24Option Review – Binary Options Broker
24Option is a well-known, award-winning online broker based in Limassol, Cyprus. More precisely, you can find the company’s headquarters at 39 Kolonakiou Street, Ayios Athanasios. It was founded in 2009 by Rodeler Ltd, a company that operates under Cyprus Securities Exchange Commission (CySEC) license number 207/13. This means that the company is not a scam and that it takes measures to safeguard clients’ funds by depositing them in segregated bank accounts. Besides 24Option, Rodeler also owns a few other advanced trading platforms such as the QuickOption, GrandOption, and 24FX.
24Option is a full-service Forex broker that also offers trading in CFDs, commodities, indexes, and stocks. It provides services on a cross-border basis to EU member states. Outside the European Economic Area, the services of this online broker are offered by Richfield Capital Limited, a company that belongs to the same group as Rodeler Ltd. Richfield Capital is regulated by The International Financial Services Commission of Belize. One thing to keep in mind is that 24Option is not active in the United States currently.
24Option Binary Options Broker Comparison
Who is 24Option best for?
- As the second largest broker in the binary options world, 24Option is a great choice for all those interested in trading commodities, stocks, indices, cryptocurrencies, and Forex.
- Many users are attracted by the fact that opening a trading account is free and takes only a few minutes. The company doesn’t charge any commission, deposit, and financing fees.
- What makes this online broker suitable for all traders is the affordable minimum deposit fee of $250. In addition, there is no minimum amount for withdrawals made to credit cards, Skrill or Neteller. However, a minimum withdrawal exists for withdrawals made by wire transfer and it amounts $130, €100, £80, ¥10,000 (JPY), ¥700 (CNY), or 7 000 (RUB).
- There are five account options which can satisfy the needs of all different types of traders: basic, silver, gold, diamond, platinum.
- In addition, the company offers a unique Islamic account that allows Muslims all over the world to trade in compliance with Sharia Law. This type of account is free as well.
24Option Demo Account
Just like the majority of other online brokers, 24option provides its customers with the option to open a free demo account and get $100,000 on the account. However, the understanding of the term “free” is a bit ambiguous. In order to obtain access to a demo account, the trader first needs to register to 24Option. There are different account types the user can upgrade to, but the default one is the Basic account. Then, in order to get the demo account, the user needs to make a minimum deposit of $250. After this is completed, the user should contact an account manager who helps new clients with everything they need, including opening a demo account.
So, yes, you can get a free demo account in terms that you don’t have to pay any additional fees for that account. However, prior to getting the access to this account, every user has to register and make a minimum deposit.
Great Customer Service
One of the features that all traders appreciate is the ability to contact customer service in times of need. 24Option is known for its superior customer service. One of the things that makes 24Option customer service stand out from its competitors is the significant number of available languages. Customers can use English, German, French, Arabic, Italian, Portuguese, Russian, Spanish, Dutch, Swedish, Norwegian, Polish to contact the customer service.
24Option provided over eleven dedicated International support lines that serve to connect the users through to their appropriate regional account manager. Traders can use live chat, email, or phone to ask for help. A 24Option representative can be reached by phone during business hours. On the other hand, email and direct chat service can be used at almost any time of the day, but it may take some time to receive a response.
Advanced MT4 Trading Platform
24Option uses Meta Trader 4 (MT4) trading platform which has become standard among sophisticated online brokers. This platform comes with many bells and whistles including the access to a great number of tools for charting and analyzing trading levels.
When it comes to the platform, it is not only useful but also visually appealing. It uses a black background and a green and red color scheme. Every trader can use the platform to adjust the quantities on trades and it is also possible to choose the time when the trade will be executed. This feature is quite useful for beginners who can get overwhelmed easily by trying to keep track of the price action on multiple instruments. Another great feature of the 24Option platform is that the trader can set stop/loss and/or take profit levels for trades. This is very useful since it can prevent a trade from having unintended results and consequences.
In addition, 24Option users can see stop/loss levels, profits, and times trades were entered and executed. Other options allow the traders to set alerts and follow key market events by using the economic calendar tab. Overall, the trading platform offered by 24Option is a decent and visually appealing system for all different types of traders.
Beautiful Mobile App
Thanks to the 24Option mobile app, traders can easily access their investments and trades anytime, anywhere. That is, as long as they have a connection to the Internet. 24Option app is one of the most advanced mobile trading apps available. The app makes it incredibly easy to open new trades and make changes to the user’s account. In addition, the traders can easily keep track of their trades and get the latest information on trade tips, investments, trade options and more.
24Option mobile app offers the traders the same options the browser-based platform does. Clients can use it to trade stocks, commodities, indices, Forex, and cryptocurrencies. They can also manage their personal information, make withdrawals and deposits, and even trade CFDs with leverage.
Access to Educational Resources
24Option provides market and educational resources that can help traders improve their skills. For example, the users have access to Financial News Headlines that show the latest financial stories from different economic regions in the world. The Daily Market Analysis provides users with charts that include analysis and comments regarding directional biases for different securities. The Trading Central is an investment research provider to financial market professionals. This service covers market, trends, and pricing and helps users find trading opportunities. Every user has access to the Economic Calendar which displays a list of upcoming announcements from different countries around the world. In addition, the users can also check out the Video on Demand section that contains short but informational videos regarding Forex and CFDs. In addition, 24Option sometimes holds free webinars.
