24Option Review and Broker Details

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24Option Review and Tutorial 2020

Trade nearly 200+ global stocks at 24Option via CFDs. Spreads are competitive and stop loss and take profit orders are available. Even trade new cannabis firms in Canada!

Traders in Russia welcome
24Option Facts & Figures

24Option deliver a high quality forex trading service, with over 45 currency pairs and variable spreads from just 3 pips.

24option offer crypto with the tightest margins. They also offer markets against a range of currencies, not just USD.

Instruments CFD, Forex, Crypto, Stocks
Demo Account Yes
Min. Deposit $250
Min. Trade From 0.1 lots
Regulated By CySec
MT4 Integration Yes
Mobile Apps iOS, Android and Windows
Auto Trading No
Trade Signals No
Islamic Account No
CFD
FTSE Spread 1 pt
GBPUSD Spread 0.2 pips (var)
Oil Spread 1 pip
Stocks Spread 0.2% Var
Forex
GBPUSD Spread 0.2 pips (var)
EURUSD Spread 0.2 pips (var)
EURGBP Spread 0.9 pips (var)
Assets 45+
Cryptocurrency
Spread BTC 0.4%, ETH 0.5%
Coins BCH, BTG, BTC, ETH, LTC, XRP, XRM

24Option were created in 2008. Opening as a Binary Options broker, 24Option is now a leading CFD and forex brand owned by Rodeler Ltd. The firm’s head office is located in Cyprus . For traders outside of the EEA (European Economic Area), customers of 24Option do business via a separate company called Richfield Capital Limited based in Belize.

In the past, the main product offered has been binary options. But 24Option has recently begun to offer CFD trading and forex in a bid to rival the more established brokers in the sector. The similarities between the products meant 24option were able to build their own bespoke trading platform, and add new functionality for CFD and forex trades. Binaries have now been removed completely.

Trading Platforms

In terms of the trading platform used by 24Option, the broker previously used the binary options trading platform that was powered by TechFinancials. However in their bid to extend their product offering, 24Option now uses a proprietary platform (with the same login details) called Scipio to provide 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 wish to trade the spot forex and CFD markets. The main attraction of the MT4 platform is the advanced trading tools that have been integrated into the platform.

So traders can use one of two platforms, each provides different strengths. MT4 is perhaps more complex to use, but includes way more analysis tools and also automation options. The traditional platform is easier to use. Traders can of course, perform research on one platform, and trade on the other. Login details remain the same for both.

Mobile Trading

24option provide a free mobile trading app for both iOS (iPhone and iPad) and android. The apps are available for download both on Apple’s App Store or Google Play Store. The app delivers all of the functionality of the main website, including many account management features. The app takes advantage of the strengths of each platform (android or iOS) in order to maximise the functionality on every device.

Using the app is slick and intuitive. The login process is quick but secure. Technical analysis becomes hard on smaller screens, but trading and amending details are straightforward and a real bonus for traders who need to react to events while they are away from their computer or laptop.

Trading Accounts Offered

There are 4 different types of trading accounts available at 24Option for you to choose from. The trading accounts are categorized into Basic Account, Gold Account, Platinum Account and the VIP Account (previously Diamond).

Each level of account offers slightly better terms, including more lessons and tighter spreads.

To open a live trading account, you need to meet a minimum initial deposit of $100.

Regulation & Reputation

Are 24Option a scam, or are they trustworthy? Their regulatory history suggests that they are a responsible company. The move away from the binary sector was designed to maintain 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 comes 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

Owing to the recent memo from CySec ( C168 (30/11/2020) and C194 (16/03/2020)), bonuses – either deposit bonus of free trades etc – are now prohibited. 24Option therefore do not currently offer a sign up bonus.

Instruments

Currently, the firm has a wide selection of underlying assets for their clients to choose from. In total, there are more than 130 different types of underlying assets. The selection comes 4 main asset classes mainly currencies (34 pairs), commodities (11 types), market indices (25 indices) and stocks (61 companies).

