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24option Review

Are you considering trading with 24option? Read our detailed review where we go through features, account types, CFD trading options, pros and cons and regulation.

24option legit

24option is reported to be one of the leading online brokers. The trading platform boasts in some of the latest technology on the market and offers users a seamless user experience. The platform is modern and advanced. 24option is reported to operate under the company name Rodeler Limited and has its headquarters in Cyprus. The main aim of 24Option is to offer potential clients a user-friendly trading experience, while giving traders the tools they need to be profitable. We decided to curate some more useful information around 24Option for potential clients to review.


What is 24Option?

24Option is managed by Rodeler Limited, a Cyprus-based Investment Firm. It offers new traders a user-friendly platform, that is aimed at a quick and easy trading experience as well as a mobile trading app. New traders may choose from multiple trade types and assets. Profits will vary based on the underlying asset performance, however, the platform does have very low spreads when compared to its competitors. Traders will be able to select the underlying asset that they want to trade with from a list, or by searching the class or category, on a drop down menu. The trading window will always be visible, right next to the list and will update as soon as a different underlying asset or stock is selected.

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What Can Be Traded on 24Option?

On 24Option Forex, commodity, cryptocurrency, equity and index CFDs can be traded, as displayed on the home page of the original website. Tradable assets are not displayed, however the webtrader is accessible without having to log in and there a complete list of assets available to trade is listed.


Can CFDs be Traded on 24Option?

CFD trading refers to the activity of trading contracts for difference with a broker. CFDs are basically derivative products in which you can trade on the difference between a certain asset’s set starting value and its closing value. 24Option offers a well-organized and professional web platform, tailor-made for CFD trading. The main principle behind CFD trading is quite similar to Binary Options, however, once a trader has decided on a direction and investment amount, they will be able to keep their trades open as long as possible. 24Option uses Meta Trader 4 (MT4) as a platform for trading Forex and CFDs. If traders find MT4 to be too complicated, they are still able to use the Scipio web platform.


Why Should You Open and Account with 24Option?

24Option offers traders an innovative, fully web-based platform that provides investors with the tools needed to successfully trade CFDs and other assets. The website is user-friendly, intuitive and easy to understand. Since 24Option was founded, they have upgraded and redesigned the website to make sure new and experienced traders have an optimal experience. The number of underlying assets have increased too. MT4 is available for traders who are comfortable with it. It is also the easiest way to get access to all the indicators and tools, whether standard or custom. It has been reported that 24Option is an official partner of Juventus Football Club. This adds to the platform’s credibility and profile. 24Option offers traders excellent customer service 24 hours a day. All new traders need to do is gather their minimum deposit to get started on the demo or live account feature.

Official 24option Registration

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Register your 24option account through CoinInsider and receive a FREE Personal Account Manager to walk you through your account setup process.


Can You Trade Bitcoin With 24Option?

24Option does allow clients to trade with Bitcoin and other cryptocurrencies such as Dash, Ethereum, Ripple, Litecoin, Bitcoin Cash, Ethereum Classic and more. These cryptocurrencies can be traded against USD, the Pound and Euro with reasonable spreads and fast execution times. There is leverage available, since Bitcoin is a volatile asset, there is a high reward as well as a high risk involved.


In Which Countries is 24Option Available?

24Option accepts traders from South Africa, Singapore, Thailand, Hong Kong, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg and Qatar. All other countries are excluded from using 24Option as a trading platform.


Account Types

24Option offers new traders four different account options. All account types get leverage up to 1:500 and traders can use the demo account feature before going live. Each account offers slightly better terms, including more lessons and tighter spreads.

Here is a list of the accounts currently available on 24Option.

  • Basic: $250
  • Gold:$25,000
  • Platinum: $100,000
  • VIP: $250,000

Pros & Cons of 24Option

ProsCons
✔️ Traders have access to daily financial news on the 24Option Twitter Feed. The desktop and mobile app do not have live streaming news.
✔️ Has a range of educational resources for new and experienced clients. 24Option has high withdrawal fees.
✔️ A pip value calculator that shows exactly what your profit or loss will be with each pip move No fundamental research.

Key Features of 24Option

Trading History

On the home page below the trading window is the open trades area. Here, traders will be able to see all the trades they have opened. These trades will be flagged as to whether they are currently profitable or not. Opening price and current price will also be displaced as well as an expiry date and time. Trade history is also displayed in this area. All complete trades are listed and traders are prompted to keep informed about any market changes. The trading alerts tab and daily market updates tab has proved to be very useful to new and experienced traders. It is a great resource for finding the key financial statements that will be released to the markets in the near future.

Trader Choice

The 24Option platform gives traders a choice between Forex, CFDs on commodities, selected stocks and indices. 24Option has recently added CFD trading and Forex trading “per pip”. This means that traders can now trade in a more traditional way and allows users to trade using leverage. The platform has also added Bitcoin Forex pairs. This allows traders to take the position on cryptocurrency versus USD or GBP. It is important to note that the CFD offering is new. It has been reported that more markets will be added over the coming months. New users can expect spreads around 0.5%. This is fairly low, when compared to its competitors. 24Option has an added stop-loss security feature. Traders can set their stop loss levels as part of their risk management.

