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24Option Broker Review: For the longest time now, we have been looking at the latest binary options brokers and auto traders to the effect that we almost forgot about the ones that came before. In this one, we go way back to the archives and take a look at a broker we came to know way back in 2020. Call it a throwback or something of the sort. You’re probably shocked (just like we were, at first) that 240ptions was established over 6 years ago and still commands a significant part of the binary options trading market. In an industry where the life cycle of a binary broker or binary option robot goes something like ‘Grand Introduction to the market – On the news for all of 5 seconds – hundreds of traders go online to complain of foul play (or rather futuristic miracles where money disappear from their accounts in mind boggling speed) – the complaints get louder and everyone takes note – broker closes after mass trader exodus’, that 240ptions has lasted that long is absolutely commendable. How exactly do they do it? What features does the broker offer and how do they attract and maintain their client base? Most importantly, is it a legit site or one of those run of the mill brokers we keep warning you about?
24Options, if you didn’t already know, is a binary options brokerage firm that offers traders a platform on which to trade your preferred underlying assets and expand your trading experience. The site is owned by Cypress financial services firm Rodeler Limited and has its main offices in Lymassol, Cyprus. As mentioned earlier, Rodeler Ltd, a well known financial company in European countries, launched its binary options subsidiary some time in 2020. From there it has been a long journey of improvements, steps in both the right and wrong directions, and all that comes with achieving the level of success the site has. We can say that, to some extent, the rise and rise of 24Option can be attributed to the wide range of services offered as well as their quality. Granted, 24Option offers more or less the same type of products any other broker out there, most of whom are ranked at the very bottom of the food chain. However, 24Option do not only give some of the best services any trader could wish for, but also add some personal touch to it. Everyone loves some exclusivity and personalized service and 24Option has not had to look that hard for clients. Actually, the site has the largest number of registered users than any other brokerage site in the world. Not only do 24Option top all the lists when it comes to client numbers – well, most of them anyway, but it is also one of the highest rated binary options site in the world.
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Claim your free binary option robot, get started with three easy steps:
- Name of Robot
- Min. Investment
- Min. Deposit
1. Your Binary Option Robot will analyse the market and decide, which asset (currencies, indices, commodities and stocks), is right to trade at that point in time.
2. The Binary Option Robot Will Predict the Price Movement
Your robot will assess a wide-range of factors, and then make a prediction on how the assets price will move, saying: Call (up) if it believes the price will rise and Put (down), if it believes the price will fall.
3. Decide on how much you want to Invest
Then you need to decide how much you want to invest in the commodity and when that investment will expire.
4. Collect your Earnings
Finally, you collect your earnings (the good part!)Best Binary Options Brokers 2020:
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(With bad trades investors can lose their invested capital)
A broker might have it all – great website, huge bonuses, super-attractive features, name it. However, if they don’t have an operating license (preferably from CySEC), we won’t trust them even a little. Fortunately, when analyzing 24Option, we found that is regulated by CySEC under license number 207/13 and registered by a number of institutions. 24option takes measures to safeguard Clients’ Funds. In this sense, the Company cooperates only with banks authorised and regulated by EU member states and that are highly rated by credit rating agencies. In addition, as per the Company’s regulatory requirements, the Company deposits Clients’ Funds in segregated bank accounts.
Now that we have established that 240ptions is the real deal, there is no need for skepticism or apprehensiveness. We therefore lower our guard just a little and try to look at the broker a little bit more positively.
24option has wide educational material.
*Trading binary options involves substantial risk and may lead to loss of all invested capital.
One of the most important things we check when profiling a particular broker is the trading platform that power their site. This is often the most important, yet mostly underrated aspect of any brokerage. The trading platform is the in all ways user interface. It is what traders see when they log in to their accounts. Basically, the trading platform is the pillar of any broker. If users don’t like the platform, for one reason or another, you can be sure that they won’t be coming back, and their friends too. As such, many brokers have gone to the extent of creating their own platform from scratch in a bid to add some personal touch, maintain user friendliness and most of all add a unique touch to their product. Others, for reasons best known to them, rent out platforms from well known platform providers such as the revolutionary SpotOption™. Sometimes that works, sometimes it doesn’t, depending on the particular platform and/or complimentary features provided by the broker. To cut the long story short, a trading platform can either make or break a brokerage firm.
TechFinancials is the platform of choice for 24Option. The platform is pretty solid and provides for a great user experience with its simple interface and aesthetic look. The platform has a variety of underlying assets which enables the broker to give you some of the highest payouts for successful trades, in the industry. Well, not 100% perfect but close to that. The possible payouts for most underlying assets range from 70%-88% per successful trade which, by current standards, is pretty high, unfortunately if the prediction is wrong you can lose all your invested capital. TechFinancials has almost real time price update feature that enables the broker to quote only the most current payouts as per other financial markets. It is also worth noting that TechFinancials powers several online forex brokers which leads us to believe that the trading platform, is the real deal
The platform that 24option provides binary options trading on a wide range of underlying assets including stocks of the biggest companies in the world such as Apple and Facebook and a number of currency pairs, all which will be discussed in details later on. In addition to the underlying assets, a number of analysis tools is supported to enable traders get their analysis right before entering into trades. These range from mathematical graphs to charts and even a few technical indicators. We’ve never really liked mid range platforms, particularly because they have very little to offer, but we somewhat like TechFinancials.
Below are the main features of the customized TechFinancials platform that powers 24Option explained in detail.