Customer Support

Customer support at 24Option is provided on a 24/7 basis. Traders can reach the support team through email, live chat or the telephone. For the following countries, localized telephone support is available:

Belize, Brazil, Chile, Colombia
Malaysia, Mexico, New Zealand
Peru, Russia, Saudi Arabia, Singapore
Ukraine, United Arab Emirates

Deposit & Withdrawal

For the funding and withdrawal of funds at 24Option, there are a variety of methods that you can use. The supported methods include VISA, Mastercard, Discover, Diners, Switch, JCB, Skrill, Neteller and bank wire transfer.

Are 24Option Best For Day Trading?

For day traders, 24Option is ideal as the broker is able to provide the right selection of underlying assets for day traders to trade with. For example with binary options, you can trade in contracts with an expiry time as short as 60 seconds. Likewise with CFDs, the trader has the choice to determine when he wants to close the trade. The ability to be able to arbitrarily close a trade is crucial for a day trader as a split second decision can mean the difference between profit and loss.

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 multiple jurisdictions. In addition, the broker has established a reputation as being 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.

24Option Company Details

24Option are 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 can not use 24Option from Belgium, Iran, China, Bosnia And Herzegovina, Israel, France, Japan, Australia, Canada, United States, India, Nigeria, Brazil, Switzerland.

24Option Review

Review

24option is a market-making spot Forex and CFD broker located in Limassol, Cyprus and regulated by CySec. 24option opened its doors to traders in 2020 and for several years was in the forefront of binary options trading. They decided in 2020 to expand by moving away from binary options, and now offer trading in spot Forex and CFDs only. The CFDs on offer cover a wide range, from popular individual international stocks to commodities such as metals, energies and softs, as well as equity indices. They also offer a good, wide selection of Forex currency pairs.

Accounts

There are five different account types to choose from at 24option: Basic, Silver, Gold, Platinum, and Diamond. The Basic account requires a minimum deposit of $100 and allows trading with floating spreads from 3 pips on EUR/USD. Other account types require increasingly higher minimum deposits, as you move up the ladder of the better terms which are offered. The Standard account is the same deal as the Basic Account, but also offers trading alerts and a personal coach. The Gold account is the same deal as the Silver account, except spreads are offered from 2 pips on EUR/USD. The Platinum account has several edges over the Gold account: lower spreads (as low as 1.5 pips on the EUR/USD currency pair), no withdrawal fees, access to the research website, and a live training session. Finally, the deluxe Diamond account, in addition to the full offering of the Gold account, offers clients free tickets to a top European football team and a customized trading platform.

The different accounts are easy to understand and are transparent. The major differentials between accounts are varying average spreads.

A demo account is available, as is typical with nearly all spot Forex and CFD brokers.

A wide range of over 50 Forex currency pairs, 89 individual leading global shares from American and European stock markets, over 11 leading equity market indices, spot metals (gold and silver) plus several other commodities such as crude oil and a few softs such as coffee and sugar, and one of the widest range of cryptocurrencies that we have seen, are offered for trading by 24option.

Features

A wide choice of tradeable instruments is offered, as well as a choice of two trading platforms: the perennially popular MetaTrader 4 or the broker’s proprietary web-based platform.

Education

24option provide a range of educational material. They host live trading webinars, offer free “learn how to trade” eBooks, as well as a free detailed daily market report. There are a range of recorded webinars designed specifically to help trading beginners, which can be viewed at leisure. There are additional levels of webinars aimed at providing detailed trading strategies and ideas suitable for intermediate and advanced level traders.

Bonuses and Promotions

Although the offering of bonuses and promotions has been restricted for brokers based in Cyprus by CySec regulation, there are currently two legacy promotions which are offered by 24option. Anyone signing up as a new client and downloading the mobile app received a one-off tradeable bonus of $24. Additionally, discretionary cash bonuses may be paid from time to time to particularly active or otherwise valuable clients.

Deposits/Withdrawals

Depositing funds into a 24option account is an easy and secure process. Deposits may be made using a range of methods, including credit cards, bank wire transfer, and Skrill. Withdrawals can be made to credit cards, or by wire transfer.

