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24Option Review and Tutorial 2020
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Trade nearly 200+ global stocks at 24Option via CFDs. Spreads are competitive and stop loss and take profit orders are available. Even trade new cannabis firms in Canada!
|Instruments||CFD, Forex, Crypto, Stocks|
|Min. Trade||From 0.1 lots|
|Mobile Apps||iOS, Android and Windows|
|FTSE Spread||1 pt|
|GBPUSD Spread||0.2 pips (var)|
|Oil Spread||1 pip|
|Stocks Spread||0.2% Var|
|GBPUSD Spread||0.2 pips (var)|
|EURUSD Spread||0.2 pips (var)|
|EURGBP Spread||0.9 pips (var)|
|Spread||BTC 0.4%, ETH 0.5%|
|Coins||BCH, BTG, BTC, ETH, LTC, XRP, XRM|
24Option were created in 2008. Opening as a Binary Options broker, 24Option is now a leading CFD and forex brand owned by Rodeler Ltd. The firm’s head office is located in Cyprus . For traders outside of the EEA (European Economic Area), customers of 24Option do business via a separate company called Richfield Capital Limited based in Belize.
In the past, the main product offered has been binary options. But 24Option has recently begun to offer CFD trading and forex in a bid to rival the more established brokers in the sector. The similarities between the products meant 24option were able to build their own bespoke trading platform, and add new functionality for CFD and forex trades. Binaries have now been removed completely.
In terms of the trading platform used by 24Option, the broker previously used the binary options trading platform that was powered by TechFinancials. However in their bid to extend their product offering, 24Option now uses a proprietary platform (with the same login details) called Scipio to provide CFDs and forex trading services.
In addition to the Scipio trading platform, 24Option has also integrated the popular MT4 trading platform for traders who wish to trade the spot forex and CFD markets. The main attraction of the MT4 platform is the advanced trading tools that have been integrated into the platform.
So traders can use one of two platforms, each provides different strengths. MT4 is perhaps more complex to use, but includes way more analysis tools and also automation options. The traditional platform is easier to use. Traders can of course, perform research on one platform, and trade on the other. Login details remain the same for both.
Best Binary Options Broker 2020!
Good Choice for Beginners!
Free Trading Education, Free Demo Account!
Get a Sign-Up Bonus Now!
2nd in our ranking!
24option provide a free mobile trading app for both iOS (iPhone and iPad) and android. The apps are available for download both on Apple’s App Store or Google Play Store. The app delivers all of the functionality of the main website, including many account management features. The app takes advantage of the strengths of each platform (android or iOS) in order to maximise the functionality on every device.
Using the app is slick and intuitive. The login process is quick but secure. Technical analysis becomes hard on smaller screens, but trading and amending details are straightforward and a real bonus for traders who need to react to events while they are away from their computer or laptop.
Trading Accounts Offered
There are 4 different types of trading accounts available at 24Option for you to choose from. The trading accounts are categorized into Basic Account, Gold Account, Platinum Account and the VIP Account (previously Diamond).
Each level of account offers slightly better terms, including more lessons and tighter spreads.
To open a live trading account, you need to meet a minimum initial deposit of $100.
Regulation & Reputation
Are 24Option a scam, or are they trustworthy? Their regulatory history suggests that they are a responsible company. The move away from the binary sector was designed to maintain their reputation.
In terms of regulatory oversight, 24Option is regulated under 2 regulatory agencies. For operations within Europe, 24Option is regulated by the Cyprus Securities Exchange Commission (CySEC) under the CIF license no. 207/13 issued to Rodeler Ltd. For operations outside of Europe, 24option comes under the jurisdiction of the International Financial Services Commission of Belize. The authorization is issued to Richfield Capital Limited under the IFSC registration number IFSC/60/440/TS/15-16.
Owing to the recent memo from CySec ( C168 (30/11/2020) and C194 (16/03/2020)), bonuses – either deposit bonus of free trades etc – are now prohibited. 24Option therefore do not currently offer a sign up bonus.
Currently, the firm has a wide selection of underlying assets for their clients to choose from. In total, there are more than 130 different types of underlying assets. The selection comes 4 main asset classes mainly currencies (34 pairs), commodities (11 types), market indices (25 indices) and stocks (61 companies).
