24option, established in 2009, offering Forex and CFD trading have built a strong reputation as a highly reliable and transparent broker. It is this reputation and know-how that they bring in to the dynamic world of online trading. Being one of the most advanced company in the industry, 24option provides its clients reliable and convenient platform to trade financial markets.
Advantages of 24option
- Regulated Broker
- Choices of Trading Accounts
- Localized Telephone Support
- Multilingual Support
- Multiple Choices of Trading Platform
- Wide range of Financial Instruments
Disadvantages of 24option
- No support for ECN Trading
- The 24option brand is owned by a Cyprus Investment Firm (CIF) called Rodeler Ltd. Based in Limassol, Cyprus, Rodeler Ltd is under the jurisdiction of the Cyprus Securities Exchange Commission (CySEC) and is licensed and authorized under the CIF license number 207/13.
- Under the European Union (EU) “Passporting” rule, the 24option brand is also registered with EU member states, authorized by the relevant regulation in their jurisdiction.
- Non EU based clients are serviced by a subsidiary company called Richfield Capital Ltd, a Belize based company regulated by the Belize International Financial Services Commission (IFSC) under the license number IFSC/60/440/TS/15-16).
A key area of concern among most traders is the reliability of a broker. With 24option, potential traders need not worry about its reliability. As one of the longest surviving brokers around, 24option has earned a solid loyalty base of active traders. In addition, regulatory oversight provided by CySEC and the passporting this allows into other areas of the Eurozone ensures that money deposited with the broker remain safe and accessible.
24option is a serial award winning broker and has won awards for many facets of their support and services, from some of the leading portals – the likes of Forex Magnates, FXEmpire, Investing.com, EGR, UKForex and many more besides.
24option Forex & Stocks
One of the newest and most exciting developments at 24option is their evolution and expansion into the world of Forex/CFD trading. 24option now offers traders access to a whole host of securities to trade on their web based FX platform. The platform opens the gateway for investors to trade currency majors & minors, commodities, stocks and indices. Investors can apply orders to their online trades, such as stop loss and take profit. The charts can be viewed in a variety of timeframes with the addition of different chart types and indicators that may be applied. The technology features latest trades and closed positions alongside the list of assets. The platform gives a great user experience due to its clear layout. It makes online trading simple, even for those traders that may have never traded before.
As one of the most established and well-known brokers around, 24option is a natural choice for traders that need a company they can rely on.
24option Trading Platforms
24option since inception used the TechFinancials platform to offer CFD’s trading. 24option now instead uses its own proprietary trading platform called Scipio to cater for more product offerings. Now with the in-house management of the trading platform, 24option will be able to roll out updates, add new features faster and more effectively and hence benefit their traders.
Although the new platform is different from the TechFinancials powered trading platform, there are still similarities which traders will recognize. When initializing the new trading platform, the first thing that traders will notice is the black background of the platform and brightly lettered buttons.
In addition, the trade execution buttons are labeled as “Sell” and “Buy” instead of “Call” and “Put” like what most options brokers are doing. This is done by 24option so as to avoid any confusion when trading. Just by looking at the colors of the numbers on the buttons, a trader will know if the price is going up (Green) or going down (Red). With 24option’s trading platform, a trader can also switch between a line chart and a candlesticks chart, depending on their preferences. Since its introduction, the Scipio has constantly been improved to provide trader with all the required trading tools. The easy to use interface and charts allow 24option’s traders to examine any asset in greater detail.
As mentioned earlier, 24option is one of a handful of options brokers that have incorporated spot trading as part of their product offering. These additional product offerings are all available for trading with 24option’s MetaTrader 4 (MT4) trading platform which the traders can download and install onto their computers.
With this industry proven MT4 trading platform, 24option’s traders now have access to dozens of technical indicators and a comprehensive charting package which further enhances their trading abilities.
To accommodate traders who want to trade the markets using their smartphones or mobile devices, 24option has also provided mobile trading apps that are optimized for iOS and Android powered devices. These apps can be downloaded at Google’s Play Store or Apple’s App Store. Additionally the MT4 platform has a mobile version which offers traders the ability to use most of the MT4 functionality while on the go. This includes seeing live streaming rates, placing orders and staying abreast of your trading history and open positions.
24option Account Types
To cater for their diverse range of financial instruments and clientele base, 24option is providing 5 different types of trading accounts for their traders to choose from. They included the following:
One Click Trading
Mobile Trading Supported
24/7 Customer Support
One Free Withdrawal per month
Basic Trading Education
All the benefits of the Basic account
All the benefits of the Silver account
All the benefits of the Gold account
No Withdrawal Fee
Live Trading Session
Diamond (VIP) Account
All the benefits of the Platinum account
Customize Trading Platform
* The minimum deposit requirement to open a trading account at 24option is $250/€250/£250/¥25,000/ RUB 10,000.
Islamic Type Accounts
These are also available upon request for traders who wish to trade the markets according to the Islamic Sharia principle of “No Riba”.
24option Trade Types and Instruments
With High/Low options, a trader has to decide if the price of an asset will close higher or lower than its current price.
For short term options, the trader has to decide if the price of an asset will close higher or lower than the strike price at 60 seconds, 2 minutes or 5 minutes.
100% Payout Options
100% payout options are essentially boundary type options. The trader have to decide if the expiry price will close lower that the lower boundary or close higher than the upper boundary.
The range of underlying assets that are available for trading at 24option is extensive. Current assets include 11 commodities, 25 indices, 34 forex pairs and 61 stocks. For CFDs trading, current portfolio of assets covers, 13 commodities, 18 market indices, 42 forex pairs and 132 stocks.