Customer Support

Customer support is based in Cyprus. Clients can contact a 24option representative by telephone during business hours, and can use email anytime of the day. There is also a direct chat service available through their website.

Conclusion

24option have transitioned away from binary options into an offering for traders looking for the ability to trade a very wide selection of assets, including stocks, cryptocurrencies, metals, stock indices, and commodities.

Features

In terms of features, the stand-out strengths of this broker’s offerings are:

  • A wide range of instruments available for trading: all the major and minor Forex currency pairs, as well as several exotics; also, a good range of global equity indices, plus several commodities, and an extremely wide selection of stocks and shares offered on leading global equity markets. There is also an especially wide selection of cryptocurrencies offered.
  • An option to trade with the most popular trading platform in the industry, MetaTrader 4
  • Regulated by a major industry center (Cyprus).
  • An extensive provision of free educational materials and daily market analysis and commentary across all markets.

Company Information

  • Broker’s Name : 24Option
  • Headquarter : Cyprus
  • Regulation : CySEC

Account Information

  • Type of Broker : Market Maker
  • U.S. Clients Allowed :
  • Minimum Deposit : $100
  • Maximum Gain : 89%
  • Minimum Position : $24
  • Account 1 : Basic
  • Account 2 : Silver
  • Account 3 : Gold
  • Account 4 : Platinum
  • Demo Account :
  • Islamic Account :
  • Segregated Account :
  • Managed Accounts :
  • Institutional Accounts :
  • Deposit Options :
  • Withdrawal Options :

Instruments Traded

  • ETFs :
  • CFDs :
  • Commodities :
  • Metals :
  • Stocks :
  • Oil :
  • Gold :
  • Binary Options :
  • Indices :

Trading Platforms

  • Mac
  • Windows
  • Linux
  • Mobile
  • Web
  • iPhone
  • iPad
  • Trading Signals :
  • Charting Package :
  • Automated Trading :
  • Market Analysis :
  • Chart Trading :
  • Scalping :
  • Hedging :
  • Mobile Alerts :
  • E-mail Alerts :
  • Trailing Stops :
  • Guaranteed Stop Loss :
  • Guaranteed Limit Orders :
  • Guaranteed Execution :
  • One-click Execution :
  • OCO Orders :
  • Interest on Margin :
  • Web-based Trading :
  • Mobile Trading :
  • Customer Support

    • English
    • Spanish
    • Arabic
    • Russian
  • Support Hours : 9/5
  • E-mail Support :
  • SMS Support :
  • Chat :
  • Platforms

    MetaTrader4

    The MetaTrader 4 is an independent trading platform, developed for trading FX, commodities and other products and is one of the most advanced and easy platforms to use. It remains the gold standard of trading platforms.

    In addition to the wide range of markets available to trade, the MT4 platform provides traders with a multilingual interface, instant execution, built in help guides for MT4 and MetaQuotes Language 4, a complete technical analysis package including a wide range of in-built indicators and charting tools, various custom indicators and time periods and more.

    Automated trading is also offered through the MetaTrader 4 platform where traders can create and test their automated trading strategies by using the MetaEditor, Strategy Tester and Compiler tools within the MT4 platform.

    With this automated trading system clients may create Expert Advisors, software programs enabling traders to constantly monitor the markets. Custom Indicators help traders to predict future price movements by analyzing past and current price information. And the Scripts feature gives traders the opportunity to set up an automatic repetition of specific operations such as closing all positions with a single keystroke.

    MetaTrader Mobile

    The MetaTrader 4 and platform apps can be used on iPhones, iPads, Multi-Terminal, and all Android devices.

    Web Client Platform

    24option offer as an alternative to MetaTrader 4 their own proprietary web client platform. It is entirely web based. Although such platforms can be prone to glitches and freezing, we find it seems to work very smoothly. It is intuitive and easy to use, yet there is no doubt it has less features than MetaTrader 4, so many traders will prefer that option.

    24option App

    Every second counts! The app can ensure you never get caught short (pun intended) when the market starts moving at an awkward time, as it so often does. Using the 24option app, you can enjoy the full functionality of 24option’s offering at any time, in any place you are with a smartphone.

