24OPTION Review

PROS OF 24OPTION

• Traders have access to daily financial news via the 24Option twitter feed Pros of 24Option

• Not only does 24Option provide a variety of training films, but the company also hosts up to ten live webinars each month.

• A calculator that displays the exact amount of profit or loss that will result from each point of movement in the pip value

Cons

• Neither the desktop nor the mobile platforms are capable of live broadcasting of the news.

• Both the maintenance and withdrawal fees at 24Option are quite hefty.

• No basic research

Trust

When it comes to the level of trustworthiness that 24Option possesses, the results are mixed. The fact that the broker is only regulated in Cyprus constitutes a significant drawback. This is still subject to the regulatory framework of the EU, but it is possible that it is not as solid as other, more developed regulatory frameworks such as those of the UK or Germany.

The broker also has a disadvantage due to the absence of guaranteed stop loss trading outside of France, which is another factor. On the plus side, 24Option contributes to an investor compensation fund in the event that the broker goes bankrupt. Additionally, it seems that customer funds are safeguarded adequately by anti-fraud software, which includes both ClickSSL and Thawte. In accordance with the new EU law, negative balance protection has also been implemented. This safeguard prohibits customers from incurring losses that are greater than the amount they initially deposited.

Desktop Experience

The MetaTrader 4 (MT4) platform is available for download and use by traders at 24Option, just as it is at the majority of other brokers. This platform is the gold standard in the business and it enables sophisticated charting and analysis. Traders who do not prefer to use this program have the option of using 24Option’s desktop platform, which is superior to the standard offered by other companies in the sector. For instance, the desktop platform allows for quick trading and execution by providing price lists that are both modifiable and transparent. It enables complex charting and includes a “indicator wizard” that enables traders to design charts according to their specific needs. In addition, traders have the ability to compile a watch list by simply clicking on the star icon that is located next to any currency pair. After that, the pair in question will be added to a favorites list.

Traders also have the ability to leave conditional orders and have trading options that allow them to hedge their positions, such as stop-loss and take-profit trading. Finally, in contrast to other brokers, 24Option makes it possible for traders to see the positions held by other clients. This allows traders to determine whether other traders are bullish or bearish for any given instrument.

Education

The educational products that 24Option provides are of very high quality. There are various films that explain many subjects such as CFD trading itself. Pending orders, trend analysis, risk management, pips calculations, and support and resistance trading are a few of the other topics that are covered in other films. Up to ten webinars are hosted every single month, with a minimum of two of them devoted to elementary and intermediate levels of technical analysis. Both a glossary with key terms that are vital to CFD trading and a separate part devoted specifically to forex trading with its own one-of-a-kind ideas and concepts are included in this guide.

Mobile Experience

The mobile experience provided by 24Option is decent, but it is not the best available. There are mobile apps available for both iOS and Android, but there is not a dedicated mobile website that offers a user experience that is distinct from that of a desktop computer. Although the application offers fingerprint encryption, this feature is really integrated into Apple’s Touch ID and is not a distinct element of authentication that is offered by the broker.

The mobile application offers users access to a significant number of the same functions that can be found on the desktop version. For instance, traders can immediately check where assets are trading by using a feature called “streaming quotations.” A mini-chart displays the short-term trend in addition to the long-term trend. Traders also have the ability to leave conditional orders, as well as stop-loss and take-profit orders, on the mobile app, which allows them to maintain complete control over their holdings.

On a mobile device, you can quickly create a watchlist by touching on the star that is located to the left of the currency pair. This will add the pair to a list of favorites that can be easily filtered so that trading may take place more quickly. The program makes charting incredibly simple as well. Traders are able to quickly move between multiple timeframes to view a variety of trading chances.

For the purpose of assisting traders in recognizing trading opportunities and monitoring existing positions, technical studies such as moving averages can also be readily added to the mobile charts. However, unlike the desktop version, the mobile app does not have an indication wizard. The mobile app does, however, include almost one hundred different technical indicators.

The mobile app does not include any price notifications or news feeds, which is one of the ways in which it is inferior to other providers. The availability of these choices, which might contribute to an overall better trading experience, is made possible by other service providers.