TechFinancialsand and 24Option provides a number of option types to suit every trader’s needs. Basically, options are types of ‘contracts’ which carry specific payouts (and losses) that apply once a trader enters into the ‘contract’. Some option types are asset-specific in that they can only be used to trade certain assets and not others. Similarly, some are time-specific in that they can only be used to trade either short term or long term expiries. Other options cut across both time and asset limitations. 24Option, through TechFinancials, offer more than 5 trading options of varying prices, expiry times and underlying assets. These options include:
In essence, the High/Low options, also known as Call/Put, are the basic option type in binary options and you would be pressed to find a brokerage and/or platform without this option. Basically, in the High/Low options, you predict the final price of an underlying asset relative to its current price. That is, if the underlying asset’s price will be above or below the current one by the time the trade expires. You can trade binary options in almost all underlying assets with the High/Low option including all stocks and currency pairs. The downside when it comes to this type of option is that the payouts are pretty low compared to the other trading options. Nonetheless, if clients speculation is correct they will earn the predetermined payout that the company offers, if clients speculation is wrong they will lose their invested capital on this trade.
b) One Touch/No Touch Options
One Touch options are usually based around a set figure known as the hit price. One Touch options are very similar to the Call/Put options in that the traders predict whether the value of an underlying asset will be higher or lower than a given figure. The main difference is that, while High/Low contracts are written around the current price of an underlying asset as per the forces of demand and supply, in One Touch, the prediction is based on a predetermined value, often set by the broker. Another unique feature of One Touch/No Touch options is that they don’t really follow the expiry times and can end anytime the condition is met. Basically, with One Touch, you are supposed to place trades based on whether you think the value of the underlying asset will have touched and/or gone above the predetermined figure at least once within the specified time. If indeed the prediction is true and the price touches the set figure, the trade automatically expires and you receive the predetermined payouts, regardless of whether the expiry time you selected has ended. But if the predicition is wrong investors will lose their invested capital on this trade. No Touch options, on the other hand, require you to place trades predicting if the value of the given underlying asset will ‘touch’ the target value or not. In most cases, as with TechFinancials, the prediction is predetermined by the broker. That is, you only place a trade if you believe that the underlying asset’s value will not hit a certain point, hence the name No Touch. In both, the payouts are relatively high compared to High/Call although the risks are higher.
Boundary options, as the name suggests, revolve around some price boundaries. There is the lower value, known as the Floor, and the upper value, known as the Ceiling. Trades are placed based on whether you think the price of the underlying asset will be within the given boundary, also known as range, or outside. The payouts are low but still higher than the call/put options. If investors predict correctly they will earn the predetermined payout if not they will lose their investment.
d) 60 Seconds
This option, also known as the turbo option, is a new addition to most trading platform. It wasn’t originally a trading option but was introduced due to the increasing popularity of faster, explosive trading with super-high payouts. The 60 Second options don’t require any further explanation as it means exactly that. In other words, you place a trade and even before you get your fingers off your keyboard, it’s already over and you get the payouts, or not. Talk about trades getting done even before they start!
24option mobile app
*Trading binary options involves substantial risk and may lead to loss of all invested capital.
Having looked at the trading options available at 24Option, the expiry times or time frames are logically the next thing to look at. As it is, the expiry time you select will have a significant bearing on the outcome of your trade. In financial trading, more so in binary options, time is of the essence and even a half second could be the difference between a winning and a losing trade. That said , 24Option, through TechFinancials, offer their traders a variety of long term and short term expiries to choose from, depending on their analysis methods and trading strategies. These are:
- Short term expiries
Short term expiries are generally go from 1 second to end of trading day. The short term expiries offered by the broker are:
- 2 minutes
- 5 minutes
- 30 minutes
- 1 hour
Short term expiries are the best when you are trading binary options on currency pairs or major stocks. They can also apply to underlying assets like commodities and indices although the results won’t be exemplary. If you are not the patient type and would want to get done with trading as soon as possible, these options are for you. Normally, short expiries carry very high risks and average profits. But have in mind that investors can lose all their capital by trading binary options.
- Long term expiries
The long term expiries include the 5 hour and end of day expiries. Regrettably, longer expiries such as end of week are not supported by the platform. This isn’t such a big issue, to us that it, as most traders are currently in love with the more convenient short expiries. That said, both the 5 hour and end of day expiries are pretty good and should get the job done for lovers of longer time frames.
24option has won several awards
*Trading binary options involves substantial risk and may lead to loss of all invested capital.
Underlying assets available
24Option has been in the game for longer than a large percentage of the current brokers and in that time has managed to accumulate an underlying asset index bigger than most brokers. The broker features over 120 underlying assets cutting across more than 6 stock, currency and commodity exchanges. That is not a joke as a lot of paperwork is required to be get to that, which only strengthens our admiration for quite possibly the best broker we’ve ever seen. To start trading binary options with, 24Option offers more than 30 currency pairs including the strongest and most commonly used currencies such as:
When trading currency pairs, all you have to do is make a prediction on which of the two given currencies will end up stronger than the other. However, this is not as easy as it sounds and you have to do a lot of background research on the two given currencies and correctly use the analysis tools to determine the general trend in their values over recent times. Then there is the issue of choosing the right expiry, which is often an uphill task for most. Our advice? Research is key, not only when dealing with pairs but all the other assets as well.
24Option offers binary options trading on stocks as well, there are about 60 of them to choose from. Included in the list are underlying asset of stocks of major multinational firms such as Vodafone, PetroChina, British Petroleum, BMW, Samsung Electronics, Google Inc. and Apple Inc. The good thing about this underlying assets offered is that they are all major world companies whose movements are easy to follow and thus place trades accordingly
Despite the introduction of paper money, trading in commodities is still a big thing, there are even fully fledged commodity exchanges for that. 24Option provides commodity traders with a platform to do what they love most but in a binary options setting. The broker has in their asset index, the most precious commodities in the world right now. These are:
- Crude Oil
When it comes to indices, 24Option does not offer much, which is because, as far as indices go, there’s not much to offer. Basically, some of the indices you will come across are the Dow Jones and S&P 500 from the US, FTSE 100 from the UK, MICEX from Russia and Hang Sheng from China. If you love yourself some index trading, you will certainly love the selection of indices offered. If you don’t, well, there are a lot of other assets you can trade in.
