24Option has mixed results when it comes to reliability. An important negative point is that the broker is regulated only in Cyprus. This still falls within the EU’s regulatory regime, but may not be as robust as other more developed regulatory regimes, such as the United Kingdom or Germany.
Another factor that works against the broker is the lack of guaranteed stop loss transactions outside France. On the positive side, 24Option participates in an investor compensation fund should the broker become insolvent. In addition, customer funds appear to be well protected with anti-fraud software, including ClickSSL and Thawte. The protection of the negative balance, which prevents customers from losing more than the initial deposit, is also in force under the new EU regulation.
Like most other brokers, 24Option allows traders to download and use the MetaTrader 4 (MT4) platform. This platform is an industry standard and allows for advanced graphics and analysis. Traders who do not wish to use this software can also use the 24Option desktop platform, which is better than the industry average. For example, the desktop platform has customizable and transparent price lists to facilitate negotiation and execution. It allows for advanced charts with a “indicator wizard” that allows traders to build custom charts. It is also possible for traders to create a watch list simply by clicking on the star next to any currency pair. This pair will appear in a list of favorites.
Traders can also leave conditional orders and have stop-loss and take-profit trading options that allow hedging. Finally, unlike some brokers, 24Option displays the position of other clients, so that traders know how others feel (optimistic or pessimistic) in relation to any instrument.
The platform offers forex and cfds on selected commodities, stocks and indices. In addition, the company now also offers CFD and forex trading “by pip”. This allows users to trade more traditionally. It also allows users to trade using leverage. This is a big difference if traders are more used to the “fixed risk” of other investment vehicles. As part of the forex push, 24option now also provides forex bitcoin pairs. This allows traders to position themselves on cryptocurrency versus USD or GBP, for example.
As the CFD offering is relatively new, more markets will be added next month. Currently, spreads are around 0.05% and compare quite well with more established CFD brokers. This new type of trading also includes the option to set stop loss levels. This is an essential part of risk management when using leverage. Traders can also define “profit” points.
Stop loss screen:
24Option provides a simple and easy mobile trading platform that will work with Android and Apple devices. If you are logged in to the full site, merchants will be able to see a demo of the mobile app. The customer can also choose a variety of devices for this demonstration. You can download this application for ios and android devices in the Play Market and App Store.
The application has a very simple interface, with each stage of the negotiation process defined in a simple and clear process. The screens are large and easily usable. This reduces the risk of errors due to difficult or hard to find buttons. In addition to easy trading, the app can also display trading history and open trades. Thus, the trading history can be checked wherever a trader is. It is a smart commercial app and is a great addition to the variety of features offered by the brand. It was created with the professional in mind, but has been carefully developed to ensure that it offers a full range of functions across multiple devices.
Withdrawal and deposit options
24option offers a variety of deposit and withdrawal options. Withdrawals are usually sent back to the source of the funds. Accounts require some form of valid identification and proof of address before making withdrawals. This is to comply with money laundering laws. If the funds were deposited via credit card, the details of that card will also be required for withdrawal. Problems and withdrawal complaints generally revolve around delays in this proof of identity process. Therefore, it is worth resolving before requesting a withdrawal. This can prevent problems and ensure quick withdrawal times.
• Free withdrawals
Gold and Platinum account holders can enjoy regular free withdrawals. Standard account holders receive their first withdrawal without paying. The remaining withdrawals may have a percentage cost and that amount will depend on the method used – Skrill, for example, will have a cost of 2%. Withdrawal requests can be made at any time.
Traders can also make a deposit at any time. The minimum deposit is £ 250 (funds can also be deposited in USD and EUR – but once the currency in which an account operates, it cannot be changed). 24 The options want to emphasize the security of the deposit process and make depositing funds as easy as possible. Once the minimum deposit is made, the funds appear immediately, so traders will not delay buying options.
24Option’s trading platform is quite unique, even within the very generic world of binary, forex and cfd trading. The appearance of the platform was designed according to the brand, so the usual red and green trading buttons have been replaced.
