24option

24option

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9.2/10 (Expert Score)
Product is rated as #4 in category Brokers
Registration
9
Trading Platforms
9.5
Tradable Assets
8
Deposits and Withdrawals
9.4
Fees and Charges
9.4
Trading Tools
9.4
Education
9.4
Customer Support
9.4
Reputation
9.5
PROS:
  • Choice of in-house Scipio or MT4 platforms
  • News feeds and economic calendar integrated on platform
  • Over 300 tradable assets
  • Cryptocurrency trading pairs with major currencies (USD, EUR & GBP)
  • Full and mini contracts
  • Risk management tools
  • Comprehensive technical analysis from Trading Central
  • Fast and efficient customer support
CONS:
  • Demo account expires after 1 week
  • Monthly inactivity and maintenance fees
  • Withdrawal fees

Introduction

The financial markets are definitely among the toughest, yet rewarding fields to be a part of. They may even be seen as comprising a zero-sum game as there is a finite supply of money circulating in the system.

Hence…

market participants will need every edge they could have in order to generate alpha, all the while, keeping their risks to a minimum.

Alpha will come from several sources: it could be knowledge, your strategy execution, or the tools that are being used.

This objective of alpha-generation has led to the introduction of additional financial instruments; although they may seemingly be more complex, they offer market participants more opportunities to meet their objectives in the marketplace.

These instruments are derived from individual assets (for example: stocks, ETFs, commodities, currencies, and metals), therefore are called derivatives.

These new instruments are, simply put, contracts between buyers and sellers, whose prices are then valued on the acknowledged underlying product or a product set (in this case: indices).

What’s the real story?

A CFD (or contract for differences), is one of those derivatives. It is a procedure wherein the settlement between the opening and the closing trade prices are to be settled in cash.

It is basically an arrangement to exchange the valuation difference between the opened contract’s price and the contract’s price upon closing.

The actual transfer of shares (in the case of stock trading), or the transfer of physical goods (in some cases when trading commodities), do not occur; hence, making this process more efficient (both cost-wise and time-wise).

CFDs also allow traders, first to speculate and then trade (based on their hypothesis) the price action of those underlying financial products.

Basically…

Traders use these CFDs – or other derivatives for that matter – to bet on whether the price of those intrinsic assets will rise or fall in value.

CFDs are also advantageous because traders can profit regardless of the direction of the market (whether they may be going up or down), as they either allow the traders to go long (profit if the price keeps going up), or short (profit if the price keeps going down).

Furthermore…

CFDs enable traders to be exposed to more opportunities and be relatively more protected from risk in the form of diversification. Also, CFD traders have more choices on which general market to participate in (their choice of currencies or stocks or commodities, etc).

Here’s the deal:

If we have caught your interest in exploring the rewarding and challenging world of trading CFDs, and/or other derivatives, then you should definitely visit 24option right now.

It’s is one of the leading brokers for forex and CFDs, although it began in the binary options market back in 2010.

Their edge in the market is rooted in its commitment in integrity and in providing their clients with tailor-fit solutions in for their trading objectives.

With this drive towards excellence, it has become one of the well-known service providers of CFD trading and is the proud official sponsor of the Juventus Football Club.

Has 24option and CFD trading caught your interest already?

Then, without further ado, let us proceed with discussing what this broker has to offer in much greater detail!

Summary

At first glance, the platform of 24option is simple enough for traders to use. It has a minimalist design, with black and gold as the color scheme.

When signing up, you have the option of to sign up for a live account or a demo account.

What is a demo account, you may ask? A demo account allows a trader to test market strategies without putting real money at risk.

You have to create an account using your email address (with your full name and telephone number as inputs as well).

Unlike some other broker platforms, 24option does not offer the choices of signing up via your Google or your Facebook account.

It does affect the streamlining process and/or the ease of signing up a little bit, but it also could be seen as advantageous for it differentiates your trading account from your social media account, which could be beneficial from a security point of view.

Upon the creation of your account, your password will be system-generated and will be sent to your registered email account.

You can then change your password afterwards once you’re logged in.

The website’s layout is straightforward and promotes simplicity and efficiency to its clients:

  • The information with regards to your account could be found on the top menu (verification center, account details, and the change password option).
  • The different markets and/or financial instruments that are tradable could be found on the left side.
  • The trading window is allocated the biggest area in the layout. Once you select the tradable asset, the trading screen will automatically change to that chosen asset.
  • One thing to note though, the chart is not automatically shown on the screen. You have to click on the “show graph” icon (next to the asset’s name) in order to show the graph. This particular design might require another action in order to display the needed information (in this case, the charts) and may differ from many platforms, but it is consistent with the minimalist design of 24Option. It definitely has its own advantage for traders who are not into technical analysis and who may view charts as a form of unnecessary information.

