In the past, the main product offered was binary options. But 24Option has recently started offering CFD and forex trading to compete with more established brokers in the field. The similarities between the products mean that 24option has been able to build their own bespoke trading platform and add new functionality to CFDs and forex trading. Binaries have now been completely removed.
Exchange floor
In terms of the trading platform used by 24Option, the broker has previously used the binary options trading platform provided by TechFin finances. However, in an effort to expand their product offering, 24Option now uses a proprietary platform (with the same login details) called Scipio to offer CFDs and forex trading services.
MetaTrader 4
In addition to the Scipio trading platform, 24Option has also integrated the popular MT4 trading platform for traders looking to trade spot forex and CFD markets. The main attraction of the MT4 platform is the advanced trading tools that have been integrated into the platform. So traders can use one of two platforms, each offering different strengths. MT4 is perhaps more complicated to use, but includes more analytical tools and automation options. Traditional platforms are easier to use. Traders can of course, do research on one platform and trade on another. Login details remain the same for both.
Mobile trading
24option offers a free mobile trading app for both iOS (iPhone and iPad) and Android. The apps are available for download both on Apple’s App Store or the Google Play Store. This application provides all the functionality of the main website, including many account management features. The app leverages the strengths of each platform (Android or iOS) to maximize functionality on any device. Using this app is slick and intuitive. The login process is quick but secure. Technical analysis becomes difficult on smaller screens, but trade details and modifications are simple and are a real bonus for traders who need to react to events while they are away from the computer or their laptop.
Trading Account Provided
There are 4 different types of trading accounts available at 24Option for you to choose from. Trading accounts are categorized into Basic Account, Gold Account, Platinum Account and VIP Account (formerly Diamond). Each account level offers slightly better terms, more lessons included and tighter spreads.
To open a live trading account, you need to meet a minimum initial deposit of $100.
Regulations & reputation
Is 24Option a scam, or are they trustworthy? Their regulatory history shows that they are a responsible company. The move away from binary is designed to maintain their reputation. In terms of regulatory oversight, 24Option is regulated under 2 regulatory bodies. For operations in Europe, 24Option is regulated by the Cyprus Securities Exchange Commission (CySEC) under CIF license no. 207/13 issued to Rodeler Ltd. For operations outside of Europe, 24option falls under the jurisdiction of Belize’s International Financial Services Commission. Authorization is granted to Richfield Capital Limited under registration number IFSC IFSC/60/440/TS/15-16.
Free ice cream
Due to recent memos from CySec (C168 (November 30, 2016) and C194 (March 16, 2017)), bonuses – or deposit bonuses of free trades etc. – currently banned. 24Option therefore does not currently offer a signup bonus.
Tools
Currently, the company has a wide selection of basic assets for their clients to choose from. In total, there are over 130 different underlying asset classes. The selection has 4 main asset classes mainly currencies (34 pairs), commodities (11 types), market indices (25 indices) and stocks (61 companies).
Customer Support
Customer support at 24Option is provided on a 24/7 basis. Traders can reach the support team via email, live chat or phone. For the following countries, local phone support is available: Belize, Brazil, Chile, Colombia Malaysia, Mexico, New Zealand Peru, Russia, Saudi Arabia, Singapore Ukraine, United Arab Emirates
Deposit & withdraw money
As for funding and withdrawing at 24Option, there are different methods you can use. Supported methods include VISA, Mastercard, Discover, Diners, Switch, JCB, Skrill, Neteller and bank transfer.
Is 24Option the best for day trading?
For day traders, 24Option is ideal as the broker can provide the right selection of underlying assets for day traders to trade. For example, with binary options, you can trade contracts with an expiry time of 60 seconds. Likewise with CFDs, the trader has the choice of when to close the trade. The ability to be able to arbitrarily close a trade is important to the day trader because a second decision can mean the difference between profit and loss.
Frequently Asked Questions
What is the minimum deposit requirement to open a trading account?
Minimum deposit requirement is $250.
How fast can my withdrawal request be processed?
The usual processing time required for a 24Option withdrawal request is 3 business days.
24Option is a reliable broker?
Correct. 24Option is a reliable broker as it is regulated in many jurisdictions. In addition, the broker has established a reputation as one of the leading names in the industry.
24Option has what kind of exchange?
24Option offers two types of trading platforms, a proprietary platform called Scipio and the MetaTrader 4 platform.
What is the maximum leverage available?
The maximum leverage offered by 24Option is 1:200.
24Option Company details
24Option is located at: 39 Kolonakiou Street, FREMA PLAZA, Level 1, Ayios Athanasios, Limassol, Cyprus
Accepted countries
24Option accepts traders from Thailand, United Kingdom, South Africa, Singapore, Hong Kong, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries. Traders cannot use 24Option from Belgium, Iran, China, Bosnia and Herzegovina, Israel, France, Japan, Australia, Canada, USA, India, Nigeria, Brazil, Switzerland.