24Option Review

Details

Broker 24Option
Website URL https://www.24option.com/eu/
Founded 2006
Headquarters Cyprus
Support Number +44 161 960 0324
Support Types Email , Live chat , Telephone
Languages English , Dutch , Latvian , Russian , Danish , Chinese , Swedish , Korean , Indonesian , Italian , Turkish , Japanese , Romanian , Spanish , French , German , Arabic, Portuguese
Trading Platform Tech Financials Trading Platform Meta Trader 4 (MT4) Mobile Trading Platforms
Minimum 1st Deposit $250
Bonus Win cash prizes and other things like tickets for Arsenal or football matches
Free Demo Account Yes
Fees Yes
Account Types Basic , Silver , Gold , Platinum
Deposit Methods Visa , Mastercard , Dinners Club , JCB , Carte Bleue , Dankort , CartaSi , Laser , Discover Skrill , MoneyGram , Neteller , Qiwi , Neosurf , AstroPay , SoFort , iDeal , Bank Wire Transfers
Withdrawal Methods Visa , Mastercard , Dinners Club , JCB , Carte Bleue , Dankort , CartaSi , Laser , Discover Skrill , MoneyGram , Neteller , Qiwi , Neosurf , AstroPay , SoFort , iDeal , Bank Wire Transfers
Trading Currency US Dollar (USD) , British Pound (GBP) , Japanese Yen (JPY) , Euro (EUR) , Ruble (RUB)
Overall Score

Pros

  • Regulated broker
  • excellent multilingual customer service
  • diverse selection of account types

Cons

  • Withdrawals come with a standard trading fee

24Option is a leading international online trading brokerage that is very well respected throughout the world and primarily in Europe. The brokerage offers the trading of forex and CFDs on a wide range of financial instruments including 132 stocks, 42 currency pairs, 13 commodities, 18 indices, and 5 of the most popular cryptocurrencies. Not only are the extent of these tradeable products an enticing reason to trade with 24Option, but the brokerage also has enticing welcome offers such as VIP tickets to football matches, bonus cash deposits, apple products, and more.

24Option is owned and operated by Richfield Capital Limited and was founded in 2009 as a binary options broker, only now, 24Option just offers the trading of forex and CFDs. 24Option’s founding company is based out of Belieze, but the 24Option brokerage is based out of Cyprus with their headquarters located at 39 Kolonakiou Street, Ayios Athanasios, Limassol, Cyprus. Since the brokerage is based out of Cyprus and their founding company is based out of Belize, 24Option is licensed and regulated by two regulatory authorities; the Cyprus Securities Exchange Commission (CySEC), and the International Financial Services Commission of Belize (IFSC). Therefore, 24Option is authorized to provide online trading services to traders from around the world, and mainly throughout Europe and the Americas. Also, the brokerage offers full support and their services in English, Spanish, Russian, and Arabic.

24Option is a trading brokerage used both by experienced and beginner traders from all over the world, but how does it shape up to the competition? In the following review we discuss the aspects that make up this broker and see how it compares to the competition.

24Option Types of Trading Accounts

24Option does an excellent job at trying to accommodate every type of trader and their needs by offering a diverse selection of account types. Each account type has slightly different aspects, features and perks to accommodate the needs of the traders they serve. See them overviewed below.

Basic Account

  • Platform Introduction
  • Dedicated account manager
  • Webinars & seminars
  • Financial market introduction
  • Demo account 100K
  • Daily market brief

Silver

  • Everything from the Basic Account +
  • Risk management explanation
  • Sentimental, fundamental, technical analysis one on one tutorial
  • Short, medium, long term explanation of common trading strategies
  • No maintenance fees
  • Max lot

Gold

  • Everything from the Silver Account +
  • One on one MT4 course
  • Trading central
  • Free withdrawals
  • Platinum
  • Everything from the Gold Account +
  • Favorable spreads

24Option Trading Platforms

24Option offers two different trading platforms for their traders to choose from; the Tech Financials platform and the popular Meta Trader 4 (MT4) platform. Both platforms are highly sophisticated and intuitively designed. See them overviewed below.

Tech Financials Trading Platform

The Tech Financials platform is web-based and accessible directly from the 24Option website. This platform is very user friendly, but a little less advanced than the MT4 trading platform making it a great option for beginner to intermediate traders. The platform features a variety of order types and various charting and analysis tools that are very easy to use and implement.