With this combination of simplified, organized, and not automatically showing information that may not be needed, a trader using the 24Option platform could shift his attention to the most important matters –making swift and informed decisions, and then executing them.

And to further its commitment in providing a platform that is tailored to its clients, 24Option has a wide range of financial assets to choose from: ranging from the more volatile (i.e. cryptocurrencies and forex pairs) to the lesser ones in terms of volatility (indices and ETFs). It offers diversification and more opportunities to profit. It also offers one of the lowest spreads in the industry. And 24Option customer service is always on hand to provide the necessary support, especially in the event that markets will get rocked by volatility.

Let’s talk about the pros…

24Option has the interest of their clients in mind as shown by its dedication to provide the necessary educational materials to guide the users on how to make educated decisions before starting to risk their hard-earned money.

It offers lessons on various topics, be it on technical analysis (information based on past price movements), or fundamental analysis (information based on macro-economic data and events), trading psychology, etc.

Moreover…

They understand that people also prefer to learn via videos, thus not only do they have stored video lessons on different topics (VOD), they also offer scheduled webinars. Talk about being offered quality education on top of the platform, which is the main product!

And now the cons…

The number of underlying assets (forex pairs) that are offered is maybe lesser than in other broker platforms.

Although, market participants have more than enough options to choose from, but that still maybe limited for some (the details are to be further discussed).

Moreover…

The chart that is not automatically displayed might be a benefit for those who don’t use charts, but for those who do (the technical analysts), that is somewhat of a setback.

Charts are information in themselves; information that is needed to make decisions and subsequent actions. Not having the information presented immediately creates further delays.

Finally…

There are specific regional restrictions; wherein, 24option does not offer its services to. These include, but are not limited to: USA, Canada, and British Columbia.

Registration

Beginning your journey with 24option begins by signing up and creating an account. And that process is quite easily done by simply registering your full name, email account and phone number.

Pros

  • Quick registration process
  • Can use Facebook or Google account

Cons

  • None

Unlike some other brokers which offer the option of registering via a Google account or a social media account, 24option does not have that.

Countries supported

Although, 24option has a wide reach, it has its own share of exceptions. It does not offer its services in Switzerland and within the European Economic Area.

Also…

Tts services are also restricted in the other regions which include, but are not limited to Canada, the United States of America and British Columbia.

Types of accounts

It has been emphasized that 24Option tailors its services to its clients. Thus, it has different types of accounts to choose from. Each has their own advantages.

There are four different account types namely: VIP, Platinum, Gold, and Basic. All these account types get the leverage of up to 1:500 (which will depend on the asset class).

The Basic account already has the necessary features which will help the client with his trading needs. However, the other account types have their own distinct advantages as well.

24option account types

24option account types

You might be curious if 24option also offers bonuses.

Of course they do!

As a welcome bonus, eligible clients may be able to receive bonuses of up to 50% of the amount that they deposited or up to $5000 – whichever of the 2 amounts is the lower.

It is imperative to read the terms and conditions of these trading bonus programs and other promotions (if available), to double-check one’s eligibility.

Demo account

Each professional, whatever field may he belong to, needs to practice his skills first, before proceeding further. Trading is no different. Remember, that it is a zero-sum game.

Each participant is after the same rewards as you are, and they might be more intelligent and more prepared than you are.

Hence, it is important to create a demo account first to test one’s strategy and to see if it is viable to be used in a live account.

The best part?

24option has a demo account option. Upon logging in, you may select the demo account to use it immediately.

Even if the client hasn’t funded his account yet, he may already use the demo feature.

A client is provided $100,000 in dummy funds in order to start virtual trading, and it doesn’t have an expiry date. You may use that account as long as it still has funds to be used for trading.

24option demo account virtual funds

24option demo account virtual funds

Please do note:

As mentioned above, it is imperative to begin your trading journey on a demo account first to have an idea of how a market is like, understand its risks and all, yet not having to risk real hard-earned cash.

However…

In order for to maximize the utility of trading demo, it’s a good suggestion for you to use the settings that you will be using once you would be trading a live account (i.e. leverage and position sizing).

How to sign-up?

Registering for a 24option account is fairly easy to do. Just provide your full name, your email address, and phone number. That’s it.

24option registration page

24option registration page

However, unlike, other brokers, 24option does not have the options of signing up via your social media account or a Google account.

Which may be an advantage; that is, if you see connecting a social media account to a financial account as a security risk.

The password will be automatically generated by the system and will be sent directly to your email.

After the account has been created, you may change the password to one that you created.

You may also proceed with filling up the necessary information in the account details (complete address, birth date, and a second telephone number).

You may complete the verification portion by uploading a copy of your identification card in the verification center.

