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24option Review: Investor Information Before Paying the 24option Minimum Deposit

Analyst Team trader
Updated 4 Jul 2022

24option is a trading platform owned by Cypriot investment firm Rodeler Limited, a company authorised and regulated by Cyprus’ Securities and Exchange Commission (CySEC). The firm shares the brand with Richfield Capital. Since 24option’s inception in 2010, it has become known for its advanced web-based trading that allows investors to trade currency pairs, commodities, stocks and indices in one place. Rodeler has always had the vision to make room for more traders around the world. It incorporated that vision by integrating language options on its website. The question is, is it the best stock broker around or is 24option untrustworthy?

  • Minimum deposit for 24option
  • 24option minimum deposit UK
  • Access to global markets
  • Daily market report

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Ease of Access to Financial Markets

24option’s advanced trading platform is a welcome development for traders because the web-based system makes it easier for them to keep tabs on a range of investments. When Rodeler Limited added a CFD brokerage service and forex into the 24option platform, the company offered a forex trade leverage of 200:1. While this came with a number of restrictions for certain currency pairs, 24option became the popular choice for traders who have been looking for a one-stop trading platform that they can access anywhere. Apart from Meta Trader4, traders who use 24option can trade online, on their mobile devices, and on the brand’s dedicated trading platform.

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The latter includes a range of features that can’t be found in other platforms. That’s why stock broker comparison sites always mention the brand when it comes to ease of access.

This ease of access to different financial markets opened the world to traders. Today, 24option offers foreign exchange trading in all major, minor and exotic currency pairs. This includes key currencies such as the US dollar, euro, GBP, AUD and the like. CFD trading on popular American technology stocks, stocks of Europe’s largest banks, and equity indexes such as NASDAQ, FTSE, TADAWUL, Dow Jones, and MICEX are also available on the platform. US technology stocks include well-known brands like Facebook, Google and Apple, and bank stocks include Barclays and Deutsche Bank. Trading commodities such as wheat, crude oil, natural gas, gasoline, and precious metals is possible as well.

Is 24option Trustworthy?

Reading one 24option review after another can give traders a clear answer to this question but it is important to establish that the trading platform is safe for traders right here. The brand is a regulated CFD, commodities, and forex broker with CySEC, ensuring that it operates within the laws of the nations in the European Union and other places where the brand offers its services. 24option is also a proud member of the Investment Compensation Fund, a fund that gives a €20,000 trader protection for each trader in the event that the broker fails to fulfil its obligations.

But is 24option legit? While the information above points toward a legitimate business, questions regarding its compliance with the law still arise due to of all the complaints posted by traders online. According to Investopedia, common complaints involve experiences that traders usually have to deal with on a daily basis, and often, these bad experiences are not the broker’s fault. Traders who fail to make money usually blame their broker for losing their capital but rarely question their own strategies and the impact of said strategies on their failure. All traders make mistakes but those who are new to trading are still learning about market dynamics. As a consequence, they lose more money compared to their peers. It is also imperative for traders to understand that trading is usually not a zero sum game.

Not in the Position to Mess Around Traders

Doing an online search of the keywords “is 24option legitimate” will bring about contradictory information. While this is normal in the trading business, it is important to understand that brokers make money through commissions. This means that an increase in trading volumes will keep the business going. Brokers are not in the position to scam traders because this kind of move is not in their best interest. For brokers to sustain their capital and make a profit they would need to take good care of traders who use their platform. Maintaining long-term clients who utilize a broker’s trading platform regularly means more business on the side of the trader.

In the case of 24option, the companies that own the brand have listed its addresses, telephone numbers and other contact details online. The 24option website also details company information and license numbers that traders can verify. Perhaps one issue that adds to the confusion is the fact that the 24option brand is shared by two investment firms – Richfield Capital Limited, a company registered in Belize, and Rodeler Limited, a company registered in Cyprus. What many do not know is that these two companies belong to the same group of companies. For traders who would like to use the trading platform right away, the 24Option minimum deposit is $250 or £250. The minimum deposit for 24Option can be paid through various channels.

Broker comparison site FX Empire notes that 24option “has built a strong reputation as a highly recommended broker”, adding that it is the brand’s know-how that makes it different from other online trading services. Being one of the oldest online brokers, 24option has gone to great lengths to safeguard their clients’ funds to satisfy CySEC requirements and to ensure that they earn their clients’ trust. However, trader reviews and comparison sites rarely appease rookie traders. Interestingly, search engines come up with sites that rookie traders are unfamiliar with.This adds to the confusion.

For others, the reaction is much worse. Unfamiliar sites can fuel doubt and even have the power to drive away potential customers. In a desperate bid to find the truth, rookie traders find themselves looking for news articles that mention the broker. In this kind of scenario, it is important for new traders to keep in mind that they have the power to verify information by calling regulatory commissions tasked with keeping an eye on brokers. Doing this will give traders the answers they are looking for and peace of mind that the broker they have chosen does not scam its clients.