Commissions & Spreads
As for the spreads that are applicable at 24option, this will depend on the type of trading account which the trader is trading from and subject to changes:
Minimum Spreads (pips)
|Basic Account||3 pips (Majors), 4 pips (Minors) and 7 pips (Exotic)|
|Silver Account||3 pips (Majors), 4 pips (Minors) and 7 pips (Exotic)|
|Gold Account||2 pips (Majors), 3 pips (Minors) and 7 pips (Exotic)|
|Platinum Account||1.5 pips (Majors), 2.5 pips (Minors) and 7 pips (Exotic)|
|Diamond Account||1.5 pips (Majors), 2.5 pips (Minors) and 7 pips (Exotic)|
24option Deposits & Withdrawals Options
Funding of trading accounts at 24option is easy and hassle free. To accommodate the requirements of trading from different countries, 24option has provided several methods which a trader can use to fund his trading account. To deposit funds, the following methods can be used:
- Credit/Debit Cards
- Wire Transfer
Minimum deposit requirement will also vary with the type of deposit methods used:
- Credit Card:- $250/€250/£250/¥50,000/ RUB 10,000
- Electronic Payment:- $250/€250/£250/¥50,000/ RUB 10,000
- Wire Transfer:- $1000/€1000/£1000/¥100,000
24option don’t charge any fees or commissions from investors when they first deposit or purchase options and the first withdrawal is free. Withdrawals via Wire transfer are charged with a 30$. Basic, Silver and Gold account holders get one free withdrawal per calendar month but for Platinum account holders every withdrawal is free. Apart from the minimum deposit requirement, there is also a daily maximum amount which a trader can deposit. For deposits done through credit cards, the maximum daily and monthly limits are:
- Daily Limit: $/€/£ 10,000/¥100,000
- Monthly Limit:$/€/£40,000/ ¥4,000,000
Withdrawals at 24option are straightforward with minimal hassle. Traders are first required to verify their account. The verification process includes submitting basic documentations.
As for the methods of withdrawal, it is usually done through the same way as to how the deposit was initially made. For example, if a trader initially funded his trading account with his credit card, his withdrawal will also be executed through his credit card up to the amount that was deposited. The excess balance of the withdrawn amount will then be transferred to the trader’s bank account through bank wire transfer. The timeframe for the entire withdrawal process to be completed normally takes 3 to 7 business days.
For Platinum and Diamond accounts, there is no withdrawal fee applicable. For other accounts, the account holders are entitled to one free withdrawal per month. Subsequent withdrawals within the same calendar month will be subjected to a variable fee.
24option Bonus & Promotions
24options offers a welcome bonus for new account holders when they make their first deposit. The bonus offered by 24option can reach up to 100% of the initial amount that has been deposited.
24option Customer Support
To support an international clientele base, 24option website fully supports different languages such as German, Russian, Arabic, Polish, French, Italian, Spanish and Portuguese. The support services are available 24/7 and there are 4 ways which traders can contact the support team should they require any assistance. Supported channels of communication with the support team include:
- Web Contact Form
- Live Chat
Is 24option regulated?
Yes. 24option is regulated by CySEC in Cyprus. This allows the company to apply its services across the whole of the Eurozone. 24option’s sister company is regulated by the Belize IFSC, this allows trading outside of the Eurozone.
How safe is 24option – Is 24option a scam?
They have adopted the same level of web security as the banking industry. This includes SSL security which adds a layer of encryption to protect the integrity of personal details and bank details. In addition, being regulated help to ensure traders that their money will be safe with24option as their funds are segregated from the broker funds. Furthermore as a regulated broker 24option must have enough capitalization to cover their exposure levels.
Where is 24option based?
24options headquarters is located in Limassol, Cyprus. In addition, the company has many branches around the globe that can assist clients in their local area.
How does 24option make money?
With regards to CFD’s, 24option earn by charging traders a slightly widened spread on the trades that they made. The broker offers competitive spreads relatively to the industry.
How to deposit in 24option account?
To deposit funds, traders can use their credit/debit cards, eWallets or Bank wire transfer. Depositing funds is simple and can be done directly from the platform. Bank transfer can take up to 5 days to be processed, so if you are eager to start trading quickly it might be best to use an eWallet.
How to withdraw money from 24option?
Funds can be withdrawn by credit card, bank wire transfer and eWallets. This can take a few days to be processed by 24option and then you may need to wait some days for your payment method provider to show the funds in your account.
How to open an account with 24option?
To open an account at 24option, first fill in the registration form and submit the form. Next, make an initial deposit with the any of the available methods. Once the deposit has been posted to the trading account, you can begin trading immediately.
Is 24option reliable?
Yes. 24option has an established track record for reliability, and holds several regulation licences in different areas of the world. In addition, the broker has won several international awards in recognition of its achievements.
Does 24option use MetaTrader?
Yes. The MetaTrader 4 trading platform is available for 24option traders. It can be used as a download version, as a webtrader or through mobile. With industry leading MT4 trading platform, traders have access to technical indicators and a comprehensive charting package which further enhances their trading abilities.
What is 24option’s leverage?
The leverage provided by 24option is up to 1:200 and set by a specific instrument. 24option leverage is competitive compare to other brokers in the industry.
24option, with the recent addition of products and services, has shown itself to be a proactive broker. The fact that they have been around since 2009 also demonstrates that they have earned the trust of the online community. So whether you are looking to trade CFDs and Forex, 24option will be able to meet all your trading needs.