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
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.
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.
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.
Withdrawal and Deposit Options
24option offer a variety of deposit and withdrawal options. Withdrawals are normally sent back to the source of the funds. The accounts do require some form of valid ID, and proof of address before making withdrawals. This is to comply with money laundering laws. If funds were deposited via credit card, details for that card will also be required for the withdrawal.
Withdrawal problems and complaints generally revolve around delays in this proof of identity process. So it is worth sorting out prior to asking for a withdrawal. This can avoid problems and ensure quick withdrawal times. Gold and Platinum account holders can enjoy regular free withdrawals. Standard account holders receive their first withdrawal free. Remaining withdrawals may incur a percentage charge and this figure will depend on the method used – Skrill for example, will incur a 2% charge. Withdrawal requests can be made at any time.
Traders can make a deposit at anytime too. The minimum deposit is £250 (funds can be deposited in USD and EUR too – but once set the currency that an account operates in cannot be changed). 24 Option are keen to stress the security of the deposit process, and do make it as easy as possible to deposit funds. Once the minimum deposit is made, the funds appear straight away so traders are not delayed in taking out options.
As 24option have now withdrawn binary options, the payouts are not comparable with other binary brokers. CFD and forex payouts will be scalable based on both leverage, and the price movement of the underlying asset.
Traders can manage risk via tools such as stop losses. They can also choose the level of leverage to use, per trade. With CFD and Forex however – losses can exceed initial deposits.
There are five different account types to choose from at 24option: Basic, Silver, Gold, Platinum, and Diamond. The Basic account requires a minimum deposit of $100 and allows trading with floating spreads from 3 pips on EUR/USD. Other account types require increasingly higher minimum deposits, as you move up the ladder of the better terms which are offered. The Standard account is the same deal as the Basic Account, but also offers trading alerts and a personal coach. The Gold account is the same deal as the Silver account, except spreads are offered from 2 pips on EUR/USD. The Platinum account has several edges over the Gold account: lower spreads (as low as 1.5 pips on the EUR/USD currency pair), no withdrawal fees, access to the research website, and a live training session. Finally, the deluxe Diamond account, in addition to the full offering of the Gold account, offers clients free tickets to a top European football team and a customized trading platform.
The different accounts are easy to understand and are transparent. The major differentials between accounts are varying average spreads. A demo account is available, as is typical with nearly all spot Forex and CFD brokers. A wide range of over 50 Forex currency pairs, 89 individual leading global shares from American and European stock markets, over 11 leading equity market indices, spot metals (gold and silver) plus several other commodities such as crude oil and a few softs such as coffee and sugar, and one of the widest range of cryptocurrencies that we have seen, are offered for trading by 24option.
24option provide a range of educational material. They host live trading webinars, offer free “learn how to trade” eBooks, as well as a free detailed daily market report. There are a range of recorded webinars designed specifically to help trading beginners, which can be viewed at leisure. There are additional levels of webinars aimed at providing detailed trading strategies and ideas suitable for intermediate and advanced level traders.
24option Trading Platform
Their main platform is their web based CFD platform. This was built in house specifically for 24option. This platform is well laid out and relatively simple to use. On the left of the platform you have all of your markets. These can easily be filtered based on either the asset class you want to trade as well as the favourite assets on the market. Here you can switch the market that you are trading.
In the center of the platform you have your order forms and to the right of that you have the charts. Below these two you have all of your previous orders, open positions, economic calendar and the daily market update. Now, while the platform is well laid out, panels cannot be detached unfortunately. Being unable to detach the panels means that you can’t move them around into more convenient places on the screen. It also means that you cannot view more than one market at the same time. If this is a deal breaker for you then you may want to consider their MT4 platform.
Those more advanced traders among you will be pleased to know that 24option also offers an MT4 platform. For those who do not know, MT4 is the external trading program that is developed by the Metaquotes software company. It is perhaps one of the most well known and widely used third party trading platforms in use today.
This platform has been developed for traders by traders and as such, has endless functionality and tools. When you download it from 24option’s website you will link it up to their trading servers and your account.
You can run the MT4 platform in your browser just like you do the traditional web-based platform. However, the most optimal set-up is for you to install the platform on your PC. MT4 is supported in both MacOS as well as Windows and Linux. Of course, the 24option MT4 platform may not be for everyone.
It takes some time to get used to the numerous features, widgets, chart tools and order forms. This is perhaps something that is better learned in a demo account before you put any money at risk. However, the main benefit of the MT4 platform is that the knowledge that you learn is highly transferable to another broker. Given that it is in use at so many brokers, you do not need to re-learn trading on other platforms.