Payment Method: MasterCard, Visa, Diners Club, Discover, Wire-Transfer, Skrill
Wide selection of asset classes
Does not accept US traders
24Option was founded in 2009 as a binary option broker and is currently based in Cyprus and Belize. The company continues to dominate the retail binary options market as a full service broker and recently started to offer their clients access to trading in forex currency pairs, CFDs, stock, commodities and indexes.
24 Option is operated in Europe by Rodeler Limited, which is regulated by CySEC under CIF license number 207/13 and has its registered office at 39 Kolonakiou Street, FREMA PLAZA, First Floor, 4103 Ayios Athanasios, Limassol, Cyprus. Elsewhere, it is operated by Richfield Capital Limited, which is regulated by the International Financial Services Commission of Belize under license number IFSC/60/440/TS/17 and is located at No 5 Cork Street, P.O. Box 1708, Belize City, Belize.
The broker’s website states that client funds are insured, kept in segregated accounts and protected by multiple firewalls. 24Option has its official website at www.24Option.com and a screenshot of its welcome page appears below:
24Option does not currently accept clients from the United States, British Columbia in Canada, Australia, France and Belgium, so traders from those locations should look for another broker.
24Option was one of the very first retail binary option brokers, and that is still one of their featured strong points that they can offer to interested traders. They now also offer CFDs on a substantial range of underlying assets, including: major stock market indexes; major, minor and some exotic forex currency pairs; and bank and U.S. technology stocks.
Forex traders who are used to MetaTrader4 can employ it to trade currencies, while the firm also has its own proprietary trading platform and a mobile app to round out its trading interface options. The company offers forex traders a 200 to 1 leverage ratio on most currency pairs available.
24Option offers six different account types to suit a wide range of trading account sizes and service needs, including Islamic accounts. Account managers evaluate which type would be most appropriate for a particular trading client. They include:
- Basic – this account requires a minimum deposit of $250, £250, €250, ¥25,000 or RUB 10,000. This type of account has minimum three pips spreads for major currency pairs, minimum four pips for minors and minimum seven pips for exotics. This account type permits use of MT4 and the company’s proprietary web-based and mobile platforms, as well as access to customer service on a 24/7 basis.
- Silver – this account requires a minimum deposit of $2,000. It has all the Basic Account features, in addition to having access to Trading Alerts and a Personal Trading Coach.
- Gold – this account requires a minimum deposit of $25,000. It has all the Silver Account features, in addition to having access to SMS and email alerts. Gold account traders also get an extra 2 percent return on every trade they execute.
- Platinum – this account requires a minimum deposit of $50,000. It has all the Gold Account features, in addition to having access to a research website and a Live Training Session. Platinum account traders get an extra 4 percent return on every trade they execute.
- Diamond – a Diamond account does not have a specified minimum deposit, but it needs to be set up by an account manager. It has all the Gold Account features, as well as the perks of getting free tickets to Juventus FC soccer matches in Europe and access to a customizable trading platform.
- Islamic – this type of account does not pay interest and hence has no conflict with the Islamic Riba prohibition. All other types of 24Option accounts can be set up as Islamic accounts.
The broker does not charge commission and has competitive dealing spreads that vary depending on what type of account a client is trading in.
24Option recently started offering a proprietary web based trading platform to its customers that allows them to deal currency pairs, CFDs, binary options and commodities all from a single online interface. This was a major improvement from its previous web-based platform. The screenshot below displays the extensive functionality of 24Option’s platform that includes technical analysis and account management features, as well as market monitoring and trade windows.
Also, 24Option gives currency traders the option of using MetaTrader4 that many are probably already very familiar with. This free software from MetaQuotes can be downloaded from the developer’s website. Many so-called Expert Advisors or EAs can be obtained from third party vendors that allow trader to fully automate trading activities and/or provide trade signals, and they can even be coded by those with programming experience.
Finally, the 24Option Mobile Trading App can be obtained from Google Play or Apple’s App Store and installed on smart mobile devices to allow trading and account management while on the go.
Deposits and Withdrawals
Trading accounts can be funded with debit cards, credit cards like Mastercard, Visa and Discover, and by using bank wire transfers. 24Option also permits electronic payments from providers like Skrill (formerly Moneybookers), UCash, Neteller, Qiwi, Sofort, WebMoney, PaySafe and others, but they unfortunately do not accept PayPal.
To open a trading account with 24Option, you will need a minimum initial deposit of around $250 and a minimum trade amount of $24. Minimum deposits for credit and debit cards and electronic payments are $250, €250, £250, ¥50,000 and RUB 10,000. For bank wires they are $1,000, £1,000, €1,000 and ¥100,000. Maximum deposit sizes for credit cards are 10,000 Euros, Sterling or U.S. Dollars and 100,000 Yen daily and 40,000 Euros, Sterling or U.S. Dollars and 4,000,000 Yen monthly.
In order to make a withdrawal, you will need to verify your identity, provide proof of your residence and copies of your credit card to use that as a withdrawal method. Withdrawal fees for Basic, Silver and Gold accounts are: 3.5 percent for credit and debit card withdrawals; 2 percent for Skrill; 3.5 percent for Neteller; and fees of $30, €25, £20 or ¥3,000 for bank wire transfers. Gold account holders get one free withdrawal each month, while Platinum and Diamond account holders are not charged withdrawal fees. Withdrawal requests get processed during Cyprus business hours from Monday to Thursday from 9am to 4pm and on Friday from 9am to 1:30pm.
24Option offers a helpful customer support service available 24/7 via live chat and email, as well as phone assistance in 12 countries. Their trading platform is available in 22 languages.
In addition, 24Option’s offers numerous forms of educational support for novice traders, including news, webinars and interactive eBooks. The Trading Central feature allows clients to get access to historical data and third party market analysis.
Overall, 24Option now offers a remarkably complete service as a regulated online broker with execution capabilities in forex currency pairs, commodities, stocks and major indexes, as well as binary options on many underlying assets. This broker also supports MT4, and it has a respectable proprietary trading platform and a mobile app as well.
Nevertheless, 24Option does have a rather high initial deposit, a rather low maximum leverage ratio of 200 to 1 for forex trades, and its 3.5 percent withdrawal fee can be significant for several account types. Also, the company had some regulatory compliance issues with CySEC in 2016 and is now regulated by the IFSC in Belize.