BROKER REVIEW

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GENERAL INFORMATION

Broker Name:

24 Option

Broker Type:

CFDs and forex broker

Country

Cyprus

Operating since year:

2010

Regulation:

Cyprus Securities and Exchange Commission

Address:

Kolonakiou 39, Frema Plaza, Agios Athanasios, 4103 Limassol, Cyprus

Broker status:

Active

CUSTOMER SERVICE

Phone:

357 25 262063

Languages:

English, Spanish, German, Italian, Russian, Dutch, Polish, Arabic

Availability:

24/7

TRADING

Trading platforms:

MT4, Scipio

Trading platform Time zone:

N/A

Demo account:

YES

Mobile trading:

YES

Web-based trading:

YES

Bonuses:

YES

Other trading instruments:

CFDs, Commodities, Metals, Stocks, Oil, Gold, Indicies

ACCOUNT

Minimum deposit ($):

$250

Maximal leverage:

1:400

Spread:

fixed

Scalping allowed:

Introduction

24Option is a Binary Options brokerage which has been operating since 2008. However, the company shifted profile and moved on to CFDs and forex trading not a long time ago. 24Option’s headquarters is located in Cyprus. But 24Option does business via a separate company called Richfield Capital Limited with customers which are registered outside the EEA (European Economic Area). Richfield is based in Belize.

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The broker decided to offer CFD trading and forex as its main product recently due to the heightened competition with the more established brokers in the sector. It completely abandoned binary options for the time being. Due to the similarities between these products, 24Options was able to build the new platform on the old base and just add new functionality for CFD and forex trades. 

 

24Option is operated by Rodeler Limited. While it’s authorized and regulated by the Cyprus Securities and Exchange Commission, very little information is available about the company on its website. Unlike some other brokers or spread betting providers, 24Option doesn’t offer basic info, such as how long they have been in business, who the owners or managers are, and how many assets are under management. This is certainly a red flag, especially in such industry. 

What Products can you trade on 24Option?

24Option offers a moderate range of products compared to some of its rivals. While it provides broad coverage in cryptocurrency trading, the company has fewer currency pairs than other providers, which is undoubtedly drawback. You still could trade the pairs with major currencies such as Bitcoin/USD, Bitcoin/EUR, Bitcoin/GBP, but not much more. 

The broker also offers trading in over 160 individual stocks, which isn’t bad. However, other trading products, such as gold or oil, are standard. You could trade the same commodities 24Option offers using numerous other providers with much better conditions. 

As you see, 24Option offers nothing special when it comes to its products. We could say its service is  just average. Not bad, but not what the successful trader would want either. 

24Option Trading Platform

24Option previously used the binary options trading platform powered by TechFinancials. But it recently began using a proprietary platform – Scipio, which enables to provide CFDs and forex trading services to its clients.

However, 24Option has recently integrated the popular MT4 trading platform for traders who wish to trade the CFD and spot forex markets. The MT4 platform has some advanced trading tools. Users can choose between it, and Scipio platform as each of them has different strengths.

 

MT4 is more complex to use, but it includes much more analysis tools, as well as automation options. On the other hand, the traditional platform is easier to use. Still, the final decision depends on the users’ preference. Traders can also perform research on one platform, and trade on the other as login details remain the same for both platforms. 

 

While MT4 platform is well-tried and approved by lots of investors, it’s considered as second best, as there is already MT5 on the market. MetaTrader 5 is the most advanced platform which greatly surpasses former generation – MT4. 

 

Personally, we advise using the broker which operates with MT5, as it is so much superior then MT4. If you want to become successful in the volatile world of trading, it’s imperative to stay one step ahead of your rivals. And MT4 is already past, not the future. Most serious brokerage firms have already moved on MT5. 

24Option Trading Accounts

24Option has four different types of trading accounts. These are Basic Account, Gold Account, Platinum Account and VIP Account (former Diamond account). 

 

Basic – $250

 

Floating spreads as low as:
EUR/USD – 2.5 PIPS
GBP/USD – 2.8 PIPS
USD/JPY – 2.8 PIPS
CRUDE OIL – $0.13
100% Margin Call
1 Free Withdrawal

Gold – $25,000

Floating spreads as low as:
EUR/USD2 PIPS
GBP/USD2.5 PIPS
USD/JPY2.5 PIPS
CRUDE OIL$0.12
100% Margin Call
1 Monthly Free Withdrawal

Platinum – $100, 000

Floating spreads as low as:
EUR/USD1.6 PIPS
GBP/USD1.9 PIPS
USD/JPY1.9 PIPS
CRUDE OIL$0.11
100% Margin Call
3 Monthly Free Withdrawals

VIP – $250,000

Floating spreads as low as:
EUR/USD1.1 PIPS
GBP/USD1.4 PIPS
USD/JPY1.4 PIPS
CRUDE OIL$0.09
100% Margin Call
No Fees

As you can see, each level of account offers slightly better terms. 24Option also included some educational lessons in packages. However, these accounts are pretty ordinary. You can get the same and much better with more experienced and trustworthy brokers.

