24option broker review

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24Option Review

24Option was once a very popular broker, but after the launch of Investous, they are barely heard of.

They offer investors the ability to trade on many assets types including; Forex and Crypto Currency CFD’s. Our review of the brokers 24Option shows, that they offer the clients what is called the Scipio Trading Platform. Investors also have access to popular online trading platform MetaTrader4 (MT4).

You will see that they have all major currency pairs available, and you will find both full size and mini CFD’s on popular Crypto Currency pairs. Bitcoin, Ethereum, Litecoin and Dash, and listed with spreads on Bitcoin currently at $70. Margin trading or leverage is limited to 30:1, for retail investors in the European Union.

One of the reasons that 24Option is such a popular Forex broker, is because of the many ways you can fund your account. International traders have the option to fund their trading account with; Neteller, OKPay, JCB, Switch, Skrill, Perfect Money and more. The minimum deposit for a new trading account is $250.

You should start with a practice trading account, which is available here.

24Option Reviews 2020

Is 24Option a Legitimate Broker?

The way that we review of Forex broker, to see if they are a legal company or a scam, is very simple. We check to see that they are licensed and regulated by a respected government regulator. Many investors do not realize that all brokers must have be licensed and regulated, in order to legally operate.

Click here to view details of 24Option regulatory oversight.

  • Europe: Owned by Rodeler Ltd, they are a financial services company authorized and regulated by the CySEC under license number 207/13, since July 11th 2020. They are also registered with BaFin in Germany, and the FCA in United Kingdom. On December 23rd 2020, CONSOB Italy banned this broker from accepting clients in Italy.
  • South Africa: Smarttool SA Proprietary Limited (Smarttool SA), is an authorized Financial Service Provider, regulated by the Financial Services Board (FSB) of South Africa. Their FSB license number is 48296.
  • International: Richfield Capital Limited is regulated by the IFSC in Belize, license number IFSC/60/440/TS/17.

When choosing a CFD Forex broker it is always important to check the list of licensed brokers here, to see if your broker is licensed by a government regulatory agency.

Risk Disclaimer: “81% of retail investor accounts lose money when trading CFDs with this provider.”

Broker Contact Details

24Option is owned by Rodeler Ltd, which is located at: 39 Kolonakiou Street, Ayios Athanasios, Limassol, Cyprus.

Contact phone number in South Africa is: +27 10 500 8042 and in the United Kingdom: +44 161 960 0200. Customer service email address is: [email protected] Official brokers website is: https://24Option.com.

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Find The Best Broker

If you are looking for the best online brokers for trading CFD’s, you should consider using one of the best brokers.

ForTrade is the best broker which is authorised by FCA United Kingdom, see here.

Try a Free Demo Account on their amazing trading platform, signup here.

Are you currently investing with this broker? Please share your experience in the comments section below.

24Option Review

Owned by Rodeler LTD, 24Option began trading binary options in 2008, and later became a trading platform for CFD and forex. Although the main company is based in Cypress, they also have another company in Belize for international ​clients.

Their goal is to allow as many people to trade as possible. That’s why, in addition to the many trading options they have, 24Option also offers educational materials to help people understand how to trade CFD and forex.

Since its break from binary options trading, 24Option has become a unique broker, enabling both experienced and newer traders to participate. In this 24Option review, we’ll give you everything you need to know about this broker and help you decide if they’re right for you.

​iOS and Android

​CFDs, Forex, Cryptocurrency, Stocks, and Commodities

​Credit Card, ​Bank Transfer, Neteller, Skrill, Qiwi, and Many More.

​USD, Japanese Yen, British Pound, Euro, or Ruble

​Countries Not Accepted:

​United States, Europe​, Canada, Australia, China, Israel, Switzerland, Japan, New Zealand, Bahamas, Pakistan, North Korea

Table of Contents

Trading Platform

Whether you are a novice or a professional trader, you will feel at home trading with 24Option. Where other interfaces have been clunky or unintuitive, 24Option stands out among the crowd. The ​platform ​interface has a wide range of choices to choose from, and it uses the latest technology to deliver the best services to its clients. The user-friendly platform makes it easy for users to invest wisely without missing any opportunities that arise within the ​markets.

