24option is the most popular broker on the market and offers a useful demo account where you can try out the trading platform risk-free. The minimum deposit requirements are higher than other brokers, but if you are serious about trading, this shouldn’t be an issue. 24option has been serving traders for years and has a solid track record of proving that it is not a scam. We currently do not accept US customers.
24Option is owned by Rodeler Ltd based in Limassol Cyprus. Certified by the Cyprus Security Exchange Commission (CYSEC) under license number 207/13.
During 2017, 24Option modified its service. We no longer offer binary options and focus only on Forex and CFD trading.
24option has moved away from platform vendor TechFinancials and developed a new custom platform. The new offer also saw a shift towards forex and CFD trading, with the company offering forex pairs including Bitcoin. With the recent growth in cryptocurrency trading, the company has added Bitcoin pairs as soon as possible.
Trading platform
The 24Option trading platform is also quite unique in the general world of binary, forex and CFD trading. The look and feel of the platform has been designed to fit the brand, so the usual red and green trade buttons have been replaced.
However, this custom style does not affect the usability of the platform. Transaction types are available in the top left menu. Choose from:
- Forex
- CFD
The related assets will then be displayed below. Selecting one of these updates the associated payout information and the pricing chart to the right. The trading area is well organized, so you can have a lot of data at once, but still be clear and easy to use.
Public and private transaction histories are available in the trading area where performance is continuously updated.
signals
The trading platform also provides users access to the 24Option Signals service. Trader sentiment bars are used to help traders make decisions. The demo video at the bottom of this review shows you how to make the most of these features. Signal services should be treated with a certain level of care, especially if they are provided by brokers. However, it can be an additional tool for confirming or canceling certain transactions.
24Option signals are called ‘Trade Alerts’ and are displayed alongside the ‘Open Trades’ and ‘Trade History’ tabs.
Payout
With over 24 different types of underlying assets on offer, traders at 24Option are spoiled for choice. They have a choice of 43 types of stocks, 11 commodity-related options, 30 currency pairs, and 19 types of market indices.
For Forex and CFD trading, payments are based on price movements of the underlying asset. Traders can utilize leverage to manage risk and payouts. Margin trading can increase profits, but should be used with caution as it can likewise accelerate losses.
Regulation
In addition to being regulated and licensed by CYSEC, 24Option is registered with other European regulators such as France’s Autorité des Marchés Financiers (AMF), South Korea’s BaFin, Italy’s CONSOB and UK’s Financial Conduct Authority (FCA). .
A major benefit of dealing with a regulated broker is the fact that if there is a dispute between you and the broker you will always have to refer someone to resolve the dispute. Another factor that should be heavily on a trader’s mind when choosing a broker is the broker’s ability to claim compensation if they go bankrupt. With 24Option, traders need not worry as they are members of the Investment Reward Fund Scheme. The fund gave traders the right to claim up to 20,000 euros.
Mobile app
The 24Option app is a smart and easy-to-use mobile trading platform that can be used on Android, iOS or Windows and the app is free.
The app has a clear and simple interface and the trading process is intuitive. The screen and buttons are large, making them easy to use without the risk of mistakes with small or hard-to-find buttons. As well as simple trades, the app displays public and private trades and updates them in real time. The trading app is a great addition to the range of features offered by 24Option. Each version is built to take advantage of all features across multiple devices, so Android, Windows and iPhone users can all enjoy a personalized experience.
Withdrawal
24 Option withdrawals are reimbursed to the source of the deposit. Therefore, you can return payment only in the same way as the deposit was made. This is a common situation and is actually a safeguard to protect traders from fraud.
For the same reason, the company requires proof of address and a valid ID form before making a withdrawal. This is to comply with money laundering laws. If you deposit with a credit card, we will need the details of that card for later withdrawals.
Withdrawal complaints
Withdrawal complaints or problems are often caused by delays in the identification process. Therefore, you should send all these details early before making a withdrawal request. This reduces the possibility of problems, minimizes complaints and ensures fast withdrawals.
Account type
24option offers a variety of account types. Getting into this account depends on your initial deposit amount. The larger the first deposit, the higher the level of account types the trader will be participating in. However, traders can always start with a smaller deposit and then later deposit larger deposits to increase their account type.
Gold and Platinum account holders can enjoy free withdrawals on a regular basis, while regular account holders get a free first withdrawal. Remaining withdrawals may be subject to a certain fee, and this number varies depending on the method used. Skrill, for example, charges 2%. Withdrawal requests can be made at any time.
New accounts can also choose between Forex and CFD accounts. Bitcoin can be traded through forex pairs.
Is 24option a scam?
As a regulated broker, 24Option is not a scam. They provide services as they please, and customer funds are held separately from company funds. Regulators are paying attention to late binary options, and 24Option has supported it. The trading platform is reliable and withdrawals are paid upon request.
Complaints
One complaint I had with 24option was their “upselling” practice. An account manager working for the broker contacts the client and offers a trade. This usually causes traders to overtrade and in some cases to trade beyond their means.
Where possible, traders should not let others trade on their behalf, and in response to the complaints generated, the binary industry has started ending bonuses paid to account managers who act in this way. If this is the end of practice, you are still a trader and traders should be aware of the risks. When an account manager giving advice calls, I suggest a polite “No thanks”.
Bonus
By moving away from traditional deposit match bonuses, 24Option offers some fairly unique bonus offers. They offer various ‘Premium Prizes’. These are usually ‘tech’ goods like iPads or MacBooks.
Like any reputable broker, 24Option allows traders to opt out of bonus incentives.
Demo of 24 options
Here is a demo video of 24 options. A demo video detailing how to trade with tutorials, from choosing an asset and trade type to analyzing charts and judging trader sentiment. This 24Option demo video is completely comprehensive, including where to find signal services. (‘trade alert’);
Review Conclusion
From the fact that 24Option is licensed and regulated by CYSEC, we can deduce that it is a legitimate operation. The warm and friendly service provided by them definitely makes a refreshing change from the cold and impersonal service other brokers are accustomed to providing.
The minimum deposit for those wishing to open a live trading account at 24Option is $250. The minimum trade size can be traded at $24 per trade. The services provided by these brokers are very good, but the regular trading competition sets them apart. Some offer prizes in the tens of thousands of dollars for the winner of the competition. Innovative bonuses are also offered, and demo accounts allow traders to familiarize themselves with the platform before entering the real market.
Advantages
• Bitcoin forex trading
• Extensive list of underlying assets for trading
• Professional customer support
• Powerful advanced trading platform
• Multilingual support
• Various benefits and incentives
• Now offering CFDs in addition to binary options
Disadvantages
• You must first deposit $250 before being granted access to the demo account.
24option Review Rating
Customer Service Rating – 10
• 24/7 support
• Phone support for 21 countries
• Trading platform translated into 18 languages
Asset Selection Rating – 10
• 43 stocks
• 30 currency pairs
• 11 prizes
• 19 exponents
Deposit method level – 9
• Credit card
• bank transfer
• Web wallet
Minimum Deposit Level – 7
• $250
Minimum trading level – 8
• $24
Trade Feature Level – 8
• Standard High/Low Binary Options
• One Touch Binary Options
• Short Term Binary Options
• Boundary options
Payout Percentage – 8
• up to 89%
• 15% rebate
Bonus Prize Tier – 9
• Up to 100% match bonus on first deposit.
Site Intangible Rating – 9
• Regulated by CYSEC
• Demo account
• Asset filter provided
• Real-time price feeds from Morningstar price quotes
• Offered demo videos, tutorials and e-books
• Regular trade competition with attractive prizes
