24option Review

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24Option Review

24Option was once a very popular broker, but after the launch of Investous, they are barely heard of.

They offer investors the ability to trade on many assets types including; Forex and Crypto Currency CFD’s. Our review of the brokers 24Option shows, that they offer the clients what is called the Scipio Trading Platform. Investors also have access to popular online trading platform MetaTrader4 (MT4).

You will see that they have all major currency pairs available, and you will find both full size and mini CFD’s on popular Crypto Currency pairs. Bitcoin, Ethereum, Litecoin and Dash, and listed with spreads on Bitcoin currently at $70. Margin trading or leverage is limited to 30:1, for retail investors in the European Union.

One of the reasons that 24Option is such a popular Forex broker, is because of the many ways you can fund your account. International traders have the option to fund their trading account with; Neteller, OKPay, JCB, Switch, Skrill, Perfect Money and more. The minimum deposit for a new trading account is $250.

You should start with a practice trading account, which is available here.

24Option Reviews 2020

Is 24Option a Legitimate Broker?

The way that we review of Forex broker, to see if they are a legal company or a scam, is very simple. We check to see that they are licensed and regulated by a respected government regulator. Many investors do not realize that all brokers must have be licensed and regulated, in order to legally operate.

Click here to view details of 24Option regulatory oversight.

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  • Europe: Owned by Rodeler Ltd, they are a financial services company authorized and regulated by the CySEC under license number 207/13, since July 11th 2020. They are also registered with BaFin in Germany, and the FCA in United Kingdom. On December 23rd 2020, CONSOB Italy banned this broker from accepting clients in Italy.
  • South Africa: Smarttool SA Proprietary Limited (Smarttool SA), is an authorized Financial Service Provider, regulated by the Financial Services Board (FSB) of South Africa. Their FSB license number is 48296.
  • International: Richfield Capital Limited is regulated by the IFSC in Belize, license number IFSC/60/440/TS/17.

When choosing a CFD Forex broker it is always important to check the list of licensed brokers here, to see if your broker is licensed by a government regulatory agency.

Risk Disclaimer: “81% of retail investor accounts lose money when trading CFDs with this provider.”

Broker Contact Details

24Option is owned by Rodeler Ltd, which is located at: 39 Kolonakiou Street, Ayios Athanasios, Limassol, Cyprus.

Contact phone number in South Africa is: +27 10 500 8042 and in the United Kingdom: +44 161 960 0200. Customer service email address is: [email protected] Official brokers website is: https://24Option.com.

Find The Best Broker

If you are looking for the best online brokers for trading CFD’s, you should consider using one of the best brokers.

ForTrade is the best broker which is authorised by FCA United Kingdom, see here.

Try a Free Demo Account on their amazing trading platform, signup here.

Are you currently investing with this broker? Please share your experience in the comments section below.

24Option Review

A no-frills forex broker with good educational guides

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  • Account Minimum: €100
  • Fees: 0.5 to 1.0 pips for major FX currency pairs during market hours
  • Best For: No-frills forex trading

24Option is operated by Rodeler Limited, a Cyprus-based Investment Firm. It’s authorized and regulated by the Cyprus Securities and Exchange Commission with CIF license number 207/13. Unlike some other brokers and spread betting providers, very little information is available about the company on its website such as how long they have been in business, who the managers or owners are, and how many assets are under management.

Traders can access daily financial news on the 24Option twitter feed

24Option has a range of educational videos, they also offer as many as 10 live webinars per month

A pip value calculator that shows exactly what your profit or loss will be with each pip move

The desktop and mobile platforms do not offer live streaming news

24Option has high maintenance and withdrawal fees

No fundamental research

Trust

24Option has mixed results when it comes to trustworthiness. One major negative is that the broker is only regulated in Cyprus. This still falls under the EU regulatory regime but may not be as robust as other more developed regulatory regimes like the UK or Germany.

