Based in Limassol, Cyprus, award winning online broker 24Option has been providing services for binary option traders since 2010. 24Option is a full service forex broker that recently expanded their services in December of 2016 to include trading in forex, CFDs, commodities, stocks and indexes.
24Option is owned by Rodeler Limited, which is regulated in Cyprus by the Cyprus Securities and Exchange Commission or CySEC under the CIF License number 207/13. Rodeler also owns the Grandoption, QuickOption and 24FX brands, under which the company offers some of the most advanced trading platforms currently available.
The company offers its services on a cross border basis to EU member states, which permit the provision of its services in their jurisdictions. Due to the company’s regulatory obligations, client funds are safeguarded by being deposited in segregated bank accounts.
The company has two principle offices, one situated in London, England, and its headquarters, which is located at #39 Kolonakiou Street, Ayios Anthanasios Limassol, CY-4103 in Cyprus.
24Option is not currently active in the United States, so 24Option does not accept customers based there.
Unique Features of Trading with 24Option
Being one of the world’s first online binary options brokers, 24Option offers traders a wide range of underlying assets carefully selected to accommodate traders from around the world. The list includes CFDs on equity indexes from the world’s biggest economies, including the Dow Jones Industrials, NASDAQ, DAX, FTSE, MICEX and TADAWUL. CFDs are also offered on popular U.S. technology stocks like Google, Facebook and Apple, as well as on the stocks of the largest banks in Europe and Russia, such as Barclays, Deutsche Bank and Sberbank.
The company’s recently added a forex and CFD brokerage service, offering up to 200:1 leverage for forex trades, although restrictions apply on trading some currency pairs. 24Option offers trading in all major and minor currency pairs that include key currencies from nations around the world, like the EUR, USD, JPY, GBP, AUD and CHF, as well as exotic currency pairs. Traders with 24Option have the ability to trade via its proprietary platform, in addition to MetaTrader4 and on mobile devices using the iOS and Android operating systems.
Much like other forex online brokers, the company does not charge its clients commission, relying instead on widening a currency pair’s dealer spread to compensate themselves. 24Option offers quite competitive dealer spreads that depend on the customer’s account type.
In addition to allowing traders to use the popular MetaTrader4 platform developed by MetaQuotes, 24Option has developed their own dedicated trading platform in-house, which includes many interesting features not found on other trading platforms and that were previously unavailable on the company’s previous web-based platform.
The new trading platform combines the company’s existing binary options trading facility with the new ability to trade forex, CFDs and commodities as well.
Deposits and Withdrawals
The various 24Option account types are assessed and upgraded for each client according to an account manager’s evaluation. They include these types:
- Basic – the 24Option Basic account requires a minimum deposit of €250, £250, ¥25,000 or RUB 10,000. This type of account offers exotic currency pair spreads as low as seven pips, spreads in major pairs as low as three pips, and spreads in minor pairs as low as four pips. The Basic account comes with access to MT4 and the company’s Web client platform that allows one-click trading, as well as a mobile app for iOS or Android and access to 24/7 customer service.
- Silver – this type of account includes all of the features of the Basic account, with the addition of Trading Alerts and a Personal Trading Coach. The minimum deposit for the Silver account is EUR/GBP 2,000.
- Gold – the Gold account includes all of the amenities listed above, in addition to giving the trader SMS and email alerts. The minimum deposit for the Gold account is EUR/GBP 25,000. In addition, Gold account holders receive an extra two percent return on every trade they make.
- Platinum – this account includes all of the features above, in addition to access to a research website and a Live Training Session. The minimum deposit for a Platinum account is EUR/GBP 50,000. In addition, Platinum account holders receive an extra four percent return on every trade they make.
- Diamond – the Diamond account includes all of the features listed in the other account types, plus it includes complimentary tickets to Juventus FC soccer matches in Europe and a customizable trading platform. The Diamond account apparently does not have a specified minimum deposit and must be set up with an account manager.
The minimum deposit to open a live 24Option forex account is EUR/GBP 250, with a minimum transaction size of EUR/GBP 24. Deposits to fund a 24Option live account can be made via credit card: the company accepts Visa, MasterCard and Discover, through Skrill electronic payment and through bank wire transfers. The company also accepts UCash, Neteller, Qiwi, Sofort, WebMoeny and PaySafe, to name just a few, but they do not accept PayPal payments.
The minimum deposit for a credit card is €250, £250, ¥50,000 and RUB 10,000. Deposits can be made in the following currencies: British Pound, Japanese Yen, and the Euro. For an electronic payment minimum deposit amounts are: €250, £250, ¥50,000 and RUB 10,000, while for a bank wire transfer, they are £1,000, €1,000 and ¥100,000.
24Option also has some maximum deposit amounts, which is a daily limit of 10,000 Euros or Sterling and ¥100,000 for credit cards, and a monthly limit of 40,000 Euros or Sterlingand ¥4,000,000.
For withdrawals, the customer must first verify their account with a copy of a government issued identification such as a passport or driver’s license, proof of residence in the form of a utility bill and a copy of both sides of their credit card if that is where the withdrawal is being made to. This verification process needs to be repeated every time a new payment method is used.
Withdrawal requests are processed during normal Cyprus business hours from Monday through Thursday between 9:00 am and 4:00 pm and between 9:00 am and 1:30 pm on Friday. With the exception of Platinum and Diamond accounts, which are not charged for withdrawals, 24Option charges fees for withdrawals from its Basic, Silver and Gold accounts as follows: for credit and debit cards they charge a 3.5 percent fee, for Skrill (formerly Moneybookers) they charge a two percent fee, for Neteller a 3.5 percent fee, and for wire transfers they charge €25, £20 or ¥3,000 based on what currency is involved. The Gold account is entitled to one free withdrawal per month.
24Option’s customer service department offers 24/7 live chat and email support, with telephone assistance in 12 countries. Their proprietary trading platform is also translated into 22 languages. The live chat attendant seemed rather slow to respond when tested several times.
In addition to its customer support department, the company offers a wide range of educational materials, such as daily market news and updates, live webinars and interactive eBooks. Their Trading Central feature allows clients to access third party market analysis and historical data. 24Option also provides videos on demand, with available topics including courses for intermediate and advanced trading in CFDs, forex and binary options.
In addition to its CySEC oversight, which ensures the broker is duly regulated in the European Union, 24Option is also a member of the Investment Compensation Fund, which gives each trader protection of up to €20,000 if the broker cannot fulfill its obligations.
The broker did have a recent issue with CySEC that reportedly resulted in a fine and citation in January of 2016, although it appears that they have now addressed most of those problems.
24Option is a well-established and regulated binary option, forex, CFD and commodities broker with an extensive array of tradable assets and a unique, secure, state of the art trading platform. The company offers telephone support in 12 countries, and its trading platform has been translated into 22 languages.
In addition to offering traders incentives and benefits, the customer service personnel is courteous and professional, although they seem rather slow to answer their live chat service.
The company’s trading platform has an intuitive interface and is easy to use. Also, the broker offers novice traders an extensive educational program. Nevertheless, the company does not extend its services to traders in the United States, and it seems to require a minimum deposit of EUR/GBP 250 before allowing traders access to a demo account for practice trading and review purposes.