TRADER’S VIEWPOINT

24Option is a multi-award winning online broker that has its headquarters in Limassol, Cyprus. The company was established in 2010. Binary options broker, forex trading, contracts for difference (CFDs), stock and index trading are all part of the comprehensive trading package that 24Option makes available to its clients. The European market constitutes the primary focus of their attention, and they maintain two principal offices, one each in London and Cyprus.

In spite of the fact that 24Option started its start as one of the earliest online options traders, the company has now greatly diversified the types of trades it makes available to its customers. This covers contracts for difference (CFDs) on equities, commodities, and indexes across a variety of geographical areas and financial marketplaces. Currency trading is also offered in all of the major currency pairings; however, trading in exotic currency pairs is not supported to the same extent as the major currency pairs. Trading is allowed without the payment of a fee, and the spreads provided are typically among the most competitive in the industry.

Trading takes place on a proprietary trading platform that provides access to all aspects of trading from a single, centralized location. Trading in forex, CFDs, commodities, and binary options are all possible from a single, centralized location with this offering.

In addition, 24Option offers its customers access to the MetaTrader 4 platform, which is ideal for individuals searching for a trading environment that is more comfortable. Mobile trading is also supported, and it can be done through either the MetaTrader 4 smartphone app or the 24Option mobile app that is dedicated solely to mobile trading. There is support for iOS and Android-based mobile devices.

24Option, much like many other platforms, provides a variety of account kinds to its users in order to accommodate a wide range of trading requirements. All of these account types are included here: Basic, Silver, Gold, Platinum, and Diamond. The Diamond account provides the most competitive trading rates of all of the account kinds in addition to providing a genuinely premium trading experience. This account also features a dedicated live chat line.

However, it requires the greatest minimum account balance and a specified amount of trading activity each month to qualify as a trading account. For first-time customers, the Basic account type offers a low required initial deposit and ought to satisfy the majority of your fundamental trading requirements. It is important to note, however, that the Platinum and Diamond account types are the only ones that will enjoy cost-free withdrawals. Withdrawals from all other account types will incur a fee, the amount of which will vary depending on the method of withdrawal employed.

Support for customers is available around the clock via live chat and email, and telephone assistance is provided in a dozen different languages. In addition to this, the trading platform has been localized into twenty-two distinct languages, making 24Option one of the most internationally oriented brokers in the industry. A portion of the website devoted to frequently asked questions that is well-researched is also included, and reading through it should assist you in finding solutions to the majority of the challenges that you are likely to face.

You could do a lot worse than checking out 24Option if you are looking for a well-rounded trading platform that has enough features to keep both beginning and intermediate traders satisfied. 24Option has enough features to keep both types of traders pleased. Trading circumstances are normally quite favorable, with narrow spreads and quick execution speeds being made available for customers to take advantage of. Although the withdrawal costs may discourage users of the basic account, those who choose to upgrade to a Platinum account have access to trading opportunities that are among the most competitive in the industry.

24Option, an online broker that has won multiple awards and was established in 2010 with headquarters in Limassol, Cyprus, has been at the forefront of the binary options market for some time. The organization was once a full-service broker for binary options, but they have now broadened its offerings to also cover trading in forex, CFDs, commodities, stocks, and indexes.

Rodeler Limited is the company that owns 24Option. Rodeler Limited is regulated in Cyprus by the Cyprus Securities and Exchange Commission, also known as CySEC, under the CIF License number 207/13. In addition, Rodeler is the owner of the brands Grandoption, QuickOption, and 24FX.

Since the company is subject to CySEC regulation, it is able to provide its services to other member states of the EU on a cross-border basis, which enables it to operate legally within other states’ legal systems. Because of the regulatory obligations imposed by the EU, monies belonging to customers are held in separate bank accounts.

The company has two main offices: the UK office is located in London, and the Cyprus headquarters can be found at #39 Kolonakiou Street, Ayios Athanasios Limassol, CY-4103. Both of these offices are considered to be the company’s primary locations. You can access the official website of the company through the domain name www.24option.com. You can see a screenshot of its homepage in the following image:

Because it is not currently operating in the United States, 24Option does not accept customers who are located there and does not permit USD accounts at this time.

FEATURES AT 24OPTION

24Option, which was one of the first binary options brokers in the globe, provides traders with access to a diverse variety of underlying assets that are tailored to meet the needs of the majority of traders. The asset list for CFDs includes stock indexes from the world’s top economies, such as those on the Dow Jones Industrial Average, NASDAQ, DAX, FTSE, MICEX, and TADAWUL. Other stock indexes on the list include those from DAX, FTSE, MICEX, and TADAWUL.

