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24Option Review

Company Details

Broker Name 24option
Website Link https://www.24option.com/eu/
Telephone Number +49 221 828 29158
Email Address [email protected]
Fax Address +44 203 693 8656
Physical Address 39 Kolonakiou street, Limassol
Regulated by CySec

Customer Service

Customer service hours: 12/5
Livechat Available
Support Team Available

Assets

Currency Available
Indices Available
Stocks Available
Commodities Available

Bonuses

Deposit Bonus 100% Bonus
First Deposit Bonus 100% Bonus
Special Event Bonus N/A
Birthday Bonus N/A

Special Features

Mobile Application Available
Social Trading Available
Competitions Available
Social Media    

Trading Platform

Platform OS Compatibility IOS, Windows, Android
Languages available 12
Streaming news Available
Platform Provider MetaQuotes Software Corp., proprietary platform

Founded in 2009, 24Option is one of the first popular online brokers. Initially offering binary options, the broker migrated towards Forex and CFD trading in 2017 as Binary Options was banned in several countries. It was originally owned by CBAY Financials before been redeemed by Rodeler Ltd in 2014.

24Option has bagged several awards during its Binary Options days, including the ‘Best Payout’ award and ‘Best Binary Options’ broker in 2014, the ‘Most Innovative Broker’ title in 2015 and the ‘Best Broker’ award in 2016.

24Option is an official partner of the Serie A giants Juventus; an undeniable evidence of the reliability and calibre of the broker as it is highly unlikely that such a major and global football team would associate themselves with a scam broker!

As per this agreement, 24Option acquired offline rights such as billboard placements in stadiums as well as marketing rights - an achievement that very few brokers have been able to accomplish. The broker was also a sponsor of the French football team Olympique Lyonnais from 2015 to 2017.

24Option overcame many controversies including the ban it received in 2016 and accusation that its parent company mishandled customer complaints, engaged in misleading advertising and failed to keep ordered records. As a result of these, the broker had to pay several fines, which accumulated to €156,000. The broker took corrective measures to comply with the different regulatory bodies. Changes were also made to ensure that these situations are not repeated. The prompt actions and proactive changes ensured that the broker did not lose its credibility in the online trading industry; as of now, it is still one of the most popular online brokers.

While opening an account with the broker is as easy as filling a simple registration form, every account must be verified in order to make a deposit and start trading. This verification process is very long and complicated as you can see below:

24Option Trading Platform

24Option offers 2 different trading platforms; its proprietary platform and the MT4. The latter is one of the most popular trading platforms on the market. Most online brokers offer the MT4 and it is used by tens of millions of traders. It is the platform that enabled online trading to take the proportions it has today; and as such, we will concentrate our review on the proprietary platform of 24Option.

The platform is responsive and can be viewed on IOS, Windows and Android devices.

As you can see from the above screenshot, the platform is nicely designed. All the tradable assets are listed in the left tab, with the basic information like the Bid and Ask price, the change and High/Low.

The graph of the asset and more information about it is displayed on when you click on a particular asset. Traders can easily track the trends of the assets they are interested in. The platform offers an extensive choice of indicators including the Average Directional Index, the Accumulative Swing Index, and the Relative Strength Index among many others.

To invest in an asset, traders only have to enter the volume (lot) and click on the buy or sell buttons. They can also very easily configure the Stop Loss and/or the Take Profit features on the same tab.

The last tab of the trading platform can either display the list of open trades, orders placed for future trades, trade history, the economic calendar or the daily market update. A summary of the account can be found at the bottom of the trading platform, with information like the Balance available, the Profit/Loss made, Equity available, Margin, Free Margin and Margin Level.

24Option Account Types

24Option offers 4 account types, each with different features. Traders can start trading with the broker is as little as €250; for this amount, they will get access to the Basic account while the minimum deposit for the Gold account is €5,000; €10,000 for the Platinum account and €50,000 for the VIP account.

Each account has two distinct leverage options; 1:30 for retail clients and 1:400 for Pro clients. The spread offered also differs according to the account types as well as according to the different financial assets.

There are considerable differences between the retail and professional traders options. Professional clients of 24Option have the following advantages:

  • Negative balance protection
  • Access to premium contests
  • Dedicated account manager
  • Trading central trading signals
  • Access to VIP platinum education
  • Higher leverage
  • Segregated account

To become a professional trader with 24Option, traders must send an application and meet these conditions:

  • Trading Volume
    Have opened at least 10 trades per quarter for the past 12 months and each trading volume was at least $4,000 in stocks or cryptocurrencies and/or $18,500 in Forex or Commodities (previous trading with other brokers are also valid)
  • Relevant Experience
    The trader must have at least 1 year work experience in the financial field, working as a professional with knowledge of CFD market and services
  • Financial Status
    Traders must have a portfolio of at least €500,000; cash deposit and financial instrument included.

24Option Assets

24Option has an extensive list of tradable assets on its platforms with over 300 products from the major financial markets. The broker offers assets from the major financial markets, that is, Forex, Cryptocurrency, Commodity, Stocks, and Index.

Traders can trade 46 currency pairs, 41 cryptocurrencies, 22 commodities, 193 stocks including all the major companies like Amazon, Berkshire, Disney, Facebook, Alphabet as well as stocks of companies that recently went public like Uber, and Lyft. They can also trade 22 indices including the most popular like CAC 40, DOW, NASDAQ and SP500 among others.

You can check out the list of assets offered by 24Option on their assets index page with a brief description of the asset, the exchange it is traded in and when it can be traded, however, the list is not updated as we had many more options on the trading platform.

