24option Review

Open Account
Trader Rating
5 minutes read/Updated: 07 April 2020

24option is an online CFD and forex broker. It’s one of the best broker firms worldwide, having its headquarters in Cyprus. It trades cryptocurrency, Forex, and CFDs, servicing traders within the European Economic Area, excluding Belgium. Outside of the European Economic Area, its services are offered by Richfield Capital Limited.

It is regulated by the CySEC in the EU with a licence number of 207/13, while the IFSC regulates its international services. They service traders from various countries, with the exception of a few due to regulations.

The firm was established in 2010 and has since won many awards. It stopped trading binary in the year 2017 due to the local regulators taking a very difficult line. 24option transitioned into trading other instruments like cryptocurrency, CFDs, forex, shares, commodities, currencies, and indices.

Also, offers no bonuses or promos to EU clients, which is in line with the CySEC regulations, as well as having low leverage in order 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 in terms of charting analysis, trading insights, and realtime updates. However, 24option also offers the MetaTrader4 platform as well.

Telephone support is usually available for the international site, and the trading platform can be converted to 22 different languages. The Scipio platform also comes with primitive analytics and tools. Educational resources are made available, but they are mostly targeted towards the novice and have very little information for the experienced trader.

Strengths
  • It is effortless to set up a demonstration trading account for new traders.
  • Segregated accounts, investor compensation fund, and multiple jurisdiction licensing
  • 40 Major and Minor as well as Exotic and Cryptocurrency pairs
  • Licensed and regulated by the CySEC and IFSC in Cyprus and Belize, respectively
  • 24option has a wide variety of educational videos, plus they offer as many as ten live webinars every month.
Weaknesses
  • No cash bonuses for EU site because of CySEC regulations
  • Leverage limited to 1:2 for Bitcoins
  • No localized telephone support for the EU site.
  • Limited utility of the Scorpio trading platform – limited research and analytics tools.

What can you trade?

Open Forex Account

24option Forex Review

£100 Min Deposit
Trading Fees
Good App Support
1:30 Max Leverage

They offer a wide range of currency pairs and go as high as over 50 different types of currency pairs. All major and minor Forex currency pairs are included as well as some exotic and rare pairs. The market has a very high liquidity level due to the enormous volumes of trade taking place daily.

24option also provides educational materials and information to help their traders trade successfully. They provide a page filled with different forex trading strategies and advice. Some of the advice may include picking a certain period of time in which you would actively trade, and choosing currency pairs you are most comfortable with.

Open CFD Account

24option CFD Review

£100 Min Deposit
Trading Fees
Good App Support
1:30 Max Leverage

CFD trades do not need you to set expiration trades, and you can exit it anytime you want. 24option has helped their traders to make the most of CFD trades by ensuring they can make use of the MT4 platform for their trades. 24option supports trading cryptocurrencies, commodities, stocks, and indices as CFDs, and it provides stocks for some of the most prominent companies.

24option has numerous options available to its customers under CFD trades, and it is not surprising that they are rising to be one of the most recognized brokers in this area.

Apart from all the educational materials made available, 24option also provides different trading strategies to help guide their clients and ensure they make the most of CFDs.

Open Crypto Account

24option cryptocurrency Review

£100 Min Deposit
Trading Fees
Many App Support
1:30 Max Leverage

24option offers a wide range of options when it comes to cryptocurrency; options range from Bitcoin (Bitcoin/USD, Bitcoin/EUR, Bitcoin/GBP) to Ethereum, to Ripple, to Litecoin, and Dash. Very few forex brokers offer comprehensive cryptocurrency varieties as much as 24option does. It offers close to 40 currency pairs, over100 shares, 22 indices, and 17 commodities. They are one of the leading cryptocurrency brokers worldwide.

What did our traders think after reviewing the key criteria?

24option Fee

Inactivity attracts charges on the 24option platform; two to three months of inactivity attracts a fee of £80, while three to six months attracts a fee of £120, and above six months of inactivity attracts a fee of £200.

There is also a withdrawal fee depending on the type of account that is operated, as they do not charge a deposit or commission fee, but it also charges a maintenance fee of £10 monthly.

Account Type

24option offers four different types of accounts: Basic, Gold, Platinum, and VIP. The Demo account is for free, but below are more details on the various account types.

Basic: Requires a minimum deposit of £250 and allows trading with a floating spread from 3pips on EUR and USD. It also has one free withdrawal.

Gold: A minimum of £5000 is required to open this account, one monthly free withdrawal, and one monthly webinar.

Platinum: Minimum of £10000, three free monthly withdrawals, and two monthly webinars.

VIP: Minimum of £50000. It has no monthly fee, five monthly webinars, and five advanced trading lessons.

