24Option Review

24Option Review
Official Name: 24Option
Regulated:
Regulated by: CySec in Cyprus
Headquarters: Cyprus
Established: 2008
Trading Products
Forex, Cryptocurrencies, Stocks, Indices, Commodities, CFD.
Minimum Deposit
250 EUR (Electronic payments or Credit Cards) or 1000 EUR (Wire Transfers)
Demo Accounts
Available after your first deposit.

Why 24Option?

24Option is an online broker whose mission is to make online trading accessible to everyone, whether they are a beginner or an experienced trader. In order to achieve this goal, 24Option provide site users with a wide range of educational resources to help them develop their skills.

The parent company of 24Option is Richfield Capital Limited, a global financial services corporation that is dedicated to ensuring integrity in all its operations. Thus, all its traders are provided with the support they need to identify trading opportunities, as well as the means to take full advantage of them to make money from the financial markets.

24Option allows trading in a variety of assets, including currencies, indices, stocks and commodities. In all, there are more than a hundred tradable assets offered, giving you the freedom to choose which option is the right one for you. You can even tailor an investment option that is right for you. And if you are more adventurous, you can even trade cryptocurrencies such as bitcoin.

The site also ensures that you maintain control of your trades at all time, to help ensure your success as a trader. You have easy access to experienced account managers to see you through the process.

24Option Pros and Cons


Pros with 24Option

24Option offers a wide range of account types. You can choose a plan based on the amount you are willing to deposit and the level of services provided. This ensures that you have the tools needed to maximize your chances of success when trading your chosen asset.

24Option offers Meta Trader 4 as its online trading platform. MT4 is the industry standard platform used by online traders, and provides you with some of the best analysis and charting tools so that you can identify trading opportunities and quickly take advantage of them.

24Option offers a mobile trading app. Now that everyone has a smartphone, there is no reason why you should only be able to trade when sitting in front of your computer. The 24Option app allows you to trade while on the go, so that you can take advantage of trading opportunities wherever you are. Of course, the platform is also mobile-friendly so you can access it from your device.


Cons with 24Option

24Option does not accept traders from the US. Due to the uncertainty over US financial regulations, US brokers cannot sign up for an account with 24Option at this time. Of course, this may change at some time in the future.

Account Information and What to Expect when signing up with 24Option

Opening an account with 24Option is free and takes just a few minutes. All you have to do is provide the minimum basic personal information and create a password. You will also have to choose which currency you will conduct your trades in – UK pound, US dollar or the euro. Only users who are above 18 can apply for an account with 24Option.

You also have the option to choose an account type, although you don’t need to in order to register for an account. Account types range from the Basic Plan to Silver and Gold, and all the way to Diamond and Platinum. Each plan provides you with a particular set of services, ranging from the basic introduction to the platform and financial markets, to access to a dedicated account manager and even a 10K demo account.

Those who opt for the more advanced account types with 24Option can avail of services such as tutorials on how to use technical and fundamental analysis to find trading opportunities and basic trading strategies. You are also provided with a senior account manager to help you with your trades.

Trading Platforms Offered by 24Option

The trading platform offered by 24Option is the MetaTrader 4, which has become the market standard that is offered by most online brokers.  To use it, you will have to download the platform onto your computer but once it is installed, you will have access to its many powerful features so that you can start learning how to use them to make profitable trades.

Some of MT4’s great features include:

Advanced charting tools. You can analyze market data by creating a variety of charts. This allows you to identify trends that could indicate that there is an upcoming trading opportunity. A range of customization options are also available that allow you to change characteristics such as styles and colors of the charts based on your personal preferences. You can even load preset templates.

Multiple languages supported. MT4 supports not only English but also a wide range of other languages. This allows you to choose the language you are most comfortable with so that you can conduct trading activities more easily.

User-friendly. One of the most common reasons traders give for liking MT4 is that the platform is easy to learn and use. Trading is a difficult enough activity without having to add another level of difficulty by having to navigate a complicated platform. And it is available not only for your desktop computer, but also for mobile devices such as your smartphone and tablet.

Low memory usage. Another advantage of using the MT4 platform is that it does not use a lot of memory in your computer. Thus, it will not affect the performance of your device. It also makes MT4 very responsive, which is very important when you are making time-sensitive trades. You don’t want to lose money because the platform did not react immediately when you made an order.