Customer support at 24Option is provided on a 24/7 basis. Traders can reach the support team through email, live chat or the telephone. For the following countries, localized telephone support is available:
Belize, Brazil, Chile, Colombia
Malaysia, Mexico, New Zealand
Peru, Russia, Saudi Arabia, Singapore
Ukraine, United Arab Emirates
Deposit & Withdrawal
For the funding and withdrawal of funds at 24Option, there are a variety of methods that you can use. The supported methods include VISA, Mastercard, Discover, Diners, Switch, JCB, Skrill, Neteller and bank wire transfer.
Are 24Option Best For Day Trading?
For day traders, 24Option is ideal as the broker is able to provide the right selection of underlying assets for day traders to trade with. For example with binary options, you can trade in contracts with an expiry time as short as 60 seconds. Likewise with CFDs, the trader has the choice to determine when he wants to close the trade. The ability to be able to arbitrarily close a trade is crucial for a day trader as a split second decision can mean the difference between profit and loss.
What is the minimum deposit requirement to open a trading account?
The minimum deposit requirement is $250.
How fast can my withdrawal request be processed?
The typical processing time required for a withdrawal request at 24Option is 3 business days.
Is 24Option a reliable broker?
Yes. 24Option is a reliable broker as it is regulated in multiple jurisdictions. In addition, the broker has established a reputation as being one of the leading names in the industry.
What kind of trading platform does 24Option have?
24Option offers two types of trading platforms, a proprietary platform called Scipio and the MetaTrader 4 platform.
What is the maximum leverage available?
The maximum leverage offered by 24Option is 1:200.
24Option Company Details
24Option are based at: 39 Kolonakiou Street, FREMA PLAZA, First Floor, Ayios Athanasios, Limassol, Cyprus
24Option accepts traders from Thailand, United Kingdom, South Africa, Singapore, Hong Kong, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use 24Option from Belgium, Iran, China, Bosnia And Herzegovina, Israel, France, Japan, Australia, Canada, United States, India, Nigeria, Brazil, Switzerland.
A no-frills forex broker with good educational guides
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- Account Minimum: €100
- Fees: 0.5 to 1.0 pips for major FX currency pairs during market hours
- Best For: No-frills forex trading
24Option is operated by Rodeler Limited, a Cyprus-based Investment Firm. It’s authorized and regulated by the Cyprus Securities and Exchange Commission with CIF license number 207/13. Unlike some other brokers and spread betting providers, very little information is available about the company on its website such as how long they have been in business, who the managers or owners are, and how many assets are under management.
Traders can access daily financial news on the 24Option twitter feed
24Option has a range of educational videos, they also offer as many as 10 live webinars per month
A pip value calculator that shows exactly what your profit or loss will be with each pip move
The desktop and mobile platforms do not offer live streaming news
24Option has high maintenance and withdrawal fees
No fundamental research
24Option has mixed results when it comes to trustworthiness. One major negative is that the broker is only regulated in Cyprus. This still falls under the EU regulatory regime but may not be as robust as other more developed regulatory regimes like the UK or Germany.
Another factor working against the broker is the lack of guaranteed stop loss trading outside of France. On the bright side, 24Option participates in an investor compensation fund should the broker become insolvent. Also, client funds seem well protected with anti-fraud software including both ClickSSL and Thawte. Negative balance protection, that prevents clients from losing more than their initial deposit, is also in place as per new EU regulation.
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 charting and analysis. Traders who do not wish to use this software can also use the 24Option’s desktop platform, which is better than the industry average. For example, the desktop platform has customizable and transparent price lists for easy trading and execution. It allows for advanced charting with an “indicator wizard” that allows traders to build customized 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 then appear in a list of favorites.
Traders are also able to leave conditional orders and have stop-loss and take-profit trading options that allow for hedging. Finally, unlike some brokers, 24Option displays other clients’ positioning, so traders know how other traders feel (bullish or bearish) about any instrument.
24Option lacks any special features sometimes available to other traders such as social trading. Other features such as automated trading or back-testing certain trading strategies are available via the MT4 platform, but not through the desktop platform.