Because 24option is regulated, these are all part of the KYC or the know-your-customer process. After that has been done, you’re now good-to-go to make your deposit.

Here’s the deal:

Before making that deposit, you have to make sure that you’ve switched on to your live account. Then, key in the amount (in the currency of your choice) that you’re planning to deposit.

If in USD, there are also pre-defined amount options of $200, $800 and $4000. The currency that you will be using for trading purposes is dependent upon the data that you’ve keyed in during the registration process.

The available currency choices are listed below:

  • US Dollar
  • Japanese Yen
  • Euro
  • British Pound
  • Ruble

Then you may now select the payment method that you prefer. There are different payment method choices:

  • Credit/Debit Cards
    • MasterCard
    • Visa
  • E-Wallets
    • Skrill
    • Neteller
    • Perfect Money
  • Wire Transfer – Please contact your account manager or contact 24option via live chat in order to know the correct banking details.

After completing the initial stage, you need to complete your profile by providing your personal details such as your date of birth, complete address, preferred password, trading platform and the base currency for your account.

Lastly, you need to provide your principal occupation, your total estimated annual income, estimated total net worth, source of trading funds and agreement to their terms and conditions.

With the completion of this process and after making a deposit, the main trading screen of the platform will open.

Minimum deposit

The minimum amount to deposit to your account in 24option is dependent on the funding type that you’ve chosen.

Listed below are the following minimum deposit amounts:

Payment Method Minimum Deposit
Credit Card $100
Electronic Payment $100
Wire Transfer $1000

 

Please do note:

The value of the amount is the same for the other applicable currencies (just replace the currencies).

The amount that is required may very well not be the least in the brokerage industry, but it is a reasonable amount to begin with.

As it is also not recommended to be under-capitalized, because when the volatility starts to pick up and your risk-management rules do not allow much leeway, then those frequent swings will chip away at your capital before you know it.

We can’t emphasize enough:

If you’re a market participant with a long enough time horizon, then the minimum deposit amount will not matter at all; as you will be steadily increasing your account value over time, through profits or by making more deposits.

Trading Platforms

24option clients could access the platform via Web/App or via the MT4 software (MetaTrader 4).

Pros

  • Minimalist design.
  • Most trading information could be found in one screen. Only the charting feature is missing (if one uses charts to make decisions, that is).
  • Trading execution is very simple.
  • There is an economic calendar feature.
  • There is a Daily Market Update feature (which shows which are trending, has momentum, or trading sideways)
  • There is a feature which shows the clients’ choice – for a particular instrument, what percentage is long on the market and what percentage has shorted the market.
  • Plenty of choices on the technical indicators.

Cons

  • The chart is not shown on the page by default.
  • No price alerts.

24option as a platform is simple yet very efficient in providing what the clients need. It has a minimalist design, where what are being shown are only the ones which the traders would usually look for.

One thing to take note of:

The charting feature is not shown on the page by default. You need to click on the “show graph” icon (next to the asset’s name) in order to show the asset’s chart.

The feedback of clients will depend on how much they use the information presented in the charts to make their trading decisions.

Regardless though…

It is consistent with the minimalist design of the platform. Even though we have tested them all, majority of the screenshots shown here are from their web trading platform.

That’s not all…

We tested it further, and we have determined that the platform does not use huge resources of your desktop or mobile devices.

Thus…

Running it and any or all the executions made in the platform are systemized and agile.

24option trading platforms

System/Device Platform
Web WebTrader
Desktop Scipio, MetaTrader 4
Mobile MT4 Mobile Apps
Other N/A

 
24option supports multiple languages. You could change and use the following languages of these countries listed below:

English
Spanish
Russian
Arabic
Thai

 

24option WebTrader platform

24option WebTrader platform

User-friendliness

24option is very much a straight-forward platform. Its design – from the layout to the color scheme to the level of information displayed – is simple yet also exudes efficiency.

It does not even show the charting software by default. All the necessary information that many traders use are already displayed in the page.

This efficiency shown in the design allows traders to avoid processing too much information (which often leads into analysis paralysis and sub-optimal trading decisions).

If certain traders do use those data that are not initially shown, they could always opt to switch to the features that hold the necessary data. Such are the charting tools, economic calendar and the daily market update.

Should you decide that you prefer to use the MT4 platform, then you just need to download it from their website and register your account.

With the MT4 platform, you have access to more technical analysis tools, which may help you make more informed trading decisions. You also would have access to automated trading tools (algorithms).

We can’t emphasize enough…

Either platform has its own advantages; or certain users have a preference for either one of them.

Nevertheless…

Both offer clients advantages over other market participants, as they would be able to make clear-cut and informed trading decisions.

Access 24option’s trading platforms now!

Logging in

There is only one way to log in to 24option, and that is through the registered email and password.