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Mobile App

The good news is 24Option has a slick and easy mobile trading platform that works with android and apple devices. When logged on to the 24Option website, traders will be able to view a demo of the mobile app and will be able to choose from a variety of devices for that demo. The mobile app has a user-friendly interface and is quite simple to understand. The app can display trading history and open trades.

Payouts

24Option has chosen to exclude their binary options, thus the payouts are not comparable with other binary brokers. Forex and CFD payouts will be based on both leverage and the price movement of the asset. Traders must ensure that they manage their risks accordingly with tools such as stop losses. They may also choose what level of leverage to use per trade. Caution should be exercised since losses can exceed initial deposits.

Deposits and Withdrawals

With 24Option, there are a variety of deposits and withdrawal options. When making a withdrawal, the funds are usually sent back to the person who initially made a deposit. All accounts do require verification in some form. This may include providing an identity document or proof of address before making withdrawals. This is a necessary security process that complies with money laundering laws. In the event that the funds were deposited with a credit card, details for that specific card will be required upon making a withdrawal.

Free Withdrawals

Gold and platinum account holders can enjoy the added benefit of free withdrawals. Standard account holders only receive their first withdrawal for free. Every withdrawal after that, will incur a fee. The amount of this fee depends on which method is used.

Minimum Deposit

A minimum deposit of £250 is required to start trading. These funds can be deposited in USD or EUR. However, once a set currency is deposited to the account it cannot be changed. 24Option is completely secure and traders do not have to worry about their accounts being hacked or money being stolen, unless they are negligent with their information. Once the required deposit is made, the funds will appear on the account and traders can begin placing their trades.

Educational Resources

24Option has a wide variety of educational resources on their website. Traders have access to this information without signing up. A variety of topics are covered, from technical analysis to market news, including free webinars and five hour long videos.

Customer Support

There is a 24-hour customer support centre available on the platform. Traders can also log a support ticket via email or call the customer support line. The website has been translated into four different languages, namely English, Spanish, Arabic, Russian and Portuguese.


Opening an Account

The online application form found on the website will require a new trader to fill in a few details which includes full name, e-mail address and phone number. Once the details are submitted, a mandatory verification process will take place according to the AML/KYC requirements. New traders generally complete this process by submitting a copy of their ID and at least one proof of residence document.

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24Option’s Added Benefits

  • Five hour tutorial videos for new traders
  • Free webinars
  • Financial and market news
  • Economic Calendar
  • Trading alerts and technical analysis from Trading Central
  • CFD Trading
  • Bitcoin and Cryptocurrency Trading

Fees

It is reported that 24Option does charge an inactivity fee of €80 per month on accounts that have been inactive for the period of one month. Withdrawal fees for credit and debit cards are 3.5% and between 2.0% and 4.5% for e-wallets. Traders doing wire transfers cost $30 or the equivalent amount in other currencies. In some cases, traders will be charged €80 for withdrawals.


Instruments

Currently, 24Option has a wide variety of underlying assets for their clients to choose from. It is reported that there are more than 130 different types of underlying assets. This selection comes from four main asset classes mainly currencies (34 pairs);

  • Commodities (11 types),
  • Market indices (25 indices) and
  • Stocks (61 companies).

FAQs

  • What is the maximum leverage available?

The maximum leverage offered by 24Option is 1:500.

  • Is 24Option a reliable broker?

Yes. Most reports indicate that 24Option is a reliable broker.

  • What kind of trading platform does 24Option have?

24Option has trading platforms available, MetaTrader 4 platform and a proprietary platform called Scipio.

  • How do I log into my account

In order to log into your account, you need to make sure you are on the homepage of the website and then click on the login button in the top right corner of the homepage.

  • What is the difference between a live account and a demo account?

The demo account allows you to put the platform to the test without spending real money. It is more like a practice run before going live. There are no risks involved on the demo account.

  • What amount is deposited into my demo account?

The demo account will be deposited with 100,000 virtual money. This money cannot be used to purchase goods or services, it is merely fake money used to operate the account in demo mode.

  • How do I receive my login details?

After completing the registration process, your login details, including username and password will be sent to your account.

  • How long does it take to make a withdrawal?

Once a withdrawal has been processed, it may take 24 hours for funds to reflect in your account.

  • What is the minimum deposit required to make an investment?

The minimum deposit required is $250.

  • Is 24Option a scam?

No, this broker operates as a regulated entity out of Belize.

  • How do I withdraw money from 24Option?

New traders are advised to make use of bank wires, credit or debit cards, Neteller, Skrill, and Perfect Money.

  • Is 24Option regulated?

Yes, the IFSC out of Belize regulates this broker.