There is also an exclusive Islamic trading account for traders who want to trade in total accordance with 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.

Platforms

The trading platforms can be divided into desktop options and mobile options. Two different platforms are available for desktop users.

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 very simple platform to use, and it works with all operating systems and also on all devices that possess a web browser, which makes it highly accessible to all. The background color is black, which makes every other information on the page very obvious and easy to spot; this also gives its unique look.

24option_UK_platform

MetaTrader4 Desktop Application: This is a platform that is globally acceptable to all forex traders. It is available for download on-site.

Also, there is a mobile application that is downloadable for both Android and iPhone users. The mobile application is very easy to understand and use. It is available for download on the various stores of both iOS and Android. The app is available in 12 different languages.

Some of the features of the mobile application include:

  1. Complete access to account management options like fund transfer, withdrawal, or deposits
  2. Charts used for technical analysis
  3. It has over 80 indicators
  4. Nine different timeframes, which start from as low as one minute and extend all the way to one month.

Usability

The 24option platforms are relatively easy to use and navigate. An economic calendar is usually available right on the platform, with access to all the previous trading history, trade status, and order management.

The MT4 platform provides automated trading using Expert Advisors, also provides access to the MetaTrader market where traders get tools at accost or sometimes for free. Details on any asset can be easily accessed by just clicking on it, and orders can also be made the exact same way.

MT4 provides various types of charts for easy understanding. Charts like line chart, bar chart, and candlesticks are all available for easy technical analysis.

Customer Support

Customer support is one of the best available out there. If you ever get confused in the ever-changing market and you need a professional to put you through, 24option professionals are ever ready to help.

They have their offices situated in various countries around the world, like France, Italy, Japan, Norway, South Africa, Taiwan, Russia, Canada, Malaysia, and Spain, with their highly qualified professionals speaking the different languages and ready to put you through.

They can be contacted via phone, mail, live chat, or a well-detailed contact form. Also, they have done an excellent job of ensuring their customers have access to quality educational materials and creating an all-round education for them. Their support centres are open five days a week, from 9 am to 9 pm daily. Their web assistant responds in less than 20 seconds when a chat is initiated.

Payment Method

24option does not accept cash payments or payments from third parties, and the depositor must always be the owner of the account. Various payment options are available to their users and does not charge deposit fees.

Card Types

Two types of credit cards are allowed, and a picture of both sides of the credit card showing the last four digits are usually required. Mainly only Mastercard and Visa are the accepted cards for both deposits and withdrawal.

Bank wire Transfer

Bank wire transfers are accepted for both deposit and withdrawal. It takes a period of five business days to process, and the minimum amount of deposit is £1000.

E-wallet

Neteller, Skrill, and Perfect Money are the types of e-wallet solutions accepted, transactions are usually processed instantly, but sometimes it might take up to an hour.

2% is usually charged for withdrawal when using an e-wallet, but Neteller users are charged a 3.5% withdrawal fee.

Debit Mastercard

Mastercard is usually an acceptable means of withdrawal as long as ID verification is provided.

Best Offers

Demo accounts at absolutely no cost for new traders that want to test the water and play around before entering into life trades. Some experienced traders may also opt for demo accounts in cases of wanting to try out new trading plans.

They make educational materials available to their traders and also provide excellent customer support services in multiple languages. They give their traders lots of insight into the CFD and Forex trading market to provide the necessary information to succeed.

24option offers a number of sign-up bonuses as a part of the welcome package. The amount differs depending on the account type you open. There are also other packages like holiday bonuses or additional deposit bonuses. Withdrawing the bonus might, however, have terms and conditions applied.

Regulations, Deposits, and Protections

They get licenced by various important regulatory bodies of the world, including the FCA in the United Kingdom, CySEC, Financial Market Authority, and some others. They have been given rules and guidelines which they must abide by, and that has been followed, which is why they are still part of the best brokers all around the world.

24option registration requires a valid means of identification and a utility bill to show and prove residence. Third-party deposits or withdrawal are totally unacceptable in order to prevent money laundering or criminal activities.

In accordance with the regulations of CySEC, they also practice a segregated account policy, which means traders’ funds are kept 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.

Also, they make use of the highest technology available to ensure that the personal information of clients is kept safe. All transmissions are secured and protected through a 128-bit SSL encryption.

Awards

24option has received quite a number of awards over the years. The excellence of this broker is made more evident in the number of organizations and businesses willing to enter into a partnership with them.

Juventus FC is one of their more prestigious and well-recognized partners. Also, three-time Wimbledon champion Boris Becker is one of their partners.

24option_UK_awards.PNG

Lats but not least, they become known and accepted as one of the most influential brokerage companies in the present time.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.