Other brokers offer the option of logging in using your Facebook or Google accounts, this platform does not have that option.

24option login page

24option login page

Here’s the thing:

Not having other logging in options has its advantage and its disadvantage.

An advantage may be is that your 24option credentials are being used specifically for this platform only, no shared log-ins.

A disadvantage is that the logging in process isn’t as quick as when you could just click that Google or Facebook icon.

Searching for instruments

The underlying assets are being displayed on the left area of the screen.

Initially, it displays all the available assets, in order to select which bid and offer prices you are interested in looking at, you could either filter the list by selecting the checkbox of the category you’d want to show, or search the name of the asset directly.

The different categories are as follows (this follows the order in the platform):

  • Forex (foreign exchange pairs)
  • Cryptocurrencies
  • Commodities
  • Stocks
  • ETFs
  • Indices
  • Favourites – you could select which products you would want to show up here (regardless of the asset class) by clicking the star icon next to the asset’s name.
24option instrument list

24option instrument list

What’s the real story?

The other option listed earlier was typing the name of the asset directly on the search bar (make sure that you have the “All assets” checkbox ticked though or else it won’t show anything).

The functionality of this search tool is adequate; however it is too constrained by the name’s text.

This means that the text string that you’ll type should match a string or part of the string in the whole list for the name (or names) to show up. It does not have that flexibility.

Here are a couple of examples:

For stocks, the ticker symbol of Amazon is AMZN. The company name is the one listed here in the platform; if the user will type the ticker symbol AMZN, the string will not match hence the asset will not show up. If the user will type the name Amazon (or part of it), instead of the ticker, then the asset will show up.

For cryptocurrencies, the ticker symbol of Ripple is XRP. Ripple is the one listed here in the platform; if the user will type the ticker symbol XRP, the string will not match hence the asset will not show up. If the user will type the name Ripple (or part of it), instead of the ticker, then the asset will show up.

24option instrument search bar

24option instrument search bar

This is only a slight restriction which does not affect the functionality, but may need to be known by users who are already adept in identifying assets by their ticker symbols.

Moreover…

They offer several leverage options:

  • Forex – a maximum of 1:400
  • Commodities – a maximum of 1:200
  • Stocks – a maximum of 1:20
  • Cryptocurrencies – a maximum of 1:10

That’s not all…

Favorites

This has been briefly discussed earlier. Traders usually already have selected certain individual names to monitor.

Doing this would allow their attention to focus only on these selected names and ignore the others; thereby enabling their brains to process only the more important information in order to make better informed decisions.

24option favorites

24option favorites

Moreover…

Traders would have already familiarized themselves with the price behavior of these selected names, as they have been observing them for quite a while.

24option made sure that their clients would be provided that functionality. A product can be included in the favorites category by simply clicking the star icon that is located next to its name (in the main window).

If, afterwards, it will no longer be considered to be part of that category, then a simple unticking of the star symbol would suffice.

Order types

Different orders can be placed with 24option but and the available ones will depend on the platform that you’re using:

  • Market order – This order type is the default one. In the main window, the buy price and the sell price are being displayed (together with the spread value). If you click either the buy or the sell button, then click “Trade”, the order will get executed immediately at the current market price.
     
    When the market turns very volatile, however, executing using market orders might encounter slippages. This happens because the market moved too fast and the market order (at the price that was shown) which was triggered split seconds ago isn’t available anymore. It will then try to find a fill with the next available order.
  • Pending order – This could be activated by clicking the checkbox of “Open trade when rate reach.” Then click “Trade”. This will trigger the order only when the price has been met.
  • Stop loss – The objective of this order is to protect your account from further downside should you encounter adverse market action. This could be activated by ticking the checkbox of “Close at loss”. Then click trade.
  • Take profit – This order is to ensure that you’re able to take some profit if the price action would concur with your initial decision. This could be activated by clicking the checkbox of “Close at Profit.”. Then click trade.
24option order

24option order

Notifications

The market conditions are always changing and there’s new information that could be traded upon coming in frequently.

Hence…

There are plenty of traders who want such information real-time. So that they could act on them immediately, thus these represent as more opportunities.

24option notification settings

24option notification settings

24option also has that feature, together with their partnership with Trading Central. They provide daily TC SMS alerts which will definitely assist their clients with their trading.

Moreover…

The number of TC SMS alerts offered varies for each account type. The Basic and Gold accounts may receive 2 daily SMS alerts. Platinum accounts receive 4 daily SMS alerts, and VIP accounts receive a grand total of 7 SMS alerts daily.

Those represent opportunities that 24Option clients could take advantage of.

The 24option app (available on Google Play and on the app store) also provides notifications that are free of charge.