Another factor working against the broker is the lack of guaranteed stop loss trading outside of France. On the bright side, 24Option participates in an investor compensation fund should the broker become insolvent. Also, client funds seem well protected with anti-fraud software including both ClickSSL and Thawte. Negative balance protection, that prevents clients from losing more than their initial deposit, is also in place as per new EU regulation.

Desktop Experience

Like most other brokers, 24Option allows traders to download and use the MetaTrader 4 (MT4) platform. This platform is an industry standard and allows for advanced charting and analysis. Traders who do not wish to use this software can also use the 24Option’s desktop platform, which is better than the industry average. For example, the desktop platform has customizable and transparent price lists for easy trading and execution. It allows for advanced charting with an “indicator wizard” that allows traders to build customized charts. It is also possible for traders to build a watch list simply by clicking on the star next to any currency pair. This pair will then appear in a list of favorites.

Traders are also able to leave conditional orders and have stop-loss and take-profit trading options that allow for hedging. Finally, unlike some brokers, 24Option displays other clients’ positioning, so traders know how other traders feel (bullish or bearish) about any instrument.

Special Features

24Option lacks any special features sometimes available to other traders such as social trading. Other features such as automated trading or back-testing certain trading strategies are available via the MT4 platform, but not through the desktop platform.

Customer Support

Customer support is quite good and 24Option scored well in this category. For example, online chat is available for both new and existing clients, and 24 hour support is also available via phone or email 5 days a week.

Outside of office hours, robo support can answer many frequently asked questions and is easy to find on the lower right part of most of their webpages. The broker also has a list of the most basic FAQs on their site. Social media support is available via Twitter, where several useful daily market briefing videos can be found.

Investment Products

24Option also scored well for its range of investment products. While the site has slightly fewer currency pairs than other providers, they do provide extensive coverage in cryptocurrency trading (including pairs with major currencies such as Bitcoin/USD, Bitcoin/EUR, Bitcoin/GBP, etc).

Additionally, they offer trading in over 160 individual stocks, which is a clear advantage for a trader wishing to partake in such activity. Other trading products such as gold and oil are standard, and 24Option offers trading in many of the same commodities as other providers at competitive spreads.

Research Tools and Insights

The range of research products resulted in mixed results for 24Option. For example, the broker has teamed up with Trading Central to provide comprehensive technical analysis complete with entry and exit points, trading charts and recommended positioning. Videos and market calendars are also available to help traders with their decisions. But the broker is behind its peers in areas such as streaming news or fundamental research. These tools can be helpful in making longer-term trading decisions and 24Option is at a competitive disadvantage when it comes to offering these services.

Education

Educational products offered by 24Option are quite good. There are several videos that explain many concepts such as CFD trading itself. Other videos cover topics such as pending orders, trend analysis, risk management, calculating pips, support and resistance trading. Webinars are given up to 10 times per month, with at least two dedicated to basic and intermediate technical analysis. There is a separate section related specifically to forex trading with its unique concepts as well as a glossary with key terms important to CFD trading.

Mobile Experience

24Option’s mobile experience is adequate but not top of the range. Mobile apps are available in both iOS and Android, but there is no dedicated mobile website that is unique to the desktop experience. The app provides for fingerprint encryption, but this is part of Apple’s Touch ID, and not a separate factor authentication provided by the broker.

Many of the same features that make the desktop experience pleasant are also available in the app. For example, steaming quotes allow traders to easily see where assets are trading. A mini-chart shows the short-term trend as well. It is also possible to leave conditional orders, stop-loss and take profit orders in the mobile app, so traders have full control over their positions.

It is easy to make a mobile watchlist by simply tapping on the star to the left of the currency pair. This will add the pair to a list of favorites that can be easily filtered for faster trading. Charting is also easy with the app. Traders can easily switch timeframes to see different trading opportunities.

Technical studies such as moving averages can also be quickly added to the mobile charts to help traders identify trading opportunities and monitor existing positions. The mobile app offers nearly 100 different technical indicators but lacks the indicator wizard available in the desktop version.

