24option Review 2020

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24option Review

Introduction

Founded in 2008 the multi-award-winning binary options trading site from 24option is not only intuitive and easy to use but also geared towards both new traders as well as trading professionals. With 24/7 dealing provided on the reputable Tech Financials trading platform they are one of just a handful of highly respected and trusted brokers that put usability and accessibility at the forefront of what they do.

This ease of access and their mobile-friendly platform makes the trading process accessible and straightforward. Operating across a growing list of countries in 22 languages the site lets you choose the language and currency you wish to trade in. Education is a priority with 24option, and their range of educational aides caters for everyone from the first time trader to the experienced and successful.

With customer support a priority at 24option there are many support options available from picking up the phone to a dedicated customer support advisor to starting an online chat on the move, their dedicated team are on hand to help with any questions or issues.

In this review, you will learn:

    What we think about their company practices The unique benefits and features of 24option Differences between the various accounts

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain from referring new customers.

Account Types

You don’t have to choose a plan to get started with 24option. They state on their website that you can open an account and begin trading immediately. If you do want to start a plan, there are five on offer, plus an additional, somewhat discreet 24option demo account available on request. Highlights of these account options are below.

Basic Account

The Basic Account requires an initial deposit of $250, and the minimum trade is $24. Successful trades attract profits of up to 82%, but benefits are limited to the standard 24-hour customer service access and a professional chart.

Silver Account

The minimum amount needed to open a Silver Account is $2,000 although this account commands the same profits as the Basic Account. A Silver Account does, however, unlock a few more of 24option features including access to a personal coach and trading alerts.

Gold Account

The most popular account with traders, a 24option Gold Account sees the profits rise to up to 84% and the addition of more features which include SMS & e-mail alerts. There is also the opportunity to live trade with an expert. An initial deposit amount of $25,000 is required and a minimum trade of $48.

Platinum Account

If you are looking for more benefits and support and a higher profit, a Platinum Account will see a return of up to 86% on a successful trade alongside even more expertise to help you trade successfully. A minimum initial deposit of $50,000 is required, and the minimum trade amount is $120.

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Diamond Account

With a minimum trade amount of $480 and the maximum trading return of up to 88%, the Diamond Account is the most rewarding of all plans at 24option. A higher exposure and higher trading limits make this the account to be enjoyed with the more professional traders. They even offer Diamond Account holders FREE Juventus tickets due to their affiliation and sponsorship of the club.

Trade Types And Payouts

With a maximum payout of up to 88% available to those with a Diamond account (82% for the lower end of the account scale) the trade types available are High/Low Options, One-Touch Options and Boundary Options, here are more details:

High/Low Trades

One of the more popular types of binary options High/Low Options are also known as call/put options. All the trader needs to do is call whether that asset price will increase or decrease below the current level in a set amount of time.

One Touch Trades

One-Touch Options are a simple way to trade and don’t take much time or effort. All the trader needs to do with a One Touch option is to choose whether the market will reach a target price within a designated amount of time.

Boundary Trades

Boundary Options involves a simple prediction. The trader needs merely to predict “In” or “Out” which means whether you believe the market price will close within or outside the upper and lower costs by the expiry time.

24option’s mission is to make sure that their traders enjoy their experience.

Bonuses And Promotions

As well as offering periodic bonuses from time to time 24option have both technology bonuses and cash bonuses that are pretty much standard and provided consistently.

Technology Bonus 1. To qualify for an iPad, the account holder must deposit a minimum of $10,000 and reach a minimum trading volume of $50,000. Technology Bonus 2 is a MacBook and with a deposit of $20,000 needed and a min trading volume of $100k.

For those who don’t have that kind of money to trade with there is a $24 bonus for anyone who downloads the 24option mobile app and registers for an account.

Upon registration, cash bonus offers are made on a case by case basis, usually associated with the amount of cash deposited by the trader.

Mobile Trading

Trading is made easy with a 24option mobile optimised website and the mobile app which is available for both IOS (iPhone and iPad) and Android. In this fast-paced technological environment, users need something that is intuitive, simple, quick and easy to use and that allows for instant order execution with real-time data.

While the website offers everything the trader needs to know along with FAQ’s, the mobile app has more limited functionality however customer support is still paramount and user reviews state the app to be an easy to use platform with useful information and great support.

The trading app is available for a range of devices including iPhone, iPod Touch and iPad Air. As well as its ease of use the app is also available in 22 different languages allowing the user to switch to their native tongue. As well as English you can trade in Arabic and even simplified Chinese.

