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24Option were created in 2008. Opening as a Binary Options broker, 24Option is now a leading CFD and forex brand owned by Rodeler Ltd. The firm’s head office is located in Cyprus . For traders outside of the EEA (European Economic Area), customers of 24Option do business via a separate company called Richfield Capital Limited based in Belize.
In the past, the main product offered has been binary options. But 24Option has recently begun to offer CFD trading and forex in a bid to rival the more established brokers in the sector. The similarities between the products meant 24option were able to build their own bespoke trading platform, and add new functionality for CFD and forex trades. Binaries have now been removed completely.
Trading Platforms
In terms of the trading platform used by 24Option, the broker previously used the binary options trading platform that was powered by TechFinancials. However in their bid to extend their product offering, 24Option now uses a proprietary platform (with the same login details) called Scipio to provide CFDs and forex trading services.
MetaTrader 4
In addition to the Scipio trading platform, 24Option has also integrated the popular MT4 trading platform for traders who wish to trade the spot forex and CFD markets. The main attraction of the MT4 platform is the advanced trading tools that have been integrated into the platform.
So traders can use one of two platforms, each provides different strengths. MT4 is perhaps more complex to use, but includes way more analysis tools and also automation options. The traditional platform is easier to use. Traders can of course, perform research on one platform, and trade on the other. Login details remain the same for both.
Mobile Trading
24option provide a free mobile trading app for both iOS (iPhone and iPad) and android. The apps are available for download both on Apple’s App Store or Google Play Store. The app delivers all of the functionality of the main website, including many account management features. The app takes advantage of the strengths of each platform (android or iOS) in order to maximise the functionality on every device.
Using the app is slick and intuitive. The login process is quick but secure. Technical analysis becomes hard on smaller screens, but trading and amending details are straightforward and a real bonus for traders who need to react to events while they are away from their computer or laptop.
Trading Accounts Offered
There are 4 different types of trading accounts available at 24Option for you to choose from. The trading accounts are categorized into Basic Account, Gold Account, Platinum Account and the VIP Account (previously Diamond).
Each level of account offers slightly better terms, including more lessons and tighter spreads.
To open a live trading account, you need to meet a minimum initial deposit of $100.
Regulation & Reputation
Are 24Option a scam, or are they trustworthy? Their regulatory history suggests that they are a responsible company. The move away from the binary sector was designed to maintain their reputation.
In terms of regulatory oversight, 24Option is regulated under 2 regulatory agencies. For operations within Europe, 24Option is regulated by the Cyprus Securities Exchange Commission (CySEC) under the CIF license no. 207/13 issued to Rodeler Ltd. For operations outside of Europe, 24option comes under the jurisdiction of the International Financial Services Commission of Belize. The authorization is issued to Richfield Capital Limited under the IFSC registration number IFSC/60/440/TS/15-16.
Bonus
Owing to the recent memo from CySec ( C168 (30/11/2016) and C194 (16/03/2017)), bonuses – either deposit bonus of free trades etc – are now prohibited. 24Option therefore do not currently offer a sign up bonus.
Instruments
Currently, the firm has a wide selection of underlying assets for their clients to choose from. In total, there are more than 130 different types of underlying assets. The selection comes 4 main asset classes mainly currencies (34 pairs), commodities (11 types), market indices (25 indices) and stocks (61 companies).
Customer Support
Customer support at 24Option is provided on a 24/7 basis. Traders can reach the support team through email, live chat or the telephone. For the following countries, localized telephone support is available:
Belize, Brazil, Chile, Colombia
Malaysia, Mexico, New Zealand
Peru, Russia, Saudi Arabia, Singapore
Ukraine, United Arab Emirates
Deposit & Withdrawal
For the funding and withdrawal of funds at 24Option, there are a variety of methods that you can use. The supported methods include VISA, Mastercard, Discover, Diners, Switch, JCB, Skrill, Neteller and bank wire transfer.
Are 24Option Best For Day Trading?
For day traders, 24Option is ideal as the broker is able to provide the right selection of underlying assets for day traders to trade with. For example with binary options, you can trade in contracts with an expiry time as short as 60 seconds. Likewise with CFDs, the trader has the choice to determine when he wants to close the trade. The ability to be able to arbitrarily close a trade is crucial for a day trader as a split second decision can mean the difference between profit and loss.
FAQs
What is the minimum deposit requirement to open a trading account?
The minimum deposit requirement is $250.
How fast can my withdrawal request be processed?
The typical processing time required for a withdrawal request at 24Option is 3 business days.
Is 24Option a reliable broker?
Yes. 24Option is a reliable broker as it is regulated in multiple jurisdictions. In addition, the broker has established a reputation as being one of the leading names in the industry.
What kind of trading platform does 24Option have?
24Option offers two types of trading platforms, a proprietary platform called Scipio and the MetaTrader 4 platform.
What is the maximum leverage available?
The maximum leverage offered by 24Option is 1:200.
24Option Company Details
24Option are based at: 39 Kolonakiou Street, FREMA PLAZA, First Floor, Ayios Athanasios, Limassol, Cyprus
Accepted Countries
24Option accepts traders from Thailand, United Kingdom, South Africa, Singapore, Hong Kong, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use 24Option from Belgium, Iran, China, Bosnia And Herzegovina, Israel, France, Japan, Australia, Canada, United States, India, Nigeria, Brazil, Switzerland.
