Review sections
Investor Protection & Regulations
“24option is authorized and regulated by CySEC and the IFSC. The broker ensures that clients’ funds are safe by protecting the trading environment with SSL, segregating clients’ funds and membership of the ICF”.
The 24option brand is regulated as follows:
- The international arm of 24option services is operated by Richfield Capital Ltd, a Belize investment Firm. The company is located at Unit 303, No. 16 Cor. Huston and Eyre Street, Blake Building, Belize City, Belize. It is authorized and Regulated by the International Financial Services Commission (IFSC) of Belize. The license number is IFSC/60/440/TS/18.
- The European branch of 24option brokerage is operated by Rodeler Ltd. It is an investment firm located at 39 Kolonakiou Street, Frema Plaza, Agios Athanasios, 4103 Limassol, Cyprus. It is authorized and regulated by the Cyprus Securities and Exchange Commission with CIF license number 207/13. Click here for details.
In an effort to protect investors’ funds 24option has implemented the following measures:
- The trading platforms as well as the website are protected by a Secured Socket Layer (SSL) provided by Comodo CA Ltd. This is to protect clients from identity thieves and cybercriminals who might want to hack into the system and steal user data or information. The SSL encrypts all data during transmission over the internet.
- As part of the regulatory provisions, 24option keeps clients’ deposits in segregated bank accounts. This is done so that even if the broker suffers a financial crisis, investors’ funds will still be available reimbursement.
- The Investor Compensation Fund (ICF) is available for traders from Europe under the jurisdiction regulated by the CySEC. This fund will compensate traders up to €20,000 if 24option fails or becomes insolvent.
Tradable Products
“There are 34 currencies pairs, 10 commodities, 25 indices and 61 stock shares for trading.”
Here is a list of the trading instruments available for trading on the 24option platform:
*This list was obtained from the 24option website and is subject to change without notification.
Account Opening
“Four Account types are available: the Basic account, Gold account, Platinum account and the VIP account. The opening balance needed to open each account is $250, $5000, $10,000 and $50,000 respectively.”
“Trading Central” sms alerts and daily news is provided for every account type. The maximum leverage is 1:500 for international clients. But for European clients, Retail clients get a leverage of 1:30 while Professional clients get up to 1:400.
There are four types of accounts. They are as follows:
- Basic Account: The minimum opening balance is $250. The spread for the EURISD is as low as 2.3 pips. Its Education package contains 1 package and no webinars are available for Basic Account holders.
- Gold Account: $5,000 is the minimum amount required to open this account. The spread for the EURUSD is as low as 1.8 pips. 2 basic lessons, one monthly webinar and one monthly free withdrawal are available for this account package.
- Platinum Account: To open this account, $10,000 or more is required. The floating spread starts from 1.4 pips for the EURUSD currency pair. The Education package consists of 3 advanced lessons and 2 monthly webinars. 3 monthly withdrawals are given free to account holders.
- VIP Account: The minimum opening account balance is $50,000. The spread for the benchmark EURUSD is as low as 0.9 pips. 5 monthly webinars and 5 advanced lessons are provided. There are no withdrawal charges.
The Demo Account is a practice account that allows traders access to a real trading environment at no risk at all. 24option provides a demo account with $100,000 worth of virtual currency. To open an account, click the yellow “sign up” button found on the top right hand side of the menu bar.
Click on either real or demo in order to open any of the account types. Then, fill the form and click on “Start Trading”. The account is created and you are automatically logged on to the 24option online trading platform. You will also receive emails containing the login details for demo account and for 24option’ client area.
But, if you desire to trade with MT4, it can be downloaded from the broker’s website and installed.
After installation, choose the demo server from the list and login with the credentials received through email.
Trading can now begin with the demo account.
Deposit & Withdrawals options
“Bank Wire transfers, Credit/Debit cards as well as e-wallet payment gateways like Skrill, Neteller and Perfect Money are the payment options available on 24option.”
24option does not accept cash deposits and also does not accept payments from third parties. The depositor must be the owner of the account. To be eligible for a withdrawal, the client must be properly verified. The KYC verification is done using a “Proof of ID” and a “Proof of residence” document.
For credit/debit card payments, a picture of both sides of the card is required. The picture should show the last 4 digits of the card only. Generally, 24option does not charge deposit fees, but withdrawal fees are charged based on the account type and the method of payment. Platinum and Diamond Account holders do not pay withdrawal fees. Other account holders are entitled to only one free withdrawal after which charges apply for every withdrawal.
The following payment options are accepted:
- E-Wallet Payment solutions such as Skrill, Perfect Money and Neteller can be used for deposits and withdrawals. The payments are processed instantly but sometimes it can take up to one hour. The minimum deposit is $250. A 2% withdrawal fee is charged, but Neteller is charged at 3.5% of the withdrawal amount.
- Mastercard and Visa cards are the debit/credit cards that are accepted for deposits and withdrawals. Card deposits are processed instantly. 3.5% withdrawal fees are charged.