Getting started: Account types
To get started trading with 24Option, you have to choose an account type from the five options provided. Your choice will have to be supported by your bank balance, or credit card balance, at that particular time. The five account types are:
- Basic Account
- Silver Account
- Gold Account
- Platinum Account
- Diamond Account
Basically, the deposit requirements of opening each type of account varies with the basic account requiring only an initial deposit of $250 while to open a Diamond account, you will need to make a deposit of about $15,000 or more. As with any other broker, each of the 24Option account types has its own features, pros and cons. The most common of them being a dedicated Personal Account Manager, free trading alerts and unlimited access to the 24Option Sea of Knowledge, aka trading academy. Since you probably didn’t know that 240ptions is an official marketing partner of Italian football club, Juventus F.C, it is our pleasure to inform you that it is indeed true. When you open an account with 24Option, any account, there’s a chance (less than 20%,if you have a lower account) that you could win some match tickets to go watch Juventus in action – Terms and conditions apply.
The above are not the only types of accounts offered by the broker and are merely the regular accounts. There are two other special account types that could not comfortably fit in the list above but which are still account types. They are:
This one is pretty much self explanatory. This is the account you start your 24Option trading experience with. In the demo account, you get to try out several trading strategies and learn how to apply the trading tools available. Simply put, the demo account is more like a rehearsal platform where mistakes are allowed (and cost you absolutely nothing) and are parr and parcel of your growth as a trader. The features on the demo version are exactly the ones you’ll find on the real version, the main difference between them being that a real account will require you to deposit (and potentially risk losing) your actual money while the demo version gives you some virtual cash to spend. Here, you are given $40, 000 in virtual money to trade with. There are no worries, no losses and most of all, no restrictions as far as the demo account goes. The only thing you have to do is make sure your virtual money balance is always above $0, otherwise you won’t receive additional amounts which means your demo account will be useless.
Unless you are an advanced trader, we strongly recommend trying out the demo account first before getting to real trading. One, it helps you get to know the capabilities and limitations of the trading platform in use, which effectively gives you an opinion, which ultimately shapes your final decision on whether it fits your trading plans or not. Second, it is the best way to safeguard your hard earned (or not) money as you get to know your way around both the platform and the market, if you’re a new trader. In case you are not happy with the broker, all you have to do is deactivate your account, or our favorite – don’t log in to 24Option again.
Granted, binary options cuts across gender, racial, geographical and religious boundaries. Everybody, everywhere can become a trader as long as they’re above 18 years of age, have some extra cash in their bank account, and most importantly, have a great WiFi or cellular data signal. The push for religious diversity has led to the establishment of Islamic Banks and insurance companies and now we have Islamic Accounts. 24Options was actually the first binary options broker to introduce the Islamic Account, to attract hundreds of thousands of Muslims who wanted a place where they could freely trade, and benefit from, binary options but in accordance with Sharia Law.
The 24Option Islamic trading account is every Muslim trader’s dream. The account is free from all hidden charges and rollovers, or anything else that fits the description of ‘Usuri’. Also, the broker does not charge any commissions or interest on transactions involving Islamic Accounts. Everything is Halaal, as prescribed by the Quran. Finally, everything in the Islamic Account is in Arabic, a language which many Muslims understand perfectly. This makes it relatively easier to understand the content in the site, which includes dozens of eBooks and tutorials, much better.
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*Trading binary options involves substantial risk and may lead to loss of all invested capital.
Deposits and Withdrawals at 24Options
24Option provides one of the most convenient methods for depositing and withdrawing funds. It uses highest available resources to make it a safe and secure platform to perform financial transactions.
The website allows you to invest either in GBP, USD, EUR, and JPY to start trading with the real money. However, the currency once selected will not be allowed to change. The customer can start with a minimum deposit of 250 in either EUR, GBP or USD, or 25000 in JPY or RUB. Customers can deposit funds through a variety of methods including bank wire transfer, cards, or digital payment methods. The company accepts major credit or debit cards, direct wire transfers, and also e-wallets like Skrill, Paysafe, Safecharge, eMerchant, MoneyNetInt, Acapture, OKPay, Perfect Money and Gate2Shop. The customers are not charged any fees on depositing the funds in the 24Option accounts.
The brokerage house follows the Anti-Money Laundering and Know Your Customer guidelines, in order to ensure that the fund reaches the legitimate account holder. It requires you to fulfill these guidelines before making a request to withdraw funds from the account. This is a one-time process and does not need to be repeated for each withdrawal.
List of documents required in order to initiate the first withdrawal request:
- Proof of ID – Any valid photo ID proof like Passport, Driver’s license, or any other identity proof issued by the Government of the resident country qualifies for the Proof of ID.
- Proof of residence – All the registered users has to confirm their resident status of country through either of the following documents – bank statement, credit card statement, latest utility bill.
- In one of the section, you are asked to answer few questions. The registered users have to answer all the questions incorrect and with most up-to-date information.
- Payment method verification – if you wish to deposit and withdraw funds through your credit or debit card, then, you are required to submit the photo of your credit or debit card displaying only the last four digits of the card. You can blackout the other digits on the credit card along with the CVV number displayed on the back of the card, just to be on the safer side.
