24Option is one of the leading online brokers. They boast some of the latest technology on their trading platform and pride themselves on providing an easy to use system. The new bespoke platform is also feature rich and advanced. The company operates under the company name Rodeler Limited and is headquartered in Cyprus.
The company is regulated by CySec but has stopped offering binary options. They have added both CFD and Forex trading to their service and also extended their customer support to include managing large portfolios. While they will continue to offer binary trading by existing clients, their focus is now on CFD and Forex trading. This includes Bitcoin forex pairs.
They aim to provide a user-friendly trading service and also give traders the tools they need to profit – including some of the highest limits in the industry.
24Option Review – Key Details;
- Demo Account – Yes
- Minimum deposit – £250
- Minimum trade – From 0.1 lot
- Signal Service – Yes
- Bonus Details – As a CySec regulated broker, 24option no longer offers bonuses or trading benefits.
- Mobile Application – Yes. Android and iOS cater for.
Trading Platform Review
24Option offers a user-friendly platform aimed at fast, easy trading, as well as a mobile trading app. Traders can choose from a variety of trades and assets.
Profits will vary based on underlying asset performance, but the platform has low spreads, meaning competitive transaction costs. Forex and CFD payouts will depend entirely on the movement of the underlying asset, as with any other broker.
The trading area is clearly laid out. Traders can select the underlying asset they want to trade, either directly from the list or by filtering the display down to the desired class or category, via a drop-down menu.
The trading window is always visible, next to the list, and will update as soon as a stock or other underlying asset is selected. The price chart on the trading window can be expanded, to allow a more detailed analysis of the price action.
Transaction History
Below the trading window is the open trading area. From here, traders can see all the trades they have opened. They are flagged whether they currently have money or not. The opening price and the current price are both displayed, as is the expiry time. Additionally, the open trade window will show a ‘Close’ value – that’s the value the trader can ‘withdraw’ at that time – to lock in profits or reduce losses. They are only offered at certain times during the trade, but add to the trader’s options and are carefully placed.
Trade history is also shown in this area. All completed trades are listed, the opening and closing prices and of course, the net result of the trade. There are also three tabs for traders to stay informed of market changes. The trading announcements tab, the daily market updates tab, and the Economic Calendar tab are very useful. This provides an excellent source for finding important financial statements that will be released to the market in the near future.
Trader Selection
The platform offers forex and cfds on select commodities, stocks and indices.
In addition, the company now also offers CFD trading and forex trading per pip. This allows users to trade in a more traditional way. It also allows users to trade using leverage. This is a big difference if traders are used to the ‘fixed risk’ of another investment vehicle.
As part of the forex push, 24option now also offers Bitcoin forex pairs. This allows traders to take a position on the cryptocurrency against USD or GBP for example.
As the CFD offering is relatively new, more markets will be added over the next month. The spread is currently around 0.05% and compares quite well with more established cfd brokers.
This new trade type also includes the option to set a stop loss. This is an important part of risk management when using leverage. Traders can also set ‘take profit’ points.
Stop Loss Screen:
Mobile Application
24Option offers a smooth and easy mobile trading platform that will work with both Android and apple devices. If logged into the full website, traders can see a demo of the mobile app. Customers can also choose a variety of devices for that demo.
The application has a very simple interface, with each stage of the trading process presented in a clear, simple process. Large screen and easy to use. This reduces the risk of mistakes caused by hard-to-find or hard-to-find buttons. As well as easy trading, the app can also show transaction history and open transactions. So the transaction history can be checked wherever a trader can. It is a slick trading app and a great addition to the wide range of features offered by the brand. It has been created with the trader in mind, but has been thoughtfully developed to ensure it offers full functionality across multiple devices.
Payout
Since 24option has now withdrawn binary options, the payouts are not comparable to other binary brokers. Forex and CFD payouts will be scalable based on both the leverage and the price movement of the underlying asset.
Traders can manage risk through tools such as stop loss. They can also choose how much leverage to use, per trade. However, with CFDs and Forex – losses can exceed the initial deposit .
Deposit and Withdrawal Options
24option offers a variety of deposit and withdrawal options.
Withdrawals are usually sent back to source funds. Accounts require some form of valid ID and proof of address before withdrawing funds. This is to comply with money laundering laws. If funds were deposited via credit card, details for that card will also be required for withdrawals.
Withdrawal issues and complaints often revolve around delays in proof of this identification process. So it is worth categorizing before requesting a withdrawal. This can avoid problems and ensure fast withdrawal times.
Free withdrawal
Gold and platinum account holders can enjoy regular free withdrawals. Standard account holders get their first withdrawal for free. Remaining withdrawals may incur a percentage fee and this will depend on the method used – Skrill, for example, will incur a 2% fee. Withdrawal requests can be made at any time.
Traders can deposit any time too. The minimum deposit is £250 (money can be deposited in USD and EUR – but once set the active account currency cannot be changed). 24 Options is keen to emphasize the security of the deposit process, and make it as easy as possible. Once the minimum deposit is made, funds appear immediately so that traders are not delayed in making options.
CFD
24Option recently announced that CFD (Contracts for Difference) has been added to their platform. The trading area has now been redesigned in-house (instead of the previous TechFinancial platform) and they have improved their platform to now include a CFD trading option.
While the initial offering was quite limited, it is an exciting step from the company and a potentially scalable trading area in the binary sector.
The main difference with both CFD and Forex platforms is that traders can use leverage. Levels up to x200 are available. This is a big change for anyone using the fixed risk nature of binary. Traders should understand this difference. The platform also offers stop-loss tools – a must-have for the added risks with leverage.
Review 24Option – More Features
The company offers its customers the following features and benefits:
- Multi-Language Support – The brand is an international business, offering transaction support in various languages including English, Spanish and Italian.
- Trades 24/5 – They offer trading when the relevant markets are open
- Education Center – The site hosts a wide range of educational resources that cater to traders of all levels. These include regular market updates, educational videos, ebooks, and beginner trading guides to help you get started.
- Copy Trades – Follow trades made by winning traders
Where is 24Option located?