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24Options is another great binary options broker. The first thing you will notice about this company is that they use a completely different platform to most other brokerages. One of the most noticeable changes on their platform is that they do not display graphical information for each underlying asset where it is listed. Instead you get a bit list of all the tradable underlying assets they offer and must click on each individual underlying asset for it to load. This can work against this company depending on your personal tastes but we like the way they have created an alternative layout to some of the other companies out there. The great thing about the way their underlying asset list works is that you can clearly see the underlying asset, expiry, returns, target prices and lockout times in one place. This makes navigation a great deal easier and quicker. With all this information available in list form you can much more efficiently select what you are looking for and begin trading it straight away. No drop-down menus here, all you need to do is find what you’re interested in, click on it, and then all the other more involved details for the particular underlying asset will load. 24Options offer all the same basic call/put options for the various options that are offered throughout the day, the difference being that on 24Options they are labelled as high/low rather than call/put.
Trade sizes are the size range of trades a broker will permit on their platform. From the smallest amount a trader can wager to the very largest. The trade sizes offered by 24Options range from $24 to $15,000 per trade. While their upper limit is very competitive and will interest larger investors, their minimum trade is quite large and may discourage some of the smaller beginner traders who may want to manage their risk more effectively.
Payout ranges are how much traders stand to gain on trades that expire in the money. 24Options offer a payout ranges from 65% to 88% per successful trade. This means that you will always make at least 65% on top of your investment for a trade that expires in the money with 24Options. But in the cases that the trade ends out of the money you will lose your invested capital.
Lock-out times are essentially how close to the expiration of a trade you are permitted to go in on. Lock-out times on 24Options range from 10-5 minutes throughout the day depending on what underlying asset you are trading, currency lock-out times tend to be closer to five minutes than ten.
Say you click on Microsoft, a new screen opens up providing you on all the relevant data pertaining to that trade. You enter the amount you wish to trade, the in-the-money rate and out-the-money rate will be clearly displayed on-screen. You are also provided with a chart displaying the particular stock's movement. Again on this platform you pick high/low for directionality rather than call/put, and it will also show you whether the option is closeable or not, in other words whether you can sell it back to the company if the trade is not going your way. In this respect 24Options has a slight advantage over some of their competitors. This is because you do not have to go into another screen in order to have access to this data. For example on Banc De Binary's platform to see if an option is closeable you have to go into Binary Meta. On the 24Options platform it is a feature that you can see for each and every underlying asset you choose to trade before you even find an underlying asset that interests you and click on it. Generally you will find currencies having a higher degree of close-ability than say stocks. Once you enter a trade you can see whether you can close the trade on a specific underlying asset. Also you have the option to select high/low (call/put) or above/below, enabling you to trade above or below a certain price. This feature is similar to Banc De Binary's one touch option, the difference being that on 24Option the feature is for trades that are to take place during the day. Like Banc De Binary's One Touch they also pay out much more because you are going for a target price rather than a call/put which only designates a direction of movement and nothing more specific. With 24Options you also have the functionality of One Touch built into their platform, the difference being that the target prices are smaller than those on Banc De Binary's One Touch, or indeed on the above/below feature. All you are looking for in these cases is if it touches the price, if it does you get a payout. On the above/below the trade has to close with the underlying asset either being above or below a certain price. Typically speaking touches are easier to trade than above/below options. 24Options also offer High Yield touches that are still more similar to the One Touch offered by Banc De Binary in that the targets are higher and the payouts also higher than the lower yielding One Touch options they offer. You also have the option of setting a Boundary Trade where you specify a lower and a higher limit, payouts being determined by whether your underlying asset's price is within these boundaries at the time the trade closes. You also have the option of setting a High Yield Boundary option with higher payout, but again a slimmer possibility of any given trade falling within that boundary. Generally you trade Boundary Options when you are dealing with a ranging market and One Touch Option when you are dealing with a trending market.
24Options offer a unique looking and functioning platform that will either make a complete fan of you or have you looking at their competitors. We found it extremely easy to get to grips with and thought that having complete lists of underlying assets along with the parameters permitted for each underlying asset made everything run a little smoother and quicker. They also offer a large variety of possible trade types from their main page rather than needing to click into other tabs to unlock these features. Their payouts are generous but certainly not industry-beating, as are their trade sizes and lockout times. All in all a very capable platform from solid broker. Definitely worth a second look.
George Milios is the founder of onlineforextrading.net, the binary options and forex news portal which is dedicated to providing you with all the information you need to successfully trade.