Deposits And Withdrawals

The minimum deposit with a 24option account is $250, and after making the deposit, trading can begin immediately. Deposits can be made via wire transfer although if using this method the minimum deposit amount is $1,000. Other methods accepted include credit and debit cards, Skrill, Mister Cash and many other online payment systems.

Before you can withdraw funds from a 24option account, you must ensure that all documentation and verification is up to date. The verification process requires photo ID such as passport or driver’s license, proof of residence (you must be resident in a country accepted by 24option ) and a verified payment method. To use a credit card, for example, you must send a picture of both sides of the card although you are asked only to display the last four digits. Withdrawals can be made to credit cards, wire transfer or other selected online payment systems.

Once your account is verified the withdrawal process is straight forward and requires the users to fill in the amount to be withdrawn. 24option aim to process all withdrawal requests within three days. There are some light complaints regarding withdrawal problems, but we believe these are mostly down to lack of ID and account verification.

There is a fee for making a withdrawal unless you are a Platinum or Diamond Account holder. The fees range from 2% – 3.5% depending on the method or a fixed fee of $30 for a wire transfer. Banks may make additional charges.

Special Features

As 24option values every trader and wants them to enjoy the success, they offer a FREE demo account giving entry-level traders the chance to familiarise themselves with the platform, experience a real experience and teaches them the necessary skills to continue.

Educating their traders is also crucial to 24option which is why you will find webinars for all traders regardless of experience and knowledge. Just visit their website and watch a basic, intermediate or advanced webinar. Other webinars are available, with dates published on their calendar.

Customer Support

Customer support is easily accessible, and in the first instant you can complete and submit a simple form with your questions, comments or concerns. Support is also available by e-mail, telephone or by starting a live chat with a customer service specialist on the site whether on a desktop or mobile device. Support contact is available 24 hours a day, seven days a week from many countries across the world and as usual, in multiple languages.

Here are the contact details for 24option:

Conclusion

Let’s finish up our 24option review here. 24option’s mission is to make sure that those traders that use their site enjoy the experience, experience success and stay! To achieve this, they provide plenty of education and support to all of their traders regardless of experience. They seem to value their traders and demonstrate this through their various educational tools and information. From our investigative research and test, we found no reason to believe they are a scam operation.

As an exceptionally well trusted and secure platform to trade on 24option is a popular choice with many traders from beginners to professional Diamond traders. They’re easy to use platform, mobile trading options and customer support make them an ideal choice for traders and makes them a serious contender in the binary options trading market.

Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.

Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain from referring new customers.

Frequently Asked Questions

Is 24option legit, will they scam me?

24option has one of the most reputable names in the business and are a trustworthy and reliable broker. We carry out individual checks to ensure that we are happy.

Do they have a decent mobile or tablet app?

Technologically they have a good platform which ranges from the desktop website to their responsive mobile site. 24option also have an app and actively encourage traders to download the app by offering a $24 bonus.

What bonus do they offer new traders?

24option provides a welcome bonus of 100%. For a trader that reaches $10,000 in deposits and $50,000 in trades there is the reward of an iPad, if they double this, they will be rewarded with a Mac Book.

Can I start trading on a free demo account?

Like many of the top brokers, 24option offer a demo account to encourage their traders to get used to the platform. Just deposit your $250 deposit, then request a free demo account.

What’s the minimum deposit and trade amount?

The minimum deposit for a 24option account is $250 unless you are depositing funds via wire transfer, then the minimum deposit required is $1,000. Their minimum trade is $24.

Robert has consulted for our website for five years and is a well-established member of the team. While he is passionate about the site, most of Robert’s time is focused on his current position as CEO of a professional coaching company.

24option Broker Review 2020

24option

Platforms

Tradable Assets

Spreads

Customer Support

Credibility

  • Wide range of instruments including cryptocurrencies
  • Tight spreads
  • Regulated by the IFSC and CySEC
  • Well-established brand
  • US traders not accepted
  • Demo account valid for 1 week only

Easily sign-up with 24option for free via the form below!

Introduction or Skip Content and Read the Bottom Line!

24option is one of the most reputable brokerages in the market and now they have diversified their online trading services by offering a suite of platforms.

It’s interesting that a well-known and established brand has entered the competitive world of FX and CFD trading.

So how do they compare to other forex brokerages?

Should you sign-up with 24option or would it be better to consider other brands instead?

Continue reading this unbiased and updated review to know the answers.

