24Option review: What you need to know before signing up

24 Option Review

24Option is a leading forex broker launched in 2010. The company is based in Cyprus and is owned by Rodeller Limited. Like many forex brokers out there, 24Option is regulated by top-tier financial institutions, including the Cyprus Securities and Exchange Commission. 

While being located in Cyprus may draw suspicion, 24Option has built an enviable track record as a trusted and reliable forex broker. Just so you know, 24Option is the second biggest player in the world of binary options, only second to Banc De Binary, a top Israeli forex broker that was shut down following fraud charges a few years ago. 

24Option has grown tremendously in the last couple of years and has made a lot of changes to its services. Today, the company no longer offers binary options to its clients. Read on to learn everything there is to know about 24Option. 

Note: Investing in forex, cryptocurrencies, and other digital products is highly risky. More so, markets can be super volatile. To this end, we highly recommend speaking with a professional before you make any investment decision. Our post today is merely to educate and not investment advice

24Options: A brief overview

If you’re looking for a reliable forex broker you can trust, you won’t be disappointed to check out 24Option. Since the company kicked off operation in 2010, it has continued to appeal to investors and traders because of its exceptional services. 

While it started off offering binary options, the company has added more investment options to its repertoire. The cool part is that they have also revamped their customer services to provide technical support and help investors manage their portfolios better. 

Top Recommended Platforms

MIN. DEPOSIT

$50

EXCL. OFFER

USER RATING

9.8

4.9/5

78% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

MIN. DEPOSIT

$100

EXCL. OFFER

USER RATING

9.7

4.8/5

Trading forex or CFDs on margin involves a high degree of risk and may not be suitable for all investors. There is a possibility that you may suffer a loss equal to or greater than your entire investment.

MIN. DEPOSIT

$250

EXCL. OFFER

USER RATING

9.6

4.5/5

CFDs are complex instruments and involve a high risk of losing money quickly because of the leverage effect. 68% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

As we mentioned earlier, the company has changed significantly. Today, they are focused on forex and CFDs, including cryptocurrency forex pairs. 

The only issue we have with them is the fact that their website has little information about them. This may be a red flag for a lot of customers. With very little information about the company, coupled with the fact that it is based in Cyprus, raises suspicion among investors. 

See also  Scammers Offer Free Bitcoin on Hacked Government Site in Russia as Crypto Fraud Surges – Bitcoin News

On the plus side, the company is licensed by the Cyprus Securities and Exchange Commission.

While 24Option is available in many countries across the world, people in Australia, the USA, China, Virgin Island, Algeria, Iran, and more can not access 24Option services as the company isn’t licensed to operate in these regions. 

Pros and cons of 24Option’

24Option has its cool and not-so-cool sides. Read our pros and cons of 24Option to find out more about this forex broker. 

Pros

  • 24Option provides traders access to daily financial news via the company’s Twitter feed
  • The company has put together an exciting collection of educational videos. Not just that, they also organize over ten live webinars per month. 
  • They have a pip value calculator. You can use this to easily calculate your profit and loss with each pip move
  • They provide multiple account types you can choose from.
  • They have a wide range of financial instruments you can trade
  • 24Option has a responsive customer support team. 

Cons

  • Prices of financial instruments on 24Option are higher than average 
  • The company is regulated in Cyprus, which is a red flag
  • They don’t provide discounts for basic accounts. 
  • They are an average trading platform and provide limited research tools to their customers. 

Trust

When it comes to users’ trust and confidence in the platform, there are a lot of mixed feelings about 24Option. The major fear among many users is that the platform is regulated in Cyprus. While this means that 24Option falls under EU regulations, we are afraid regulation isn’t as stringent as what is obtainable in the UK or Germany. 

Another thing we don’t find quite appealing about 24Option is the lack of guaranteed stop loss for trading outside of France. On the upside, 24Option has an investor compensation fund set aside to compensate investors should the company ever become insolvent. 

More so, 24Option has robust anti-fraud software, including ClickSSL and Thawte, to protect investors’ funds. To top it up, the platform offers negative balance protection. This ensures investors don’t lose more than their initial capital. 

Desktop Experience 

Like many brokers on the market, 24Option supports desktop trading via the MetaTrader (MT4) platform. MetaTrader 4 is the industry standard and provides traders access to advanced charting and analysis. 

Traders also have the option of using 24Option’s desktop platform. Unlike other brokers, the 24Option desktop platform features customizable and transparent price lists, making it easy for trading and execution. 

With the platform’s reliable indicator wizard, traders can execute advanced charting, allowing traders to build custom charts. The 24Option desktop platform allows traders to build a watch list. All they need to do is click on the star on any currency pair. Their preferred currency pair will then show up on the list of favorites. 

See also  The Complete Step-by-Step Guide to Procuring Ethereum in 2022

Traders using the 24Option desktop trading platform can execute conditional orders, including stop loss and take profit options. The cool part for us is that 24Option displays other traders’ positions. This way, you know how other traders are executing their traders. 