Quotes Accuracy

24option prides itself as one of the leading brokers in this derivatives field. That reputation comes with years of earning the trust of their clients with being provided accurate data.

What is reflected in the market will be reflected in the bid-ask quotes in the 24option platform as well.

That data accuracy, integrity and being one of those who offer the lowest spreads in the industry are testaments of the company’s dedication in providing great service to their clients.

Here’s the deal:

The traders’ actions are based on how they process the data.

If the input information that traders use, are incorrect in the first place, then they will have no edge; hence, will lose in the market.

That is why quotes accuracy is such an integral part of the whole trading process.

Fee details

24option is pretty much crystal clear on how it charges fees. They have documented them thus their clients are well aware of how much transactions cost before making even a single trade.

There are no surprise and/or hidden charges. The different fees are listed below:

  • Deposit fees – No deposit fees are charged.
  • Commission fees – No commission fees are charged. Instead, the spread is how 24option generates revenue. It is a good time to remind everyone that they are among the ones who offer the lowest spreads in the industry.
  • Inactivity (Dormancy) fees – Such fees are charged if there are no transactions (deposits, withdrawals, or trading activity) on your account for at least 1 month.
  • Withdrawal fees – There are certain fees that are charged to the client in order to process their withdrawals. These are listed below:
    • Via the Debit/Credit cards method – The fees amount to 3.5%.
    • Via the wire transfer method – Different amounts are charged (specific to the currency).
    • Via the Neteller method – The fees amount to 3.5%.
    • Via the Perfect Money/Moneybookers (Skrill) method – The fees amount to 2%.
    • Via the Qiwi method – The fees amount to 3.5%.
    • Via the Webmoney method – The fees amount to 0.9%.

For more detailed information, you may contact your account manager should you need further clarifications.

Tradable Assets

Using the 24option platform, clients will be able to trade among a very diverse list of underlying financial instruments. These instruments include foreign exchange pairs (currency market), commodities, stocks, ETFs, indices, and cryptocurrencies.

Pros

  • A diverse list of major and widely-followed asset classes.
  • If you’re into more speculative instruments, the platform offers a greater number of crypto assets to choose from – more options than other CFD brokers.

Cons

  • The number of foreign exchange pairs that could be traded might be lesser than what other CFD brokers offer. But still more than enough for clients to choose from.
  • Only selected US stocks are listed in this platform.

24option does offer a wide array of instruments to choose from but it could also benefit if they would include US stocks which have more volatility (namely those listed in NASDAQ), or maybe list stocks from non-US exchanges.

24option assets

24option assets

How does 24option standout among the other brokerages?

In terms of the total number of instruments, it more or less could be within a similar range with other brokers.

It does, however, offer lesser forex pairs to choose from. But if you’re into speculative asset classes, then this is where 24Option stands out.

The platform has a list of a number of crypto coins to choose from (aside than the major coins: Bitcoin, Ethereum, and Ripple) – more crypto choices than other CFD brokers offer.

Indices

The 24option platform offers more than 20 different indices to trade. Many traders prefer to trade indices because they offer a mix of volatility (opportunity) and diversification (risk management).

An index is a basket of stocks which represent a particular market (example: by region). Indices likely average out the volatility of the individual components.

24option indices

24option indices

Here are some of the indices that are present in the platform:

  • FTSE Futures – UK stock market index which represents 100 of its premier companies.
  • DAX Futures – German stock market index which represents 30 of its premier companies.
  • Dow Jones 30 Futures – US stock market index which represents 30 of its premier companies.
  • IBEX 35 Futures – A stock market index which represents 35 of Spain’s most traded stocks.
  • Nikkei 225 Futures – Japanese stock market index which represents the 225 top companies in Japan.

Forex

The foreign exchange market is a massively huge financial market where currencies are being traded.

Liquidity in this market is not a problem.

24option currencies

24option currencies

Trading forex means that you’re simultaneously buying a currency while selling the other part of its pair.

The base currency is the one located on the left (it is called the base, because it is the “basis” for the buying or selling), while the quote currency is the one on the right.

For example, the current market price of USDJPY is 107.34; it simply means that 107.34 yen could buy 1 USD.

  • Major pairs – They are the most liquid and most traded currency pairs. Some examples are: USD/JPY, EUR/USD, GBP/USD, and USD/CHF.
  • Cross pairs – These are the currency pairs that do not involve the US dollar. Some examples are: GBP/JPY, CAD/JPY, and EUR/CHF.
  • Exotic pairs – These pairs usually consist of a major currency and a thinly-traded currency (think of emerging market currencies). Some examples are: USD/RUB, USD/NOK, and USD/MXN.

Commodities

The commodities market is preferred by many traders because they represent the elements of supply and demand to its core.