24option Overview
Founded 2020
Platform Scipio, MetaTrader 4, MT4 Mobile Apps
Minimum account size $100
Minimum lot size 0.01
Tradable assets 340+
Maximum margin 1:400 (for professional clients) / 1:30 (for retail clients)
Spread on EUR/USD 0.9 pips
Payment methods Credit Cards, OKPAY, Neteller, Skrill, Perfect Money, Wire Transfer, Alternative Payment Methods
Demo account 1 week with $100,000 virtual funds
Accepts US traders No
Regulated IFSC (Belize), CySEC (Cyprus)
Support Email, Phone, Live Chat
Website www.24option.com

CFD Service. 83.29% of retail clients lose money.

Registration 10/10

The initial part of the registration at 24option won’t take too much of your time nor would it need plenty of information from you.

The registration form on their website is very basic and only requires the following personal details:

  • Full name
  • Email address
  • Phone number

Once you have accomplished this form and clicked on Submit, you’ll get pop-up welcome message and will be asked to answer a short questionnaire.

This part of the registration is mandatory and imposed by local regulators so be sure to answer them correctly since the assessment would determine if your experience and profile is suitable for trading on their platform.

This is no technical exam that will require you to be an expert or experienced user. They will only provide you with several basic questions which you can finish in as fast as 5 minutes.

And once you’ve completed the questionnaire, there’s no need to wait further because you will instantly be informed if your account has been approved or not.

24option registration page

CFD Service. 83.29% of retail clients lose money.

CFD Service. 83.29% of retail clients lose money.

Account Types 10/10

Your initial deposit would determine the account type that you will be subscribed to and this could be any of the following:

  • Basic – $250 minimum deposit
  • Gold – $5,000 minimum deposit
  • Platinum – $10,000 minimum deposit
  • VIP – $50,000 minimum deposit

Each account has its own perks and of course, the higher the account type, the better the perks you’d get to enjoy.

Let’s look at it in detail:

Among the benefits that you would be able to avail may include floating spreads, education center features such as basic and advanced lessons, webinars, daily news, alerts from Trading Central, 100% margin call and free withdrawals.

24option account types

CFD Service. 83.29% of retail clients lose money.

Demo Account 8/10

If this will be your first time to use 24option’s platform or you have no trading experience at all, then the demo account is definitely useful tool that you can utilize.

How can you actually use this?

This is basically the same as the Live trading platform with live market conditions and the only difference is that you will be able to use it in virtual or practice mode.

In this way, you can explore the user interface, do test trades and apply various strategies to see which one works best for you without using the real funds on your account.

Via the demo mode, you will be utilizing the $100,000 virtual funds which we believe is more than enough for you to use to fully maximize this feature.

But there’s one small catch…

The demo account will only be valid for 1 week only so make sure that you take advantage of it before it expires.

You can get in touch with your account manager and request to add more funds in your virtual account or extend the validity of your demo account. This however is subject to their approval.

24option demo account

CFD Service. 83.29% of retail clients lose money.

How to access the 24option demo account?

Right after you have completed the registration process and the assessment, you will be redirected to the main trading platform page.

From there, locate the top section where your account number is displayed and the text “Live”. Place your mouse pointer on these details in order to reveal the dropdown menu and click on “Demo” to trigger the demo account.

How to access 24option’s demo account

CFD Service. 83.29% of retail clients lose money.

Payment Methods 10/10

There are plenty of options for you to choose from in adding funds into your 24option account. In fact, there’s a high chance that you’ll have one of these payment methods.

The banking methods that they accept are among the most secured and the most known in the market.

As of press time, here are the banking methods that 24option supports:

  • Credit cards
  • OKPAY
  • Neteller
  • Skrill
  • Perfect Money
  • Wire Transfer
  • Alternative payment methods

So what’s the big deal?

Having a lot of options to fund your 24option trading account gives makes it easier and hassle-free since there are more ways to make a deposit.

24option deposit page

CFD Service. 83.29% of retail clients lose money.

This will give you a lot of convenience in transferring funds into your account and such convenience merits a perfect score.

Minimum Deposit 8/10

You can open a live trading account with a minimum initial deposit of $100.

This amount is just a little higher than the requirement of most of brokerages today.

The thing is, majority of brokerages today require much higher initial deposits from their clients in order for them to trade.

So in comparison…

24option’s minimum deposit requirement is reasonable. And in fact, this amount is just right enough especially if you’re a beginner so you can have ample funds to invest on several instruments.

