24Option was created in 2008. Opening as a Binary Options broker, 24Option is now a leading CFD and forex brand owned by Rodeler Ltd. The firm’s head office is located in Cyprus. For traders outside the EEA (European Economic Area), 24Option clients do business through a separate company called Richfield Capital Limited based in Belize.

In the past, the main product offered was binary options. But 24Option recently started offering CFD and forex trading in an effort to compete with more established brokers in the sector. The similarity between the products means that 24option can build their own trading platform, and add new functionality for CFD and forex trading. Binaries have been completely removed.

Trading Platform

In terms of the trading platform used by 24Option, the broker previously used a binary options trading platform powered by TechFinancials. However in their efforts to expand their product offering, 24Options now uses a proprietary platform (with the same login details) called Scipio to provide CFD and forex trading services.

MetaTrader 4

In addition to the Scipio trading platform, 24Option has also integrated the popular MT4 trading platform for traders who want to trade the forex and CFD markets. The main attraction of the MT4 platform is the advanced trading tools that have been integrated into the platform.

So traders can use one of two platforms, each providing different strengths. MT4 may be more complex to use, but includes further analysis methods and even automation options. Traditional platforms are easier to use. Traders of course, do research on one platform, and trade on the other. The login details remain the same for both.

Mobile Commerce

24option provides a free mobile trading app for both iOS (iPhone and iPad) and android. The application can be downloaded at the Apple App Store or Google Play Store. The app delivers all the functionality of the main homepage, including extensive account management features. This application takes advantage of the strengths of each platform (android or iOS) to maximize functionality on each device.

Using the app is smooth and intuitive. The login process is fast but secure. Technical analysis becomes harder on smaller screens, but details of trades and changes are easy and a real bonus for traders who need to react to events while they are away from their computer or laptop.

Trading Account Offered

There are 4 types of trading accounts available at 24Option to choose from. Trading accounts are categorized into Basic Accounts, Gold Accounts, Platinum Accounts and VIP Accounts (formerly Diamond).

Each account level offers better terms, including lessons and tighter spreads.

To open a live trading account, you need to meet a minimum initial deposit of $100.

Rules & Reputation

Is 24Option a scam, or are they trustworthy? Their regulatory history shows that they are a responsible company. Move from the binary sector designed to maintain their reputation.

In terms of regulatory oversight, 24Choice is regulated under 2 regulatory agencies. For operations in Europe, 24Option is regulated by the Cyprus Securities Exchange Commission (CySEC) under license CIF no. 207/13 issued to Rodeler Ltd. For operations outside Europe, 24 options are under the jurisdiction of the Belize International Financial Services Commission. The authorization was issued to Richfield Capital Limited under IFSC registration number IFSC / 60/440 / TS / 15-16.

Bonus

Due to recent memos from CySec (C168 (30/11/2016) and C194 (16/03/2017), bonuses – whether free deposit bonuses or others – are now prohibited. Therefore, 24Option currently does not offer signup bonus.

Instrument

Currently, the firm has a wide selection of underlying assets for their clients to choose from. In total, there are more than 130 types of underlying assets. The selection involved 4 main asset classes, mainly currencies (34 pairs), commodities (11 types), market indices (25 indices) and shares (61 companies).

User support

Customer support at 24Option is available every day 24/7. Traders can reach the support team via email, live chat or phone. For the following countries, local phone support is available:

Belize, Brazil, Chile, Colombia
Malaysia, Mexico, New Zealand
Peru, Russia, Saudi Arabia, Singapore
Ukraine, United Arab Emirates

Deposit & Withdrawal

For financing and withdrawing funds at 24Option, there are various methods you can use. Supported methods include VISA, Mastercard, Discover, Diners, Switch, JCB, Skrill, Neteller and bank wire transfers.

Is 24Option Best For Day Trading?

For day traders, 24Option is very suitable because the broker is able to provide a suitable selection of assets for day traders to trade. For example with binary options, you can trade in a contract with an expiration time of 60 seconds. Similarly with CFDs, the trader has the option to decide when he wants to close the trade. The ability to be able to close trades arbitrarily is important for day traders as a split second decision can mean the difference between profit and loss.

Frequently asked questions

What is the minimum deposit requirement to open a trading account?

The minimum deposit requirement is $250.

How quickly can my withdrawal request be processed?

The normal processing time required for a withdrawal request on 24Option is 3 business days.

Is 24Option a reliable broker?

Yes. 24Option is a reliable broker because it is regulated in various jurisdictions. In addition, the broker has established a reputation as one of the leading names in the industry.

What types of trading platforms does 24Option have?

24Option offers two types of trading platforms, a proprietary platform called Scipio and a MetaTrader 4 platform.

What is the maximum leverage available?

The maximum leverage offered by 24Option is 1:200.

24Option Company Information

24Option is based at: 39 Kolonakiou Street, FREMA PLAZA, First Floor, Ayios Athanasios, Limassol, Cyprus

Accepted Countries

24Option accepts traders from Thailand, United Kingdom, South Africa, Singapore, Hong Kong, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and many other countries.

Traders cannot use 24Option from Belgium, Iran, China, Bosnia and Herzegovina, Israel, France, Japan, Australia, Canada, USA, India, Nigeria, Brazil, Switzerland.