24option is an online financial markets broker. Considered one of the leading company’s in the industry, they have their headquarters in Cyprus. It offers trading on cryptocurrency, forex, and CFD assets, servicing traders within the European Economic Area, excluding Belgium. Outside of the European Economic Area, its services are run by another company under the same umbrella called Richfield Capital Limited.
They are regulated by CySEC in the EU with a licence number of 207/13, while the IFSC regulates its international services. The company offers its services to traders globally, but some countries are excluded due to regulations.
The firm was established in 2010 and has won many awards since. It stopped offering binary options trading in 2017 due to the regulations banning the trading practice to retail clients in Europe. As a result, 24option transitioned into other instruments such as cryptocurrency, CFDs, forex, shares, commodities, and indices.
The company adheres to CySEC regulations by offering no bonuses or promotions to EU clients and providing low leverage to fall in line with the FCA and CySEC rules. The proprietary trading platform is the Scipio trading platform, which is good but does not compare to the MT4 platform due to its limitations with charting analysis, trading insights, and real time updates. However, they do offer the MetaTrader4 platform as well.
Telephone support is usually available for the international site, and you can translate the trading platform into 22 different languages. The Scipio platform also comes with primitive analytics and tools. Educational resources are made available to clients but focus on beginners and inexperienced traders.
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What can you trade?
# 24option Forex Review
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As mentioned above, the broker offers over 45 different FX currency pairs. These include all major and minor pairs as well as some exotic pairs. However, as exotic pairs have lower amounts of liquidity, you can expect a wider spread in these markets.
24option also provides educational material and information to help traders trade successfully. They provide a page that focuses on forex trading strategies and offers advice. Some of the advice may include picking a specific period in which you would actively trade or choosing currency pairs with which you are most comfortable trading.
#1 24option CFD Review
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The brokerage is considered a leading CFD and forex brand and has helped its traders make the most of CFD trades by ensuring they can utilise the MT4 platform. They support trading cryptocurrencies, commodities, and indices as CFDs. You can also trade the stocks of world-renowned companies.
24option has a plethora of different CFD trading options available, and it is not surprising that they are considered to be a leading broker in this area.
As mentioned above, the company provides educational materials in the form of trading strategies to help guide their clients and ensure they make the most of their trading on the platform.
#2 24option cryptocurrency Review
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24option has a wide range of cryptocurrencies available to trade; options range from Bitcoin (Bitcoin/USD, Bitcoin/EUR, Bitcoin/GBP) to Ethereum, to Ripple, to Litecoin, and Dash. Very few brokers with a focus on forex and CFDs provide such an extensive range of cryptocurrencies.
In our opinion, they can also be classed as a leading cryptocurrency broker.
What did our traders think after reviewing the key criteria?
In comparison to other brokers, the fees are relatively high.
There are inactivity charges on the platform; two to three months of inactivity attracts a fee of £80, while three to six months means there is a fee of £120. Any inactivity above six months means there will be a fee of £200.
There is also a withdrawal fee depending on the type of account that you choose, but they do not charge a deposit or commission fee.
Finally, they also charge a maintenance fee of £10 a month, which is not the norm amongst brokers in the industry.
24option offers four different types of accounts: Basic, Gold, Platinum, and VIP. There is also a free demo account available to open.
Below are more details on the various account types.
- Basic: This account requires a minimum deposit of £250 and allows trading with a floating spread as low as 2.5 pips on the EURUSD pair. It also offers one free account withdrawal.
- Gold: There is a significant jump in deposit size for the gold account as a minimum of £25,000 is required. You also receive one free monthly withdrawal and one monthly webinar.
- Platinum: With another substantial jump in deposit size, we move to the platinum account. The deposit here is £100,000, and you receive three free monthly withdrawals and two monthly webinars.
VIP: Finally, the VIP account requires a minimum deposit of £250,000. It has no fees at all, and you receive five monthly webinars and five advanced trading lessons.
The company does also offer an exclusive Islamic trading account for traders who want to trade following the rules and beliefs of Islam. This account was designed specifically for Muslim traders who do not wish to go against their faith in any way.
There are a few different platform options, with two different trading platforms available for desktop users and a mobile app available.
