24Option

24Option

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Details

Broker 24Option
Website URL https://www.24option.com
Headquarters Belize
Support Number +7 499 609 25 18
Support Types Email , Chat , Telefone
Languages English , Español , Русский , العربية , Português
Trading Platform TechFinancials Web | Android | iOS
Minimum 1st Deposit €100
Minimum Account Size $1000
Minimum Trade Amount $100
Maximum Trade Amount $900
Bonus $200 Deposit Bonus
Payout 50-80%
Leverage 400:1
Spread 50 Pips
Free Demo Account Open Demo
Regulated Yes
Regulation Cyprus Securities and Exchange Commission
Fees Yes
Fee Info 0.5 to 1.0 pips for major FX currency pairs during market hours
Account Types Basic €250 , Gold €25,000 , Platinum €100,000 , VIP €250,000
Deposit Methods Bank Transfer , Credit Card , Skrill
Withdrawal Methods Credit Card , Neteller , Skrill
Trading Methods Scalping , Day exchange , Swing trading , Position negotiation
Number of Assets + 270 Stocks
Expiry Times 60 Seconds
Option Types Forex , CFDs
Account Currency USD, EUR, BRL, GBP
US Traders Allowed Yes
Mobile Trading Yes
Tablet Trading Yes
Overall Score 94/100

Pros

  • Traders can access daily financial news on 24Option's Twitter feed
  • 24Option has a variety of educational videos, they also offer up to 10 live webinars per month
  • A pip value calculator that shows exactly what your profit or loss will be with each pip move

Cons

  • Desktop and mobile platforms do not offer live news
  • 24Option has high maintenance and withdrawal rates
  • Without fundamental research

24Option is operated by Rodeler Limited, a Cyprus-based investment company. It is authorized and regulated by the Cyprus Securities and Exchange Commission with license number CIF 207/13. Unlike some other betting brokers and providers, very little information is available about the company on its website, such as how long it has been in business, who the managers or owners are and how many assets are under management.

24Option Reliable

24Option has mixed results when it comes to reliability. An important negative aspect is that the broker is regulated only in Cyprus. This still falls within the EU’s regulatory regime, but may not be as robust as other more developed regulatory regimes, such as the United Kingdom or Germany.

Another factor that works against the broker is the lack of guaranteed stop loss trading outside France. On the positive side, 24Option participates in an investor compensation fund if the broker becomes insolvent. In addition, the client’s funds appear well protected with anti-fraud software, including ClickSSL and Thawte. Negative balance protection, which prevents customers from losing more than their initial deposit, is also in effect under new EU regulations.

24Option Desktop Experience

Like most other brokers, 24Option allows traders to download and use the MetaTrader 4 (MT4) platform. This platform is an industry standard and allows for advanced graphics and analysis. Traders who do not wish to use this software can also use the 24Option desktop platform, which is better than the industry average. For example, the desktop platform has customizable and transparent price lists to facilitate negotiation and execution. It allows for advanced charts with an “indicator assistant” that allows traders to build custom charts. It is also possible for traders to build a watch list simply by clicking on the star next to any currency pair. This pair will appear in a list of favorites.

Traders can also leave conditional orders and have stop-loss and take-profit trading options that allow hedging. Finally, unlike some brokers, 24Option displays the position of other clients, so that traders know how others feel (optimistic or pessimistic) about any instrument.

24Option Special Features

24Option does not have special features sometimes available to other traders, such as social commerce. Other features, such as automated trading or back-testing of certain trading strategies, are available through the MT4 platform, but not through the desktop platform.

24Option Customer support

Customer support is very good and 24Option scored well in this category. For example, online chat is available to new and existing customers, and 24-hour support is also available by phone or email 5 days a week.

Outside business hours, robo support can answer many frequently asked questions and is easy to find at the bottom right of most web pages. The broker also has a list of the most basic FAQs on his website. Social media support is available via Twitter, where several useful videos of daily market briefings can be found.

24Option Investment Products

24Option also scored well in its investment product range. Although the site has slightly fewer currency pairs than other providers, they offer wide coverage in the cryptocurrency trade (including pairs with major currencies, such as Bitcoin / USD, Bitcoin / EUR, Bitcoin / GBP, etc.).

In addition, they offer trading of more than 160 individual shares, which is a clear advantage for a trader who wishes to participate in this activity. Other trading products, such as gold and oil, are standard, and 24Option offers trading on many of the same commodities from other suppliers with competitive spreads.

24Option Research Tools and Ideas

The range of research products has resulted in mixed results for 24Option. For example, the broker has partnered with Trading Central to provide a comprehensive technical analysis with entry and exit points, trading charts and recommended positioning. Market calendars and videos are also available to assist traders in their decisions. But the broker is after its peers in areas such as news streaming or fundamental research. These tools can be useful in making long-term trading decisions and 24Option is at a competitive disadvantage when it comes to offering these services.

24Option Education

The educational products offered by 24Option are very good. There are several videos that explain many concepts, such as CFD trading itself. Other videos cover topics such as pending orders, trend analysis, risk management, pips calculation, support and resistance trading. Webinars are held up to 10 times a month, with at least two dedicated to basic and intermediate technical analysis. There is a separate section specifically related to forex trading with its unique concepts, as well as a glossary with key terms important to trading CFDs.

24Option Mobile Experience

The 24Option mobile experience is adequate, but not cutting edge. Mobile apps are available on iOS and Android, but there is no dedicated mobile site that is unique to the desktop experience. The app provides fingerprint encryption, but this is part of Apple’s Touch ID, not a separate authentication factor provided by the broker.

Many of the same features that make the desktop experience pleasant are also available in the app. For example, bubbling quotes allow traders to easily see where assets are being traded. A sparkline also shows the short-term trend. It is also possible to leave conditional orders, stop-loss and take profit on the mobile app, so that traders have full control over their positions.

It is easy to create a mobile watch list by simply tapping the star to the left of the currency pair. This will add the pair to a favorites list that can be easily filtered for quicker trades. Creating charts is also easy with the application. Traders can easily change deadlines to see different trading opportunities.

Technical studies, such as moving averages, can also be added quickly to moving charts to help traders identify trading opportunities and monitor existing positions. The mobile app offers about 100 different technical indicators, but does not have the indicator assistant available in the desktop version.

A disadvantage of the mobile app in relation to other providers is the lack of price alerts or news feeds. Other service providers offer these options, which can help improve the trading experience.

24Option Commissions and Fees

Compared to other brokers, 24Option’s fee structure is relatively high. For example, there does not appear to be any significant discount for larger volumes traded, despite offering four different types of accounts. But there are high fees for inactive accounts that can reach € 200 per month after six months. The broker also charges a € 10 monthly maintenance fee. Finally, withdrawal fees of around 3.5% apply after the first withdrawal. On the positive side, there are no deposit, commission or financing fees. The minimum amount required to open an account is € 100.

24Option What you need to know

24Option’s high rates and lack of published information about the company should raise red flags. But the quality of their educational offerings and their helpful customer support will be useful for new traders. And the company’s high rates will provide a different and expensive type of education on how to do due diligence before choosing a broker.

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