24option commodities

24option commodities

There are more than 20 commodity entities that could be traded in the 24Option platform. And clients are able to trade CFDs based on the following commodities: corn, orange, crude oil, coffee, copper, natural gas, and others.

Wait there’s more…

Cryptocurrencies

These are highly speculative digital currencies (or as they are called: coins), which are based upon the concept of blockchain.

Blockchain is a decentralized list of records that are linked via cryptography.

24option cryptocurrencies

24option cryptocurrencies

The 24option platform has a list of more than 30 crypto assets that could be used to trade CFDs for; whereas, a few other broker platforms only has the 3major cryptocurrencies listed.

And since CFDs are basically contractual agreements to exchange the change in value between the opening and closing prices of the contract, then there is no need to have cryptocurrencies wallets if your are to use this platform.

As there is no exchange of actual cryptocurrencies happening.

Stocks

24option also has a good number of stock market names to choose from. These represent the some of the biggest companies in the US (for example Apple, 3M, Berkshire, Alibaba, Facebook, Alphabet, etc.

24option stocks

24option stocks

Deposits and Withdrawals

Since using the 24option platform is pretty much straightforward, that goes the same for the deposit and withdrawal procedures.

Pros

  • Instant processing time for deposits.
  • Common payment methods are accepted.

Cons

  • Depending on the verification process and the bank’s processing times, the funds may reach 3 to 10 business days before reaching the account.
  • High fees

Once you’ve switched to the “Live” setting (as against Demo), simply click the Deposit button which will lead you to the instructions page.

Just follow the instructions in order to fund your account and to select the payment method that you’d be using for funding.

For Withdrawals, you have to click the “Banking” link in order to proceed. Once you’re in the banking view, just click on Withdrawal to proceed with your request. Follow the instructions and you’re good to go.

Please do note:

We have discussed the different withdrawal charges earlier. It might be a good practice to familiarize yourself with the different charging details.

Supported currencies

The default currency that is to be used for the account will rely on the information you placed upon account registration.

However, the platform also supports GBP, EUR, JPY or RUB.

Deposits

As of the moment, the 24option platform supports these following payment methods:

  • Credit Card
  • Wire Transfer
  • e-Payments
    • Skrill
    • Boleto
    • WebMoney
    • Neteller
  • Credit/Debit Cards
    • MasterCard
    • Visa
  • E-Wallets
    • Skrill
    • Neteller
    • Perfect Money
  • Wire Transfer – Please contact your account manager or contact 24option via live chat in order to know the correct banking details.

Generally…

These are the commonly utilized methods of banking and need simple processes in fund transfers.

24option supported deposit methods compared with other brokers

Broker Credit/Debit card Electronic wallet Bank transfer
24option Yes Yes Yes
eToro Yes Yes Yes
Plus500 Yes Yes Yes
XM Group Yes Yes Yes

 
Funding your account (or adding to your existing funds) is a simple and direct process.

24option deposit page

24option deposit page

Make sure that you’ve switched to the “Live” setting (and not Demo), then click the Deposit icon which then directs you to the instructions page.

Enter the amount that you’d be putting in your account then select the payment method of your choice.

You can do this by clicking on Deposit button which can be easily located from the main platform page.

Withdrawals

Please click the “Banking” link in order to access the withdrawals page.

At the banking page, kindly, click on Withdrawal to proceed with your request. Then follow the instructions to complete the process.

Do keep in mind the different charges that apply (they were also discussed earlier).

24option withdrawal page

24option withdrawal page

That’s not all…

Withdrawal processing time

As traders, we are entitled to the fruits of our labour, right?

There’s no better way of doing that other than banking it in; getting the cash out of your trading account and exchanging them for something tangible as soon as possible.

24option does its best in processing the withdrawal requests as fast as possible.

However…

There might be some delays that might be encountered due to documentation requirements.

Please do make sure that the verification documentation is updated to avoid delays. Then kindly allow approximately 3 banking days for the processing time to be finished.

Fees and Charges

24option is transparent on how it charges fees. The details are documented and the link is provided earlier.

Pros

  • No deposit fee
  • No commissions

Cons

  • Minimum withdrawal amount if wire transfer method is used
  • Inactivity or dormancy fees.

With that, there are no surprise and/or hidden charges for the benefit of the client. Below are the listed fees:

Spreads

The spread, or bid-ask spread, of a contract is essentially, the difference between the highest price that a buyer is prepared to pay for and the lowest price that a seller is prepared to sell to.

In lieu of charging commissions, this is also a way for brokers to earn revenues.

With 24option, it is recognized that their clients would want the best available prices that are present in the market, thus they offer extremely competitive spreads in the industry.

These are floating spreads, instead of fixed spreads (values fluctuating depending on the current market conditions).