The brokerage house does not restrict the amount of withdrawal made to credit or debit cards, Skrill or Neteller account. However, the website restricts the minimum withdrawal amount for the payment method wire transfer. The minimum amount of withdrawal through wire transfer is different for different currencies: $130, €100, £80, ¥10,000 (JPY), ¥700 (CNY), and 7000 (RUB).
24Option Main Page Promotion
The website charges fees on withdrawal which depends on the type of account you hold. For the Diamond and Platinum account holders, each and every withdrawal request is processed free of cost, whereas, for other account holders only one free withdrawal is allowed without charges. The consequent withdrawal attracts a withdrawal fee depending upon your withdrawal method. The withdrawal request to a credit card or debit card attracts a nominal fee of 3.5%, while the withdrawal request to Skrill account attracts a fee of only 2 % and to Neteller, the fee is 3.5%. The wire transfers to your bank accounts are charged in the currency of withdrawal, that is, the fees for USD is $30, for EUR it is €25, for GBP it is £20, and withdrawal request in JPY attracts fees of ¥ 3,000.
The 24Option does not put any cap on the maximum withdrawal amount, however, they are capped at the available funds in the account at the time of making a request.
The deposits and withdrawals at the 24Option are convenient and feature rich, and gives the sense of complete security to the account holders.
Customer Service at 24Option
The benefit of a well-organized broker is that there will be processes and instruction in should you require support from their team. The 24Option has one of the strongest and most equipped customer support team to answer on various subjects of binary trading. The brokerage house can be reached through web forms, e-mail, social platforms, phones, and a live-chat.
The website of the 24Option is available in 12 different languages including the English, Portuguese, Italian, Arabic, Spanish, Swedish, Norwegian, amongst others. The company has a vast customer support available through direct as well as the associate platform.
The customer support service of the 24Option has been robust in every stage of enrollment and trading. The robust customer support system of the 24Option is a jewel in their crown.,
General FAQ About The 24Option
What are the types of option available for trading in the 24 Option?
The brokerage house offers mainly four types of binary options for the trading.
- Short term or 60-seconds
- Max profit
- 100% payout
How many assets are available for trading?
The broker offers more than 120 assets including popular stocks, indices, currency pairs, and commodities.
Is there any cap on a maximum and minimum investment amount per trade?
Yes, the 24Option limits the minimum investment amount per trade to $ 24, whereas, it caps the maximum allowable investment in a single trade to $100,000. However, these limits vary for the countries and the currencies.
Is 24Option licensed broker?
Yes, the parent company of the 24Option website, The Rodeler Limited, holds a license issued by the Cyprus Securities and Exchange commission having license number 207/13.
Does 24Option allow the early trade closure?
Yes, the 24Option allows their trader to close their position before the expiry but with certain terms and conditions. Please read their terms and conditions carefully.
What is the minimum withdrawal amount?
The 24Option allows you to withdraw as low as $10 from your account through cards. However, there are different minimum withdrawal amount for other types of methods. The minimum amount of withdrawal through wire transfer is different for different currencies: $130, €100, £80, ¥10,000 (JPY), ¥700 (CNY), and 7000 (RUB).
In which currency can I deposit funds?
The 24Option accepts funds in USD, GBP, EUR, RUB, or JPY. However, it is important to note that once chosen, you are not allowed to change the trading currency.
How can I connect with their customer support representative?
The 24Option has state of the art customer support system, and you can reach through their 24 by 7 live chat, phone, e-mail, or through web-forms. The support staff is equipped to answer on a variety of subjects relevant to binary trading.
Can I trade on weekends?
Yes, though limited, the 24Option allows their trader to trade on weekends. There are 5 tradeable assets which are available for the trading. EUR/USD pair, Dow Jones 30, Oil, FTSE 100, and Nikkei 225.
Does it offer Demo Account?
Yes, the 24Option offers a demo account to their registered users. However, the customers must deposit funds to utilize this service. The demo account comes with a $40,000 of virtual currency.
Does it offer Islamic account?
The customers at 24Option are allowed to have an Islamic trading account, also, this account is offered in the Arabic language to suit the Islamic investors. Above all, the Islamic account does not require to pay additional fees or charges, also, all the learning materials and tutorials are available in the Arabic for ease of understanding.
To be honest, we have never seen a broker offering as much as 24Option does. One of the things we like about the broker is their awesome website. Everything you would want to know, not only about the broker but binary options in general is presented in a simple but clear way on the site. As a matter of fact, spending two minutes on the site taught us more than we would ever learn in a lifetime in other brokerage sites. And the payouts too, are amazing, the platform as well. In all aspects, 24Option is arguably the best binary options broker we have ever reviewed.
(With bad trades investors can lose their invested capital)
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How Safe Is Safe24Option.com?
How safe is Safe24Option.com? I’m not to sure, from what I can tell there are some serious red flags you should be aware of. Of course I’m also sure that as an astute binary options trader you wouldn’t fall for some wannabe broker trying to piggy back off of a good broker’s name. If you don’t know what I’m talking about there is a well known and reputable broker called 24Options.com that has no connection to the broker in question here today. I first became aware of Safe24Options when researching a potential signal service provider scam and was shocked to find out that it was in cahoots with the SSP.
Safe24Options Binary Options Platform
This is yet another Spot Option white label. If you don’t know what Spot Option is it is a binary options platform provider that is used by more than 50% of the current on line binary options market. It is one of the best platforms out there, I like it. The thing is though, using a good platform does not mean the broker is any good. The trade screen is super easy to use and displays three assets at one time. Traders can choose between a variety of options types including call/put, OptionBuilder, One Touch, 60 Seconds and the Open Platform.
