Payment Method: MasterCard, Visa, Diners Club, Discover, Wire-Transfer, Skrill
Wide selection of asset classes
Does not accept US traders
24option is a Cyprus based binary option broker that has been operating since 2009 and recently transferred ownership to Rodeler Ltd. This broker is regulated and licensed by the CySEC or Cyprus Securities Exchange Commission under license number 207/13. The company has its official website situated at www.24option.com and a screenshot of its home page appears below:
24option is a well-respected binary options broker that has been around a while and has become quite popular in recent years, possibly due to it regularly offering trader incentives and awards that sometimes amount to thousands of dollars. Nevertheless, the company does not currently permit accounts to be opened for U.S. based customers.
As one of the stronger binary option brokers, 24option has more than seven years of experience providing financial services to its clients. They offer a trading platform that even novice traders can easily master, while more experienced traders will also find it satisfactory to use.
With respect to asset classes, traders at 24option have an exceptionally good selection of underlying forex currency pairs, stocks, indexes and commodities to choose from. Furthermore, their minimum accepted deposit is 250 U.S. Dollars, their minimum trade size is 24 U.S. Dollars, and they have no limit on withdrawal amounts — as long as the account has enough funds, of course.
24options offers numerous awards, starting with its optional welcome bonus that can start at 30 percent and go up to 100 percent depending on your initial deposit size. Like at other brokers, these bonuses do come with string attached, so be sure to read the terms and conditions.
For example, 24option requires that you engage in a trading turnover of at least fifty times the bonus amount before being able to withdraw any funds from the account. This differs significantly from how other binary option brokers tend to handle their bonus withdrawal conditions. This broker also offers attractive electronic product giveaways and competitions for traders to enter.
In terms of trading platforms, 24option’s unique offering is completely web-based and gives binary option traders the essential tools they need to operate effectively. The platform features an easy to use and navigate interface with some interesting added features, including clickable access to live price charts for each tradable asset. A mobile app is also available for smartphones using either Apple or Android operating systems.
To begin trading on your desktop, you will need to navigate through the straightforward web based interface to choose an option type and expiration date. They then need to select a high or low market direction, enter an amount to trade, and then click to execute the transaction.
The screenshot below shows the essential functionality of 24option’s trading platform when executing a binary option trade for a currency pair, such as EUR/USD in this example. Note the extensive and easily accessible list of tradable underlying assets on the left, which includes one of the best selections of forex currency pairs currently available in the business.
One of the more unusual features of 24option’s trading platform is the red and green Traders’ Choice indicator it displays to the right of the price charts. This helps binary option traders gauge market sentiment before pulling the trigger on a transaction.
Deposits and Withdrawals
24option presently allows clients to make deposits using major credit cards like MasterCard, Visa, Discover and Diners Club cards. Deposits can also be made via bank wire traders or by using electronic payment services like Skrill (formerly Moneybookers), Neteller, Webmoney and a slew of others.
Opening an account and making deposits at 24option seems quite straightforward and requires you to provide personal information and fill in a short questionnaire. Once open, you can fund your account in USD, GBP or JPY. You can open an account with as little as a 250 U.S. Dollars minimum deposit and can start trading with a minimum trade amount of only 24 U.S. Dollars.
Withdrawals can be made to credit cards, bank accounts and selected electronic wallet holders, and typically takes three to five business days. Some of the more prestigious account types allow withdrawals free of charge, while accounts with lower initial deposits charge either a fee after the first one or after the first one each month, so be sure to check the withdrawal terms for the account type you open.
Before making a withdrawal for the first time, you will need to verify your identity and payment method, which involves sending a copy of an official form of government issued identification, proof of residence, a questionnaire about appropriateness, and a photo of your credit card if you will be using it.
24option has a good reputation for offering high quality customer service to its clients. The broker makes service staff readily available by live chat and e-mail to help handle most customer issues. In addition, a multi-lingual telephone service is available from its affiliate offices located in numerous countries around the world.
With respect to educational material, 24option has a variety of helpful offerings to assist traders just starting out in the binary option market. The resources they offer include a variety of educational Video on Demand or VOD training sessions. They also provide webinars, as well as interactive and downloadable e-books. Another great feature of this broker is its particularly high quality daily binary option market commentary.
Overall, 24option has to be one of the best binary option brokers around in terms of its particularly wide selection of asset classes. Furthermore, the company has been in this business since 2009 and seems to be here to stay as one of its industry’s leaders.
Also, this broker’s effective and unique trading platform, its attractive trading incentives and competition prizes, and its high quality market commentary really help set it apart from most of its competition. In addition, 24option’s multi-lingual customer service seems courteous and responsive – and while some accounts do unfortunately have withdrawal fees associated with them – the company’s withdrawal process seems to only take three to five work days to complete.