Started as a Binary Options broker, 24option has grown to become one of the leading CFD and forex trading sites. With its MetaTrader 4 platform offering coupled with an expanded customer support service, 24option is a decent broker option. The 24option trading brand is regulated by the CySEC.
Find out if 24option checks all the boxes that you look for in a broker by reading this broker review in full.
24option Background & Safety
24option was first established in Cyprus back in 2008. The firm is affiliated and regulated by the Cyprus Securities and Exchange Commission. Unlike other brokerage entities online, 24option displays limited information about its company background and history as seen on its official site.
Richfield Capital Limited, a Belize-based investment company, operates 24option and its sites within the European Economic Area. Richfield is registered and regulated by the International Services Commission of Belize. This setup is a bit odd considering that Cyprus still falls under the European Union regulatory regime.
During its initial year of brokerage service, 24option was offering Binary Options trading. But to remain afloat in the sector and compete against giant brokers, 24option revolutionized its trading offering and provided forex and CFD trading to its clients. The move was coupled with an introduction of new functionality for forex and CFD trading and its modified and fortified trading platform.
As of date, 24option no longer offers binary trading and has shifted its focus on providing unique forex trading services to traders worldwide.
In terms of fund safety, 24option provides a decent measure as it offers client fund insurance in the event of bankruptcy. This is due to the firm’s participation in an investor compensation fund. Adding to this is 24option’s negative balance protection, protecting clients from losing more than their trading capital or their initial account funding.
24option Features & Fees
24option offers Forex, cryptocurrency, equity, commodity, and index CFDs. The official site of the broker, though, did not stipulate the exact number of tradable assets.
To provide versatility, 24option offers four account types: Basic, Gold, Platinum, and VIP. Each account has its set of trading conditions as specified below:
Basic – the startup account with a $250 minimum initial deposit amount that gives you access to floating spreads starting from 2.8 pips. Account users get 1 basic lesson for trading education along with 2 daily TC SMS alerts.
Gold – starting from $25,000 minimum initial trading fund, this account type provides floating spreads starting from 2.5 pips for the EUR/USD pair. This goes with 2 basic lessons for trading education, a monthly webinar, and 2 daily TC SMS alerts.
Platinum – a hefty $100,000 initial minimum trading fund is required to open this account type which will give you access to floating spreads that start from 1.9 pips for the EUR/USD pair. Other perks include 3 advanced lessons, 2 monthly webinar, and 4 daily TC SMS alerts.
VIP – deposit no less than $250,000 as an initial finding to use this account type. This also provides floating spreads starting from 1.4 pips for the EUR/USD pair plus 5 advanced lessons, 5 monthly webinar, and 7 daily TC SMS alerts.
All these account types are provided with Daily News, Trading Central, and 100% Margin Call. In terms of withdrawal perks, the Basic account gets a 1-time free withdrawal transaction; Gold users have 1 monthly free withdrawal benefit; Platinum account users with 3 monthly free withdrawal; and VIP account users with no withdrawal fees to incur for their lifetime trading.
24option provides a variety of options for replenishing and withdrawing funds from traders’ accounts. Some of them include Visa, Skrill, Mastercard, Qiwi, AstroPay, Perfect Money, Neteller, and bank wire transfer.
24option Trading Platforms & Tools
24option offers two desktop platforms and a mobile app. The market standard platform in MetaTrader 4 is one of the desktop versions of the broker’s trading platforms. The other one is 24option’s desktop platform offering. The two are not short of the standard as they both have good research tools but they are also nothing special as well. 24option’s desktop platform is intuitive enough for traders to place trades and make watchlists easily. The platform’s interface is also fully customizable and users can see other traders’ positions. This is one of the salient features of the broker’s desktop platform as it enables its users to predict the general tendency of the market at a specific period.
The mobile app version is available to iOS and Android devices for downloads. Basically, the mobile app gives pretty much the same experience as that of the desktop version. One notable feature of the mobile app is the fingerprint encryption for iOS-powered devices.
Aside from lacking price alerts and news feed, the mobile app is good enough for use.
24option is a good try for beginning traders as it provides a startup account that features a good set of educational resources for trading. In terms of pricing, 24option is quite at a disadvantage as it has higher fees and spreads.
Another area of concern is the broker’s official site. It needs to be redesigned and display its offerings more orderly. It also needs to be more transparent in its offerings and services in such a way that visiting investors can easily browse their trading services.