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24Option Broker Review

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Bonus
up to 150% Bonus
Minimum Deposit
$250
Regulators
CySEC, FCA, MiFID
Market Trade
All
EURUSD Spread
Fixed & Floating
US Traders
No
Platforms
MT4
Founded
2010
Country
Cyprus
Contact Support
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24Option.com is one of the original players in the retail binary option market that recently expanded its product line to include forex currency pairs, CFDs, stocks, indexes and commodities.

24Option is operated in the European Union by Rodeler Limited and regulated by CySEC under CIF License number 207/13 that enables the broker to offer services to clients in all EU member states.  Its registered European office is situated at 39 Kolonakiou Street, FREMA PLAZA, First Floor, 4103 Ayios Athanasios, Limassol, Cyprus. Elsewhere, the website is run by Richfield Capital Limited that is regulated in Belize by the International Financial Services Commission under license number IFSC/60/440/TS/17. Richfield Capital has its offices at No 5 Cork Street, P.O. Box 1708, Belize City, Belize.

A screenshot of the home page of its official website appears below:

24Option Home Page Screenshot

24Option.com currently only accepts non-U.S. customers.

Features

24Option.com was one of the original retail binary option online brokers, so it retains a strong presence in that market. The broker also offers customers its own proprietary web based trading platform where online traders can execute deals in major, minor and some exotic currency pairs, as well as trade CFDs on various underlying assets like stocks and major indexes, all from a single interface. Furthermore , the broker supports MetaTrader4 and offers a mobile trading app.

The amount for opening a live account at 24Option requires a minimum initial deposit of $250. Accounts can be funded through debit and credit cards, numerous electronic payment services, and through a wire transfer. The maximum leverage on 24Option accounts for forex trades is 200 to 1.

No commissions are charged at 24Option.com. The company instead makes their money from the dealing spreads quoted, which are fairly competitive. For example, spreads are a minimum of three pips for major currency pairs like EUR/USD, four pips for minor pairs and seven pips for exotic pairs.

Accounts

24Option.com offers its customers six types of live trading accounts as follows:

  • Basic – this account type has a minimum deposit of $250, £250, €250, ¥25,000 or RUB 10,000. Spreads are a minimum of three pips for major currency pairs, four pips for minor pairs and seven pips for exotic pairs. Traders can use MT4 and the company’s proprietary web-based and mobile platforms, and they have access to 24/7 customer service.
  • Silver – this account type has a minimum deposit of $2,000 and includes all Basic Account features, as well as Trading Alerts and access to a Personal Trading Coach.
  • Gold – this account type has a minimum deposit of $25,000 and includes all Silver Account features, plus access to SMS and email alerts. In addition, Gold account holders get an extra 2 percent return on each trade executed.
  • Platinum – this account type has a minimum deposit of $50,000 and includes all Gold Account features, plus access to a Live Training Session and a research website. Platinum account holders get an extra 4 percent return on each trade executed.
  • Diamond – this account type does not have a specific minimum deposit amount, but it must be set up by an account manager. It includes all Gold Account features, plus free tickets to European Juventus FC soccer matches and a customizable trading platform.
  • Islamic – this account type does not pay interest and so has no conflict with the Islamic Riba prohibition. All 24Option account types can be Islamic accounts.

Transactions

Deposits

Several options exist for funding a trading account as follows:

  • Debit card transfers.
  • Credit card transfers from Visa, Discover and MasterCard.
  • Electronic payments from Skrill (formerly Moneybookers), UCash, Qiwi, Neteller, Sofort, WebMoney, and PaySafe. Do not currently accept PayPal transfers.
  • Wire transfers from banks or other financial institutions.

Withdrawals

  • Customers must provide proof of identification, residence and credit card copies (if that is where funds are to be sent) in order to withdraw funds.
  • Basic, Silver and Gold account credit and debit card withdrawal fees are 3.5 percent for, 2 percent for Skrill, 3.5 percent for Netteller withdrawals, and $30, €25, £20 or ¥3,000 for wire transfers.
  • Gold account traders can make one withdrawal each month for free.
  • Platinum and Diamond account holders pay no withdrawal fees.

Platform

24Option.com offers clients a great proprietary trading platform that operates in just about any web browser and allows them to trade currency pairs, commodities, CFDs on a variety of underlying assets and binary options from the same interface. A screenshot of the firm’s proprietary trading platform is shown below:

24Option Trading Platform Screenshot

The trading platform features the ability to draw charts, add indicators, monitor positions and the market for many assets, and execute trades.

24Option.com also offers a mobile trading platform has many of the same features that helps clients trade and manage their account from any smart mobile device, including iOS and Android operating systems. 24Option also offers support MetaTrader 4, which is the most popular third party trading platform used by retail currency traders.

Customer Support

24Option.com offers customers support via email, live chat and phone on a 24/7 basis in twelve countries. Their website has also been translated into 22 different languages.

Information

Educational – 24Option.com offers various levels of forex trading educational material that includes interactive ebooks and webinars.  They also offer a news feed, and their Trading Central facility lets clients access historical pricing data and expert third part analysis.

Safety

Regulatory Compliance – 24Option operations are regulated in Cyprus by CySEC under CIF license number 207/13 and in Belize by the IFSC under license number IFSC/60/440/TS/17.   

Overall

24Option.com was one of the original retail binary options brokers and has recently expanded into offering forex and CFDs as well, so the company gives currency traders the ability to operate in many other assets than just currency pairs.  They also offer a decent web based trading platform, an app for mobile trading access and support for MetaTrader4.  Also, 24Option is regulated by CySEC and the IFSC, and client funds are insured and segregated for added security.

Furthermore, their customer service department responds quickly via live chat, which is very helpful. Overall, this broker makes a decent choice for both novice and seasoned traders, especially if binary options and multi-asset trading is desirable in addition to a wide range of currency pairs.