Special Features 

When it comes to special features, it’s pretty sad to see that 24Option doesn’t currently support any at the moment. That said, traders can access other features like backtesting and automated trading strategies using the MT4 platform. We hope they can improve on this to be able to compete with other leading forex brokers. 

Customer support

24Option has a highly responsive customer support team available 24/5 to respond to customers’ questions and complaints. The live chat support option can be easily accessed by new and existing traders. They also offer 24 hours customer support via phone. 

Their email support is excellent, and you should get prompt responses to your questions and complaints. 

Outside work time, 24Option has a robo support carefully designed to answer many frequently asked questions. To access robo support, simply navigate to the lower part of their web page. In addition to that, 24Option also has a list of basic FAQs to help guide users. 

Let us quickly add that 24Option provides support via Twitter. 

Supported instruments 

24Option has a wide variety of investment products you can start trading right away. Even though the platform has limited currency pairs compared to other providers, we love that they have a lot of crypto pairs, including Bitcoin/USD, Bitcoin/EUR/ Bitcoin/GBP, and more. 

In addition to their supported cryptocurrency pairs, they also offer over 160 individual stocks. Other trading instruments available on the platform include gold and oil. 

Overall, 24Option offers access to the same commodities provided by other brokers. And yes, they offer a competitive spread too. 

Research tools and insight

Compared to other forex brokers, 24Option has limited research tools. While 24Option teamed up with Trading Central to provide its clients with comprehensive technical analysis complete with entry and exit, they are still lacking in some areas. 

Currently, 24Option doesn’t provide live streaming of news and fundamental research. On the plus side, they have videos and market calendars to help traders make better decisions. 

We hope 24Option will improve their research tools so they can compete better with other top brokers out there. 

Education 

24Option offers exceptional educational products carefully designed to improve your trading knowledge. Their educational section features several detailed videos explaining concepts like CFD trading and others. Some of their educational videos cover topics like trend analysis, risk management, pending orders, support and resistance trading, and how to calculate pips. 

As part of their desire to ensure traders get the best experience, 24Option also organizes at least ten live webinars every month. These webinar sessions will greatly improve your trading knowledge and skills. 

 

They also have a dedicated section on their website dedicated to forex trading, which covers everything you need to know about forex trading. 

See also  Report – Emerging Markets Bitcoin News

Mobile Experience 

While the 24Option mobile experience is adequate, it doesn’t come close to what you get with other brokers. Just so you know, 24Option has mobile apps for Android and iOS. Unfortunately, they don’t have a dedicated mobile website that delivers their desktop experience. While the 24Option app provides for fingerprint encryption, it isn’t a unique functionality as it is only taking advantage of the touch ID and fingerprint technology embedded in iOS and Android phones. 

Thankfully, many of the brilliant functionalities that make the platform’s desktop experience smooth are available in their mobile app. For instance, the steaming quotes feature on the mobile app allows traders to see exactly where assets are trading. There is also a mini chart functionality that gives traders an insight into short-term trends. 

Using the 24Option mobile app, traders can leave conditional orders, stop loss and take profit orders. This functionality ensures that traders have complete control over their positions. 

You can also create a mobile watchlist directly from the app. Simply tap on the star close to a currency pair, and it will be added to a list of favorites. 

The 24Option trading app also makes charting easy. More so, traders can seamlessly switch between different time frames to find trading opportunities. 

Using the mobile app, traders can add moving averages to their charts for better technical analysis. Also, it is a brilliant way to identify trading opportunities and keep track of your trades. What we love most is that the 24Option mobile app has over 100 different technical indicators you can deploy for technical analysis. 

The only issue we have with the 24Option mobile app is the lack of news feed and price alerts. Other service providers make this option available to make things easy for traders. 

Commission and fees

Compared to other brokers, 24Option commissions and fees are on the high side. For instance, the platform doesn’t seem to offer a discount to large volume traders, despite having four account types. In addition to that, 24Option charges a high fee on dormant accounts. These fees could reach as high as $200 monthly for an account that is dormant for six months. 

On top of that, they also charge a $10 monthly maintenance fee. Their 3.5% withdrawal fees apply only to the first withdrawal. 

On the positive side, they do not charge deposits, commissions, or financing fees. Nevertheless, you’ll need to have a minimum of $100 to open a trading account with 24Option.

In a nutshell

While 24Option’s insane fees and lack of verifiable information about the company should raise red flags among investors, there is no denying that the platform has quality education offerings designed to improve traders’ knowledge and experience. Also, their responsive customer support ensures you get the help you need. 

But don’t just take our words for it, do your due diligence before deciding to opt for this broker. 

More to explore

Related Articles

67% of retail investor accounts lose money when
trading CFDs with this provider.

eToro: Best Trading Platform - 0% Commission to Trade Stocks & ETFs

eToro: Best Trading Platform - 0% Commission to Trade Stocks & ETFs

67% of retail investor accounts lose money when
trading CFDs with this provider.