The Call/put is the standard in binary trading and is known as up/down or high/low on other platforms. The OptionBuilder is a SpotOption feature that allows traders to customize the payout and risk levels for each option. One touch options require only one close above the target level and 60 second options are binary options for ultra short term trading. The Open Platform is a larger chart screen where traders can get a more in depth look at assets they are trading. It is possible to trade directly from the Open Platform.
The bonus is only one of the scams I think this broker is trying to pull off. At first glance the bonus may seem like it’s on the up and up but I wouldn’t count on it. Bonuses are offered on a client by client basis and come with a trading minimum of 30 times each dollar of bonus. There is nothing mentioned of the original deposit so this is a good thing when compared to other bonus offers. The scammy part is that you cannot make any withdrawal once you have accepted a bonus, period. Usually you can withdraw your deposit and forfeit the bonus, this broker specifically says you can not forfeit the bonus or make a withdrawal before the minimum is met.
The other scam I uncovered was the signal service provider Binaryoptions-live-signals.com. This is a supposedly free SSP that provides signals on forex binary options for 60 second trading. The service provides signals during preset global trading sessions that are centered on the openings of the international trading markets. The catch is that the only free part of the signal is the 3 day free trail. You can use any broker you want for the trial but in order to get the full service you have to sign up and deposit with the trusted broker which just happens to be Safe24Options.com. Not only that, to truly get everything the SSP has to offer you must deposit at least $20,000. When I first discovered this SSP I thought it was merely an affiliate scam, I was more than shocked to find out that it was actually being run by the broker itself. I learned this when reading the complaints about withdrawals, the broker’s representatives defended their withdrawal procedures and did not deny their ownership of the signal service.
Safe24Optoins.com Is Not Very Safe
This broker is not very safe. Although based on a well respected platform it does not inspire much confidence in me. As a white label broker it is nothing more than a copy of a much better broker and a pale one at that. Adding to that the potential scams being perpetrated by it only makes me want to say farther away. The use of the SSP to lure innocent traders to blow their money on 60 second options makes me suspicious of their motivations. If the signals are good, and really meant to enhance the lives and experiences of the traders, then why must they hide it behind the screen of another web site?
24option Review: Complete Broker Overview
24option is a broker that has a relatively long history in the online trading industry.
Originally started as an online option broker, they have recently moved exclusively into CFDs. They offer traders the ability to trade CFDs on a number of different assets using both native trading technology and MT4.
However, is the broker safe and can you trust them?
In this 24option review, we will attempt to answer that question. We will give you everything you need to know about their regulation, technology and fees. We will also give you some top tips in order to make the most of your 24option trading experience.
24option was started in 2020 and is based in Limassol, Cyprus. They are located at number 39, Kolonakiou Street, CY-4103.
In Europe, they operate under Rodeler Limited as the holding company. They also have a holding company that is based in Belize called Richfield Capital limited. The latter company services their non-EU international clients.
So, a bit of background…
24option used to operate as an option broker. These are financial instruments that offer traders binary outcomes from particular trades. However, in 2020 they decided to transition fully into the CFD market.
Since then, they have been expanding their CFD offering and now give traders the opportunity to trade CFDs with leverage up to 500:1 (in certain regions). 24option provides CFDs on hundreds of different assets in numerous asset classes.
Although their headquarters are based in Cyprus, they take traders from a number of regions around the world. However, there are some regions that they do not operate in including most notably, the United States.
For those regions in which they do operate, they have tried to create a complete multilingual experience and have translated their website into over 8 different languages.
Is 24option Safe?
This is perhaps one of the most important questions that you may have on your mind. Broker safety and regulation is of paramount importance for us.
The latter is the first and most important criteria you should think about when choosing any online broker. You will want to make sure that they are regulated by a well-regarded financial authority.
24option is regulated by two financial authorities. They are regulated by the Cyprus by the Cyprus Securities and Exchange Commission (CySEC) as well as the Belize International Financial Services Commission (IFSC).
Copy of the licence for Rodeler Limited at CySEC
CySEC has issued them a CIF licence with a number of 207/13. The IFSC has given them a license number of IFSC/60/440/TS/18. Through the MiFID directive, the CySEC licence allows them to provide their services in the European Union whereas their IFSC one covers other countries.
So, what does this mean for you?
Well, taking a look at the CySEC regulation in particular, it provides you with a number of protections that unregulated brokers and exchanges just won’t offer you. Below are some of the most important of these:
- Segregation of Funds: This is really important from a client perspective and ensures that the funds that you have deposited are kept separate from the broker’s funds. This means in the event of the broker going bankrupt, all of your funds are safe from creditors, directors etc.
- Background Checks: There are a number of background checks that the operators must undertake. These are with respect to both the holding companies applying for the license as well as the directors of the company.
- Regular Reporting Standards: It is not just about the broker getting the licence. They have to constantly send updated reports to the regulators about their operation and financial standing.
- Investor Compensation Fund: All CySEC regulated companies have to contribute funds towards the shared investor compensation fund. This protects client accounts up to €20k in the event of an unforeseen circumstance at the broker.
Apart from using a the that had to pass these numerous checks, it is great to know that you have an authority to turn to. In the event that you are ever to suspect any wrongdoing on your account then you can always report a broker to CySEC. They have internal policies in place to deal with these types of complaints.
As one can expect from any site that deals with financial information, 24option makes use of secure and encrypted communication. They have full 256-bit SSL encryption on their site.
Secure SSL Padlock for 24option
This means that when you login to 24option and when you submit credit card or personal information, it cannot be stolen by an online snoop. It is also a handy tool for you to confirm that you are not on a phishing site.
When you visit the 24option website you will see the SSL padlock in the browser address bar. This means that you are on the official 24option website and not some imitation broker or hacker’s site.
