Welcome to my 24Option binary options and Forex broker review
Company name: 24option
Website address: 24option.com
Owner and background of 24option: The founder of 24option is Rodeler Ltd.
Languages: English, Spanish, French, German, Italian, Portuguese, Latvian, Japanese, Arabic, Romanian, Korean, Finnish, Danish, Swedish, Russian, Indonesian, Turkish,
My overall Rank: 91 out of 100
This company operates under Cyprus Securities Exchange Commission (CySEC) with license number 207/13 and also under FCA, British Financial Conduct Authority since 04.12.2013 and Rodeler BAFIN in Germany.
Their main office is registered office in Limassol, Cyprus CY-4103, 39 Kolonakiou Street, FREMA PLAZA, Ayios Athanasios.
The company also operates outside of Europe under Outside the European Economic area and their services 24option.com are offered by Richfield Capital Limited, a company that belongs to the same group as Rodeler Limited and is regulated by The International Financial Services Commission Of Belize.
24option is legit company and is most of the time doing business in a professional manner.
The company offers to its customers trading on binary options on their simple to use fully web-based platform with great user-interface which keeps growing and also recently they started to offer trading on CFD’s Contracts for difference on their new platform called Scipio and lately they also offer very popular in Forex Meta Trader 4. To further expand they offer trading on spot Forex market as a handful of binary options brokers.
24option is popular choice for people that decided to make money on binary options, it’s been established in 2010 and is second largest when taking into account number of people that use it. They sponsor few large sporting names and have good brand recognition.
As most people is losing money trading binary options they often blame broker but the reality is that trading on binary options involves risk and we should know that. If you are not sure what you are doing learn to trade on a demo account. You can do that with 24option demo account, after opening real account request from the broker to open demo account for you, this way you’ll become familiar with their platform and the whole process of trading.
— Doesn’t accept US traders
— Unresponsive email support
— 60 s options available
— Demo account available
— Mobile Trading available
— Quick and easy registration
— Buyback option that allows you to cancel the trade and get portion of the stake money back up to 5 minutes before its expiry time to avoid total loss of your bid.
How to trade with 24Option
It is very easy to start trading with this broker, you need to start with creating an account and then making your first deposit of Minimum $ 250 / 250 € / 250 £ which can be made by a credit card, Skrill, wire transfer or other payment methods. Once you deposit money you can start trading and the minimum trade size is $ 24 / 24 € / 24 £
Traders are able to quickly decide which trade they want to get involved in just by looking at the colors of the buttons, for trading calls when the price is going up the color is green and for trading puts when the price is going down the color is red. Traders can also switch between a line chart and a candlesticks chart, depending on their preferences. I prefer using candlestick chart.
Traders that prefer to trade on the move can use their smartphones or other mobile devices as they provide apps for iOS and Android, there is also available mobile version of MT4 platform.
As with most brokers you will be assigned an account manager, their role is to make sure you invest as much as you can and lose it all as quick as possible, never rely on advice of these people, it’s in their best interest to make sure customers are losing money.
Potential payouts and types of options that can be used
- High/Low Payout Percentage: 70-88% per successful trade
- Boundary Payout Percentage: 65-76% per successful trade
- 60 Second Payout Percentage: 70-79% per successful trade
- High Yield Payout Percentage: 200-350% per successful trade – Carries higher level or risk.
- High Yield Touch Payout Percentage: 200-350% per successful trade on weekend – Carries higher level or risk
— High/Low, Above/Below, Touch/No Touch, High Yield Touch, Boundary, High Yield Boundary, short term and finally 60 Second
With High/Low options, a trader has to decide if the price of an asset will close higher or lower than its current price.
With short term options you’ll have to decide if the price of an asset will close higher or lower than the strike price at 60 seconds, 2 minutes or 5 minutes.
100% Payout Options
100% payout options are essentially boundary type options. The trader have to decide if the expiry price will close lower that the lower boundary or close higher than the upper boundary.
Please be aware that investors can lose all their capital by trading binary options.
24Option has big marketing budget and they sponsor well known names like Boris Becker or Conor McGregor.