This tailored style does not affect the usability of the platform. The type of trade is available in the top left menu – choose between:
The relevant assets are shown below. Selecting any of them will update the relevant payment information and the rate card on the right. The trading area is well defined, so while a lot of data is available at the same time, it is still clear and easy to use.
Open trades and a closed trades history are available in the trading area, where performance is constantly updated.
In addition to being regulated and licensed by CYSEC, 24Option is also registered with several other European regulatory agencies, such as the Financial Marchés Authority (AMF) in France, BaFin in Germany, CONSOB in Italy and the Financial Conduct Authority (FCA) of United Kingdom.
The main benefit of dealing with a regulated broker is that you always have someone to turn to for dispute resolution if there is a dispute between you and the broker. Another factor that should weigh heavily on a trader’s mind when selecting his broker is the ability to claim compensation if his broker becomes insolvent. With 24Option, traders need not worry, as they are members of the Investment Compensation Fund scheme. The fund authorized traders to claim up to a maximum of 20,000 euros.
There are five different types of accounts to choose from at 24option: Basic, Silver, Gold, Platinum and Diamond. The basic account requires a minimum deposit of US $ 100 and allows you to trade with floating spreads of 3 pips in EUR / USD. Other types of accounts require increasingly high minimum deposits as you move up the ladder of the best terms offered. The standard account is the same as the basic account, but it also offers trading alerts and a personal trainer. The Gold account is the same as the Silver account, except for spreads offered from 2 pips in EUR / USD. The Platinum account has several advantages over the Gold account: lower spreads (up to 1.5 pips in the EUR / USD currency pair), no withdrawal fees, access to the survey site and a live training session. Finally, the deluxe Diamond account, in addition to the full Gold account offer, offers customers free tickets to a top European football team and a personalized trading platform.
The different accounts are easy to understand and are transparent. The main differentials between the accounts are the variable average spreads. A demo account is available, as is typical of almost all Forex and CFD brokers. A wide range of more than 50 Forex currency pairs, 89 leading global equities on the American and European stock markets, more than 11 major stock market indices, spot metals (gold and silver), plus several other commodities, like crude oil and some soft, like coffee and sugar, and one of the most varied cryptocurrencies we have seen, are offered for trading by 24option.
What can I do with 24Option?
24option is a CFD (Contract for Difference) trading platform that supports cryptocurrency trading. CFDs allow you to trade the value of an asset without actually owning it (with CFDs, you never really buy any cryptocurrencies). These operations are leveraged so that you can maximize potential profits. In addition to cryptocurrencies, 24Option also allows for the trading of CFDs in forex, stocks, commodities and indices.
Exactly what you can do on 24Option depends on the amount you put on the platform. There are several types of accounts that offer access to different extra features. Here is a summary of them:
• Basic account. This level requires a minimum deposit of £ 250. You will receive a free withdrawal request, free educational resources and 24-hour customer service. The basic account allows you to trade with MetaTrader4, in addition to your own mobile and web-based platform.
• Silver account. To unlock this account, you must make a minimum deposit of over £ 2000. In addition to the basic account benefits, you are entitled to an individual tutorial on trading analysis, explanations of common trading strategies and removal of maintenance fees and you can help you in the negotiations.
• Gold account. The Gold level offers the same benefits as the silver account, but also includes: emails and SMS alerts through the trading center, a free monthly withdrawal and one in an MT4 course (MetaTrader4). Your account will also be supervised by a senior manager. The minimum deposit required for the Gold account is £ 25,000. Gold traders also benefit from an extra two percent return on every trade they make.
• Platinum account. In addition to all the above resources, the platinum level offers access to a special research website, in addition to live training sessions. Withdrawals also become completely free. To unlock this level, you need a minimum deposit of £ 50,000. You also benefit from an extra 4% return on all trades you do. You will also have more profitable rates on spreads.
• Diamond bead. Diamond-level trades are actually platinum users who have been personally selected to enjoy discretionary benefits from 24Option, such as free tickets to football matches at Juventus FC games. This level has no specific minimum deposit and can only be reached at the discretion of a senior manager.