Assets & Leverage
In terms of the assets that you can trade at 24option, you have quite a selection. They offer CFDs on stocks, Indices, Commodities, Forex and cryptocurrencies. Below are the cryptocurrency assets that you can trade:
For some of these assets, they are offered crossed with the USD, EUR and GBP. Furthermore, given that lot sizes can be quite high, they also offer some “mini” cryptocurrency contracts. These usually have a small “m” in front of them.
Something that we liked about 24option was that they offered single stock CFDs. This is something that is not really available at other larger CFD brokers. Here are some of those companies that you can trade:
As mentioned, 24option is a CFD (Contracts for Difference) broker. These instruments are derivative instruments that are traded on the margin. This means that you will only require a margin amount that is a fraction of the notional trade size.
Trading on margin means that you are trading with leverage and your gains / losses are maximised. Leverage levels at 24option will differ according to the account you have as well as the region that you are based in.
The max leverage in the EU for non-professional traders is 30:1 and in other countries it can go up to a maximum of 500:1. If you are in the EU and would like more leverage then you could apply for a professional account (see below) which will allow you to trade with leverage up to 400:1.
EU leverage limits for the Pro account
In terms of the max lot sizes that you can trade, it is 30 lots for major forex pairs and 10 lots for the minor forex pairs. For stocks, it is 10 and for indices it is 3. You can find more information about the lot sizes here.
If you are going to be using 24option then you need to be aware of their protocol when it comes to margin calls and stop out levels.
For all accounts, the margin call level is 100%. This means that if your margin level is below 100% you will be called on to deposit more funds. You may also be stopped from opening new positions.
If your position continues to deteriorate and it reaches the “stop-out” level then 24option will close out your positions. This stop-out level will depend on whether you are a retail trader (50%) or a professional trader (20%).
As you can see, there are risks that come with trading on the margin and you need to be aware of these risks. Leverage is a double-edged sword which can chop both ways…
24option Spreads & Fees
Fees and spreads have a direct impact on your trading profitability. This is especially true when you are trading on a notional amount that is much larger than the margin.
There are number of different fees that you will incur at 24option so it is important that you know exactly what these are and how they could apply to your account.
CFD brokers do not charge a fixed fee on your trading volume but will instead make money on the spreads between the buy and sell price of the asset.
At 24option, these vary according to the asset in question as well as the account that you have set up. We decided to get a rough idea of the live spreads that were being charged on the platform so we jumped right into a live account. Here are some of the indicative spreads:
- EURUSD: 1.0 pip
- GBPAUD: 4.0 pips
- CHFJPY: 2.9 pips
- Oil: 2 points
- Gold: 23 points
- Boeing: 76 points
- McDonalds: 37 points
- FTSE: 600 points
- DOW: 275 points
- Bitcoin: 3,624 points
- Ethereum: 122 points
So, the spreads that they have on some of their forex pairs and stocks appear quite reasonable. However, their crypto spreads are way too high. For example, the spread on the Binance exchange on Bitcoin is only 136 points.
However, you will be happy to know that unlike other CFD brokers, you will not be charged a lot commission. You will also not be charged a financing charge.
The only other trading fee that you are likely to incur is the “Swap Fee”. This is basically the fee that is applied in order to account for interest rate differential.
Deposit / Withdrawal Fees
24option will not charge you any fees for sending money in although they will charge you for withdrawals. We were quite surprised to see how high some of these fees are and they are presented below:
Withdrawal Fees at 24option. Source: Rodeler
This does make sense in the context of other CFD brokers like Axitrader that do not charge any fees on their withdrawals.
Having said that though, 24option does give the various accounts a certain number of free withdrawals a month. If you decide to open a VIP account then you will not be charged any withdrawal fees.
There are also a few other fees that you may incur on your account that we think warrant a mention.
For one, you are charged a monthly maintenance fee of €10. This actually quite bizarre and we have not seen it at other brokers / exchanges. Merely having an account at 24option will cost you €120 a year.
However, if you do not trade on this account then you will incur “inactivity fees”.
These are fees that are charged on dormant accounts and are applied to said accounts with no activity for over 2 months. They start at €80 for 2-3 months, then go to €120 for 3-6 months and €200 for more than 6 months.
Inactivity fees are not unique to 24option however and have been used at brokers such as Plus500.
As mentioned above, the spreads that you will pay and the leverage that you will be able to trade with are dependent on the type of account that you have at 24option.
There are 4 different account types at the broker and these are your Basic, Gold, Platinum and VIP. These require different levels of funding and come with other benefits. Below is the breakdown:
Basic Gold Platinum VIP Min Deposit €250 €5,000 €10,000 €50,000 EUR/USD 2.3 pips 1.8 pips 1.4 pips 0.9 pips GBP/USD 2.5 pips 2.2 pips 1.6 pips 1.1 pips Crude Oil $0.08 $0.06 $0.05 $0.05 Gold $0.59 $0.49 $0.39 $0.22 Lessons 1 Basic Lesson 2 Basic Lessons 3 Advanced Lessons 5 Advanced Lessons Webinars NA 1 Monthly Webinar 2 Monthly Webinars 5 Monthly Webinars
In addition to the above, on all accounts you will get the benefit of the daily news that comes through to the platform as well as trading central and the trading central SMS alerts.
Moreover, if you are a professional trader then you can apply for their professional account. This allows you increased leverage in regulated regions like Europe. It also gives you lower stop-out levels.
In order to be a professional trader, you have to have worked in a financial services job for over a year or you have to have a certain net-worth / income.
Which account you eventually do choose depends on your own personal preferences. We think that the basic account should do just fine to start with. You can always move on up from there.
24option Demo Account
If you are still uncertain as to whether you want to trade with them, why not try the demo account? This is a great way for you to test out the platform in a non-threatening way.
