24option – reviews & ratings
24option is a forex broker, founded in 2010 and owned by a Cypriot company called rodeler limited. A Cyprus company may seem suspicious, but many binary options brokerages are based there due to regulatory benefits.
In the world of binary options, 24option was the second largest player, second only to banc de binary, an Israeli company that went out of business due to fraud charges. 24option has changed in recent years as it no longer offers binary options to its clients.
Reading: 24option forex bitcoin
Recently, 24option has added more investment types to its repertoire and customer service has also been expanded to better manage large investment portfolios and provide better technical support. The company currently focuses on forex trading (including cryptocurrency currency pairs) and CFD trading.
their website offers little information about the company compared to the sites of other notable forex brokers. This lack of transparency, coupled with the fact that 24option is based in Cyprus, makes the company appear unreliable; however, that does not appear to be the case. The Cyprus Securities and Exchange Commission regulates 24options.
24option is not available in Canada, Israel, Iraq, Belgium, Bosnia and Herzegovina, Australia, United States, Virgin Islands, Puerto Rico, American Samoa, Algeria, Ecuador, Iran, Myanmar, North Korea, China, Panama, uganda, ukraine, new zealand and japan.
fraud accusations: is 24option a scam?
As is the case with many binary options brokers, if you type 24option into your search engine, you will find many articles and comments accusing them of being a scam company.
The point is that many of 24option’s clients have lost money due to company regulations or the very risky nature of binary options trading, not because they were scammed.
unclear regulations: how users lost money
In the past, the company used to incentivize its users by offering them a so-called “24-choice bonus.” this means that clients practically got free money for trading, which would then incur commissions.
Here’s the kicker: Users who accepted the bonus had to meet certain requirements in order to access the money they earned afterwards. they had to upload personal documents to prove their identity and meet the wagering requirements.
Users who accepted the bonus and did not meet these requirements forfeited their winnings. Technically, this is not the company’s fault, but this information is not visible on their website or platform. many users had no idea about these requirements because 24option didn’t warn them properly.
All the requirements and legal aspects related to the current bonus scheme are explained in detail in the trading bonus scheme in the legal section of their site. however, this is a legal document that uses complicated language, and clients should not be expected to sift through all the details just to find essential information.
Fortunately, many customers were helped by customer service representatives and eventually got their money back. users also lost money just trading binary options, which are extremely risky if you don’t know exactly what you’re doing. Although 24option may not be a scam, the company failed to make this crucial information obvious to users, who were harmed by their relationship with 24option.
The world of binary options has seen many cases of fraud and theft, such as the scandal involving the aforementioned banc de binary. therefore, it is not unwise to tread carefully when searching for a good online forex broker.
accounts and prices
four account types
24option offers users four different account types with account minimums ranging from $250 at the low end to $50,000 at the high end. the overall offer and rates are better for higher tier account types. therefore, some are better suited for high-volume trading, while others are good for getting your feet wet in the forex market.
The best option for new traders, as well as for those who want to try 24option, is probably the basic account. the minimum balance required is $250 and you have access to some educational materials.
Basic users get a free lesson, but no access to webinars. Basic account users also get a very nice demo account with $100,000 to test the platform (demo accounts are available with all account types). this type of account also includes daily news and a free withdrawal.
The price of trading is better with the gold account than with the basic one. users also get two basic lessons and a monthly webinar. the minimum deposit is $5,000 and users can make a free monthly withdrawal.
The platinum option requires a deposit of $10,000 and offers the same benefits as previous account types, with slight enhancements. the price is better and users get three advanced lessons and two monthly webinars. customers can also make three free monthly withdrawals from their platinum accounts.
The best and most expensive option is the VIP account, which requires a deposit of $50,000. The VIP account has the best price by far and offers five advanced lessons as well as five monthly webinars. users can withdraw unlimited amounts from their vip account without fees.
The more you deposit, the more you get. more expensive accounts offer better prices and more valuable educational resources. All account types provide users with access to daily news as well as the trading hub, a great tool for advanced market analysis.
what is 24option great at
24option has a comprehensive offering of high-quality educational resources. their website has articles on topics such as daily market analysis and technical analysis, which are free to view. you can find everything you want to know about their trading platform from the website.
There are free webinars as well as those you can only get as a 24option member. members also have access to great video lessons. These lessons explain basic and advanced concepts such as CFD trading basics, pip calculation, risk management, different types of analysis, etc.
There is also content focused solely on forex trading for beginners, including a glossary. Overall, 24option has excellent educational resources, valuable for newbies as well as intermediate traders.
Users, as well as potential users, can contact 24option via phone, email, and live chat. the company’s customer service seems to be very responsive and ready to help, however they are not available on weekends.
You can reach customer service representatives 24 hours a day Monday through Friday, but live chat only works during business hours. In general, the customer service is competent and very willing to help users.
When I tried live chat, a representative responded in about 30 seconds and answered my questions immediately. the promptness and competence of the customer service representatives is truly commendable.
however, live chat doesn’t seem to work on mozilla but it does on chrome.
range of offers
24options has changed a lot in recent years as they stopped offering binary options, which was once their focus. now the company offers a wide spectrum of cryptocurrency pairs like btc/gbp, btc/eur, btc/usd, etc.
However, there are not as many currency pairs available as you might find with other forex brokers, and other commodities such as oil and gold are average in price. Whether it’s commodities, currencies or spreads, 24option keeps pace with the competition.
where 24options can improve
average trading platform
The company offers two desktop platforms in addition to a mobile one. the research tools available are good but not outstanding. the same goes for all aspects of the 24option trading platform.
24options has a good and intuitive platform. users can easily transact and create watchlists. the platform has excellent charting tools and its interface is highly customizable. users can also view the positions of other traders.
By viewing the positions of their fellow traders, users can predict the general market trend at a given time and place cautious conditional orders. The company also offers users the Metatrader 4 software, which is very common in the industry, although the company’s desktop platform seems to be better.
The mobile app is good enough, but it doesn’t stand out from the competition. The software is optimized for Android and iOS, the latter of which has fingerprint authentication. the mobile version has almost the same functionality as its desktop counterpart.
Many of the features, like real-time charts and stocks, are very accessible, and adding data like moving averages to your charts is simple and fast. users can maintain a good level of control over their positions in the mobile app.
There is no daily news on the mobile app and it also lacks any alerts compared to other mobile platforms. Overall, it’s a good, easy-to-use app with some great features, but it pales in comparison to top-tier commercial apps.
prices are higher than average
24option does not have the lowest fees. in reality, they are taller than average. Getting a premium account can drastically reduce the cost of trading high volumes, but other than that, there are no discounts for high volume trading. the fees for inactive accounts are also quite high.
If an account is inactive for six months, you may be charged up to $200 per month. account maintenance costs $10 per month and the withdrawal fee is 3.5%. however, users get a number of free withdrawals each month, depending on the type of account they have. the vip account has an unlimited number of free withdrawals.
Although you can find better prices on other platforms, 24option has no financing or commissions. the minimum deposit required for the basic account is $250, which is quite reasonable.
conclusion: who is 24option best for?
When it comes to pricing, you can find superior deals from the best forex brokers in the industry. the lack of transparency is also a bit of a concern, although there haven’t been any major issues regarding 24option’s reliability.
Since 24option has a relatively low minimum deposit for their basic account and great educational resources, it is a great platform to learn how to trade. customer support is reliable and demo accounts are top notch.