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Our Conclusion

24Option is one of a few former binary option brokers that have successfully transitioned to a CFD brokerage. The company was established as a way for traders to invest in the financial markets on a platform that is user-friendly. 24Option prioritizes customer safety and customer support. This is especially important for new traders joining the platform, since these traders tend to have tons of questions on their very first trade. It has been said that 24Option should not be underestimated by its competitors. Their impressive library of learning materials and educational resources gives this broker a competitive edge and is a great resource for new traders with little to know experience.


CFD Glossary

Term Definition
Contract for Difference (CFD)A Contract for Difference is a well-known type of financial derivative instrument, much like indices, commodities, currencies,etc.
Contracts for Difference (CFDs)A formal agreement between two parties/people to pay the difference in price from when the contract was opened until the contract is closed.
CFD TradingInvestors have the option to go short (sell a CFD) if they think a price will decrease or go long (buy a CFD) if they think the price will go up.
MarginThe margin refers to the minimum deposit required.
Initial MarginThe initial amount required in order to open the position. It is often also referred to as an initial deposit.
Average True RangeATR refers to the measure of market volatility over a specific period of time.
Back TestingBack testing occurs when a strategy is put to the test, by using historical data for validation.
Base CurrencyThe first listed currency in a pair.
Commodity CFDA type of CFD that derives its value for an underlying commodity it’s meant to track.
Consolidation MarketA market that is stagnant, neither moving up or down.
Currency PairForex is trading in currency pairs. It refers to the price quoted in terms of the relative values of one currency against another.
Leverage tradingAlso referred to as margin trading. The process in which an investor borrows a large amount of money from a broker to open a larger position.
Leverage ratioThe amount of leverage/money provided by a broker to trade a leveraged product. The amounts typically offered are 5:1, 10:1 and 30:1.
Maintenance marginThe amount of minimum funds needed to keep positions on the account open.
Used MarginThe amount of money that is currently used to keep positions open.
EquityThe total value in an investors account.
Free MarginFunds available on an account to trade with (not currently being used by open positions).
Overnight chargesA Fee charged by a broker for holding a position over night. It is also referred to as an overnight financial charge and is linked to the interest rate of the currency being traded.
Buy position (“going long”)A long position is the purchasing of an asset, with the expectation that its value will increase.
Sell position (“going short”)A short position refers to the sale of an asset. with the expectation that its market value is set to fall.
SlippageThe difference between a requested market price and the actual price the trade was filled at.
Debt-To-Equity RatioThe ratio of the total debt of a company to the amount of capital that shareholders have invested in the company.
DerivativesA financial instrument that obtains its price from underlying security, index, currency pair or commodity.
Donchian ChannelAn indicator that has two boundary lines determined by the highest and lowest points.
DowntrendA series of lower highs and lower lows in the cryptocurrency market.
Earnings Per Share (EPS)The profit the company makes is divided by the number of outstanding shares the company has.
Ex-Dividend DateThe very first day, a buyer of a share no longer obligated to a payment of the dividend the stock (or CFD) offers.
ExposureThe sum total value of all your positions in the market at any particular time.
Finance ChargeThe price charged to hold a given position from one trading day to the next. This charge is generally calculated, based on the country’s cash rate plus a small interest charge.
Fixed-Dollar ModelA certain fixed-dollar model, where a certain amount is allocated to risk on any given day.
Fixed Percent Risk Per TradeThis refers to a risk management model where a certain amount of money is allocated to overall trading capital.
Forward TestingTesting a strategy in real time, while the movements in price unfolds.
Fundamental AnalysisA method developed to evaluate the value of a company relies on financial statements, PE ratios, future growth projections and company financial statements.
Post-market AuctionThe last available trading opportunity for the day before the market closes.
Pre-Market AuctionThe identical matching out of prices
Price-to-Earnings Ratio (PE)Determining the projected worth of a project by dividing the current market price by the earnings per share.
Product Disclosure Statement (PDS)A document held by every financial services company, to provide to their clients regarding their products or services. This document will outline how the product in question worked, its potential benefits, and associated risks.
PyramidingA rule where traders add to their existing position(s) in an attempt to maximize the potential profits on winning trades.
Range-Bound TradingTrading in a range where the value fluctuates between two main points. The two points are typically referred to as “Support” and “Resistance.”
Return On Equity (ROE)The return a company generates based on the net assets they hold.
Return On Investment (ROI)The amount of return you’ve realized on your deposited capital.
Scaling InInitiating a trade by opening a small position in order to determine your readiness to bring it up to a normal position.
Scaling OutGradually closing your trade as it moves in your favor or reaches some specified profit objective.
Technical AnalysisAny mathematical formulas used over the price and/or volume history of the market in an effort to determine the probable next move of any particular asset.
Volatile Breakout TradingA type of trading strategy that attempts to take advantage of short, sharp movements in the market over relatively short periods of time.
VolumeA measure of the number of shares or contracts that are solidified over a set period of time.
Trend-Following TradingA trading strategy that attempts to profit from markets that tend to move either up or down for extended periods of time.
Trend LineA line drawn across a chart to line up successively higher bottoms in up-trending markets