Want to register now with Plus500? You can click on the button below and we’ll take you straight to the sign-up page:

CFD Service. 83.29% of retail clients lose money.

Platforms 9.2

24option will provide you with a choice advanced platforms: one that they have developed in-house and one of the most popular forex trading applications out there.

Currently, the following platforms are your options:

  • Scipio – A proprietary web-based platform which they have enhanced with more features.
  • MetaTrader4 – They added this standard platform for the convenience of users who are used this popular software.
  • MT4 apps – These can be installed on mobile devices running on Apple’s iOS and Google’s Android.

We have tested all of the platforms listed above and we find them all very convenient to use.

They are bug-free and are not highly resource-intensive so they operate very smoothly.

Design 10/10

The downloadable MetaTrader 4 client only offers the basic platform design which is why brokerages like 24option won’t be able to incorporate any additional visual elements on this trading software.

Here’s what 24option’s MetaTrader 4 platform looks like:

24option MetaTrader 4 platform

CFD Service. 83.29% of retail clients lose money.

Nevertheless, they managed to keep the interface free from clutter and as simple as it can be.

On the other hand:

The feature of their Scipio platform design over their competition is that they have made it quick and easy for CFD/Forex trading without the need to open and close any windows on your computer.

You can simply click on the links at the top the interface to open the platform and begin trading as you wish.

Here’s what the Scipio platform looks like:

24option Scipio platform

CFD Service. 83.29% of retail clients lose money.

Its mobile version is not very far from its design so switching from the web-based version to the mobile app and vice-versa won’t cause you any confusion.

Here’s a screenshot of their Android app:

24option Android app

CFD Service. 83.29% of retail clients lose money.

Tradable Assets 8.9/10

24option’s platforms have more than 340 underlying assets which are composed of commodities, stocks, indices, forex, ETFs and even cryptocurrencies.

CFD Service. 83.29% of retail clients lose money.

Here are the current instruments that you can invest on:

Forex

You’ll find a selection of around 30 currency pairs including majors, minors and exotics. Among the forex pairs you can invest include EUR/USD, GBP/USD, USD/JPY, USD/CHF, USD/CAD, AUD/USED, NZD/USD, EUR/GBP, EUR/GBP, EUR/CHF, EUR/JPY, AUD/CHF, AUD/CAD and more.

Commodities

Plenty of commodities are available such as precious metals (gold, silver, aluminum, zinc, nickel, copper and palladium), soft commodities (coffee, cocoa, corn, orange, rice, soybean and wheat) and energies (crude oil and natural gas).

Indices

You can choose from a list of popular equity indices like TA35, TADAWUL, OMXS30, NIKKEI, DAX, FTSE, NASDAQ, SP500, ICE USD, ASX, JSE and MIB.

Shares

Here’s the kicker:

There are around 200 stocks to choose from on the platform so you practically have a lot of options. Coca-Cola, Apple, eBay, Disney, Facebook IBM, Alibaba, Amazon and Netflix are just among the popular companies you can trade on.

Cryptocurrencies

This new asset class is also available on 24option’s platform. You can invest on the most popular digital coins like Bitcoin, Bitcoin Gold, Litecoin, Dashcoin, Ripple, Ethereum, Ethereum Classic and Monero.

24option is among the very few brokers in the market today that allows CFD cryptocurrency trading for both full size and mini contracts and the coins can be traded not only against the USD currency but also against EUR and GBP.

A word of caution:

When you’re trading cryptocurrencies via CFDs, please remember that this is not the same as buying/selling cryptocurrencies from an exchange.

Trading on the most popular Exchange Traded Funds (ETFs) is possible via this CFD service and the great thing is that you’ll have around 30 choices such as UCO, USO, XLF, XLY, XLK, ACWI, DBC, EWT, FAS, LIT and MDY.

Such variety gives you the chance to expand your investment journey by having a flexible and diversified range of underlying assets which is why they deserve an above-average score.

Minimum Lot Size 10/10

We can’t emphasize enough:

The size of your lot will directly influence your risk management and the smaller the lot, the better you can control your risk.

Most retail brokerages allow their clients to trade with micro lots which means a Buy or Sell order will be placed for 1,000 units.

The fact of the matter is…

Micro lots are the smallest tradable lot size that are usually allowed by most brokers and the good news is that this brokerage offers the same size for specific account types.

Like most brokers, 24option also allow trading with micro lots for as low as 0.01 giving traders the opportunity to invest with lower risks.

Spreads 9.8/10

24option offers floating spreads and the higher the account type, the tighter the spread you get to enjoy.