Customer support is quite good and 24Option scored well in this category. For example, online chat is available for both new and existing clients, and 24 hour support is also available via phone or email 5 days a week.
Outside of office hours, robo support can answer many frequently asked questions and is easy to find on the lower right part of most of their webpages. The broker also has a list of the most basic FAQs on their site. Social media support is available via Twitter, where several useful daily market briefing videos can be found.
24Option also scored well for its range of investment products. While the site has slightly fewer currency pairs than other providers, they do provide extensive coverage in cryptocurrency trading (including pairs with major currencies such as Bitcoin/USD, Bitcoin/EUR, Bitcoin/GBP, etc).
Additionally, they offer trading in over 160 individual stocks, which is a clear advantage for a trader wishing to partake in such activity. Other trading products such as gold and oil are standard, and 24Option offers trading in many of the same commodities as other providers at competitive spreads.
Research Tools and Insights
The range of research products resulted in mixed results for 24Option. For example, the broker has teamed up with Trading Central to provide comprehensive technical analysis complete with entry and exit points, trading charts and recommended positioning. Videos and market calendars are also available to help traders with their decisions. But the broker is behind its peers in areas such as streaming news or fundamental research. These tools can be helpful in making longer-term trading decisions and 24Option is at a competitive disadvantage when it comes to offering these services.
Educational products offered by 24Option are quite 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, calculating pips, support and resistance trading. Webinars are given up to 10 times per month, with at least two dedicated to basic and intermediate technical analysis. There is a separate section related specifically to forex trading with its unique concepts as well as a glossary with key terms important to CFD trading.
24Option’s mobile experience is adequate but not top of the range. Mobile apps are available in both iOS and Android, but there is no dedicated mobile website that is unique to the desktop experience. The app provides for fingerprint encryption, but this is part of Apple’s Touch ID, and not a separate factor authentication provided by the broker.
Many of the same features that make the desktop experience pleasant are also available in the app. For example, steaming quotes allow traders to easily see where assets are trading. A mini-chart shows the short-term trend as well. It is also possible to leave conditional orders, stop-loss and take profit orders in the mobile app, so traders have full control over their positions.
It is easy to make a mobile watchlist by simply tapping on the star to the left of the currency pair. This will add the pair to a list of favorites that can be easily filtered for faster trading. Charting is also easy with the app. Traders can easily switch timeframes to see different trading opportunities.
Technical studies such as moving averages can also be quickly added to the mobile charts to help traders identify trading opportunities and monitor existing positions. The mobile app offers nearly 100 different technical indicators but lacks the indicator wizard available in the desktop version.
One disadvantage to the mobile app relative to other providers is the lack of price alerts or news feeds. Other service providers make these options available which can help enhance the trading experience.
Commissions and Fees
Relative to other brokers, 24Option’s fee structure is relatively high. For example, there does not appear to be any meaningful discounts for larger volumes traded despite offering four different account types. But there are high fees for dormant accounts that can run to as much as €200 per month after six months. The broker also charges a monthly maintenance fee of €10. Finally, withdrawal fees of around 3.5% apply after the first withdrawal. On the bright side, there are no deposit, commission or financing fees. The minimum amount required to open an account is €100.
What You Need to Know
24Option’s high fees and the lack of published information about the company should throw up red flags. But the quality of its educational offerings and its helpful customer support will be useful for new traders. And the firm’s high fees will provide a different, costly kind of education on doing due diligence before picking a broker.
Investopedia is dedicated to providing investors with unbiased, comprehensive reviews and ratings of online brokers. Our reviews are the result of six months of evaluating all aspects of an online broker’s platform, including the user experience, the quality of trade executions, the products available on their platforms, costs and fees, security, the mobile experience and customer service. We established a rating scale based on our criteria, collecting over 3,000 data points that we weighed into our star scoring system.
In addition, every broker we surveyed was required to fill out a 320-point survey about all aspects of their platform that we used in our testing. Many of the online brokers we evaluated provided us with in-person demonstrations of their platforms at our offices.
Our team of industry experts, led by Theresa W. Carey, conducted our reviews and developed this best-in-industry methodology for ranking online investing platforms for users at all levels. Click here to read our full methodology.
