24option is the most famous broker in the market and they offer a demo account which is useful to try out their trading platform without any risk involved. Their minimum deposit requirements are higher than some other brokers, but if you are serious about trading that shouldn’t be a problem. 24option has been servicing traders for many years now and has a strong track record to prove they are not a scam. They currently do not accept customers from the United States.
24Option is owned by Rodeler Ltd, based in Limassol Cyprus. Authorized by the Cyprus Securities Exchange Commission (CYSEC) with license number 207/13.
24option has moved from platform provider TechFinancials, and developed a bespoke platform. The new offering also sees a move into Forex and CFD trading, with the firm also offering forex pairs that include Bitcoin. The new growth in cryptocurrency transactions led the firm to add Bitcoin pairs as soon as possible.
Trading Platform
The 24Option trading platform is quite unique, even in the fairly generic world of binary, forex and cfd trading. The feel and feel of the platform has been tailored to suit the brand, so the usual red and green trading buttons have been replaced.
This bespoke style does not impact the usability of the platform. Trade types are available in the top left menu – choose from:
- Forex
- CFDs
The relevant assets are then shown below. Selecting any of them will update the relevant payment information, and the price chart on the right. Trading areas are also laid out, so even though a lot of data is available at once, it’s still clear and easy to use.
Open trades, and closed trade history can be found under the trading area, where performance is constantly updated.
Signal
The trading platform also gives users access to the 24Option signal service. A trader’s sentiment bar is also used to aid traders’ decisions. The demo video at the bottom of this review illustrates how to get the most out of this. As always, signal services should be treated with a certain degree of caution, especially if provided by a broker. But they can be an additional tool for confirming, or stepping back from, certain trades.
24Option signals are referred to as ‘Trade Signals’, and are found alongside the ‘open trades’ and ‘Trade History’ tabs.
Payment
With more than a hundred types of underlying assets on offer, traders at 24Option will certainly be spoiled for choice. They can choose from 43 types of stocks, 11 commodity-related options, 30 currency pairs and 19 types of market indices.
With Forex and CFD trading the payout will depend on the price movement of the underlying asset. Traders can use leverage to manage their risk and payout. Although trading on margin can increase profits, it can also accelerate losses, so should be used with caution.
Rules
In addition to being regulated and licensed by CYSEC, 24Option is also registered with several other European regulatory agencies such as the Autorité des Marches Financier (AMF) in France, BaFin in Malaysia, CONSOB in Italy and the Financial Conduct Authority (FCA) UK.
The main benefit of dealing with a regulated broker is the fact that you always have someone to turn to for dispute resolution should there be a disagreement between you and the broker. Another factor that should be emphasized in the mind of a trader when choosing their broker is the ability to claim compensation if their broker becomes insolvent. With 24Option, traders do not have to worry because they are members of the Investment Compensation Fund scheme. Funds that are traders are entitled to claim up to a maximum of 20,000 euros.
Mobile App
The 24Option app is a smart and easy-to-use mobile trading platform, available for android, iOS or Windows, the app is free.
The application has a clear and simple interface, and the trading process is intuitive. The large screen and buttons make them easy to use without the risk of mistakes due to small or hard to find buttons. As well as simple trading, the app will also display open and closed trades, and update them in real time. The trading app is a great addition to the wide range of features that 24Option offers. Each version has been written to exploit various functions in various devices, so android, windows and iPhone users all get a specific experience.
Take out
24 withdrawals will be refunded to the source of the deposit. So the payment can only be returned through the same method as the deposit was made. This is a normal situation, and is actually a safeguard to protect traders from fraud.
For the same reason, the firm requires proof of address and some form of valid ID, before making withdrawals. This is to comply with money laundering laws. Where deposits are made by credit card, details for that card will also be required for any subsequent withdrawals.