Aside from the top banks in Europe and Russia, such as Barclays, Deutsche Bank, and Sberbank, the company also provides derivative trading with U.S. technology companies as the underlying asset. These popular stocks include Apple, Facebook, and Google.

Regarding foreign exchange, 24Option provides a leverage of up to 200:1 for currency trades; however, certain currency pairs are subject to restrictions on this leverage. Execution services are provided by 24Option in all major and minor currency pairs, including the vast majority of currencies vs the EUR, USD, JPY, GBP, AUD, and CHF, amongst others. In addition, exotic pair combinations can be traded on via 24Option’s own platform, in addition to MetaTrader4 and mobile devices running either the iOS or Android operating system.

Although 24Option does not charge fees on trades, the dealer spread is how the company compensates for not charging commissions, much like the majority of other forex brokers. Dealing spreads provided by the organization are highly competitive and vary depending on the type of customer account that is formed.

SUPPORTED PLATFORMS

Clients were given access to 24Option’s proprietary trading platform in its entirety for the first time in December of 2016. Traders will now be able to trade foreign currency, contracts for difference (CFDs), commodities, and binary options all from a single platform thanks to the new platform. The former web-based platform used by the company did not have access to many of the functions that are now available on the new platform. You can see a screenshot of the company’s in-house trading platform in the following image:

Traders that use 24Option have the option of using the MetaTrader4 trading platform, which has become the industry standard for online forex trading. This is in addition to 24Option’s own proprietary trading platform, which is also an option.

Traders who have smart mobile devices that run either the iOS operating system developed by Apple or the Android operating system developed by Google can also utilize the 24Option Mobile Trading software, which can be downloaded from either the App Store developed by Apple or Google Play.

DEPOSITS AND WITHDRAWALS

24Option provides investors with a choice between five distinct account types, each of which can be upgraded based on the evaluation performed by an account manager. The following are some of them:

• Basic: a deposit of at least 250 Euros or Pounds Sterling is required to open this type of account. Spreads for exotic currency pairs can be as low as seven pips with this sort of account, while spreads for major currency pairs can be as low as three pips, and spreads for minor currency pairs can be as low as four pips. Access to MT4 and the company’s Web client platforms, one-click trading, a mobile app for iOS or Android, and access to customer assistance 24 hours a day, seven days a week are all included in the Basic account package.

• Silver: The minimum opening deposit for this type of account is 2,000 Euros or Pounds Sterling. The account offers all of the features of the Basic account, in addition to a Personal Trading Coach and Trading Alerts, which are not included with the Basic account.

• Gold: the minimum deposit required for a Gold account is 25,000 Euros or Pounds Sterling. The trader will receive text message and email notifications in addition to the other capabilities that are available with the Silver account when they upgrade to the Gold account. In addition, traders with Gold accounts receive an additional two percent return on each and every deal they execute.

• Platinum: A deposit of 50,000 Euros or Pounds Sterling is required to open a Platinum account. This account provides access to a research website and a Live Training Session in addition to the capabilities described above. In addition to this, traders with Platinum accounts get an additional four percent return on each and every trade they execute.

• Diamond – a representative on the company’s live chat line advised me that the Diamond account does not have a specified minimum, but that it must be set up with an account manager in order to function properly. The Diamond account has all of the advantages stated in the other account kinds, and in addition, it includes tickets to soccer matches played by Juventus FC in Europe and a trading platform that may be customized.

There is a minimum deposit requirement of EUR/GBP 250 in order to open a live account with 24Option, and the minimum trade size is EUR/GBP 24. Credit cards such as Visa, MasterCard, and Discover can be used to make initial deposits in order to create a 24Option live account. Additionally, first deposits can be made via the electronic payment provider Skrill (formerly known as Moneybookers), as well as bank wire transfers. Payments can also be made via UKash, Neteller, Qiwi, Sofort, WebMoney, and PaySafe, to name just a few of the available options; however, the company does NOT accept PayPal.