The two platforms for desktop include:
24option proprietary platform: This does not require the trader to download any software, and it is entirely web-based. It is a straightforward platform to use and works with all operating systems and all devices that possess a web browser, making it highly accessible to all. The background colour is black, which makes the other information on the page very obvious and easy to spot; it also gives it a unique look.
MetaTrader4 Desktop Application: This is a platform that is widely used amongst forex traders and is available to download on the 24option website.
The mobile application is available on both Android and iPhone. The mobile application is easy to understand and use. It’s available in 12 different languages and can be downloaded via the Google Play or App Store.
Some of the features of the mobile application include:
- Complete access to account management options like transferring funds, withdrawals, and deposits
- Charts used for technical analysis
- It offers over 80 indicators
The different 24option platforms are relatively easy to use and navigate. An economic calendar is usually available on the platform to keep ahead of the upcoming day’s events.
They also provide you with access to your previous trading history, current trade status, and order management.
There is a clean chart layout, and the platform is set up in a way whereby you can execute and manage trades easily.
The MT4 platform provides the added extra of automated trading using Expert Advisors along with access to the MetaTrader market where traders can utilise free indicators.
If you are familiar with the platform, you know that it is a straightforward and easy to use platform. Line, bar, and candlesticks charts are all available for easy technical analysis.
The customer support provided is one of the best we have experienced. If you get confused in the ever-changing market and need some help, 24option professionals are ready to help.
They have offices situated in various countries around the world, such as France, Italy, Japan, Norway, South Africa, Taiwan, Russia, Canada, Malaysia, and Spain. With a multilingual support team, you should have no trouble in explaining any issues you may have to them.
You can contact the broker via phone, mail, live chat, or their online contact form. The company has done an excellent job of ensuring its customers have access to quality educational materials to support them in their trading journey.
Their support team is available five days a week, from 9 am to 9 pm.
Contacting the support team via web chat is also easy. The web assistant responded in less than 20 seconds and was able to deal with all of our questions.
24option does not accept cash payments or payments from third parties; the depositor must always be the owner of the account. Various payment options are available to their users, and they do not charge a deposit fee.
Two types of credit cards are allowed, and a picture of both sides of the credit card showing the last four digits is required. Mainly only Mastercard and Visa are the accepted cards for both deposits and withdrawal.
BANK WIRE TRANSFER
They also accept bank wire transfers for both deposit and withdrawal. It can take up to five business days to process, and the minimum deposit amount is £1000.
Neteller, Skrill, and Perfect Money are the types of e-wallets accepted, transactions are typically processed instantly, but it can sometimes take up to an hour.
2% is usually charged for withdrawal when using an e-wallet, but there is a 3.5% charge for Neteller.
24Option offers demo accounts at absolutely no cost for new traders that want to test the water and play around before entering into live trades. Some experienced traders may also opt for a demo account to test new trading strategies.They offer educational material to their traders and also provide excellent customer support services in multiple languages.They offer several sign-up bonuses as a part of the welcome package, with the bonuses depending on the account type you open.
REGULATIONS, DEPOSITS & PROTECTIONS
The company is regulated by both the FCA in the United Kingdom and CySEC in Cyprus, meaning that they must follow the guidelines set by these financial authorities. The regulatory bodies mentioned above are well known and respected and therefore provide traders using 24option with an extra layer of protection.
When signing up for an account, they require a valid means of identification and a utility bill to show and prove your residence. Third-party deposits or withdrawals are unacceptable and help to prevent money laundering or criminal activities.
Following the regulations of CySEC, they also practice a segregated account policy, which means traders’ funds are safe regardless of what the brokerage company itself might be going through. Traders can have peace of mind knowing their investments are kept secure and in line with the required policy.
Data protection is also high on their agenda, and they make use of the latest technology available to ensure that the personal information of clients is kept safe. All transmissions are secured and protected through 128-bit SSL encryption.
24option has received several awards over the years. The excellence of this broker is even more evident in the number of organisations and businesses willing to enter into a partnership with them.
Juventus FC and three-time Wimbledon champion Boris Becker are a couple of their more prestigious and well-recognised partners.