Withdrawal Complaint
Complaints or withdrawal problems often arise from delays in this proof of identity procedure. Therefore, it is important to send all these details in advance – before the withdrawal request is made. This reduces the possibility of problems, minimizes complaints and ensures faster withdrawal payments.
Account Type
24Options offers a range of account types. Entry to these accounts will depend on the size of the initial deposit. The larger the first deposit, the higher level of account type a trader will join. However, traders can always start with a smaller deposit – and then make a larger deposit at a later date in order to increase their account type.
Gold and Platinum account holders can enjoy regular free withdrawals, regular account holders receive their first withdrawal free. Remaining withdrawals may incur a percentage charge and this figure will depend on the method used – Skrill for example, will incur a 2% charge. Withdrawal requests can be made at any time.
New accounts will also get to choose between forex and cfd accounts. Bitcoin is tradeable via the forex pairs.
Is 24option a Scam?
As a regulated broker, 24Option are not a scam. They provide the service they say they will, and client funds are held separately from company funds. Regulators are taking a keener interest in binary options of late and 24Option have supported this. The trading platform is reliable, and withdrawals paid as requested.
Complaints
One complaint leveled at 24option has been the practice of “upselling”. This is where an account manager working for the broker will contact clients and offer to trade on their behalf. This generally leads to the trader over-trading, and in some cases trading beyond their means.
Where possible, traders should not let anyone else trade on their behalf, and in response to the complaints generated, the binary industry has begun to end the bonuses paid to account managers that behave in this way. It remains to be seen if this ends the practice, and traders need to be aware of the risk. If called by an account manager offering advice, we would suggest a polite “No thanks”.
Bonus
24Option offers a fairly unique bonus offer, by moving away from the traditional deposit match bonuses. They offer a range of ‘Premium Prizes’ – these are normally ‘tech’ offerings, such as an iPad or MacBook.
As with any reputable broker, 24Option will allow traders to opt out of any bonus incentive.
24Option Demo
Below is a demo video from 24option, which details how to make a trade via a tutorial – from selecting the asset and trade type, to analyzing the charts and judging trader sentiment, this 24Option demo video is fully comprehensive, including where to find the signal service (‘Trading Alerts’);
Review Conclusion
From the fact that 24Option is licensed and regulated by CYSEC, we can deduce that they are a legitimate operation. The warm and friendly service provided by them certainly makes a refreshing change from the cold and impersonal service which other brokers are accustomed to providing.
For those who are interested in opening a live trading account at 24Option, their minimum deposit requirement is $250. As for their minimum trade size, you can trade from $24 per trade. While the services offered by this broker are very good, it is their regular trading competition that sets them apart. Some offer tens of thousands of dollars in prizes to the winners of their competitions. There are also innovative bonuses offered, and the demo account allows traders to get used to the platform before stepping into the markets for real.
Advantage
• Bitcoin forex trading
• Extensive list of underlying assets for trading
• Professional Customer Support
• Good and Advanced Trading Platform
• Supports Multiple Languages
• Multiple Benefits and Incentives
• Now offering CFDs in addition to binary options
Cons
Rating Asset Rating – 10
• 43 Stocks
• 30 Currency Pairs
• 11 Commodities
• 19 Indices
Rating of Deposit Methods – 9
• Credit Card
• Wire Transfer
• Web Wallet
Minimum Deposit Rating – 7
• $250
Minimum Trade Rating – 8
• $24
Trading Features Rating – 8
• Standard High / Low Binary Options •
Touch Binary Options
• Short Term Binary Options
• Limit Options
Payout% Rating – 8
• Up to 89%
• 15% Rebate
Bonus Offers Rating – 9
• Up to 100% matching bonus on initial deposit.
Site Intangibles Level – 9
• Regulated by CYSEC
• Demo Accounts
• Asset Filters Provided
• Real Time Price Feeds from Morningstar quotes
• Demo videos, tutorials and ebooks provided
• Regular Trading Competitions With Attractive Prizes