MetaTrader 4

MetaTrader 4, shortened to MT4, is one of the most popular trading platforms that people prefer for CFD and forex. 24Option integrates advanced trading tools to the ​platform to ensure you get real-time results when spot trading. Though using the MT4 platform is complicated, especially for first-time users, 24Option simplifies things by using easy to understand analysis tools and other automation options. If you want to test it out, you’ll have to register with 24Option before you can download the software.

24Option Account Types

​24Option ​offers four trading accounts with a leverage of 1:500. You can choose from basic, gold, platinum, and VIP accounts. Luckily for beginners or those who want to test out this platform, the minimum deposit to open a​n account with 24Option is $250.

Basic account

The basic account requires a​n initial deposit of $250. ​The Basic account gives you floating spreads as low as 2.5 pips for EUR/USD, and 2.8 for GBP/USD and USD/JPY. You also get access to some educational resources, including one basic lesson, daily market report, trading central, and two daily TC SMS alerts. When it comes to webinars, this is the only tier that doesn’t offer any.

Gold Account

​The gold account requires an initial deposit of $5,000. Gold is a step up from Basic in that your floating spreads move to 2 pips for EUR/USD and 2.5 for GBP/USD and USD/JPY. You get access to the same educational resources, plus an additional basic lesson and a monthly webinar.

Platinum Account

​A platinum account requires a deposit of $10,000 or more. With this tier, you get EUR/USD at 1.6 pips and GBP/USD and USD/JPY at 1.9 pips. Platinum is where you really get into the education side of things, too. Instead of just the basics, you get three advanced lessons, two monthly webinars, four daily TC SMS alerts, and the same daily news and trading central access as you do with Basic and Gold accounts

VIP Account

​A VIP account requires an investment of $10,000. If you’re looking to get everything you can out of 24Option, VIP is the account type you want. You get five advanced lessons and five monthly webinars. Plus, you’ll get seven daily TC SMS alerts and no withdrawal fees, whereas, with the other three tiers, you only get a limited number of free ones.

Assets

​24Option ​offers over 1​30 different ​assets in 4 main categories including currency pairs, market indices, stocks, and commodities.

CFD trading

Since its introduction to the market, CFD (contract for difference) ​is one of the most popular trading assets in the world. One of the reasons for its popularity is the low capital requirements needed to be successful. It also gives traders the option of going short or long on assets, and since they are derivative products, traders choose CFDs to avoid stamp duty.

Within the CFDs trading options, the services include cryptocurrency trading, commodities, indices, and stocks. Trading in CFDs on 24Option allows you to predict the movement of the market and buy if you anticipate an increase or sell if you foresee a decline.

Forex trading

​​Forex, on the other hand, helps traders to profit as much as possible without making any major currency trading mistakes. The forex market is vast and comes with high liquidity, but you can start with a small investment to build a large portfolio over time. Trading forex with 24Option provides you with other opportunities such as risk management tools, a reliable 24/7 customer ​service team, and easy access to a forex education center.

24Option Mobile ​App

​Mobile trading with the 24Option forex broker is also another option for traders. The broker provides free ​ mobile apps for android and iOS users, making them available on the Google Play Store or Apple app store. Some ​mobile apps from other brokers have watered down apps when compared to the desktop platform, but that isn’t the case here. The mobile app, which has a simple interface, provides you with all the trading features from the site. The login process is both secure and fast, with straightforward details and bonus availabilities for mobile traders.

​Is 24Option Regulated?

​​24Option is a CYSeC (Cyprus Securities and Exchange Commission) regulated forex ​broker under CIF license no. 207.13. It operates on stringent regulatory obligations that safeguard their client funds deposited in segregated accounts. Besides CYSeC regulation, the forex brokerage company is also a member of the Investment Compensation Fund that entitles traders to claim up to 20,000 Euros. Other regulatory agencies that 24Option complies with are AMF, France, CONSOB, Italy, BaFin, Germany, CA, and UK.

24Option Deposits and Withdrawals

Deposit Methods:

Your method of deposit and withdrawal depends on your location. Different countries support different payment types.

24Option allows for a wide range of deposit and withdrawal methods, including credit cards (VISA, Mastercard, and Discover), electronic payments via Skrill, and bank ​transfer. Deposits and withdrawals are secure and safe, so you don’t have to worry about your funds.

There is a minimum deposit, but the amount depends on how you fund your account. With credit cards and electronic payments, the minimum deposit is $250, whereas, with a bank wire transfer, you need a minimum of $1,000. They also have a daily maximum of $10,000, and a monthly limit of $40,000.

