- Wide selection of asset classes
- Trading incentives
- Effective platform
- No regulation
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.
24 Option is now focused on 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 use 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 pro traders a 400 to 1 leverage ratio on most currency pairs available.
24Option offers four different account types to suit a wide range of trading account sizes and service needs. 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 €5,000. It has all the Basic Account features, in addition to having access to SMS and email alerts. Spreads on the EUR/USD start from 2 pips.
- Platinum – this account requires a minimum deposit of €10,000. It has all the Gold Account features, in addition to having access to a research website and a Live Training Session. Spreads are even more attractive on this one.
- VIP – those who want to register such an account, need to cough up at least €50,000. This is obviously not something most traders can afford. VIP account holders get spreads starting from just 1.1 pips on the EUR/USD pair. They can make withdrawals without fees whenever they want to.
- 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.
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.
Platform & Tools
|Desktop Platform (Windows)|
|Desktop Platform (Mac)|
|Social Trading / Copy Trading|
|MetaTrader 4 (MT4)|
|MetaTrader 5 (MT5)|
|Charting - Drawing Tools(Total)|
|Charting - Indicators / Studies (Total)|
|Order Type - Trailing Stop|
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.
As far as additional trading tools go, the broker is not particularly generous. It features a couple of glossaries for CFD and Forex, as well as an asset calculator. The latter acts as a sort of simulator for trades, allowing traders to enter a number of variables such as asset type, trade size in lots, as well as the duration of the position in days. The tool then delivers a close approximation of the expenses the trader is likely to incur.
24option's main asset index does not feature cryptocurrencies for some reason, though the broker does in fact support this asset class.
The index features currency pairs - arguably the main focus of the operation, stocks, indices and commodities.
As far as currencies go, the selection is truly great. You may not find some really off-the-beaten-path exotics, but you will find all the majors and minors you could possibly want to trade.
Commodities-wise, you get gold, silver, copper, oil and a number of agricultural commodities, such as corn, coffee and sugar. There is nothing really special about this asset category.
The stocks selection is large too, though not quite as diverse as what some of the other brokers offer in this regard. The same goes for indexes. Despite the fact that their selection is somewhat limited, they do cover most of the hotspots of the world economy.
The supported cryptocurrencies are bitcoin, Litecoin, Ethereum and XRP. Traders cannot purchase actual cryptocurrencies at 24option. This asset class - like the others - is traded via CFDs.
Commission & Fees
24option makes its money through the spread. Indeed, the spreads featured by the broker are pretty steep overall. It really does not need to charge commissions on top of them.
The service itself is offered free of charge, though the broker does charge a commission on trader withdrawals. This does not apply to VIP account holders - as specified above. Even holders of other account types get to make a handful of withdrawals, commission free, every now and then.
The actual withdrawal fees span the 0.9%-3.5% range - depending on the method one uses.
In addition to that, there is an inactivity/dormancy fee, which can be pretty significant. For up to one month, these fees are not in the picture. Past that point, you may end up paying EUR80. A trader who does not touch his/her 24option account for a year, risks paying as much as EUR1,000.
On top of all the above, swap fees are also part of the equation.
Research & Education
|Daily Market Commentary|
|Trading Central (Recognia)|
|Social Sentiment - Currency Pairs|
|Client Webinars (Archived)|
|Videos - Beginner Trading Videos|
|Calendar Includes Forexcasts|
|Economic News Sentiment|
|Trade Ideas - Backtesting|
At first glance, 24option's education section looks generous. Exactly why they included the Asset Class section there is a bit of a mystery however.
Other than that, the broker offers access to Trading Central as well as to a daily Market Report. There is a VOD archive, a webinars section and an Economic Calendar. Technical and fundamental analysis are discussed in separate sections. The Videos of the Day do a great job of explaining beginner as well as advanced trading concepts.
Webinars are free. The broker's site features a webinar calendar.
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.
|Charting - Draw Trend Lines|
|Charting - Can Turn Horizontally|
|Charting - Technical Studies/Indicators|
|Watchlist - Syncing|
|Trading - Forex|
|Trading - CFDs|
|Alerts - Basic Fields|
24option offers apps for iOS as well as Android devices.
Their AppStore platform is ~24MB big and it has a rating of 3.9/5. It looks great and its functionality is outstanding. The same goes for its charting features.
The Android app is quite similar, though its rating is just 3.2/5. It seems like it is sometimes slow to load and update.
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.