24option Review: Complete Broker Overview
24option is a broker that has a relatively long history in the online trading industry.
Originally started as an online option broker, they have recently moved exclusively into CFDs. They offer traders the ability to trade CFDs on a number of different assets using both native trading technology and MT4.
However, is the broker safe and can you trust them?
In this 24option review, we will attempt to answer that question. We will give you everything you need to know about their regulation, technology and fees. We will also give you some top tips in order to make the most of your 24option trading experience.
24option was started in 2020 and is based in Limassol, Cyprus. They are located at number 39, Kolonakiou Street, CY-4103.
In Europe, they operate under Rodeler Limited as the holding company. They also have a holding company that is based in Belize called Richfield Capital limited. The latter company services their non-EU international clients.
So, a bit of background…
24option used to operate as an option broker. These are financial instruments that offer traders binary outcomes from particular trades. However, in 2020 they decided to transition fully into the CFD market.
Since then, they have been expanding their CFD offering and now give traders the opportunity to trade CFDs with leverage up to 500:1 (in certain regions). 24option provides CFDs on hundreds of different assets in numerous asset classes.
Although their headquarters are based in Cyprus, they take traders from a number of regions around the world. However, there are some regions that they do not operate in including most notably, the United States.
For those regions in which they do operate, they have tried to create a complete multilingual experience and have translated their website into over 8 different languages.
Is 24option Safe?
This is perhaps one of the most important questions that you may have on your mind. Broker safety and regulation is of paramount importance for us.
The latter is the first and most important criteria you should think about when choosing any online broker. You will want to make sure that they are regulated by a well-regarded financial authority.
24option is regulated by two financial authorities. They are regulated by the Cyprus by the Cyprus Securities and Exchange Commission (CySEC) as well as the Belize International Financial Services Commission (IFSC).
Copy of the licence for Rodeler Limited at CySEC
CySEC has issued them a CIF licence with a number of 207/13. The IFSC has given them a license number of IFSC/60/440/TS/18. Through the MiFID directive, the CySEC licence allows them to provide their services in the European Union whereas their IFSC one covers other countries.
So, what does this mean for you?
Well, taking a look at the CySEC regulation in particular, it provides you with a number of protections that unregulated brokers and exchanges just won’t offer you. Below are some of the most important of these:
- Segregation of Funds: This is really important from a client perspective and ensures that the funds that you have deposited are kept separate from the broker’s funds. This means in the event of the broker going bankrupt, all of your funds are safe from creditors, directors etc.
- Background Checks: There are a number of background checks that the operators must undertake. These are with respect to both the holding companies applying for the license as well as the directors of the company.
- Regular Reporting Standards: It is not just about the broker getting the licence. They have to constantly send updated reports to the regulators about their operation and financial standing.
- Investor Compensation Fund: All CySEC regulated companies have to contribute funds towards the shared investor compensation fund. This protects client accounts up to €20k in the event of an unforeseen circumstance at the broker.
Apart from using a the that had to pass these numerous checks, it is great to know that you have an authority to turn to. In the event that you are ever to suspect any wrongdoing on your account then you can always report a broker to CySEC. They have internal policies in place to deal with these types of complaints.
As one can expect from any site that deals with financial information, 24option makes use of secure and encrypted communication. They have full 256-bit SSL encryption on their site.
Secure SSL Padlock for 24option
This means that when you login to 24option and when you submit credit card or personal information, it cannot be stolen by an online snoop. It is also a handy tool for you to confirm that you are not on a phishing site.
When you visit the 24option website you will see the SSL padlock in the browser address bar. This means that you are on the official 24option website and not some imitation broker or hacker’s site.
Assets & Leverage
In terms of the assets that you can trade at 24option, you have quite a selection. They offer CFDs on stocks, Indices, Commodities, Forex and cryptocurrencies. Below are the cryptocurrency assets that you can trade:
For some of these assets, they are offered crossed with the USD, EUR and GBP. Furthermore, given that lot sizes can be quite high, they also offer some “mini” cryptocurrency contracts. These usually have a small “m” in front of them.