There is many available assets to trade on and among the most popular ones you’ll find
Currencies – Binary Forex Pairs
- Euro-Japanese Yen
- Dollar – Japanese Yen
- Pound – Japanese Yen
- Pound – Euro
- Euro – Pound
- Australian Dollar – USD
- USD – Canadian Dollar
- Euro- Turkish Lira
- Swiss Franc – American Dollar
- American Dollar – New Turkish Lira
- British Petroleum PLC (BP)
- Barclays PLC
- Google Inc
- Apple Inc
- Telefonica SA
- France – Telecom
- Societe Generale
- Dow Jones
- Nasdaq Composite
- CAC 40 Future
- S&P 500
- Nikkei 225
- SMI Future
- MIB-30 Future
- Nifty Future
- ASX 200 Future
- Hang Seng Future
As you can see the choice is huge.
Deposits and Withdrawals at 24Option
When it comes to withdrawals I can tell you from my personal experience that they are not making it easy, for example they tell me to fill details of the source I want the money to be sent to which is a lot of numbers and other bank details which are not that easy to find, I’m talking about IBAN and other bank numbers instead of having just plain box to put amount I want to withdraw and submit button.
When I requested withdrawal they ask me to fill out many fields with my bank details but they still didn’t pay the money to the bank I gave them details, instead they paid money to the card I deposited with despite they already had details of this card stored, how annoying is that.
Despite they say on the website that your initially funded amount will be sent to your card up to the amount that was deposited. The excess balance of the withdrawn amount will then be transferred to your bank account through bank wire transfer. It didn’t work this way for me.
The minimum to withdraw is only $10 and they don’t have maximum limit on the amount that you can withdraw.
It will take between 3 and 7 business days to withdraw your profit and there are various ways of which some might be with lower fees. Withdrawals via Wire transfer are charged with a 30$ and owners of Platinum and Diamond (VIP) account will not have to pay any fees for withdrawals.
They have limits for deposits and they are as follow
For deposits done through credit cards, the maximum daily and monthly limits are:
— Daily Limit: €/£ 10,000/¥100,000
— Monthly Limit: €/£40,000/ ¥4,000,000
Types of accounts at 24Option
At 24Option there is several types of account:
Basic, Silver, Gold, Platinum and Diamond.
When you open your basic account your account manager will try to get you upgraded to Silver account or higher where minimum deposit is $5000.
With this type of account you will be able to trade together with him. You will soon find out that he will make you to invest high stakes and your money will evaporate very quick. They are often rude to you on the phone and I’ve experienced that myself with one of these people from 24Option.
Offers you Leverage 1:200
Mobile trading is supported and offers you one click trading on MT4 platform
You get 24/7 customer support
You get basic trading education and professional charts
You also get one free withdrawal per month
With this account you’ll get all the benefits of the basic account and on top of that you will also get trading coach and trading alerts
With Gold account you’ll get the benefits of the Silver account and also SMS Alerts
With Platinum account you’ll get all the benefits of the Gold account
You’ll also get no withdrawal fee
You’ll get live trading session
Diamond (VIP) Account
With Diamond account you’ll get all the benefits of the Platinum account and also other benefits like
Customized trading platform
And you’ll get Juventus Tickets
Islamic type accounts
These are also available upon request for traders who wish to trade the markets according to the Islamic Sharia principle of “No Riba”.
24Option offers user friendly intuitive web-based platform, Scipio, has been around since 2009, has been awarded many industry awards and this demonstrates that they have earned the trust of the online communities.
Investors can easily switch between CFD, BO and Forex and the speed of trading is usually very good. Their website offers many language packages, like English, Spanish, German or Arabic.
They offer many assets to trade on: 41 currency pairs, 11 commodities, 119 stocks and 17 indices. There also is many expiry times available to chose from, from 60 seconds, 120 seconds, 5 minutes then every 5 minutes up to end of day, week or month.
At 24option you do not have to open a separate trading account for spot Forex as you’ll use the same account as you trade on binary options.
If you have any questions you can contact their live chat service. They operate one of the highest returns in the industry of 70-89% in the money with an 79% average return for currency pairs and this number can change depends on market condition. Thy wouldn’t pay you popular with other brokers out of Money refund but you can close your position from ~2 minutes after purchase and up to 5 minutes before the option expires.
So whether you are looking to trade CFDs, Forex or binary options, 24option will be able to meet all your trading needs.
Please share your experience with this broker in the comments section below, thanks for reading.
Believe in yourself!