Creating a demo account at 24option
Demo accounts have all of the functionality that you can expect on the live account but come without the risk. 24option will give you €100,000 demo funds when you sign up for this type of account.
Using demo funds is also a great way for you to trade as if it were real life conditions. Moreover, it does not seem as if they have placed any time limits on their demo accounts. This separates them from other brokers such as Pepperstone.
24option Trading Platform
Their main platform is their web based CFD platform. This was built in house specifically for 24option.
This platform is well laid out and relatively simple to use. On the left of the platform you have all of your markets. These can easily be filtered based on either the asset class you want to trade as well as the favourite assets on the market. Here you can switch the market that you are trading.
24option Web-trading platform
In the center of the platform you have your order forms and to the right of that you have the charts. Below these two you have all of your previous orders, open positions, economic calendar and the daily market update.
Now, while the platform is well laid out, panels cannot be detached unfortunately.
Being unable to detach the panels means that you can’t move them around into more convenient places on the screen. It also means that you cannot view more than one market at the same time. If this is a deal breaker for you then you may want to consider their MT4 platform.
In terms of the charting, it seems to be really quite functional.
Firstly, you will notice that on the left of the charts you have a sentiment indicator. This is a handy feature that will let you know the general market view of the other traders on the platform (bullish or bearish).
If you are a technical analysis trader then you will be happy to see the plethora of charting tools and features. For example, you can easily change the chart type in the top left of the chart (candlestick, line, HLC etc).
You can also overlay your chart with a number of technical studies. These include such indicators as the MACD, RSI, Parabolic SAR, Bollinger bands and over 50 other indicator types.
The 24option web platform also comes with a host of drawing tools to better map your trendlines and identify key levels. These include Gann fans, triangles, Fibonnaci levels etc.
Top tip: You can even expand the chart to the full screen in order to more easily complete your charting.
Placing orders on the webtrader platform is really pretty simple. In fact, we thought is a bit too simple.
Order functionality at 24Option
There are only two types of orders that you can place and these are the limit order and a market order:
- Market Order: The market order is the simple buy / sell that will take place at the rate that is given at the market at the time. Here you will select the amount that you would like to trade and then you will hit the “buy” or “sell” button at the rate that is being presented.
- Limit Order: This means that you will place an order at a predetermined level away from the market rate. This can be for a buy or sell and it will only be executed when the asst has reached that level. Unfortunately, there is no option to change the life of this order so can assume it is a standard “good till cleared” limit order.
It should be noted that for both of these order types you can set the stop loss as well as the take profit at the outset of the trade. You can define these as a certain number of pips away from the current market price.
These are great risk management tools that you can use to limit the amount of downside risk that you have on your position. These can also be placed at key technical levels for more efficient trading.
Those more advanced traders among you will be pleased to know that 24option also offers an MT4 platform.
For those who do not know, MT4 is the external trading program that is developed by the Metaquotes software company. It is perhaps one of the most well known and widely used third party trading platforms in use today.
This platform has been developed for traders by traders and as such, has endless functionality and tools. When you download it from 24option’s website you will link it up to their trading servers and your account.
User Interface of a typical MT4 Platform
You can run the MT4 platform in your browser just like you do the traditional web-based platform. However, the most optimal set-up is for you to install the platform on your PC. MT4 is supported in both MacOS as well as Windows and Linux.
Of course, the 24option MT4 platform may not be for everyone.
It takes some time to get used to the numerous features, widgets, chart tools and order forms. This is perhaps something that is better learned in a demo account before you put any money at risk.
However, the main benefit of the MT4 platform is that the knowledge that you learn is highly transferable to another broker. Given that it is in use at so many brokers, you do not need to re-learn trading on other platforms.
24option Mobile App
For those on the go, there is a nifty mobile app that you can use.
This is available in both iOS and Android and has some of the most important features that you could need to trade on your account. It has charting, order forms, calendars and daily news. The app has been translated into 12 different languages.
You can view the app reviews in the iTunes store or the Google play store. They appear to generally be quite positive with numerous 5-star ratings and comments mentioning the advanced technology.
24option Mobile Application in iTunes Store
What is even more encouraging is that the 24option support team is very responsive on these reviews. Even if there are negative comments the team has responded to them promptly and were receptive to development suggestions.
Metaquotes also develops a mobile application for the MT4 technology. The MT4 mobile app is the most downloaded trading app in the world and has much more functionality than the standard 24option mobile app.
So, should you trade on a mobile?
Well, you will never be able to replicate the charting functionality of the standard platforms. Moreover, there is likely to be a latency in execution given that you are connecting to mobile networks.
We would suggest that you do your primary trading on the 24option webtrader or the MT4 platform. If you have to monitor your positions on-the-go then you can always check in on the mobile apps.
Withdrawal & Funding
There are a number of different funding methods that you can use at 24option. Below are some of the most common ways that you can fund your account:
- Credit Card: They accept a number of the major credit cards including Visa, MasterCard and Discover.
- Electronic Paymets: Skrill, Neteller, Qiwi, Astropay etc.
- Wire Transfer: You can fund your account with a traditional wire into 24option’s bank account. You will need to reach out to an account manager to confirm
The minimum deposits for the Web wallets and the credit cards is $250 whereas it is $1,000 for a wire transfer. The maximum deposit limits are $10,000 per day or $40,000 per month. 24option accepts payments in EUR, Japanese Yen and GBP.
Perhaps the fastest way to make the deposit is through a credit card or a Web wallet as these are instantaneous. If you are going to be making a wire then this could take 3-5 business days depending on where it is coming from.
When it comes to withdrawal, you will need to complete an extra step.