Something that we liked about 24option was that they offered single stock CFDs. This is something that is not really available at other larger CFD brokers. Here are some of those companies that you can trade:
As mentioned, 24option is a CFD (Contracts for Difference) broker. These instruments are derivative instruments that are traded on the margin. This means that you will only require a margin amount that is a fraction of the notional trade size.
Trading on margin means that you are trading with leverage and your gains / losses are maximised. Leverage levels at 24option will differ according to the account you have as well as the region that you are based in.
The max leverage in the EU for non-professional traders is 30:1 and in other countries it can go up to a maximum of 500:1. If you are in the EU and would like more leverage then you could apply for a professional account (see below) which will allow you to trade with leverage up to 400:1.
EU leverage limits for the Pro account
In terms of the max lot sizes that you can trade, it is 30 lots for major forex pairs and 10 lots for the minor forex pairs. For stocks, it is 10 and for indices it is 3. You can find more information about the lot sizes here.
If you are going to be using 24option then you need to be aware of their protocol when it comes to margin calls and stop out levels.
For all accounts, the margin call level is 100%. This means that if your margin level is below 100% you will be called on to deposit more funds. You may also be stopped from opening new positions.
If your position continues to deteriorate and it reaches the “stop-out” level then 24option will close out your positions. This stop-out level will depend on whether you are a retail trader (50%) or a professional trader (20%).
As you can see, there are risks that come with trading on the margin and you need to be aware of these risks. Leverage is a double-edged sword which can chop both ways…
24option Spreads & Fees
Fees and spreads have a direct impact on your trading profitability. This is especially true when you are trading on a notional amount that is much larger than the margin.
There are number of different fees that you will incur at 24option so it is important that you know exactly what these are and how they could apply to your account.
CFD brokers do not charge a fixed fee on your trading volume but will instead make money on the spreads between the buy and sell price of the asset.
At 24option, these vary according to the asset in question as well as the account that you have set up. We decided to get a rough idea of the live spreads that were being charged on the platform so we jumped right into a live account. Here are some of the indicative spreads:
- EURUSD: 1.0 pip
- GBPAUD: 4.0 pips
- CHFJPY: 2.9 pips
- Oil: 2 points
- Gold: 23 points
- Boeing: 76 points
- McDonalds: 37 points
- FTSE: 600 points
- DOW: 275 points
- Bitcoin: 3,624 points
- Ethereum: 122 points
So, the spreads that they have on some of their forex pairs and stocks appear quite reasonable. However, their crypto spreads are way too high. For example, the spread on the Binance exchange on Bitcoin is only 136 points.
However, you will be happy to know that unlike other CFD brokers, you will not be charged a lot commission. You will also not be charged a financing charge.
The only other trading fee that you are likely to incur is the “Swap Fee”. This is basically the fee that is applied in order to account for interest rate differential.
Deposit / Withdrawal Fees
24option will not charge you any fees for sending money in although they will charge you for withdrawals. We were quite surprised to see how high some of these fees are and they are presented below:
Withdrawal Fees at 24option. Source: Rodeler
This does make sense in the context of other CFD brokers like Axitrader that do not charge any fees on their withdrawals.
Having said that though, 24option does give the various accounts a certain number of free withdrawals a month. If you decide to open a VIP account then you will not be charged any withdrawal fees.
There are also a few other fees that you may incur on your account that we think warrant a mention.
For one, you are charged a monthly maintenance fee of €10. This actually quite bizarre and we have not seen it at other brokers / exchanges. Merely having an account at 24option will cost you €120 a year.
However, if you do not trade on this account then you will incur “inactivity fees”.
These are fees that are charged on dormant accounts and are applied to said accounts with no activity for over 2 months. They start at €80 for 2-3 months, then go to €120 for 3-6 months and €200 for more than 6 months.
Inactivity fees are not unique to 24option however and have been used at brokers such as Plus500.
As mentioned above, the spreads that you will pay and the leverage that you will be able to trade with are dependent on the type of account that you have at 24option.