​Withdrawal Policy:

The withdrawal options are not very different from the deposit choices at 24Option. On the same banking page of the company website, withdrawal options are available depending on ​your country. 24Option processes all the trader withdrawals depending on payment methods, which helps in minimizing money laundering. If the withdrawal amount made using a credit card is larger than the deposit amount, the trader gets the balance through a wire transfer.

Before completing a withdrawal request, 24Option requires you to provide documents to prove your identity. Verification documents include a driver’s license, the official state identification document, and a current passport. Besides any of these documents, you also need to show proof of your address through a bank statement, a utility bill, or a credit card statement. The minimum amount you can withdraw is $10, and the maximum is the amount you have in your ​24Option account account.

Even though you can withdraw your funds at any time, 24Option processes withdrawals only during the business hours. Withdrawal fees depend on the kind of account you are operating. For diamond and platinum account holders, the withdrawal fee is free, while those with gold, basic, and silver ​accounts pay their fees per the currency they are trading in and withdrawing. Wire transfer withdrawals attract more charges.

Here are the 24Option withdrawal fees:

  • Credit/Debit – 3.5%
  • Neteller – 3.5%
  • Perfect Money/Moneybookers (Skrill) – 2%
  • Wire transfers – $30, €30, £30, ₣30, ₽1800, R300

As with many other companies, traders occasionally complain of withdrawal delays. Many of the delays are due to the slow proofing of the identification procedures. The best way to avoid this is to send all your identification details before making the withdrawal request. By communicating the details early, you can minimize withdrawal complaints and ensure faster payment methods.

Supported Currencies

After registering with 24Option, the first option will be to choose the currency you prefer to use. Unlike many other ​brokers, 24Option gives you the opportunity of trading with various currencies for a single account. The most popular ​currencies are the US Dollar, the Japanese Yen, The Euro, British Pound, and the Ruble.

​24Option Demo Account

Before you start trading CFD or forex, you want to know what you’re getting into. Some online brokers offer demo accounts so you can trade with the equivalent of Monopoly money before you get serious about it.

24Option does, too. When you sign up with a Basic account, you get a demo ​along with it. This demo account comes with $100,000, so you can get a feel for the platform and how it works.

With a demo ​platform, there’s no risk to you, and you won’t lose your actual funds by trading before you see how the platform functions. You can observe forex and CFD trends and decide whether you’re ready to take it a step further with an upgraded account.

Max lots, max trade size, leverage, and margins

Irrespective of the type of ​account you hold with 24Option, the requirement is to adhere to the company’s margin call level of 125% and a top level of 20-100%. For forex pairs, the maximum size of trading is 10 or 30 lots. The relevant pages on the company’s website give you a complete list of the categories where different forex pairs fall. The maximum trade size for stocks is 10 lots with 10-default leverage. Indices have a maximum trade size of 3 lots with default leverages of 50.

Bonuses and Promos

Sign-up bonuses are one of the things that make 24Option stand out. Depending on the type of account you open, bonus amounts range from 30% to 100%. The company also provides promotion packages that include a holiday bonus or a deposit bonus, especially when the markets are volatile. Other bonuses include premium prizes that come as gifts such as a MacBook or an iPad.

The company offers traders a deposit bonus under their ​bonus scheme at the amount of 25% to 50% on the first deposit amounting to $500. You cannot withdraw your bonus until the amount in your ​24Option account is thirty times the initial investment amount.

A demo ​platform is also another perk that comes with opening an account with the broker. You do, however, need to deposit about $250 before you get to use the demo​. It helps to use this demo ​platform to learn trading strategies and see how the markets work in real-time.

You can choose to opt-out of the bonus incentives at any time you want.

Education

24Option has some of the best CFD and forex ​education resources available. Most of its resources come through the daily news offered at all account levels, as well as webinars and basic or advanced lessons.

The platform is unique in that it was intended to help people trade and invest smarter. These webinars and lessons allow traders to learn more about trading before—and while—they participate in CFD and forex trading. You can even use their advanced interactive ebook to learn more about trading and test your skills.

Their educational materials go beyond the basics, too. For Basic and Gold accounts, you can only access the basic lessons, but as you upgrade your account, you can utilize more advanced lessons. Plus, they have videos on their website for beginning and intermediate traders to watch and learn more about CFD and forex.

