24Option review – Tried and Tested

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Video 24Option Review

24Option was founded in 2009 and has been one of the market leaders in the binary options industry. They are an innovative company that has worked hard to capture the attention of potential investors from all around the world. They have been doing exceptionally well and this article delves into the deep end of affairs to find out how they carry out business and how they rank against competitors in the market.

Open Account

24Option Trading Platform

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They offer a web trading platform called Scipio that is easily accessible from their website. The award-winning platform is quite intuitive even for novice traders and noticeably fast in regards how quickly it responds when you attempt to open and close trades. It is quite easy on the eye; very well organized such that the assets are easily accessible for selection and it also contains a large array of tools that the investor can use to help in their decision making. They also offer the trusty MT4 platform that investors can use for charting and analysis of assets.

Mobile Trading

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24Option provides a mobile trading application that can be installed in Apple mobile devices and another version for Android devices. With over a million downloads for the android version and the apple application the company is definitely offering good value on these platforms as well.

Platform Limitations

The one down side about 24Option is that they are restricted from operating in a number of countries such as France, USA, Austria, Belgium, and Canada among others. Also 24Option no longer offer binary options bonuses due to a recent directive by CySEC to all brokerages that operate under their licensing framework. This may not be so much of a downside due to the fact that it was a point of stress for many investors when they found out how hard brokers made it for them to withdraw any funds that were ties to bonuses. They also charge a number of fees to the client which when summed up may need to be budgeted for separately to avoid account suspension. These include monthly maintenance fees, inactivity fees and withdrawal fees.

Account Types and Asset Index

24Options offer two main types of accounts; demo accounts for potential investors who want to sharpen their trading skills before using real money and real accounts for investors who want to deposit money and start trading immediately. The real accounts are divided into standard, gold and platinum each with separate benefits such as high/low option, touch options and personal training.

As for the asset index, 24Option offers a huge array of assets in the currencies, commodities, stocks and indices. For currencies they include USD, EUR, GBP, JPY, AUD, CAD, TRY and NZD. For commodities gold, oil, silver, corn; for stocks they include BMW, Google, Amazon, Nike et cetera. They now also offer Bitcoin trading.

Deposit and Withdrawals

24Option offers a huge array of payment methods that the customer can use to deposit and withdraw money from their accounts. This includes Visa, Visa Electron, MasterCard, Moneybookers, Cash-U, Skrill, Neteller or even wire transfer to/from your bank account. The minimum amount that you can deposit is $100 whereas the minimum amount that you can withdraw is a meagre $10 (except for wire transfer withdrawals which are pegged at a minimum of $100 and charged $30 for regular account holders). However be careful of the withdrawal fees that are applicable to basic account holders. There is a free withdrawal per calendar month allowed to gold customers while platinum customers always get free withdrawals.

Another thing that stands out for this broker is that they do not have an upper limit on withdrawals meaning that you can withdraw as much money as you want to.

Customer Support

24Option’s main customer support channels are through phone, email and live chat. It is hard to believe that the chat is actually live because I posted a message on there but didn’t get any response whatsoever. They are equally slow in response on their Facebook, and Twitter accounts so this is definitely a good sign when it comes to selecting a suitable broker.

They offer an education system in the form of webinars and eBooks which are accessible to the investor at any time. This is categorized into material for beginners, intermediate and also advanced traders which makes it easy to select where to begin based on your trading experience. One good thing about 24Option is that they make daily market outlook videos which they post on their social media sites for their followers to understand the markets better. Even you don’t follow their recommendations to the letter, these videos will help you see the markets from a different perspective that may well inform your trade decisions.

24Option a Scam?

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24Options is not a scam. As a matter of fact, they are a brokerage firm that is registered under Rodeler Limited Limassol with their main offices in Cyprus. They are licensed by CySEC as a binary options broker under license number 207/13 which was issued to them in 2013. This license carries with it a lot of legislative regulations that protect the investor from being exploited by the broker. Therefore, money laundering, fraud among other unlawful practices are prevented and further a code of conduct is provided for the licensed broker to adhere to. Their 24Option.com which serves worldwide customers website is operated by Richfield Capital Limited with their main office is located in Belize. They are licensed by the International Financial Services Commission (IFSC) under license number IFSC/60/440/TS/17. This is a requirement for customers accessing their services from outside the EU economic region. This can be confirmed for authenticity from the IFSC website. For every broker there are forums that you will find discussing the downsides of the firm or how they have been victims of fraud but all of the ones we found seem to have come from disgruntled and frustrated customers; So nothing to worry about in that regard. Of course there are a few cases where red flags have been raised in terms of payment delays but this brokerage has proven that they are quick to resolve any misunderstanding that may arise in the line of business.

Pros & Cons 24Option

Pros

  • Expert 24option is an expert in the world of binary options and they now bring that expertise into the CFD and forex market
  • Working with such an established broker brings you the level of security and reliability you expect.
  • This broker is regulated which gives the trader a level of deposit protection.

Cons

  • No bonuses on offer due to the fact that they are CYSEC regulated
  • Some country limitations such as USA, Belgium, and Canada

Conclusion about 24Option

24Option was one of the first brokers to offer binary options trading on an online platform. This was a major development in the industry and they have continued to support their services and build a huge customer base. Although 24Option is licensed to operate in Europe, it has grown to become one of the biggest and most popular brokers in the world. In an industry that is heavily reliant on customer reviews, such exponential growth can only happen if they are indeed treating their customers right. It is also important to note that 24Option has partnered with world renowned brands such as Juventus football club and Boris Becker the legendary professional tennis player. Affiliation with such huge brands creates a sense of security in their investors (both existing and potential).