment services

Richfield Capital Limited is regulated and authorized by the International Financial Services Commission of Belize under license number IFSC/60/440/TS/18. The company is located in Unit 313 at No. 16 Cor. Huston and Eyre Street, Blake Building, Belize City, Belize. The payment agent for Richfield Capital Limited is Wonderbridge Services Limited.

Due to legal regulations in various jurisdictions, 24option does not offer services to those within Switzerland or the European Economic Area. Additionally, it will not operate in the United States, British Columbia in Canada, and select other regions.

Conclusion

24option is a broker that offers its own trading platform via the web or mobile devices or works with MetaTrader4. They focus on CFDs, cryptocurrencies and forex, offering CFDs for a wide range of assets, including multiple cryptocurrencies.

This broker was founded in 2009 and is regulated to instill confidence in traders and has an intuitive platform with a range of assets and vast educational resources.

The trading platform is very well designed and one of the best we have seen with this type of broker, experts and beginners alike should have no trouble navigating it and making their trades.

Reading reports online from 24option customers suggests that they have good customer support which is fast and responsive to any questions you may have.

As always when trading CFDs, you must cautious and employ and a trading strategy as its possible to lose money with this type of trading, especially when using leverage.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84.94 % of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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Consumer Reviews

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Length of use: over 1 Year

Please people stay away from Prestige Options. This is a BIG SCAM! I deposited 4000 EUR with them and i lost it all because of the their poor execution of trades on their platform. The Account managers are extremely rude and unprofessional, they told me that the reason why the trades were not placed was because of high volatility that they were experiencing and that this is a law as per CySEC regulation. I asked them for proof of that regulation and they couldn’t even provide it, i went to the CySEC website and there was no such law. I called them back and they basically made a mockery of me and later said that this high volatility issue was an unwritten law and asked me not to call them again unless i want to deposit more money.

I’m in the process of opening a case with the regulator – CySEC. I’ll need all the help to bring this dodgy broker to light.

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