There are 4 different account types at the broker and these are your Basic, Gold, Platinum and VIP. These require different levels of funding and come with other benefits. Below is the breakdown:
|EUR/USD||2.3 pips||1.8 pips||1.4 pips||0.9 pips|
|GBP/USD||2.5 pips||2.2 pips||1.6 pips||1.1 pips|
|Lessons||1 Basic Lesson||2 Basic Lessons||3 Advanced Lessons||5 Advanced Lessons|
|Webinars||NA||1 Monthly Webinar||2 Monthly Webinars||5 Monthly Webinars|
In addition to the above, on all accounts you will get the benefit of the daily news that comes through to the platform as well as trading central and the trading central SMS alerts.
Moreover, if you are a professional trader then you can apply for their professional account. This allows you increased leverage in regulated regions like Europe. It also gives you lower stop-out levels.
In order to be a professional trader, you have to have worked in a financial services job for over a year or you have to have a certain net-worth / income.
Which account you eventually do choose depends on your own personal preferences. We think that the basic account should do just fine to start with. You can always move on up from there.
24option Demo Account
If you are still uncertain as to whether you want to trade with them, why not try the demo account? This is a great way for you to test out the platform in a non-threatening way.
Creating a demo account at 24option
Demo accounts have all of the functionality that you can expect on the live account but come without the risk. 24option will give you €100,000 demo funds when you sign up for this type of account.
Using demo funds is also a great way for you to trade as if it were real life conditions. Moreover, it does not seem as if they have placed any time limits on their demo accounts. This separates them from other brokers such as Pepperstone.
24option Trading Platform
Their main platform is their web based CFD platform. This was built in house specifically for 24option.
This platform is well laid out and relatively simple to use. On the left of the platform you have all of your markets. These can easily be filtered based on either the asset class you want to trade as well as the favourite assets on the market. Here you can switch the market that you are trading.
24option Web-trading platform
In the center of the platform you have your order forms and to the right of that you have the charts. Below these two you have all of your previous orders, open positions, economic calendar and the daily market update.
Now, while the platform is well laid out, panels cannot be detached unfortunately.
Being unable to detach the panels means that you can’t move them around into more convenient places on the screen. It also means that you cannot view more than one market at the same time. If this is a deal breaker for you then you may want to consider their MT4 platform.
In terms of the charting, it seems to be really quite functional.
Firstly, you will notice that on the left of the charts you have a sentiment indicator. This is a handy feature that will let you know the general market view of the other traders on the platform (bullish or bearish).
If you are a technical analysis trader then you will be happy to see the plethora of charting tools and features. For example, you can easily change the chart type in the top left of the chart (candlestick, line, HLC etc).
You can also overlay your chart with a number of technical studies. These include such indicators as the MACD, RSI, Parabolic SAR, Bollinger bands and over 50 other indicator types.
The 24option web platform also comes with a host of drawing tools to better map your trendlines and identify key levels. These include Gann fans, triangles, Fibonnaci levels etc.
Top tip: You can even expand the chart to the full screen in order to more easily complete your charting.
Placing orders on the webtrader platform is really pretty simple. In fact, we thought is a bit too simple.
Order functionality at 24Option
There are only two types of orders that you can place and these are the limit order and a market order:
- Market Order: The market order is the simple buy / sell that will take place at the rate that is given at the market at the time. Here you will select the amount that you would like to trade and then you will hit the “buy” or “sell” button at the rate that is being presented.
- Limit Order: This means that you will place an order at a predetermined level away from the market rate. This can be for a buy or sell and it will only be executed when the asst has reached that level. Unfortunately, there is no option to change the life of this order so can assume it is a standard “good till cleared” limit order.
It should be noted that for both of these order types you can set the stop loss as well as the take profit at the outset of the trade. You can define these as a certain number of pips away from the current market price.
These are great risk management tools that you can use to limit the amount of downside risk that you have on your position. These can also be placed at key technical levels for more efficient trading.
Those more advanced traders among you will be pleased to know that 24option also offers an MT4 platform.
For those who do not know, MT4 is the external trading program that is developed by the Metaquotes software company. It is perhaps one of the most well known and widely used third party trading platforms in use today.
This platform has been developed for traders by traders and as such, has endless functionality and tools. When you download it from 24option’s website you will link it up to their trading servers and your account.
