- 24option Challenge Series:
This is organized periodically to reward the trader with the highest amount of winning trades for a specified period (usually a month). The first price is $2,500 and the second price is $1,500 while the third price is also $1,500.
Customer Support
“24option Customer support desk is available 5 days a week on phone, email, fax and instant web chat. They speak different languages from 15 locations around the world. They are really fast to respond both via email and Live Chat”
There are 15 support desks around the world. Each country has separate phone numbers, email and fax. The customer support team can be reached from 9:00 to 21:00 5 days a week and they speak multiple languages.
The following support channels are available.
- “Contact us” form is available on the website and can be used to reach the support desk.
- Live chat facility is on the website.
- Phone Support: South Africa; Tel: +27 875503915, Cyprus: +357 25 262190 and 13 other numbers from other countries.
- Email: info.int@24option.com
The web support assistant responded in less than 15 seconds after a chat was initiated. The phone support is fast and the support representatives are courteous and willing to assist.
Research
“24option provides clients with news and analysis from the renowned “Trading Central”. An Economic Calendar as well as Daily Market analysis is provided too.”
Here are the tools provided by 24option to support its clients:
- Daily Market Analysis: An asset is analyzed using charts and indicators. Comments or alternative scenario (to buy or sell) is given.
- Trading Central: 24option has partnered with “Trading Central” to bring advanced market analysis to its clients. The analysis gives commentary on selected assets and notifies the trader with updates. It also gives “Japanese Candlestick Signals”. ‘Trading Central’ is an independent research and financial investment company that provides technical analysis, information and strategies of forex, stock and financial markets.
- Economic Calendar: This is a fundamental analysis tool. It shows major news and events around the globe that may affect market prices of financial instruments. 24option provides the economic calendar on its website and platform.
Trader Education
“24option provides an “Advanced interactive eBook”, “Forex and CFD Training Videos” and training articles on its website. Webinars are also periodically scheduled”
24option has provided the following Trader Education Materials:
- Advanced Interactive eBook: This is a 34 page book that teaches trading psychology, market analysis and trading strategies. It also has a glossary.
- CFD and Forex Video on Demand (VOD): These are a group of short videos designed to teach forex basics and trading strategies. It is divided into a forex introduction, forex beginners and finally, forex intermediate. There are a total of 30 videos with an average length of 50 seconds each. The videos are precise, full of animations, very clear and professionally delivered.
- Webinars: These are always scheduled to help traders improve their trading skills and knowledge. It is free of charge.
There are also a few articles on the website on technical analysis, fundamental analysis, CFD trading and cryptocurrencies.
Trading Experience
“24option’s product and services are excellent for beginner traders. The platform is simple and easy to use, but does not contain any complex charting. Meanwhile the educational resources can really help a beginner learn the markets as they are trading.”
The proprietary mobile app has a rating of 3.3/5 on Google Playstore and 4.2/5 on Apple store which is generally well considered.
24option services are best suited for all levels and all types of traders. The proprietary platform is well accepted as it is really simple to use, so suitable for absolute beginners.
The charting is probably not sufficient for professional traders though as there is very little you can do to the charts and no indicators at all. However that is where the MetaTrader platform comes in. This is a more suitable platform for the pros and intermediate traders.
The educational resources are completely in-depth and work their way through the levels. This makes them suitable for all levels of trader.
Originally of course 24option was built on binary options but this has now all changed as 24option have evolved into a Forex and CFD Broker. They are a large company and offer a smooth offering and one that is regulated for your safety.
FAQ
Here are some of the “Frequently Asked Questions” about 24option:
Where is 24option based?
The 24option broker firm is based in Cyprus and in Belize.
How does 24option make money?
24option makes money from spreads and commissions.
How do I deposit in 24option account?
The payment options accepted are: Bank Wire, Credit/Debit Cards like Mastercard and Visacard. ePayment wallets like Skrill and Neteller and Perfectmoney.
What is the min. deposit for 24option?
The minimum deposit is $250 for the Basic Account.
What is the maximum leverage in 24option?
Maximum leverage is 1:500 for all account types for international clients and 1:30 for professional clients from Europe.
How do I open an account with 24option?
Click the yellow “Sign Up” button found on the top right hand side of the website.
Does 24option use MetaTrader?
Yes, the MT4 is available.
Conclusion
“What is the assessment of the brokerage offering by 24option? 24option is one of the emerging FX brokerages which has done well for a new broker in this market, but needs to improve continuously if it is to knock the established brands off their perch.”
24option is a global Forex/CFD broker operating from Cyprus and Belize. It is a regulated brand that has implemented the industry standard security practices to ensure security of clients’ fund. The trading platforms and website are encrypted by SSL. The broker offers over 150 currency pairs, stocks, indices and commodities for trading. Its proprietary web based platform and the mobile app are commendable as they are efficient. The MT4 platform provided is perfect for complex traders.
An education suite and research tools are provided to assist the traders to be successful. For a brokerage which has been able to emerge unscathed from the murky waters of the binary options market, 24option is a good place to start for newbies who want to get an introduction into the market. However, intermediate and advanced traders may find the offerings and features too restrictive. This is why 24option needs to improve on what it has at the moment, if it is to compete favorably with other established EU brands in the FX brokerage industry.