These floating spreads, however, vary depending on the account type:

  • For the Basic account, the spread could be as low as 2.5 pips.
  • For the Gold account, the spread could be as low as 2 pips.
  • For the Platinum account, the spread could be as low as 1.6 pips.
  • For the VIP account, the spread could be as low as 1.1 pips.

Bottom line?

The lower the spread is, the lesser the transaction cost of a trade will be.

Stop loss order

This is an order that will be triggered to close your current position if ever the price action turns against the trader. The objective is to keep the losses to a minimum.

As wise traders have said: “Do not fight the market. Take your losses and live to fight another day.”

Overnight funding

These are the so-called interest rate swaps. These are being charged when traders hold the positions open overnight.

24option overnight funding

24option overnight funding

Different forex pairs have different swap rates. Traders could check this by selecting the currency pair, and clicking the “I” (or information) icon. The swap rate is listed at the very bottom of the list.

Inactivity fee

The objective of these charges is to encourage trading, and also since the platform is available to be used regardless if you’ve used them for trading.

Inactivity fees are charged if there are no transactions (deposits, withdrawals, or trading activity) on your account for at least 1 month.

Charges start from €80 or the equivalent amount in the client’s currency.

Trading Tools

The 24option platform has its own tools in order to equip their clients compete in one of the toughest arenas, that is the market.

Pros

  • The charts are equipped with technical indicators. Although the list of technical indicators are not as many as the ones provided in the other platforms, these are still more than enough for clients to use.
  • The economic calendar allows clients to be prepared for macro-economic news and reports.
  • The daily market update provided by Trading Central is a robust tool in helping the clients gauge the current market behavior, and also provides certain price levels to be used for trading.
  • The Clients’ choice meter shows the percentage of users being long (betting on the price going up) or going short (betting that the price will go down).

Cons

  • The charting feature is not automatically shown. Hence there is a delay in processing the information provided by the charts and then executing a trade based on that information.

Outcomes in the financial markets are very uncertain. As a steady stream of information make the market participants act in certain ways which are then reflected in the market prices.

Hence…

Traders need to lessen the randomness that exists in the markets by making educated decisions. Trading tools, such as charts or other types of analysis, help traders make informed decisions in the midst of these uncertain outcomes.

These tools include:

  • Chart indicators – You may be able to access this feature by first clicking the “show graph”. Once the chart is showing, you may click the “show more” icon located on the upper left. The icon resembles a series of dots.
  • Daily Market Update – This is a tool provided by Trading Central. It consists of market analysis for different assets (whether a market maybe trending up, or moving in a choppy range, etc). It also features price levels to watch and alternative scenarios. This is a pretty robust tool to use.
  • Economic calendar – This is where the scheduled announcements (i.e. economic reports announcements) are listed. These macroeconomic news may act as catalysts in moving prices.

The Daily Market Update service provided by Trading Central is very helpful in assisting the clients gauge the market’s behavior.

24option Our Clients' Choice

24option Our Clients’ Choice

It advises if the current behavior is trending up, or trending down, or just moving aimlessly in a choppy range. Furthermore, it provides certain price levels for traders to monitor and even base their trading decisions on.

News feed

Macro-economic reports or announcements may act as catalysts for prices to act in certain ways.

These reports may signal a shift in the supply-demand levels of a currency or a commodity; or even signal a change in sentiments.

Thus…

Having this kind of information also helps 24Option clients in making informed trading decisions.

Charts and indicators

The charts, as was also indicated earlier, do not show up by default. Clients still need to click the show graph icon for the asset’s chart to show up.

The indicators in this platform, although more than enough, are not as numerous when compared to the platforms of the other CFD brokers.

But the important oscillators and trend-identifying tools are provided for.

24option charts

24option charts

Platform users may also pick which chart type they are more comfortable with.

Line charts (only closing prices are shown) are simpler to understand; whereas OHLC, candlestick, or Heiken Ashi charts show more information, but are more difficult to understand.

Education

24option has proven over the years that they have the interest of their clients in mind.

And this is further manifested when they have provided an extensive set of educational materials to assist their clients on how to make informed decisions before live trading.

Pros

  • Wide array of lessons covered (from technical analysis to fundamental analysis to trading psychology.
  • Daily market analysis feature
  • Interactive eBooks
  • Regular webinars

Cons

  • Advanced topics are not covered

The platform offers lessons on various topics, catering to both beginners and intermediate users.

24option education center

24option education center

The lessons range from technical analysis (information based on past price movements), to fundamental analysis (information based on macro-economic data and events), and even to trading psychology.

Furthermore…

They understand that people also prefer to learn via videos, thus not only do they have stored video lessons on different topics (VOD), they also offer scheduled webinars.

The downside?

These webinars, however, are not available for Basic account users.

Customer Support

24option is committed in providing excellent service to their clients.