A credit card requires a minimum deposit of 250 Euros or Pounds Sterling. The British pound, the Japanese yen, and the European Union currency unit (€) are the ones that can be used to make deposits. The minimum amount required for electronic payments is €250, £250, 50,000, and RUB 10,000; the minimum amount required for bank wire transfers is £1,000, €1,000, and 100,000.

In addition, the broker imposes a maximum deposit amount, which is as follows: a daily limit of 10,000 Euros and Sterling or 100,000 Yen for credit cards; a monthly limit of 40,000 Euros or Sterling or 4,000,000 Yen for other payment methods.

A copy of an identification document issued by the government, such as a passport or driver’s license, proof of residence in the form of a utility bill, and a copy of both sides of the client’s credit card, if the withdrawal is being made using that method, must first be sent to the broker in order for withdrawals to be verified. This is standard procedure for the majority of regulated brokers. This verification procedure is carried out once more whenever a different method of payment is utilized.

With the exception of the Platinum and Diamond accounts, which do not incur any fees for withdrawals, 24Option levies the following fees for withdrawals made from its Basic, Silver, and Gold accounts. The fees are as follows: for credit and debit cards, they charge 3.5 percent; for Skrill (formerly known as Moneybookers), they charge two percent; for Neteller, the charge is 3.5 percent; and for wire transfers, the fees are either €25, £20, or 3,000 depending on the currency.

One complimentary withdrawal per calendar month is included with the Gold account. Requests to withdraw funds are processed during regular business hours in Cyprus, which are Monday through Thursday from 9:00 am to 4:00 pm and Friday from 9:00 am to 1:30 pm.

SUPPORT FOR CUSTOMERS

In addition to providing telephone assistance in 12 different countries, the customer care department of 24Option provides live chat and email support around the clock, seven days a week. The proprietary trading platform that they have developed has been localized into 22 different languages. Despite this, the live chat component of their website was not attended to in a particularly timely manner, despite the fact that it was used to acquire additional information for this review that was not present on their website.

In addition to its customer support department, 24Option provides its customers with an educational program. Through this program, customers have access to an extensive library of instructional resources, including daily market news and updates, live webinars, and interactive eBooks. The Trading Central feature of their platform gives traders access to market analysis and historical data provided by third parties.

Is 24option a Fraud Organization?

24Option is not a scam because they are a registered broker. They deliver the service they promise they will, and customer cash are kept in a separate account from corporate funds. In recent times, regulators have shown a greater interest in binary options, and 24Option has been supportive of this trend. The trading site can be trusted, and withdrawals are processed promptly after being requested.

Complaints

One of the criticisms that has been leveled at 24option is their “upselling” methodology. In this stage of the process, a client will be contacted by an account manager working for the broker, who will then offer to trade on the client’s behalf. This typically results in the trader engaging in excessive trading and, in some instances, trading beyond their financial limits.

Traders should not let anybody else trade on their behalf if at all feasible, and the binary industry has begun to halt bonuses provided to account managers who behave in this way as a response to the complaints that have been created as a result of the complaints that have been generated. It is not yet clear whether this will put an end to the practice, but market participants should be aware of the risk. If an account manager were to contact and give guidance, we would recommend responding with a gracious “No thanks.”

24OPTION – CONCLUSION

24Option is a well-known online broker that is regulated and specializes in the financial markets of binary options, forex, CFDs, and commodities. The trading platform that the broker provides is brand new and is considered to be state of the art. Additionally, the broker offers a diverse selection of tradable assets. The customer care department of this business offers live chat and telephone support in 12 different nations, and the company’s trading platform has been localized into 22 different tongues.

Additionally, the broker provides its traders with promotional incentives, such as a two to four percent return on all transactions made from a Gold, Diamond, or Platinum account, depending on the level of the account. The customer service representatives appear to be polite and professional, despite the fact that they are rather slow to pick up the live chat. The trading platform offered by the broker is simple to use and has an intuitive user interface. In addition, new traders can take use of 24Option’s substantial teaching program designed specifically for them.

However, the company does not offer its services to traders located in the United States, it does not accept PayPal for account transactions, and it appears that traders are required to make a minimum deposit of EUR/GBP 250 before they can access a demo account to test out the company’s offerings before using their services. In conclusion, despite the fact that 24Option was issued a warning and a punishment by CySEC in early 2016 for failing to comply with several significant regulations, they have likely had sufficient time to address these concerns and have done so successfully.