Meta Trader 4 (MT4)

This trading platform is the most widely used trading platform in the world and is the preferred platform among forex traders. The platform is highly advanced and designed in such a way that beginner and intermediate traders can appreciate it as well. Traders can participate in automated trading with the integration of Expert Advisors (EAs). Also traders have access to a sophisticated charting package where traders have access to over 50 technical indicators, a variety of drawing and analysis tools, and numerous chart types and time frames.

Mobile Trading Platforms

24Option is mobile friendly as both the Tech Financials and MT4 trading platforms have downloadable mobile applications available for free from the Apple App Store and the Google Play Store. The mobile trading applications support many of the same features as the desktop platforms as they have been optimized for the mobile interface. Overall, the mobile trading applications are very good.

24Option Welcome Offers

24Option provides new trader to their platform with enticing welcome offers such as VIP tickets to football matches, bonus cash deposits, apple products, and more. The brokerage really likes to keep things interesting for their clients and therefore offers various promotions to entice traders to keep trading. Traders can participate in various competitions where they can win cash prizes and other things like tickets for Arsenal or Juventus football matches through company sponsorships. Other promotions and bonuses include gifts such as laptops, TVs, and other electronics. These bonuses are rewarded for certain amounts of trading volume and or deposit bonuses. The parameters change from time to time but are always explained on their website.

24Option Commissions & Spreads

24Option charges their clients various fees for different things. The fees are incurred through spreads and commissions, but there are other fees as well. For instance, traders with a basic account must pay a €10 fee per month. Another fee which applies to all accounts is the account inactivity fee which kicks in after two months of inactivity. This fee can raise up to an outrageous €200 per month if the account is inactive for many months. Withdrawal fees can range from 0.9% to 3.5% depending on the method. Also, a €50 fee will be charged if you withdraw your funds after making only one trade. So, in addition to the commissions and spreads traders incur, there are many additional fees that can be imposed on traders if they are not careful.

24Option Deposits & Withdrawals

24Option requires traders to make a minimum initial deposit of $250 to open an account and begin trading. This amount is common in the online trading industry and traders can make this deposit in the following currencies; US Dollar (USD), British Pound (GBP), Japanese Yen (JPY), Euro (EUR) and Ruble (RUB). Deposits are processed instantly if they are made via credit card or e-wallets, but deposits via bank wire transfer take up to 5 business days to be completed.

As for withdrawals, the minimum withdrawal amount is only $10 and there is no maximum for how much you can withdrawal. However, traders must withdraw their funds via the same method as they deposited. If the withdrawal amount exceeds the deposit amount, the remaining amount must be withdrawn via bank wire transfer. Also, all withdrawals come with a standard trading fee of $35 as well as additional fees that depend on the withdrawal method used. Therefore, withdrawing funds with 24Option is not very favorable.

See below, a list of the available deposit and withdrawal methods:

Credit Cards: Visa, Mastercard, Dinners Club, JCB, Carte Bleue, Dankort, CartaSi, Laser, Discover

Electronic Payment: Skrill, MoneyGram, Neteller, Qiwi, Neosurf, AstroPay, SoFort, iDeal

Wire Transfers: Bank Wire Transfers (international & local)

24Option Customer Care & Support

24option has excellent multilingual customer service that’s available 24 hours a day, 7 days a week via email, live chat, and telephone. The customer service representatives are quick to respond and answer in a friendly and professional manner. Additional methods of support include a comprehensive education center that comes complete with webinars, eBooks, trading strategies, and more. Compared with many other online trading brokerages, 24Option goes above and beyond with the support they provide.

What we think of trading at 24Option?

After reviewing the 24Option trading brokerage, we have come to the conclusion that they are an enticing and highly lucrative trading brokerage to trade with. 24Option is an online trading brokerage who cares about their customers and strives to provide them with the most trading options, best resources, and amazing customer support. They have received numerous awards for their excellent services and attract more and more traders all the time. As well, 24option offers competitive fees for the services they provide, and two outstanding trading platforms. 24Option is also licensed and regulated by a reputable regulatory authority and they have a viable reputation in the online trading industry. All in all, we believe 24Option is a trusted and competent online trading broker.

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