Pros

  • Fast and efficient customer support
  • Can be contacted via the most common methods of communication
  • Accommodating and friendly agents

Cons

  • None

Always remember:

Customer service is an important avenue in retaining clients.

Even more so, when the markets become very volatile, orders may not get filled in time, and slippages may occur. These are stressful moments wherein clients need immediate assistance.

24option customer support

24option customer support

Clients could reach their account manager or a customer service representative through phone, email and live chat.

Additionally…

There’s also a “Contact Us” which is like a ticket-generating form as there’s a topic dropdown list that’s already provided for.

Lastly…

They also have social media presence (Facebook and Twitter) so if you’re more confortable getting in touch with them via this channel, you can easily do so.

By sending an inquiry list, we’ve tried to contact 24option using their email support and this department was capable of attending and answering these inquiries quickly with 20 minutes of response time.

The normal response time is a day or two when a user is expecting a reply from the email support. However, it is not the same with 24option. We found the agents to be sincere and honest as well. The responses were rapid and marketing tactics were not used by the agents.

24option live chat

24option live chat

If you wish to utilize live chat, this channel can be accessed only when you are logged into the platform.

Overall, the customer support team of 24option is what we need. These are the reasons why they are given a high score.

Reputation

24option is already one of the leading brokers for forex and CFDs ever since they began back in 2010.

What they provide for their clients emanates from their commitment, integrity and in providing their tailored solutions for their clients.

With this background, it already has a reputation for excellence, a reliable platform/product, and dedicated customer service.

Pros

  • Operational for almost a decade
  • Known for providing tailored solutions for their clients
  • In partnership with Juventus Football Club

Cons

  • None

Is 24option safe?

It is one of the most common questions that traders ask.

Honestly, there are not enough words to emphasize this important matter: You have to be with brokers who are transparent and honest.

And considering the reputation of 24option, they really fulfill their promise and that is why, yes, it is safe and the following are the reasons why it is safe.

Regulation

24option is approved and regulated by the following:

  • International Financial Services Commission (IFSC) of Belize – 24option option operates its international site under Richfield Capital Limited with license number IFSC/60/440/TS/19.
  • Cyprus Securities and Exchange Commission (CySEC) – The EU website is operated by Rodeler Limited, a Cyprus Investment Firm with CIF license number 207/13.

They always have encouraged regulation, as this ensures checks-and-balances, transparency, commitment to excellence, and customer-centric behaviour.

Background

24option first started operations back in 2010. Then they went on to become one of the leading service providers shifting their attention to trading in spot Forex and CFDs.

Their reputation as one of the leading brokers has been solidified as they are being acknowledged by the traders themselves through different reviews and testimonials.

Moreover…

24option become the Juventus Football Club’s exclusive partner on a global level since 2014. Such a brand capable of having these kinds of deals is an indication that they are stable have huge funds.

Conclusion

We therefore could conclude that the platform is a manifestation of what 24option symbolizes. The platform is straightforward and efficient with its features.

Its no-frills design allows its clients to focus on only what is the most important – and that is trade execution.

It even does not show the charting feature by default, which is a testament that it has streamlined its layout for its most important features and is tailored to the individual needs of their clients.

Although, the platform’s design is simple, minimalist even, it does not sacrifice quality of data that it contains.

It has this Daily Market feature (as provided by Trading Central), which shows market analysis and certain price levels that should be monitored or acted upon.

It also has the Economic Calendar feature which has the macroeconomic reports and news.

And once the charting feature is selected, clients could now see the various technical indicators for them to be able to make educated decisions.

The deposit and withdrawal processes are also simple to follow, and it allows several payment (and withdrawal) methods.

Although a drawback is that it charges several fees. Your account manager and the rest of the customer service team will be able to help you with your needs – as this has been one of their strong points.

24option was qualified to reach a competitive score on all key categories and that is why we are highly endorsing them if you are interested in the complex, challenging, yet rewarding world of trading CFDs.

You definitely will not be disappointed.

 

All set to join 24option in this trading journey?

Let’s go! Click on the link below so would immediately be redirected to their registration page.

Register now with 24option!

*CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81.27% of retail investor accounts lose money when trading CFDs with this provider.

A penny for your thoughts?

Do you have any feedback about 24option? How do you find working with the 24Option platform?

Do place your comments below.

Specification: 24option

Minimum Deposit

$100

Platforms

Scipio
MetaTrader 4
MT4 Mobile Apps

Mobile Trading

Yes

Assets

150+

Leverage (EU)

1:400

Payment Methods

Credit Cards
OKPAY
Neteller
Skrill
Perfect Money
Wire Transfer
Alternative Payment Methods

Support

Phone
Email
Live Chat

Regulation

IFSC (Belize)
CySEC (Cyprus)

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