24option is an online Forex and CFD broker that operates from Cyprus and Belize. It offers forex, commodities, stocks and indices for trading on its platforms. It is a regulated brand.
|#||Broker's Features||24OPTION Availability|
|#||Accepts US traders||❌|
|#||24 hour trading||❌|
|#||Trading by phone||❌|
|#||1st deposit bonus||❌|
|#||Forex contests competitions||❌|
|#||Interest charges on the balance||❌|
|#||24 hour support||❌|
The variety of online brokers on the internet is very huge, so it is necessary to do a transparent review and comparison of the companies. After spending several days researching different forex brokers for trading FX, our team at onlineforextrading.net team collected over 50 data points. For this review, we will review 24option.
Financial Trading and Investment Services: First of all, you should know which financial instrument you want to trade and then searching for the right broker. This can be stocks, forex, CFDs, cryptocurrencies or options. 24option offers Online Financial Trading and Investment Services Such as Currencies, Commodities, Indices, Stocks, Bonds, Cryptocurrency.
Tradable Products: There are 34 currencies pairs, 10 commodities, 25 indices and 61 stock shares for trading.
Broker Type: Many types of brokers can be found in the most dynamic market in the world. 24option is Market Maker, STP.
Features: The 24option Web Platform and the MT4 are powerful platforms providing tools for multiple charting and technical analyses.
As 24option offer STP execution, you can expect tighter spreads with more transparency over the price you‘re paying to execute your trades. As a market maker, 24option may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade requirements and no commission on trades.
Minimum Deposit Requirement: To properly understand if a broker is suitable for a certain trader, we will then take a look at how much is required as a basic minimum to open an account. You need to consider how much money you can spare to start off a Forex brokerage. 24option recommended minimum capital is $100.
Is the Forex broker regulated? Commissions and fees aside, let's take a look at regulation. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. 24option is regulated by CySEC, IFSC. For our reviews, official regulation of an official financial authoritarian is required. Brokers have to fulfill certain conditions to get these licenses. In order to violate the rules, they would lose their license and a lot of money.
Investor Protection & Regulations: 24option is authorized and regulated by CySEC and the IFSC. The broker ensures that clients’ funds are safe by protecting the trading environment with SSL, segregating clients’ funds and membership of the ICF
Account currencies: Next lets consider the Account currencies each broker offers. 24option offers USD, EUR, GBP different account currencies for each account types.
Account Openning: Four Account types are available: the Basic account, Gold account, Platinum account and the VIP account. The opening balance needed to open each account is $250, $5000, $10,000 and $50,000 respectively.
24option offers a demo account for practicing trading skills and get familiar with the broker’s trading platform.
Languages Available: Next lets have a look at each broker's different Language options. 24option offers English.
Payment methods: Next lets have a look at each broker's payment options. 24option offers Credit/Debit Cards, Moneybookers, Neteller, QIWI, Skrill different payment methods for each account types.
Deposit and withdrawal: Bank Wire transfers, Credit/Debit cards as well as e-wallet payment gateways like Skrill, Neteller and Perfect Money are the payment options available on 24option.
Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, 24option makes MT4 available to clients.
Web & Desktop Trading Platforms: 24option has its proprietary Web Platform and the MT4 as the Desktop platforms provided.
Mobile Trading Platforms: The 24option mobile app is downloadable for iPhones and Android phones.
24option provides an “Advanced interactive eBook”, “Forex and CFD Training Videos” and training articles on its website. Webinars are also periodically scheduled
24option does not offer any bonuses to its European clients but international clients enjoy the “First Deposit Bonus” and the “Challenge Series” contests.
24option Customer support desk is available 5 days a week on phone, email, fax and instant web chat. They speak different languages from 15 locations around the world. They are really fast to respond both via email and Live Chat
24option is one of the emerging FX brokerages which has done well for a new broker in this market, but needs to improve continuously if it is to knock the established brands off their perch.
For a brokerage which has been able to emerge unscathed from the murky waters of the binary options market, 24option is a good place to start for newbies who want to get an introduction into the market. However, intermediate and advanced traders may find the offerings and features too restrictive.
24option’s product and services are excellent for beginner traders. The platform is simple and easy to use, but does not contain any complex charting. Meanwhile the educational resources can really help a beginner learn the markets as they are trading.