- Bank wire transfers are accepted for deposits and withdrawals. The processing time takes up to 5 business days. The minimum deposit amount is $1,000. A withdrawal fee of $35 is charged per withdrawal.
Web & Desktop Trading Platforms
“24option has its proprietary Web Platform and the MT4 as the Desktop platforms provided.”
Two trading platforms are provided:
- The 24option Proprietary Platform: This platform is web-based and so does not require the trader to download any software. It runs on all operating systems and on every device that has a web browser. It is a simple and intuitive platform. Its black background and other colors give it the unique and characteristic look that the 24option brand has been known by.
- The MT4 Desktop Application: This is the renowned MT4 that is widely accepted by forex traders globally. It is downloadable from 24option’s website.
Mobile Trading Platforms
“The 24option mobile app is downloadable for iPhones and Android phones.”
The “24 CFDs and Forex Trading” app is 24option’s proprietary mobile app. It is developed for the iOS and Android devices and can be downloaded from their respective stores. The app is very simple to navigate and is user-friendly. It is available in 12 languages.
Here are some of the features of the mobile app:
- Order placement, Stop Loss, Take Profit, and order history.
- Full access to account management options, including fund transfers, deposits and withdrawals.
- Charts for technical analysis.
- Over 80 indicators.
- 9 timeframes which start from 1 minute and extend all the way to 1 month.
Trading Features
“The 24option Web Platform and the MT4 are powerful platforms providing tools for multiple charting and technical analyses.”
The Proprietary 24option platform has the following features:
- Over 90 indicators including the popular Moving Average, MACD, Pivot Points, Ichimoku Clouds, etc.
- It has 8 Timeframes from 1 minute to 1 month.
- 6 Chart styles: Candlesticks, HeikinAshi, Hlc, Line, Dots and Area Charts.
- Simple and easy to use colourful platform.
- Trade History, trade status, and order management.
- An Economic Calendar is available right on the platform.
24option also provide the MT4 platform. Here are some of the features of the 24option MT4:
- Automated trading using “Expert Advisors” (EAs).
- Access to the MetaTrader market where traders can buy acquire some tools at or cost or for free. Some of the tools are indicators, forex robots.
- Real time quotes on the market watch window. Click on any asset to view the details and place order.
- MT4 has multiple charts such as line chart, bar chart and candlesticks. These are important for technical analysis of a trading instrument
- 30 in-built indicators and several custom indicators. These indicators are used for technical analysis.
- MT4 has advanced order management with 4 types of pending orders. You can view the order history and status, through the trade terminal.
Commissions & Spreads
“Trading costs on 24option are paid by traders in the form of spreads charged on trades. Some selected assets will also attract commissions. Spreads are generally competitive and are at par with charges on other EU brokerage firms.”
Here is a table that displays spreads of some assets that are traded on 24option:
| CRYPTOCURRENCIES |
CURRENCIES |
COMMODITIES |
STOCKS |
| Asset |
Spread |
Asset |
Spread |
Asset |
Spread |
Asset |
Spread |
| BTC/EUR |
3197 |
EUR/USD |
1.5 |
GOLD |
150 |
3M |
43 |
| BTC/USD |
3624 |
GBP/USD |
2.5 |
SILVER |
4.5 |
AIG |
30 |
| LTC/USD |
130 |
USD/JPY |
1.5 |
ALUMINUM |
85.3 |
ALIBABA |
36 |
| DASH/USD |
73 |
USD/CHF |
3.5 |
ZINC |
1300 |
ALCOA |
15 |
| ETH/USD |
126 |
USD/CAD |
2.5 |
COCOA |
2200 |
AMAZON |
437 |
| XRP/USD |
44 |
AUD/CHF |
7.5 |
SOYBEAN |
50 |
INDICES |
| BTC/GBP |
2711 |
AUD/CAD |
6.5 |
CRUDE OIL |
2 |
Asset |
Spread |
| ETC/USD |
5 |
AUD/NZD |
10.5 |
NATURAL GAS |
3 |
TA35 |
550 |
| ETH/EUR |
115 |
CHF/JPY |
5.5 |
GASOLINE |
8 |
TADAWUL |
770 |
| ETH/GBP |
94 |
CAD/CHF |
7.5 |
BRENT CRUDE |
3 |
UCO |
1 |
| Others |
*Commissions and fees are taken directly from the broker website and were correct at time of writing.
Bonus & Promotions
“24option does not offer any bonuses to its European clients but international clients enjoy the “First Deposit Bonus” and the “Challenge Series” contests.”
The following bonus and promotion are available for international customers of 24option.
This is given to new clients after making their initial deposit. 50% of the deposit amount is credited to the clients’ account. The maximum bonus is $500.
- 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 24/5 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 24/5 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.
| Pros |
Cons |
- Offers the MT4 platform in addition to the 24option WebTrader
- Highly regulated environment for traders
- Good selection of payment methods available
- Helpful live chat representative is quick to respond.
|
- Simplistic trading platform
- Simplistic offering, may not be as suited to advanced traders
|
