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.
Profitix is an offshore Forex brokerage registered in St. Vincent and the Grenadines. It provides the MT5 trading platform, and an extremely generous leverage. Traders are extended a leverage of up to 1:400. Furthermore, there is a wide range of trading products from which to choose, but the spread of 3 pips is quite high and not in favor for the traders in our opinion. The required minimum deposit is the standard $250.
|#||Broker's Features||PROFITIX Availability||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 compare ProfitiX vs 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. ProfitiX offers Online Financial Trading and Investment Services Such as Currency Trading, Commodities Trading, Shares Trad, while 24option offers Currencies, Commodities, Indices, Stocks, Bonds, Cryptocurrency.
Broker Type: Many types of brokers can be found in the most dynamic market in the world. ProfitiX is Broker, while 24option is Market Maker, STP.
Minimum Deposit Requirement: To compare these two FX brokers, 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. ProfitiX recommended minimum capital is 250, while 24option has a Minimum Deposit Requirement of .
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. ProfitiX is regulated by N/A, while 24option 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.
Account currencies: Next lets consider the Account currencies each broker offers. ProfitiX offers USD, EUR, GBP different account currencies for each account types, while 24option offers USD, EUR, GBP account currencies.
Languages Available: Next lets have a look at each broker's different Language options. ProfitiX offers English, Deutsch, while 24option offers English Customer Support Languages.
Payment methods: Next lets have a look at each broker's payment options. ProfitiX offers MasterCard, Visa, Bank Wire Transfer different payment methods for each account types, while 24option offers Credit/Debit Cards, Moneybookers, Neteller, QIWI, Skrill payment methods.
Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, ProfitiX makes MT5, WebTrader available to clients, while 24option offers MT4.
There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.
Objectively, 24option is more reliable based on our criteria above. Only 24option offers demo account, allowing you to test their platform to see which is suitable for you. 24option has a wider range of instruments to trade giving you the flexibility to get access and exposure to a wide range of markets. Regulations play a huge role in protecting the traders/investors interest as they compel the financial service providers such as forex brokers to act in a fair and ethical manner. 24option broker is regulated in more major hubs. 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.
Finally, if you're really not sure you can always use our free tool (takes 15 seconds) that will help you find a suitable Personalised Broker based on your precise requirements here.