Unlike most brokers, 24option only requires you to complete KYC once you are requesting a withdrawal, not when you are setting up the account. Hence, if you do request a withdrawal, you will need to verify your identity and details.
Instructions for Correct verifications
This KYC requirement is something that is required by law from CySEC in order to prevent money laundering. Hence, 24option will need you to submit the following:
- Photo ID: You will need to send them a copy of some form of government ID. This could be a driver’s licence or a passport.
- Proof of Address: You will need to send them a copy of a document that confirms your address. This could be a utility bill, a bank statement or an official government document.
- Copies of Credit Cards: If you have funded via a credit card then they will also need a copy of the front and the back of the credit card.
This has to be done each time that you need to confirm a new withdrawal method but if you are using the same method again then it should be sufficient. This should take about a day to process.
Take note: If you funded via credit card then they will refund you your initial deposit and the bulk will be withdrawn through another method (bank wire for example).
Withdrawals are processed during normal Cyprus office hours and there is a minimum withdrawal amount of $10. As is the case with deposits, the time that this takes is dependent on the method that is used.
It is also important to note that they will not process any withdrawals that are sent to third party accounts (those that are in someone else’s name).
24option Customer Support
No one likes waiting days for some customer support…
24option seems to have quite a few options when it comes to their support functions. Perhaps the easiest way to get hold of them is through their online chat function. This operates 24/5 and has a pretty quick response time.
Live chat window at 24option
Of course, if you have an account related query that you want to solve through email then that is an option as well. Typical response times here are a few hours.
You can also visit their contact page and you can get their local telephone support numbers. We found this quite a nice touch and it is something that more international brokers and cryptocurrency exchanges should consider.
Finally, if you have a question that is more routine in nature then you can always head on over to their Frequently Asked Questions.
It’s nice to know that a broker provides more value than just a great platform.
24option has included a number of educational resources for you to peruse at your leisure. These could be a great way for those beginner traders among you to learn about the markets and improve your trading chances.
Daily Market Reports
These are sent straight through to the platform and are pieces of advanced market analysis. They are drawn up and sent out by the team over at Trading Central who are a bunch of international investment research professionals.
This commentary will cover a number of different markets and will include potential suggestions for trade set ups. You can also have these sent you as an alert via SMS.
Example of the Trading Central reports
Something else that is included with the daily market report is the economic calendar. This contains a list of some of the most important dates that are coming up during the week which could impact the markets.
The 24option Ebook is quite a comprehensive guide that will cover the most important disciplines in trading. This is positioned at not only the beginner traders but also those that are at the intermediate level.
It covers numerous topics such as trader psychology, capital management, Technical and Fundamental analysis etc. They also have quizzes after each question where you can test the knowledge that you have just picked up.
Videos On Demand
Why read the guide when you can watch a video?
24option has included a number of handy Videos On Demand (VODs) where you can learn about some of the topics that are covered in the eBook. We viewed some of these and they were quite easy to digest in relatively short clips.
Some of the Videos on Demand
Moreover, the presenter seems to know what he is talking about and explains all the topics in a beginner friendly way. This does not mean that is unsuitable for the more advanced users though and could give them some unique insight as well.
This is something that we really liked at 24option.
They run regular webinars where you can get some live insight from a professional trader. These are run almost daily and are joined by thousands of traders all around the world. They are also a great way to ask questions and hear some of the questions being asked.
When we took a look at the webinar schedule there appeared to be quite an interesting selection of topics and included subjects such as Risk Management, Pattern recognition, gold trading and algorithmic trading.
It was interesting to see that they still included a bonus option as these have mostly being discarded by CFD brokers in recent years.
This is because the MiFID directive has outlawed the use of bonus incentive structures to those clients that are based in the EU. However, this is not the case in other international markets.
Through their Belize holding company, 24option gives their traders the opportunity to take part in a deposit bonus. They will credit your account with up 50% or $500 of your initial deposit (whichever is lowest).
Extract from Bonus T&Cs
This bonus can then be seen as free trading money that you can use to bolster your liquidity. It is, however, important to point out that there are certain terms and conditions that are attached to these bonuses.
Although the prospect of “free money” sounds great, there are always going to be strings attached. As such, we would actually suggest that you avoid all types of deposit bonuses – avoid the hassle.
What We Didn’t Like
We could not complete a full 24option review if we did not take a look at some of the things that we thought warranted improvement.
Firstly, the additional fees that are being charged are unnecessary and exorbitant. Very few brokers will charge withdrawal fees these days and even fewer will charge a “maintenance fee”. Moreover, it seems quite unfair for those traders who are away from their accounts to get whacked with an inactivity fee.
We also thought that they could have done slightly better on their cryptocurrency CFD spreads. These are really quite wide and are far above those of other CFD brokers and exchanges.
Secondly, we found the order functionality on their web-based trading platform to be really quite basic. This makes it quite difficult for the more advanced traders. If you are one of them then we would suggest the MT4 platform.
Finally, it is unfortunate that 24option is not available in some pretty large markets. For example, they are not allowed in the US, Canada and Australia. Traders from these regions will have to look somewhere else.
In summary, we found 24option to be a pretty well-established broker with a large asset coverage. They are fully regulated by a reputable governmental agency which ticks the security boxes.
Moreover, they have a healthy selection of trading technology that is well suited to users of different skill levels. They have the MT4 for the more advanced traders whereas they have the relatively intuitive and easy to understand web-trader.
Yes, there were some things that we thought warranted improvement but these can all be worked on. 24option seems to be quite a receptive broker and they may take these points into consideration as they refine their offering.
So, should you use 24option?
We can’t tell you exactly which broker to use but it seems that they have ticked most of our boxes. If you are in the market for a new CFD broker then 24option should be on top of that list.Best Binary Options Brokers 2020:
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