24Option Minimum Deposit and Payment Options

24option accepts Discover, MasterCard and Visa. Traders can also pay through Skrill, do a bank wire transfer, or pay with UCash, Qiwi, Sofort, Neteller, and PaySafe. Other payment options are also available but the trading platform does not accept PayPal. Deposits can be made in the following currencies: Euros, Japanese Yen and Sterling. For traders to open a live account on 24option through their credit cards or through electronic transfer, a 24option minimum deposit of €250 or £250 is required. Maximum deposit amounts through credit cards are as follows: €10,000, £10,000 or ¥100,000. 24option also notes that there is a monthly limit of €40,000, £40,000, and ¥4,000,000.

For many traders, the 24option minimum deposit requirement is not an issue. After all, the minimum deposit for 24option is relatively low. The major issue is the safety of their money no matter how big or how small the amount is. Certain financial safety laws are followed by 24option, as this is required by CySEC. The website itself uses SSL encryption to make sure that traders’ personal and financial data are safe. However, it is important to take a look at regional restrictions before making a deposit. Its operator, Richfield Capital, notes that the website does not offer services in Switzerland, the United States, Canada and the European Economic Area. 24option EU, on the other hand, offers its services within the European Economic Area, excluding Belgium.

Withdrawal Requests

When withdrawing money from 24option, it requires traders to verify their account by providing the company with government issued identification. This can be the trader’s driver’s licence, passport or another form of legal identification. If the trader doesn’t have any of these, a copy of the credit card where he or she wants the money wired to will be required by the broker. For traders using this option, a copy of both sides of the card will be needed. It must be noted that this verification process will be repeated if the trader chooses another payment method in the future.

All withdrawal requests are processed between 9 a.m. and 4 p.m. Cyprus time from Monday through Thursday, and between 9 a.m. and 1:30 p.m. on Fridays. Fees apply for Basic, Silver and Gold accounts but withdrawals done by Platinum and Diamond account holders are not charged at all. Gold accounts also have one free withdrawal each month. Fees differ from one payment method to another, according to 24option representatives. For Skrill, 24option charges a 2% fee. For credit cards, debit cards and Neteller the fee is 3.5% of the amount withdrawn. For wire transfers, the company charges €25, £20 or ¥3,000 depending on the currency used by the trader. While the brand offers information on how to withdraw money, traders who do not know how to go about this can always talk to one of the company’s customer care representatives for assistance.

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User-Friendly Trading and Transparency

Surviving the online trading market can be a difficult feat but thanks to 24option’s user-friendly trading platform, more traders are choosing the brand. Because of trader loyalty, the brand has been in business for over seven years. Although 24option is quite advanced compared to its competitors, one of the best features of the platform is its simplicity. Instead of using “call” or “put” like other brokers, 24option is straightforward. It uses “buy” and “sell”. In fact, just by looking at the colour of the button text for these actions, traders already know what they are doing. “Buy” is in green and “Sell” is in red. 24option also makes it easy for traders to withdraw or deposit money through the platform. Every payment method has a brief introduction on the website and 24option also mentions processing time and cancellation options for the benefit of its clients.

Its easy-to-use user interface also has a wealth of educational materials in the form of eBooks and webinars. While it provides advice and market news, 24option is transparent when it comes to the risks involved in trading. The website notes that forex and CFD trading are high risk and that the trader’s capital can be affected by the volatility of the market. 24option also points out that CFD and forex products are not suitable for all investors and that traders should understand the risks involved in such transactions. The trading platform also advises traders to seek advice from licensed financial advisers.

The Bottom Line on 24Option Minimum Deposit

The brand’s mission is to bring trading to everyone without compromising its appeal to trading professionals. After over seven years of operation, 24option has achieved that goal.

The brand has become a leader in online trading thanks to its intuitive trading technology and the fact that its proprietary trading platform supports 22 languages. However, these are not the only reasons why 24option is successful in the business. With traders becoming more suspicious of brokerage firms due to the prevalence of fake sites, the brand works hard to ensure that trader information is safe and inaccessible to others. It also makes sure that all their obligations to their clients are fulfilled every single time. 24option is a regulated forex, commodities and CFD broker and it has always been transparent when it comes to which company is operating it. It also makes sure that its headquarters’ addresses and contact details are available online.

Placing great emphasis on trading education, the brand offers information to novice traders. One of the platform’s most helpful features is the “Trading Central” button where traders can access historical data and independent market analysis. The brand offers 24/7 support to its clients as well. Apart from the live chat option, traders can also send an email to the customer service department. While many brokerage firms also have this kind of customer support, 24option’s customer care representatives are courteous and professional and work hard to provide personal assistance.

The AskTraders Analyst Team features experts in technical and fundamental analysis, as well as traders specializing in stocks, forex, and cryptocurrency.