User Interface of a typical MT4 Platform
You can run the MT4 platform in your browser just like you do the traditional web-based platform. However, the most optimal set-up is for you to install the platform on your PC. MT4 is supported in both MacOS as well as Windows and Linux.
Of course, the 24option MT4 platform may not be for everyone.
It takes some time to get used to the numerous features, widgets, chart tools and order forms. This is perhaps something that is better learned in a demo account before you put any money at risk.
However, the main benefit of the MT4 platform is that the knowledge that you learn is highly transferable to another broker. Given that it is in use at so many brokers, you do not need to re-learn trading on other platforms.
24option Mobile App
For those on the go, there is a nifty mobile app that you can use.
This is available in both iOS and Android and has some of the most important features that you could need to trade on your account. It has charting, order forms, calendars and daily news. The app has been translated into 12 different languages.
You can view the app reviews in the iTunes store or the Google play store. They appear to generally be quite positive with numerous 5-star ratings and comments mentioning the advanced technology.
24option Mobile Application in iTunes Store
What is even more encouraging is that the 24option support team is very responsive on these reviews. Even if there are negative comments the team has responded to them promptly and were receptive to development suggestions.
Metaquotes also develops a mobile application for the MT4 technology. The MT4 mobile app is the most downloaded trading app in the world and has much more functionality than the standard 24option mobile app.
So, should you trade on a mobile?
Well, you will never be able to replicate the charting functionality of the standard platforms. Moreover, there is likely to be a latency in execution given that you are connecting to mobile networks.
We would suggest that you do your primary trading on the 24option webtrader or the MT4 platform. If you have to monitor your positions on-the-go then you can always check in on the mobile apps.
Withdrawal & Funding
There are a number of different funding methods that you can use at 24option. Below are some of the most common ways that you can fund your account:
- Credit Card: They accept a number of the major credit cards including Visa, MasterCard and Discover.
- Electronic Paymets: Skrill, Neteller, Qiwi, Astropay etc.
- Wire Transfer: You can fund your account with a traditional wire into 24option’s bank account. You will need to reach out to an account manager to confirm
The minimum deposits for the Web wallets and the credit cards is $250 whereas it is $1,000 for a wire transfer. The maximum deposit limits are $10,000 per day or $40,000 per month. 24option accepts payments in EUR, Japanese Yen and GBP.
Perhaps the fastest way to make the deposit is through a credit card or a Web wallet as these are instantaneous. If you are going to be making a wire then this could take 3-5 business days depending on where it is coming from.
When it comes to withdrawal, you will need to complete an extra step.
Unlike most brokers, 24option only requires you to complete KYC once you are requesting a withdrawal, not when you are setting up the account. Hence, if you do request a withdrawal, you will need to verify your identity and details.
Instructions for Correct verifications
This KYC requirement is something that is required by law from CySEC in order to prevent money laundering. Hence, 24option will need you to submit the following:
- Photo ID: You will need to send them a copy of some form of government ID. This could be a driver’s licence or a passport.
- Proof of Address: You will need to send them a copy of a document that confirms your address. This could be a utility bill, a bank statement or an official government document.
- Copies of Credit Cards: If you have funded via a credit card then they will also need a copy of the front and the back of the credit card.
This has to be done each time that you need to confirm a new withdrawal method but if you are using the same method again then it should be sufficient. This should take about a day to process.
Take note: If you funded via credit card then they will refund you your initial deposit and the bulk will be withdrawn through another method (bank wire for example).
Withdrawals are processed during normal Cyprus office hours and there is a minimum withdrawal amount of $10. As is the case with deposits, the time that this takes is dependent on the method that is used.
It is also important to note that they will not process any withdrawals that are sent to third party accounts (those that are in someone else’s name).
24option Customer Support
No one likes waiting days for some customer support…
24option seems to have quite a few options when it comes to their support functions. Perhaps the easiest way to get hold of them is through their online chat function. This operates 24/5 and has a pretty quick response time.
Live chat window at 24option
Of course, if you have an account related query that you want to solve through email then that is an option as well. Typical response times here are a few hours.
You can also visit their contact page and you can get their local telephone support numbers. We found this quite a nice touch and it is something that more international brokers and cryptocurrency exchanges should consider.
