24Option was created in 2008. 24Option, which opened as a Binary Options broker, is now a leading CFD and forex brand owned by Rodeler Ltd. The head office of the firm is in Cyprus. For traders outside the EEA (European Economic Area), clients of 24Option do business via a separate company called Richfield Capital Limited in Belize.
In the past, the main product offered was binary options. But 24Option has recently started offering CFD trading and forex in an attempt to compete with the more established brokers in the sector. The similarities between the products mean 24option has been able to build their own custom trading platform, and add new features for CFD and forex trades. Binaries are now completely removed.
Trading Platforms
In terms of the trading platform used by 24Option, the broker previously used the binary options trading platform powered by TechFinancials. In their effort to expand their product offering, 24Option now uses a proprietary platform (using the same login details) called Scipio to deliver 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 who want to trade the forex and CFD markets. The biggest attraction of the MT4 platform is the advanced trading tools integrated into the platform.
Traders can therefore use one of two platforms, each with different strengths. MT4 is perhaps more complicated to use, but contains far more analysis tools and also automation options. The traditional platform is easier to use. Traders can obviously research on one platform and trade on the other. Login information remains the same for both.
Mobile Trading
24option offers a free mobile trading app for both iOS (iPhone and iPad) and Android. The programs can be downloaded from Apple’s App Store or Google Play Store. The app delivers all the features of the main website, including many account management functions. The app takes advantage of the strengths of each platform (Android or iOS) to maximize functionality on each device.
Using the app is smooth and intuitive. The sign-up process is fast, but secure. Technical analysis becomes difficult on smaller screens, but the trade and modification details are simple and a real bonus for traders who need to react to events while away from their desktop or laptop.
Trading accounts offered
There are 4 different types of trading accounts available at 24Option to choose from. The trading accounts are divided into Basic Account, Gold Account, Platinum Account and the VIP Account (formerly Diamond).
Each account level offers slightly better terms, including more lessons and tighter distribution.
To open a live trading account, you need to pay a minimum initial deposit of $100.
Regulation and reputation
Is 24Option a scam, or is it reliable? Their regulatory history indicates that they are a responsible company. The move away from the binary sector is designed to preserve their reputation.
In terms of regulatory oversight, 24Option is regulated under 2 regulatory agencies. For operations within Europe, 24Option is regulated by the Cyprus Securities Exchange Commission (CySEC) under the CIF license no. 207/13 issued to Rodeler Ltd. For operations outside of Europe, 24option falls under the jurisdiction of the International Financial Services Commission of Belize. The authorization is issued to Richfield Capital Limited under the IFSC registration number IFSC / 60/440 / TS / 15-16.
Bonus
Due to the recent memorandum of CySec (C168 (30/11/2016) and C194 (16/03/2017)), bonuses – either deposit bonus for free trades, etc. – now banned. Therefore, 24Option does not currently offer a sign-up bonus.
Instruments
Currently, the firm has a wide variety of underlying assets for their clients to choose from. In total, there are more than 130 different types of underlying assets. The selection consists of four main asset classes, mainly currencies (34 pairs), commodities (11 types), market indices (25 indices) and stocks (61 companies).
Customer Service
Customer support at 24Option is offered 24/7. Traders can reach the support team via email, live chat or phone. Localized telephone support is available for the following countries:
Belize, Brazil, Chile, Colombia,
Malaysia, Mexico, New Zealand
Peru, Russia, Saudi Arabia, Singapore,
United Arab Emirates
Deposit and withdrawal
For financing and withdrawing funds at 24Option, there are a variety of methods you can use. The supported methods include VISA, Mastercard, Discover, Diners, Switch, JCB, Skrill, Neteller and bank transfer.
Is 24option best for day trading?
For day traders, 24Option is ideal as the broker can offer the right choice of underlying assets for day traders to trade with. For example, with binary options, you can trade contracts with an expiration time as short as 60 seconds. Similarly with CFDs, the trader has the choice to determine when to close the trade. The ability to arbitrarily close an ambition is very important to a day trader because a split second decision can mean the difference between profit and loss.
Questions
What is the minimum deposit requirement to open a trading account? The minimum deposit requirement is $250.
How fast can my withdrawal request be processed?
The typical processing time required for a withdrawal request at 24Option is 3 business days.
Is 24Option a reliable broker?
Yes. 24Option is a reliable broker, as it is regulated in several jurisdictions. The broker also has a reputation as one of the leading names in the industry.
What kind of trading platform does 24Option have?
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.
24 Option Company Details
24 Option is based at: 39 Kolonakiou Street, FREMA PLAZA, First Floor, 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, United States, India, Nigeria, Brazil, Switzerland.