Expert Advisor is available. EA is a feature that allows you to automate your trades so they are implemented when a certain set of conditions are met. You no longer have to monitor the markets just to make a trade, since the software will automatically make the trade for you.

Advanced communication tools. MT4 allows you to interact with other traders in real time without the hassle of having to create complicated email threads. You also have the option to upload attachments to the emails.

Easy access to your profiles. You can quickly view account information such as your trading history and account details from inside the platform interface. You can also modify your profile by changing windows and charts to make them more readable and easier for you to use.

Mobile Trading Platforms – 24Option Has It All!

24Option offers mobile trading apps in the Apple Store and Google Play. You can use the app to make trades anywhere you have an Internet connection. Of course, the trading platform is also mobile-friendly so you can access it from your mobile devices.


Trading Options Offered by 24Option

The main trading activity performed on the 24Option platform is trading using CFDs or contract for difference. CFDs allow traders to make bets on the difference between the starting price of a certain asset, which is set when the contract is written, and its value when the contract expires. You earn a profit or register a loss based on the difference between the set price of the underlying asset and its closing price. The higher the difference, the greater the profit or loss for the trader. They are a popular alternative to binary options, which 24Options no longer offers, since they require smaller capital to trade.

There are four asset categories available on 24Option:

Currencies

The most traded currency pairs are available, including EUR/USD, EUR/JPY, GBP/USD as well as less traded pairs such as USD/TRY (Turkish Lira) and USD/CHF (Swiss Franc).

Commodities

The following commodity classes are offered by 24Option:

  • This category includes precious metals like gold and silver, as well as copper and platinum futures.
  • Crude oil futures. This category uses the oil index to measure prices. The index is designed to mirror the performance of the overall oil industry by creating a portfolio of stocks from various companies involved in different stages and then looking at the changes in their prices.
  • Agricultural products. This category includes corn, sugar and coffee futures.

Stocks

Some of the biggest corporations in the world are represented in this asset category, including: McDonald’s, IBM, Microsoft, Facebook, Coca Cola, Nike, Amazon, Google, Apple and Samsung Electronics.

Stock market indices

An index is a way of tracking the performance of an exchange by taking a sample of the stocks traded on it. Using their particular methodology, each index measures how much it has changed from a set base level, expressed as a percentage. This percentage also represents the average increase each stock that comprises the sample has experienced.

You cannot directly invest in indices, but CFDs allow you to make bets on the direction they will move over a particular period. Among the indices included are the Nasdaq 100, Dow Jones 30, S&P 500, Nikkei 225 and Hang Seng Future.

24Option also offers cryptocurrency trading

Cryptocurrencies are digital currencies that have no physical existence and are stored as code on servers and computers. They are created (mined) using specialized software called blockchain and there are usually limits on how much of a particular cryptocurrency can be created. Thus, it is also a ‘decentralized’ currency since it is not issued by a central authority or body such as a central bank. There are more than 800 cryptocurrencies and although the market is relatively young, as of June 2017, it already sees trading volumes of over $100 billion.

The first and best-known cryptocurrency is bitcoin, which was first ‘mined’ in 2009. A limit of 21 million bitcoins has been set, and the last one is expected to be mined by 2140. One of the reasons for the popularity of bitcoin as an investment asset is that its price has greatly increased since it was introduced. However, the price is also extremely volatile. To illustrate, it has swung from lows of $0.30 per unit in 2011 to $2,400 as of mid-2017.

Since then, a number of other cryptocurrencies have emerged to compete with bitcoin. One of the most prominent of these is Etherium, since its platform has been used by many financial bodies and corporations, and even governments as the basis for developing their own programs and systems. This could pave the way for the wider adoption of Etherium as a currency that would greatly increase its value. Also, unlike bitcoin, there are no caps on the number of Etherium units created, although there are plans to slow down its growth. Other notable cryptocurrencies include Ripple, Litecoin, and Dash.

Bonuses for new traders, are they offered on 24Option?

There are no welcome bonuses available for new traders’ due to the legal regulations in Belize. However, you can visit the promotions page to see what promos are available and how you can avail of them.

24Option, a Scam?

24Option is an online broker you can trust because it is regulated in multiple countries. The company holds a license in Cyprus (License Number: 207/13) and has the right to operate in all EU countries. Under its guidelines, users’ trading funds are segregated to ensure that they are secure, and are also insured by reputable providers. To protect users’ accounts against hackers, the broker site is protected by multiple firewalls. Thus, it is not a scam.