One disadvantage to the mobile app relative to other providers is the lack of price alerts or news feeds. Other service providers make these options available which can help enhance the trading experience.

Commissions and Fees

Relative to other brokers, 24Option’s fee structure is relatively high. For example, there does not appear to be any meaningful discounts for larger volumes traded despite offering four different account types. But there are high fees for dormant accounts that can run to as much as €200 per month after six months. The broker also charges a monthly maintenance fee of €10. Finally, withdrawal fees of around 3.5% apply after the first withdrawal. On the bright side, there are no deposit, commission or financing fees. The minimum amount required to open an account is €100.

What You Need to Know

24Option’s high fees and the lack of published information about the company should throw up red flags. But the quality of its educational offerings and its helpful customer support will be useful for new traders. And the firm’s high fees will provide a different, costly kind of education on doing due diligence before picking a broker.

Methodology

Investopedia is dedicated to providing investors with unbiased, comprehensive reviews and ratings of online brokers. Our reviews are the result of six months of evaluating all aspects of an online broker’s platform, including the user experience, the quality of trade executions, the products available on their platforms, costs and fees, security, the mobile experience and customer service. We established a rating scale based on our criteria, collecting over 3,000 data points that we weighed into our star scoring system.

In addition, every broker we surveyed was required to fill out a 320-point survey about all aspects of their platform that we used in our testing. Many of the online brokers we evaluated provided us with in-person demonstrations of their platforms at our offices.

Our team of industry experts, led by Theresa W. Carey, conducted our reviews and developed this best-in-industry methodology for ranking online investing platforms for users at all levels. Click here to read our full methodology.

24Option Review

The prices might not be the best, but this is a fantastic broker if you’re looking for excellent education and a good demo account to practice with.

All reviews, research, news and assessments of any kind on The Tokenist are compiled using a strict editorial review process by our editorial team. Our writers nor our editors receive direct compensation of any kind to publish information on TheTokenist.io. Our company, Tokenist Media, is community supported and may receive a small commission when you purchase products or services through links on our website. See more information here about how we make money.

24Option – Reviews & Ratings

FAST FACTS:
• Demo Account: Yes
• Account Minimum: $250
• Regulation: CySEC (Cyprus)
• Best For: Traders looking for good education
• Asset Coverage: CDFs, Forex, Crypto, Commodities, Spreads, Stocks

Investor Warning: Trading in Forex/CFD carry a high level of risk to your capital due to the volatility of the underlying market. These products may not be suitable for all investors. Therefore, you should ensure that you understand the risks and seek advice from an independent and suitably licensed financial advisor.

24Option is a forex broker, founded in 2020 and owned by a company from Cyprus called Rodeler Limited. A company from Cyprus might seem suspicious but many brokerages who deal in binary options are based there because of regulatory benefits.

In the world of binary options, 24Option was the second biggest player, outsized only by Banc de Binary, an Israeli company that was shut down due to fraud charges. 24Option has changed in the last couple of years, as it no longer offers binary options to its clients.

Recently, 24Option has added more investment types to its repertoire, and the customer service has also been expanded in order to better manage big investment portfolios and provide better technical support. The company is currently focused on Forex trades (including cryptocurrency forex pairs) and CFD trades.

Their website offers little information about the company compared to the sites of other notable forex brokerages. This lack of transparency, paired with the fact that 24Option is based in Cyprus makes the company look untrustworthy, however, that doesn’t seem to be the case. The Cyprus Securities and Exchange Commission regulates 24Options.

24Option is not available in Canada, Israel, Iraq, Belgium, Bosnia And Herzegovina, Australia, U.S.A, Virgin Island, Puerto Rico, American Samoa, Algeria , Ecuador, Iran, Myanmar, North Korea, China, Panama, Uganda, Ukraine, New Zealand, and Japan.