Finally, if you have a question that is more routine in nature then you can always head on over to their Frequently Asked Questions.
It’s nice to know that a broker provides more value than just a great platform.
24option has included a number of educational resources for you to peruse at your leisure. These could be a great way for those beginner traders among you to learn about the markets and improve your trading chances.
Daily Market Reports
These are sent straight through to the platform and are pieces of advanced market analysis. They are drawn up and sent out by the team over at Trading Central who are a bunch of international investment research professionals.
This commentary will cover a number of different markets and will include potential suggestions for trade set ups. You can also have these sent you as an alert via SMS.
Example of the Trading Central reports
Something else that is included with the daily market report is the economic calendar. This contains a list of some of the most important dates that are coming up during the week which could impact the markets.
The 24option Ebook is quite a comprehensive guide that will cover the most important disciplines in trading. This is positioned at not only the beginner traders but also those that are at the intermediate level.
It covers numerous topics such as trader psychology, capital management, Technical and Fundamental analysis etc. They also have quizzes after each question where you can test the knowledge that you have just picked up.
Videos On Demand
Why read the guide when you can watch a video?
24option has included a number of handy Videos On Demand (VODs) where you can learn about some of the topics that are covered in the eBook. We viewed some of these and they were quite easy to digest in relatively short clips.
Some of the Videos on Demand
Moreover, the presenter seems to know what he is talking about and explains all the topics in a beginner friendly way. This does not mean that is unsuitable for the more advanced users though and could give them some unique insight as well.
This is something that we really liked at 24option.
They run regular webinars where you can get some live insight from a professional trader. These are run almost daily and are joined by thousands of traders all around the world. They are also a great way to ask questions and hear some of the questions being asked.
When we took a look at the webinar schedule there appeared to be quite an interesting selection of topics and included subjects such as Risk Management, Pattern recognition, gold trading and algorithmic trading.
It was interesting to see that they still included a bonus option as these have mostly being discarded by CFD brokers in recent years.
This is because the MiFID directive has outlawed the use of bonus incentive structures to those clients that are based in the EU. However, this is not the case in other international markets.
Through their Belize holding company, 24option gives their traders the opportunity to take part in a deposit bonus. They will credit your account with up 50% or $500 of your initial deposit (whichever is lowest).
Extract from Bonus T&Cs
This bonus can then be seen as free trading money that you can use to bolster your liquidity. It is, however, important to point out that there are certain terms and conditions that are attached to these bonuses.
Although the prospect of “free money” sounds great, there are always going to be strings attached. As such, we would actually suggest that you avoid all types of deposit bonuses – avoid the hassle.
What We Didn’t Like
We could not complete a full 24option review if we did not take a look at some of the things that we thought warranted improvement.
Firstly, the additional fees that are being charged are unnecessary and exorbitant. Very few brokers will charge withdrawal fees these days and even fewer will charge a “maintenance fee”. Moreover, it seems quite unfair for those traders who are away from their accounts to get whacked with an inactivity fee.
We also thought that they could have done slightly better on their cryptocurrency CFD spreads. These are really quite wide and are far above those of other CFD brokers and exchanges.
Secondly, we found the order functionality on their web-based trading platform to be really quite basic. This makes it quite difficult for the more advanced traders. If you are one of them then we would suggest the MT4 platform.
Finally, it is unfortunate that 24option is not available in some pretty large markets. For example, they are not allowed in the US, Canada and Australia. Traders from these regions will have to look somewhere else.
In summary, we found 24option to be a pretty well-established broker with a large asset coverage. They are fully regulated by a reputable governmental agency which ticks the security boxes.
Moreover, they have a healthy selection of trading technology that is well suited to users of different skill levels. They have the MT4 for the more advanced traders whereas they have the relatively intuitive and easy to understand web-trader.
Yes, there were some things that we thought warranted improvement but these can all be worked on. 24option seems to be quite a receptive broker and they may take these points into consideration as they refine their offering.
So, should you use 24option?
We can’t tell you exactly which broker to use but it seems that they have ticked most of our boxes. If you are in the market for a new CFD broker then 24option should be on top of that list.
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