24Option VIP Accounts

At present, there is no 24Options VIP program, although you can sign up for different account types that would give you greater benefits than those available with a basic account. However, 24Options does offer a demo account. These accounts allow you to practice trading using virtual money so you won’t have to risk the funds in your trading account. Once you feel that you are ready, you can start making live trades. Each trader with a 24Options account is given a demo account worth 10,000. Those with premium Gold, Silver and Diamond accounts are given accounts worth more than 10,000.

Deposit and Withdraw Your Funds on 24Option

You can easily deposit and withdraw from your trading account using a variety of methods, such as credit and debit cards (Visa and MasterCard), wire transfers and payment solutions (Skrill and Neteller). Note that there are minimum and maximum withdrawal amounts that you will have to follow. You will also need to provide 24Option your ID documents before you make your first withdrawal.

24Option Customer Service

There are multiple ways you can avail of customer support. You can fill up the contact form on 24Option’s Contact Us page, you can send an email or Live Chat with a support agent. You can also click on the interactive map to find contact details in your particular country. 24Option has many offices around the world.

Online Guides offered by 24Option

There is a wide variety of resources available in 24Option’s Education Center, including many guides for beginners who are still learning the ins and outs of trading. These include interactive ebooks, webinars and guides for trading strategies.

Conclusion

24Option is one of the best online brokers on the market, whose goal is to make trading accessible to everybody. It provides the support that traders of all skill levels need in order to maximize the trading opportunities that are available to them. It also uses the industry-standard MetaTrader 4 trading platform that is user-friendly and makes it easier for traders to interact with the broker.

24Option is registered and licensed in Belize. Thus, it is under the oversight of the International Financial Services Corporation, a government agency that helps ensure that financial services providers in the country follow the best practices of the industry, and protects the interests of their users. Since it is licensed in an EU state, 24Option also has the right to operate in all EU countries.

Scores and Ratings

24Option's Ratings
  • Security
  • Customer Support
  • Trading Experience
  • Demo Accounts
  • Accessibility
4.2

Summary

24Option is one of the best online brokers on the market, whose goal is to make trading accessible to everybody. It provides the support that traders of all skill levels need in order to maximize the trading opportunities that are available to them. It also uses the industry-standard MetaTrader 4 trading platform that is user-friendly and makes it easier for traders to interact with the broker.

24Option is registered and licensed in Belize. Thus, it is under the oversight of the International Financial Services Corporation, a government agency that helps ensure that financial services providers in the country follow the best practices of the industry, and protects the interests of their users. Since it is licensed in an EU state, 24Option also has the right to operate in all EU countries.

INFO About 24Option

Website
www.24option.com
Headquarters
Limassol, Cyprus.
Support
+357 25 262063
Email
info@24option.com

24Option Customer Care

24/7 support
Yes (We recommend you to send your inquires by email for faster replies)
Support during weekends
Yes
Contact Methods
Live Chat, Email, Phone or Contact Forms on their official website.
Support Languages
German, Italian, Japanese, Greek, Spanish, Arabic, Romanian, Norwegian, English, Chinese, Russian, Malaysian, Taiwanese, Korean, Hindu, Portuguese, Dutch.

24Option's Trading Account

Account Currencies
EUR. Deposits can be made in JPY, USD, GBP and EUR.
Available for US Traders
No
Minimum Deposit
Credit Card: €250/£250/¥50,000/ руб 10,000
Electronic Payment: €250/£250/¥50,000/ руб 10,000
Wire Transfer: €1000/£1000/¥100,000/
Minimum Trade
24 EUR
Maximum Trade
5000 EUR
DEMO account
Only available for users holding a regular account
Deposit Options
Visa, MasterCard and Discover. 24Option also accepts Skrill and Wire Transfer.
Withdrawal Options
Wire Transfer, Credit Cards or selected Online Payments System.

24Option's Trading Platform

Platform
MetaTrader 4
Mobile friendly
Yes
Currency Pairs
46 +
Commodities
15
Indices
22
Stocks
Over 100

Extra Tools offered by 24Option

Calendar
Yes
Market Updates
24Option offers a daily market report
Tutorials
Yes
Signals
Offered in the “Trading Alerts” tool

Trading with products promoted on Binaly.com is highly speculative and carries a high level of risk.