24Option Security

24Option is a regulated broker and as such it must be compliant with several security protocols of the regulatory bodies it is regulated by.

24Option is one of the leading service providers in the online brokerage industry and has a wide portfolio of traders trusting their services. Trust is an essential element in online trading, how does 24Option protect its traders? We scoured the internet searching for what traders like you are saying about this broker.

Though we noticed several relatively negative feedback on the internet, we could see that 24Option enforced itself to provide optimum safety to its traders throughout its different channels.

Adding up to its willingness to create a safe trading environment, 24Option created a well-defined policy to create a legal bond between the company and the traders. This is quite good for traders whereby in case there are conflicts, this policy can help resolve them.

24Option Customer Support

Traders can connect with the representatives of 24Option via Live Chat, Email and phone. The customer support is accessible from 9:00 to 21:00 during weekdays only. However, their live chat is accessible even when the customer support is not live; traders can be assisted with several issues and will be answered by an automated service.

These main topics are further divided and have the answer for most questions a trader may have.

Is 24Option a scam?

No, 24Option is not a scam. This broker has proven its reliability over the years and created a strong brand around its services. With a robust platform allowing traders to trade on multiple assets, 24Option continues to grow in numbers while staying true to its purpose of providing the best experience to its traders. It is regulated and has detailed and well defined legally binding policies to protect the traders as well as the company itself.

Our Final Opinion

Is this broker reliable? It is a fact that 24Option is one of the leading brokers in the industry. Besides its outstanding trading platform, these guys definitely have what you need to make money online and this is the most secure environment possible. So, whether you are new or expert in online trading, you will definitely find a resourceful trading platform for your trading journey.

As for the numerous negative feedback on the internet, most are biased and post negative reviews in an attempt to sell some kind of recovery service. We have no doubt that 24Option will resolve the genuine issues traders may have with their service as they recently optimized their business model to improve their operations. Our final opinion is that 24Option is definitely a broker worth investing in. So, get started today.

Read 24Option traders' reviews

24Option has an extensive education section that covers all the important topics related to online Forex and CFD trading. Their Education section is very conveniently divided into sub-sections to make it easily accessible and understandable.

The different sub-sections are:

  • Daily Market Report
  • Trading Strategies
  • VOD
  • Webinars

The Daily Market Report is further divided into these following sections: Daily Market Analysis, Trading Central and Economic Calendar. The Daily Market Analysis is regularly updated with news and trading signals that will be very useful to both beginners and expert traders.

Trading Central is a third party platform that provides a more in-depth analysis of the market. It is ideal for traders who have a certain experience in online trading and can understand these analysis.

As it is a third party software, traders must contact their 24Option account manager who will guide them through the process of getting access to the research platform.

The Trading Strategy sub-section explains technical and fundamental analysis in a very detailed yet understandable way. These two topics are essential for any online traders and as such this sub-section will be greatly appreciated by beginners.

The VOD sub-section is the crowning jewel of the Education section of 24Option. It has an extensive library of videos covering most online trading topics. The videos are divided into Forex Intro, Forex Beginners and Forex Intermediate section to make it easily browsable.

24Option also provides free daily webinars designed to familiarize traders with their trading platforms as well as introduce them to popular trading techniques. This also includes a free eCourse, which is interactive and will enable traders to learn all about Forex and CFD trading and see firsthand what live Forex/CFD trading looks like.

Subscribers of 24Option can contact the customer service or their account manager to register for the webinars of their choice.

Read 24Option traders' reviews

Transfer methods at 24Option are quite diverse. What exactly does the deposit methods include?

  • Credit Card
  • Skrill
  • Wire Transfer

Each transfer method has its own specification. For instance, if you are more of a credit card user, the minimum deposit amount is $250. For electronic payments, the minimum deposit is $250 and for wire transfer, the minimum deposit if $1,000.

The daily deposit limit regardless of the method is of $ 10,000 while the monthly limit is $ 40,000.

On the other side, Skrill is mostly used because of its fast service. It takes a minimum of 1 hour for your transactions to be processed. But, the good thing here is that you don’t have any associated cost associated with the transactions.

Other deposit methods also include online payment alternatives such as Neteller, OkPay and Perfect Money.

Now, how do you withdraw your money from your trading account? 24Option allows traders to withdraw their money through Credit card, Wire Transfer and any other online payment systems.

Traders have to verify their account every time they use a new payment method. The verification procedure includes:

  • Providing proof of ID
  • Providing proof of residence
  • Completing a verification questionnaire
  • Providing verification of the payment method

The minimum amount which can be withdrawn is $ 50 while the limit to a withdrawal is the amount of money available in a traders account.

Withdrawal process usually takes on average 3 working days provided that you submit the required documents.

Transfer methods are essential for any traders and 24Option has perfectly ensured that it is providing both a wide choice and optimum security.

Read 24Option traders' reviews

What about their bonuses? We all like to get free stuff so what does 24Option offer? Seriously, you would be amazed by the amount of bonuses which are offered by the guys from 24Option.

But before we move on, you should be aware that as from 26th July 2015, 24Option put in place a new method, known as the Symmetrical Bonus Method, to calculate the allocation of profit and loss on accounts with an active cash bonus.

If you want to get the bonuses from 24Option, you should get ready to trade specific trading volumes which are negotiable according to the aggregated sum of the invested amount.

If you are depositing $ 1000 with a multiplier of 50, the minimum trading volume to withdraw the bonus and the profits will be $ 50 000.

But, what if you can’t meet the minimum trading volume? Do you get your investment or anything back? In case this happens, the full amount of the bonus together with the profit and loss associated with your trade positions will be deducted from your account balance.

Read 24Option traders' reviews

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