24Option is a leading binary option trading platform, owned by Rodeler Ltd, and is based in Limassol Cyprus. They are authorised by the Cyprus Security Exchange Commission (CySec) with the license number 207/13. When CySec first assumed regulation of this industry, 24Option was one of the first binary platforms requesting their regulatory oversight.
24Option uses a Tech Financials powered trading platform, which is unlike most other binary brokers, giving them a unique advantage compared to other platforms. The Tech Financials platform provides an integrated trading alert system and also CFD (Contracts For Difference) trading, which 24Option then offers too.
24Option Trading Platform
Even though the world of binary trading is fairly generic, the 24Option Trading Platform is unique. Because the platform has been designed to reflect the brand, the usual red and green trading buttons have been replaced, however it does not affect the usability of the platform in any way.
You can choose the type of trade from the top left menu as either:
- High / Low
- One Touch
- Boundary
The relevant assets will then be shown underneath. Selecting any one will update the relevant payout information, and also reflect in the price chart on the right. The trading area is laid out well, so even though a lot of information is available at one time, it is still easy to use and uncluttered.
Open trades as well as a history of closed trades are available below the trading area, where their performance are constantly updated.
Signals
Users are also given access to the 24Option signal service via the trading platform. Trader decisions are aided by the trader sentiment bar. Have a look at the demo video at the bottom of this review which illustrates how to get the best out of these tools. Signal services should however be treated with some caution, especially where they are supplied by the broker. They can however be an additional tool for either stepping back or confirming particular trades.
Referred to as ‘Trading Alerts’, the 24Option signals can be found next to the tabs called ‘Open Trades’ and ‘Trade History’.
Payouts
Traders at 24Option has a huge selection of more than a hundred different types of underlying assets. Traders can choose from 30 currency pairs, 19 types of market indices, 11 commodity related options and 43 different types of stocks.
Returns offered by 24Option vary between 70% and 89%, depending on what is being traded. Returns can go up to as much as 310% for one touch options. Traders can also choose whether to receive a refund or rebate on losing trades, however it does impact the payout percentage on winning trades.
Regulation
Not only is 24Option regulated and licensed by CySec, but also registered with numerous other European regulatory agencies, for example BaFin in Germany, CONSOB in Italy, the Autorité des Marchés Financiers (AMF) in France and the Financial Conduct Authority (FCA) of UK.
In the event that there may be a dispute between you and a broker, it is reassuring to know you have someone to turn to – a key benefit of dealing with a regulated broker. When selecting a broker, a trader must seriously consider their ability to claim compensation, should their broker turn insolvent. Because 24Option is a member of the Investment Compensation Fund scheme, which allows traders to claim up to 20 000 euros, traders need not be concerned.
24Option App
The free 24Option app is available for Android, iOS and Windows and is a smart and easy way to use the mobile trading platform. It has a simple and clear interface, making the trading process intuitive. Because the screens and buttons are large and easy to select, they prevent possible mistakes caused by tiny or difficult to find buttons. The app will display simple trading, open and closed trades, and updates in real time. This trading app is a wonderful addition to the unique range of features provided by 24Option. In addition, each version has been customised for the device used, supplying Android, iPhone and Windows users all with a custom-made experience.
24Option Withdrawal
Any 24Option withdrawal will be paid back to the source of the deposit. Therefore payments can only be retuned in the same way as the deposit was made. This is quite common and is a protection measure against fraud.
Also to prevent fraud, 24Option will require proof of address and a valid form of identification, prior to processing withdrawals. This complies with laws preventing money laundering. If a deposit was made via a credit card, the details of the card will also be needed to process the withdrawal.
Withdrawal Complaints
In the majority of cases complaints were raised due to the delay from processing the proof of identification. It is for your own benefit to provide these details early on, long before a withdrawal request is submitted, reducing the risk of problems or complaints, and ensuring a quicker withdrawal process.
24Option Account Types
A range of account types are offered by 24Option, however entry will depend on the size of the initial deposit. A trader may join a higher level of account type, with a larger first deposit. It is not a problem to start with a smaller deposit, making a larger deposit at a later date to increase access to other account types.
Regular account holders will receive their first withdrawal free, while Gold and Platinum account holders will enjoy regular free withdrawals. A percentage will be charged for remaining withdrawals, and also depends on the method used – for example Skrill will incur a charge of 2%. A withdrawal request can be submitted at any time.
24Option Scam
Because 24Option is a regulated broker, it is not a scam. They do provide the service on offer, and retain company and client funds separately. 24Option is supportive of regulators taking a keener interest in binary options. Their trading platform is very reliable and withdrawals are paid out as requested.
Complaints
A complaint raised against 24Option once was in relation to the practice of ‘up selling’, which happens when an account manager who is working for a broker, contacts clients and offers to trade on their behalf. This does unfortunately lead to the trader over-trading, and often beyond their means.
As far as possible, traders should not let anyone else trade for them. Because of these complaints, account managers that behaves in this way will no longer be paid bonuses by the binary industry. It is not certain yet whether this will end the practice, however traders are warned to be knowledgeable of this risk. Should an account manager approach you in this regard, politely decline.
Bonus
24Option does have a unique bonus offer, differentiating them from the more traditional deposit match bonuses. They have a range of ’Premium Prizes’, which is usually tech products such as a MacBook or iPad.
As 24Option is a reputable broker, traders may decline any bonus incentive.
24Option Demo
Below is our fully comprehensive tutorial video, showing you how to trade by selecting the trade type and asset, how to analyse the charts and how to judge trader sentiment, as well as where you can find the signal service (Trading Alerts).
24Option Review Conclusion
Because 24Option is regulated by CySec and is licensed, they are evidently a legitimate operation. Their service offering is warm and welcoming, a refreshing change from impersonal service provided by the majority of other brokers.
24Option does have a minimum deposit requirement of $250, for anyone interested in opening a live trading account with them, while the minimum trade size is set to at least $24 per trade. Even though they are well known for their good service, they are set apart due to their regular trading competitions. The winners of their competitions can win tens of thousands of dollars in prizes. In addition innovative bonuses are offered, and their demo account has the advantage that traders may use the platform before trading with their own finances.
Advantages:
- Attractive Cash Prizes with Trading Competitions
- Extensive list of primary assets for trading
- Professional Customer Support
- A Robust and Advanced Trading Platform
- Supportive of Multiple Languages
- A wide Range of Benefits and Bonuses
Disadvantages:
- A $250 deposit is required prior to gaining access to the demo account.
24Option Review Ratings
Customer Service Rating – 10
• 24/7 Support
• Phone Support For 21 Countries
• Trading platform translated into 18 languages
Asset Choice Rating – 10
• 43 Stocks
• 30 Currency Pairs
• 11 Commodities
• 19 Indices
Deposit Method Rating – 9
• Credit Cards
• EFT Payments
• Web Wallets
Minimum Deposit Rating – 7
• $250
Minimum Trade Rating – 8
• $24
Trading Features Rating – 8
• Standard High/Low Binary Options
• One Touch Binary Options
• Short Term Binary Options
• Boundary Options
Payout% Rating – 8
• Up to 89%
• 15% Rebates
Bonus Offers Ratings – 9
• Up to 100% matching bonus on initial deposit.
Site Intangibles Rating – 9
• Regulated by CySec
• Demo account
• Asset Filter Provided
• Real Time Price Feed from Morningstar price quotes
• Demo videos, tutorial and ebook provided
• Regular Trading Competitions With Attractive Prizes