For a new entrant in the forex and CFD trading industry, their spreads are very competitive even for the hottest currency pairs in the market like EUR/USD which can reach as low as 0.9 pips for VIP account holders.

Basic, Gold and Platinum accounts have EUR/USD spreads of 2.5 pips, 2 pips and 1.6 pips, respectively.

We’ve matched these numbers with other brokerages and generally, 24option’s spreads are competitive and compare fairly well with their competitors.

CFD Service. 83.29% of retail clients lose money.

Quotes Accuracy 10/10

If your broker is not capable of providing you accurate and real-time quotes then you won’t be able to make a profit regardless of how skilled or experienced you are.

In order to see the accuracy of the prices shown on 24option’s platforms, we’ve monitored them for over a week and compared them with the actual market prices from reliable quote providers.

24option quotes accuracy

CFD Service. 83.29% of retail clients lose money.

Several tests were done to check the accuracy of the prices that are shown on 24option’s platforms and the good news is that there were no discrepancies encountered and trades were also executed without any delays.

Withdrawal Time 10/10

For security purposes, you need to verify your account before you can make a withdrawal request.

Here’s how it goes:

Simply submit them your proof of ID, proof of residence, complete assessment of appropriateness and verification of the payment method that you used to accomplish this.

And once the account has been verified, you will be able to withdraw your funds and if the request will be processed without any undue delay.

Generally, the processing time is impressively fast.

Customer Support 9/10

Customer service is one of the key aspects that can help you judge the reliability and trustworthiness of a broker.

How fast and professional they are in attending to your needs and queries will definitely show how they treat their customers.

So let’s get down to it

24option offers customer support via phone, email and live chat and their availability is 24 hours a day, 5 days a week so there’s always someone to talk to whenever you need help.

They are not available on weekends but we consider this as a minor downside since the action happens on weekdays when markets are open.

24option customer support

CFD Service. 83.29% of retail clients lose money.

In order to fully determine the quality of their customer service, we’ve done a thorough test by contacting them via all modes of communication and asking the several questions.

So how did it turn out?

Getting in touch with 24option’s customer service department was never a problem.

Via phone, we were able to talk to one of their agents in less than a minute and all of our questions and concerns were answered in a timely manner.

The same goes for the email support although the response time was around 30 minutes which is still faster compared to other brokerages which would take more than day to answer a very basic question.

We found the live chat support to be a very convenient way to contact them. This feature is readily accessible on their website regardless if you’re logged-in or not. All you have to do is provide your name and email address and start the conversation.

24option live chat

CFD Service. 83.29% of retail clients lose money.

So it all adds up to this:

24option’s customer service is superb! They know how to handle almost any kind of customer query, issue or concern and they deliver it with ease and through multiple channels.

The ease of getting immediate customer service is the reason why we’re giving them a very satisfactory score.

CFD Service. 83.29% of retail clients lose money.

Credibility 9.2/10

24option is among the biggest brands in the online trading market so if you’re concerned about their credibility then this is definitely not an issue because they have been operating since 2020.

But other than that…

Recent reviews and comments show that their CFDs/Forex services have been well-received by traders.

There were plenty of positive comments from their satisfied clients that can be found on various forex and trading forums, online communities and even on social media.

So what does all this mean?

This strongly indicates that 24option was able to sustain their good credibility.

Regulation and License 9/9

24option is a brand name shared between two group companies, Rodeler Limited and Richfield Capital Limited.

Rodeler Limited is authorised and regulated by the Cyprus Securities and Exchange Commission while Richfield Capital Limited is regulated by the International Financial Services Commission.

Rodeler Limited offers services within the European Economic Area (excluding Belgium) and Switzerland while Richfield Capital Limited offers its services to all countries that are outside the European Economic area and Switzerland, the USA the British Columbia, Canada and some other regions.

Conclusion 9.2/10

24option is a great addition to the competitive foreign exchange market with their full-feature platforms and client benefits.

What sets them apart from the rest is that they have good reputation, excellent support and other trading benefits that you won’t just find from any other broker.

They have flexible trading conditions that are suitable not just for experienced and skilled traders but also for those who are just starting to explore opportunities in the financial markets.

The professional 24/5 support is unquestionable and reliable in the event that you need assistance or help with your online trading account.

24option has all the necessary features and perks that traders are looking for in a broker. It is easy to see why they are a well-established brand and a popular choice among forex and CFD traders.

CFD Service. 83.29% of retail clients lose money.

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