Overview and Summary

  1. 24Option no longer offers binary options. They are currently focused on forex and CFD trading.
  2. The fraud accusations against the company are unfounded. Although, their users did lose money because of the company’s inability to properly disclose important information about their regulations.
  3. There are four account types.
  4. The educational resources are excellent. 24Option offers webinars, video lessons, and written articles to users. Some of these are free and available to non-users.
  5. The trading platforms are not exceptional.
  6. Trading prices are higher than average, but getting an advanced account can lower them dramatically.

Fraud Accusations – Is 24Option a Scam?

Unclear Regulations – How Users Lost Money

In the past, the company used to incentivize its users by offering them the so-called “24Option Bonus”. This means that clients practically got free money for trading, which would later incur commission fees.

Here’s the catch: users who accepted the bonus had to meet certain requirements in order to access the money they earned afterward. They had to upload personal documents to prove their identity and meet the wagering requirements.

The users who accepted the bonus and didn’t meet these requirements lost their earnings. Technically, this is not the company’s fault but this information is not in plain sight on their website or platform. Many users had no idea about these requirements because they weren’t properly warned by 24Option.

All the requirements and legalities concerning the current bonus scheme are thoroughly explained in the Trading Bonus Scheme on their site’s legal section. However, this is a legal document that uses complicated language, and clients shouldn’t be expected to go through all the details just to find an essential piece of information.

Fortunately, many clients got help from the customer service representatives, and eventually got their money back. Users also lost money simply through trading binary options, which are extremely risky if you don’t know exactly what you are doing. Even though 24Option may not be a scam, the company failed to make this crucial information apparent to users, who were left damaged by their relationship with 24Option.

The world of binary options has seen many instances of fraud and thievery, like the scandal involving the aforementioned Banc de Binary. Therefore, it is not unwise to tread carefully when looking for a good online forex broker.

Accounts and Pricing

Four Account Types

24Option offers users four different account types with account minimums ranging from $250 in the low end to $50,000 in the high end. The general offer and fees are better for higher-tier account types. Therefore, some are more suited for high-volume trading, while others are good for getting your feet wet in the forex market.

Basic

The best choice for new traders, as well a s those who want to try out 24Option is probably the Basic account. The minimum required balance is $250 and you get access to some educational materials.

Basic users get one free lesson but they do not have access to webinars. Basic account users also get a very good demo account with $100,000 to try the platform out (demo accounts are available with all account types). This account type also includes daily news and one free withdrawal.

The price of trading is better with the Gold account than with the Basic. Users also get two basic lessons and one monthly webinar. The minimum deposit is $5,000, and users can make one free monthly withdrawal.

Platinum

The Platinum option requires a $10,000 deposit and offers all the same perks as the previous account types, with slight improvements. The pricing is better, and users get three advanced lessons and two monthly webinars. Clients can also make three free monthly withdrawals from their Platinum accounts.

The best and most expensive option is the VIP account, which requires a $50,000 deposit. The VIP account has the best pricing by far and offers five advanced lessons as well as five monthly webinars. Users can withdraw unlimited amounts from their VIP account without fees.

The more you deposit, the more you get. More expensive accounts offer better prices and more valuable educational resources. All account types give users access to daily news as well as Trading Central – a great tool for advanced market analysis.

Accounts Basic Gold Platinum VIP
Minimum Balance $250 $5,000 $10,000 $50,000
EUR/USD 2.5 PIPS 2 PIPS 1.6 PIPS 1.1 PIPS
GBP/USD 2.8 PIPS 2.5 PIPS 1.9 PIPS 1.4 PIPS
USD/JPY 2.8 PIPS 2.5 PIPS 1.9 PIPS 1.4 PIPS
Crude Oil $0.13 $0.12 $0.11 $0.09

What 24Option is Great At

Education

24Option has a well-rounded offer of high-quality educational resources. Their website has articles on topics like daily market analysis and technical analysis, which can be viewed for free. You can find everything you want to know about their trading platform from the website.