Does 24Option offer Mobile Trading?

24Option has mobile apps for both – Android and iOS. However, the broker doesn’t offer a dedicated mobile website that is unique to the desktop experience. While the app demands fingerprint encryption, that is part of Apple’s Touch ID and not a separate feature for authentication provided by 24Option.

All in all, 24Option’s apps are nothing special, just adequate. They have lots of the same features as the desktop website. Traders can easily see where assets are trading thanks to steaming quotes and a mini-chart show the short-term trend. Investors can also leave conditional orders, stop-loss and take profit orders using the mobile app. So they have full control over their positions when logging with mobile.

Furthermore, apps can be used to make a mobile watchlist, and charting is quite easy. Traders can switch timeframes to see various trading opportunities. But even though the mobile app provides nearly 100 different technical indicators, it lacks the indicator wizard available in the desktop version.

One more serious disadvantage of the mobile app is the lack of price alerts or news feeds. Most of the other service providers make them available as these options can help enhance the trading experience.

What about Deposit and Withdrawal?

24Options offers several methods for the funding and withdrawal of funds. Among the supported methods are VISA, Mastercard, Diners, Discover, Switch, Skrill, JCB, Neteller and bank wire transfer.

However, lots of users complain that they have problems with withdrawal. The company is very slow when it comes to returning the funds and takes much more time, then necessary. That is not only a major drawback for traders but also a serious sign that something is not right. There are also many complains about too many fees, some of which are unclear for clients. 

Does 24Option offer good Research Tools?

24Option is working with Trading Central to provide comprehensive technical analysis complete with both – entry and exit points, recommended positioning and trading charts. In addition, market calendars and videos are available to help traders with their decisions.

However, the broker is behind its rivals in areas such as streaming news or fundamental research. Considering that these tools are very helpful in making longer-term trading decisions, it’s a strong drawback that 24Option doesn’t provide them. The broker is at a competitive disadvantage when it comes to offering customers these services.

24Option Education

At least, the broker offers quite good educational products. Even if you can’t get more then adequate service while using this firm, you can learn something about trading on its website. 

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24Option offers several interesting videos. Some explain different concepts such as CFD trading itself, while other videos cover topics such as pending orders, risk management, trend analysis, support and resistance trading, or calculating pips. 

There is also a separate section related specifically to forex trading with its unique concepts and a glossary with key terms relevant to CFD trading.

Too bad the company doesn’t aspire to reach higher standards and is satisfied to provide mediocre service when its offered resources prove that they know they can do so much better. Still, there are many other brokers on the market, which are more than average. 

Does 24Option have any Special Features?

The answer would be – NO! 24Option lacks any special features, such as social trading for example. If you want to get such advantages, you should find another broker. 

 

Though you can use a few features such as automated trading or back-testing certain trading strategies, they are available via the MT4 platform, which means that you can’t use them through the desktop platform.

Customer Support

24Option provides customer support on a 24/7 basis. Traders can contact the support team through live chat, email, or the phone. Localized telephone support is available for the following countries:

Belize, Brazil, Colombia, Chile

Malaysia, Mexico, New Zealand

Peru, Russia, Singapore, Saudi Arabia

Ukraine, United Arab Emirates

24Option Review – Conclusion:

24Options is regulated only in Cyprus, which is relatively bad news. It means your account’s safety is not guaranteed. And there is also the lack of published information about the company. While their website offers useful educational articles, there is practically nothing substantial about 24Option itself. The company provides only basic information about its trading and accounts, which is definitely not enough when you plan to trust the broker with your money. 

 

Furthermore, the company’s accounts are mediocre at best and its platform, while adequate, is already the second-best on the market. And don’t forget difficult withdrawals and high fees, which sometimes cost traders more, then they gain.

There are lots of brokers out there, which offer better services and tools with fewer fees and access on MT5 platform. Compared to them, 24Option’s service is really lacking. 

And there is also the issue of trustworthiness. This company raises too many red flags to be secure. Numerous former clients warn to stay away from 24Option, crying “scam”. After analyzing the services and conditions this broker provides, we strongly advise avoiding this broker. There is too much chance to end up scammed instead of gaining money if you use it. 24Option trading is too shady to be reliable.

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