Special Features

One of the most attractive special features that 24Option provides its traders is a practical, economic calendar that they can reference. The calendar allows traders to track important events that can impact their trade decisions. The data is easily viewed by impact, date, currency, forecasts, and actual data.

Another unique feature that sets the broker apart is the simplicity of the platform. Through their famous black theme, 24Option makes it very easy for even those using the platform for the first time to find information and make a trade.

Traders also get the opportunity to study the market behavior using technical analysis tools such as market indicators, graphic tools, and special reports. The technical analysis helps the traders to predict the future trends of the asset they are trading. Alongside the technical analysis, the broker also provides an extensive fundamental analysis that allows traders to study the factors and events that influence the price of an asset.

Here is a short list of some of the other features that come with 24Option:

  • Buyback: You can “cancel or terminate” a trade up to 5 minutes before expiration. You won’t get all your money back, but you will minimize your losses
  • Demo Account: As stated earlier, this account is great for practicing different trading strategies but is only available after depositing $250
  • Financial News Headlines: Stay up to date on all the latest trends in the world

Customer Support

With 24Option, you not only get professional help, but you also get personal assistance. To allow you to access all the information and support you need, the broker provides several options that you can use to contact them. The options include ​via email, phone, ​live chat, or by filling out a form on the contact us page.

The contact us page displays a map showing the entire 24Option ​support regions across the world that the broker serves. A click on any of the pins takes you to the region’s website with all the information you need to know. The website of 24Option provides ​support in 15 languages. These include:

  • English
  • Spanish
  • Dutch
  • Danish
  • Italian
  • Turkish
  • Portuguese
  • Arabic
  • Russian
  • German
  • French
  • Swedish
  • Finnish
  • Japanese
  • Polish

​Is 24Option A Scam?

Whenever you’re dealing with trading and investing, you want to make sure you’re using a reputable company on a safe platform. 24Option’s practices suggest they are a reliable broker.

When they moved away from binary ​options, their goal was to maintain their standing and image as a reputable platform. Their practices and history suggest that they care about their traders’ and investors’ funds and keeping those funds protected.

24Option is also regulated by two different entities, showing that regardless of where you are trading from, they strive to keep ethical business practices in place. Your account and funding information is secure with 24Option.

24option Broker Review

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�� Minimum Deposit: 250
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Visit 24option
Risk Warning: Your capital may be at risk

Our Review of 24option

An in depth 24option review

24option is an increasingly popular trading site, particularly for those interested in binary options trading. This 24option review analyses whether this broker is an advisable one to use.

Account Types and Opening

Opening an account with 24option is quick and simple, and there are various account types to choose from here, namely Basic, Silver, Gold, Platinum and Diamond. A Diamond account offers the most benefits, such as the highest maximum payout (88%) and perks such as a personal coach, the benefit of the latest research and trading alerts (to name but a few). By way of comparison, the cheapest account, the Basic account, has more restrictions: the maximum payout is 82%, for example, and there is no access to a personal coach. There is also a specialised Islamic trading account service. Once you sign up, it usually takes 24 hours or less for your account to be approved.

Promotions, Sign Up and Deposit Bonuses

24options is a site that offers a generous sign up bonus: this bonus is up to 100% of your first deposit.

Commissions and Fees

Fees will depend on the withdrawal method that you use. If you use a wire transfer then there will be a flat fee of $30. Other methods (such as Skrill or a debit card) will acquire a fee of between 2% and 3.5%. There are various ‘commission plans’ for use with this site, depending on the type of account that you have opened.

Trading Platform Review & Mobile Apps

The 24option trading platform has a classic, minimal look to it with few attention grabbing (or, some might say, distracting) graphics or images. The mobile app is quick and simple to use.

Deposits & Withdrawal Methods and Ease

Deposits and withdrawals can be performed in various ways, including by card and wire transfer and by online payment accounts such as Skrill. One thing that it is important to note, however, is that there is a minimum withdrawal amount with this site: you need to withdraw a minimum of $100 (or its equivalent in the currency that you are using) in order to make any withdrawal at all.

Regulators & Safety: Are they a reliable, legitimate broker or a scam?

As a Binary Options Affiliate, 24option is a relatively reliable broker and it is legitimate rather than a scam.

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