Simple Account Registration Requirements
Sometimes, opening an online trading account can be a real hassle. Luckily, 24Option has made the registration very simple. Since 24Option serves clients from around the globe, the trader first has to choose his country of origin and enter basic information such as name, email, and phone number. Then, the system will guide the user through a series of multiple-choice questions regarding the user’s trading and educational background. After this, the user has to pass the 24Option verification process.
In order to pass the identity verification process, the trader will have to upload an ID and proof of identity document. The traders can upload the following documents: a valid passport, driver’s license, ID card, proof of residence, credit card, and even bills (electricity, gas, water, phone, Internet). In addition, making a deposit is also necessary. Since it may take some time for the verification process to be completed, the traders should not expect to trade immediately. However, they can still make deposits which will be held by 24Option.
Fees & Products
According to the Rodeler Limited – Client Agreement, all CFDs and Forex trades have spreads that appear on the platform. In addition, every type of trading account may affect the spreads offered for a particular financial instrument. Every trader is encouraged to contact Customer Support to find out the details about the features of every account.
When it comes to the fees, the company does not charge commission fees since it receives compensation through the spread on each financial instrument. In addition, no financing, deposit fees or withdrawal fees are charged, except for wire transfers (€25, £20 or ¥3,000). All users are subject to dormancy fees. This means if an account is inactive for more than three months; the broker has the right to charge the user a maintenance fee. The exact fee depends on the currency of the account and amounts 85 EUR/85 USD/85 GBP/10,400 JPY/250 TRY/90 CHF/550 CNY/5,750 RUB.
Every trader who registers on 24Option can upgrade from the Basic account to Silver, Gold, Platinum, Diamond, or even an Islamic account. Every account type comes with certain benefits and services such as an introduction to the platform and financial markets or even a possibility to contact a dedicated account manager. The holders of the Basic account get access to the broker’s web client platform that allows one-click trading, a mobile app, and customer service. The Silver account includes all the features of the Basic account as well as the Trading Alerts and a Personal Trading Coach. The holders of the Gold account can receive SMS and email alerts and they get a 2% return on every trade. The Platinum account gives the trader access to a research website and Live Training Session. In addition, traders holding this account get a 4% return on every trade. The most advanced account type is the Diamond account. It includes all the previously mentioned features plus complimentary tickets to Juventus FC soccer matches in Europe and a customizable trading platform.
24 Option Pros
- 24Option allows its users to choose from five different account types, based on the amount they are willing to deposit.
- The trading platform this online broker uses is Meta Trader 4 (MT4). This platform is the industry standard and it provides the users with some of the best charting and analysis tools.
- Every user gets access to a mobile trading app. In addition, the MT4 platform is mobile-friendly as well, so the traders can access it by using the browser on their smartphone.
24 Option Cons
- Currently, 24Option does not accept traders from the US, as well as some other countries.
- In order to get the demo account, the trader needs to make the minimum deposit.
- Lowest trade is $24.
- Bonus includes a rollover necessity.
Is 24Option a Scam?
24Option is a legal online broker regulated by Cyprus Securities Exchange Commission. In addition, the company is also approved by the British FCA and German BaFin. Their website gets approximately 1 million visits every month and it enjoys quite a good reputation.
However, 24Option has received a fair share of negative user reviews. Some of the complaints come from the lack of understanding on binary options trading. In addition, the users tend to complain about the 24Option bonus offer. According to this offer, every user who deposits $2500 gets a 50% bonus match. However, what many people don’t read is the terms and conditions which explain the strings attached to the bonus.
There have been some negative reviews & complaints made about 24Options, but they tend to come from people frustrated or confused by binary options. Many uninformed traders had positive things to say about 24Options but had a negative experience trading options. For example:
- “I’m new to Forex and 24options in Cyprus account manager stalked me continuously to invest more and take a 100percent risk. He didn’t let me close the trade on a margin call. He pretended to be an expert in forex and assured me that I’m in safe hands and they will guide me step by step. I’ve lost everything within 2 days opening the account. As an expert, he advises me to take a 100percent risk in one trade with 200 leverage. How can I complain about this? What can I do? Now they want me to 1. get a 40K loan and open 40 lots with 100percent risk 2. if not sell my house and invest in their company to recover my loss. Can anybody help me out with this scam?”
- “This company is the worst and also all the account manager that push the people with the martingale and lose all money”
- “I’ve been dealing with 24 options for the last 4 months. I could say I had a good experience with them. my initial deposit was 2500$ after not touching my money for three weeks, I withdrew $1300 from it, it took like a week but because It was the first withdraw. excellent. besides, I have an account manager who gives me tips on managing my account, and tips on how to enhance my acc. very happy 10/10. recommended. good luck”
24Option is one of the most popular online brokers with an extensive array of tradable assets. It is easy to use and also regulated by Cyprus Securities Exchange Commission. Since this broker is licensed in an EU state, it has the right to operate in all EU countries. However, 24Option does not extend its services to traders located in the United States.
The company uses the industry-standard MT4 trading platform which is user-friendly, making it very easy for traders to interact with the broker. Since this broker has a goal to make trading accessible to everybody, the company made sure to provide adequate support for traders of all skill levels need so they could maximize the trading opportunities available to them. Besides offering incentives and benefits to traders, 24Option boasts a very professional and courteous customer service.