24Option is a leading international online trading brokerage that is very well respected around the world and primarily services traders in Europe. The brokerage offers the trading of forex and CFDs on a wide range of financial instruments and features highly sophisticated trading and analysis tools exclusively for their traders.
24Option is owned and operated by Richfield Capital Limited and was founded in 2009 as a binary options broker. However, 24Option has since rebranded and now offers the trading of forex and CFDs but no binary options. 24Option’s founding company is based out of Belieze, but the 24Option brokerage is based out of Cyprus with their headquarters located at 39 Kolonakiou Street, Ayios Athanasios, Limassol, Cyprus.
The brokerage is licensed and regulated by two regulatory authorities; the Cyprus Securities Exchange Commission (CySEC), and the International Financial Services Commission of Belize (IFSC). Therefore, 24Option can be trusted to provide reliable online trading services, but are they the right broker for you? Find out in our in-depth 24Option Broker Review where we analyze all aspects of the 24Option trading brokerage.
Excellent Trading Platforms
Traders have a choice between two advanced trading platforms that feature an array of trading and analysis tools.
24Option is regulated by two reputable regulatory authorities.
Variety of Account Types
24Option accomodates every type of trader by offering 4 different trading accounts to choose from.
Poor Customer Support
The level of customer support is poor as support reps give limited answers to questions.
High Fees & Commissions
If traders are not careful, they can incur quite a few additional fees other than the trading fees.
Your success is a testament of our commitment to any investor who chooses to trade with 24option. That is why we strive to provide you with an expanding asset selection, dedicated support and personal assistance.
Commissions & Fees
24Option charges their clients various fees for different things. The fees are incurred through spreads and commissions, but there are other fees as well. For instance, traders with a basic account must pay a €10 fee per month. Another fee which applies to all accounts is the account inactivity fee which kicks in after only two months of inactivity. This fee can raise up to an outrageous €200 per month if the account is inactive for many months.
Withdrawal fees can range from 0.9% to 3.5% depending on the method. Also, a €50 fee will be charged if you withdraw your funds after making only one trade. So, in addition to the commissions and spreads traders incur, there are many additional fees that can be imposed on traders if they are not careful.
Platform & Tools
24Option provides their traders with two highly sophisticated online trading platforms in order to accommodate every type and experience level of traders needs. See them overviewed below.
Tech Financials Trading Platform
The Tech Financials platform is web-based and can be accessed from any desktop computer or mobile device. This platform is intuitively designed and very user friendly, making it a great option for beginner to intermediate traders. The platform features a variety of order types and various charting and analysis tools that are very easy to use and implement.
Meta Trader 4 (MT4)
This trading platform is the most widely used trading platform in the world and is the preferred platform among forex traders. The platform is highly advanced and designed in such a way that beginner and intermediate traders can appreciate it as well. Traders can participate in automated trading with the integration of Expert Advisors (EAs). Also, traders have access to a sophisticated charting package where traders have access to over 50 technical indicators, a variety of drawing and analysis tools, and numerous chart types and time frames.
24Option’s Tech Financials and MT4 trading platforms have downloadable mobile applications available for free from the Apple App Store and the Google Play Store. The mobile trading applications support many of the same features as the desktop platforms as they have been optimized for the mobile interface. Overall, the mobile trading applications are very good.
24Option does an excellent job at trying to accommodate every type of trader and their needs by offering a diverse selection of account types. Each account is slightly different by offering exclusive features and other aspects. See the various accounts overviewed below.
- Platform Introduction
- Dedicated account manager
- Webinars & seminars
- Financial market introduction
- Demo account 100K
- Daily market brief
- Everything from the Basic Account +
- Risk management explanation
- Sentimental, fundamental, technical analysis one on one tutorial
- Short, medium, long term explanation of common trading strategies
- No maintenance fees
- Max lot
- Everything from the Silver Account +
- One on one MT4 course
- Trading central
- Free withdrawals
- Everything from the Gold Account +
- Favorable spreads
Deposits & Withdrawals
24Option offers their clients the ability to deposit and withdraw funds via a variety of ways. All deposit methods are processed instantly except for deposits via Bank Wire transfer, they take up to 5 business days to complete.
As for withdrawals, the minimum withdrawal amount is $10, and withdrawals must be completed via the same method as the client used for depositing their funds. All withdrawals have a fee of $35 and are completed within 5 – 10 business days.
See the available deposit and withdrawal methods listed below.
- Dinners Club
- Carte Bleue
- Bank Wire Transfers (international & local)
One area the 24Option trading brokerage needs improvement is their level of customer support. The support offered is generally very limited as customer support representatives are slow to respond with very basic answers to questions. Customers can contact support via email, live chat, telephone, and through the brokers social media channels.
Security & Fairness
The 24Option online trading brokerage is very experienced as they were first established in 2009 and have built up a viable reputation in the online trading industry. The brokerage has a massive customer base and is trusted by many to provide safe and fair trading services. Also, 24Options is licensed and regulated by not just one, but two regulatory authorities being the Cyprus Securities Exchange Commission (CySEC), and the International Financial Services Commission of Belize (IFSC). These regulatory bodies ensure 24Option maintains a fair and transparent trading environment and ensures they implement the latest and greatest security measures to protect their client’s personal information and funds. 24Option utilizes advanced SSL (Secure Socket Layer) encryption technology on all transmitted data and holds their customer funds in segregated bank accounts separate from their own. All in all, trading with 24Option is safe and secure as well as fair and transparent.