There are free webinars as well as those you can only get as a member of 24Option. Members also get access to some excellent video lessons. These lessons explain both basic and advanced concepts like basics of CFD trading, calculating pips, managing risk, different kinds of analyses, etc.

There is also content focused solely on forex trading for beginners, that includes a glossary. All in all, 24Option has outstanding educational resources, valuable for newbies, as well as intermediate traders.

Customer Service

Users, as well as potential users, can reach 24Option via phone, email, and live chat. The company’s customer service seems to be very responsive and ready to help, however, they are not available during the weekends.

The customer support representatives can be reached 24 hours a day from Monday through Friday, but the live chat only works during work hours. In general, the customer service is competent and very ready to help users.

When I tried the live chat, a representative responded in about 30 seconds and answered my questions immediately. The speed and competence of the customer service representatives is truly praiseworthy.

However, the live chat doesn’t seem to work on Mozilla but it works on Chrome.

Range of offerings

24Options has changed a lot in the past couple of years, as they stopped offering binary options, which were once their focus. Now, the company offers a broad spectrum of cryptocurrency pairs like BTC/GBP, BTC/EUR, BTC/USD, etc.

However, there are not as many available currency pairs as you might find with other forex brokers, and other products like oil and gold have the average price. Whether it’s commodities, currencies or spreads, 24Option keeps up with the competition.

Where 24Options Can Improve

Average Trading Platform

The company offers two desktop platforms as well as a mobile one. The available research tools are good but not extraordinary. The same goes for all aspects of 24Option’s trading platform.

Desktop Platform

24Options has a good, intuitive platform. Users can place trades and make watchlists with ease. The platform has great charting tools and its interface is very customizable. Users can also see the positions of other traders.

By seeing the positions of their fellow traders, users can predict the general tendency of the market at the given moment, and place prudent conditional orders. The company also offers users the MetaTrader 4 software, which is very common in the industry, although, the company’s desktop platform seems to be better.

Mobile Platform

The mobile app is good enough but it doesn’t stand out among the competition. The software is optimized for Android and iOS, the latter of which has fingerprint authentication. The mobile version has just about the same functionality as its desktop counterpart.

Many of the features like charting and streaming quotes are very accessible, and adding data like moving averages to your charts is simple and quick. Users can maintain a good level of control over their positions on the mobile app.

There is no daily news on the mobile app, and it’s also lacking in alerts compared to other mobile platforms. All in all, it is a good, user-friendly app with some very good features, but it pales in comparison with the top-tier trading apps.

Prices are Higher Than Average

24Option doesn’t have the lowest fees. Actually, they are higher than average. Getting a premium account can dramatically decrease the cost of trading in higher volumes, but aside from that, there are no discounts for high-volume trading. The fees for inactive accounts are also pretty high.

If an account is inactive for six months, it can be charged up to $200 per month. Account maintenance costs $10 a month, and the withdrawal fee is 3.5%. However, users get a number of free withdrawals each month, depending on what account type they have. The VIP account has an unlimited number of free withdrawals.

Even though you can find better prices on other platforms, 24Option has no financing or commission fees. The minimum required deposit for the Basic account is $250, which is quite reasonable.

PROS CONS
Great educational resources. The prices are higher than average.
Multiple account types. The company is regulated in Cyprus.
A wide range of investment products. No high-volume discounts for basic accounts.
Reliable customer service. Average trading platform and research tools.

Conclusion – Who is 24Option Best For?

As far as pricing is concerned, you can find superior offers among the best forex brokers in the industry. The lack of transparency is also a bit concerning, even though there haven’t been any major problems regarding the trustworthiness of 24Option.

Since 24Option has a relatively low minimum deposit for their Basic account and fantastic educational resources, it is a great platform for learning to trade. The customer support is reliable and the demo accounts are top-notch.

About Author

Tim Fries Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim is also the co-founder of Protective Technologies Capital ( protechcap . com ).

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