    General Information

    Company Information

    • Broker’s Name : 24Option
    • Headquarter : Cyprus
    • Regulation : CySEC

    Account Information

    • Type of Broker : Market Maker
    • U.S. Clients Allowed :
    • Minimum Deposit : $100
    • Maximum Leverage : 1:200
    • Account 1 : Basic
    • Account 2 : Silver
    • Account 3 : Gold
    • Account 4 : Platinum
    • Demo Account :
    • Islamic Account :
    • Segregated Account :
    • Managed Accounts :
    • Institutional Accounts :
    • Deposit Options :
    • Withdrawal Options :

    Instruments Traded

    • ETFs :
    • CFDs :
    • Commodities :
    • Metals :
    • Stocks :
    • Oil :
    • Gold :
    • Binary Options :
    • Indices :

    Trading Platforms

    • Type of Platform : MetaTrader 4
      • English
      • Spanish
      • Arabic
      • Italian
      • French
      • Turkish
      • German
      • Japanese
      • Chinese
      • Russian
      • Portuguese
      • Dutch
      • Greek
      • Malay
      • Thai
      • Bahasa
      • Swedish
      • Polish
      • Hungarian
      • Other
      • Mac
      • Windows
      • Linux
      • Mobile
      • Web
      • iPhone
      • iPad
  • Trading Signals :
  • Charting Package :
  • Market Analysis :
  • Chart Trading :
  • Automated Trading :
  • Scalping :
  • Hedging :
  • Mobile Alerts :
  • E-mail Alerts :
  • Trailing Stops :
  • Guaranteed Stop Loss :
  • Guaranteed Limit Orders :
  • Guaranteed Execution :
  • One-click Execution :
  • OCO Orders :
  • Interest on Margin :
  • Web-based Trading :
  • Mobile Trading :
  • Customer Support

    • English
    • Spanish
    • Arabic
    • Russian
  • Support Hours : 9/5
  • E-mail Support :
  • SMS Support :
  • Chat :
  • Pros and Cons

    • Wide Range of Assets
    • Cryptocurrencies
    • High Spreads
    • Insufficient Info About Account Types

    24option Crypto

    There are many Forex brokers that offer cryptocurrency trading, but few are as comprehensive as the 24option crypto currency offerings. 24option prides itself on its wide asset offerings, and its cryptocurrency offerings are no different. The brokerage offers CFD trading for the five top cryptocurrencies, including bitcoin, bitcoin cash, litecoin and Ethereum.

    24option offers traders educational resources for trading CFDs and the strategies are valid for trading cryptocurrency CFDs as well as others. Among the recommendations the broker makes is to focus on a limited number of markets so as to sharpen your trading strategy and make sure it’s both profitable and relevant to the CFD (or, in this case, the cryptocurrency CFD) you wish to trade. Practice your trading strategy consistently on the same assets, and hopefully you’ll see the desired results.

    Another suggestion made by 24option which is relevant both to bitcoin trading and trading of other digital currencies is to create a solid trading plan before getting started. Though many cryptocurrency traders are eager to jump on the bandwagon without an actual trading plan because they ‘have a feeling’ that the market is going to go up or down, or are sharing in the crypto craze that is taking the world by storm. However, this type of overzealous action can be extremely dangerous, especially as cryptocurrencies tend to fluctuate wildly, even without specific market triggers. Taking time to make a strategy-based trading plan will ensure that you don’t trade emotionally, but make intelligent, thoughtful decisions that will bring long-term profits.

    The minimum deposit for 24option bitcoin trading is $250, and the minimum withdrawal amount is $10. Deposits can be made in USD, GBP, JPY, EUR and RUB. Your trading currency cannot be change once it is set, so choose your deposit currency carefully. Some traders have noted that only one withdrawal can be made per month with 24option (bitcoin trading and regular trading), so consider this limitation when making your withdrawal. However, we don’t see this as a serious drawback, as 24option is a regulated brokerage that offers reliable cryptocurrency trading.

    User Reviews

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    Best Binary Options Brokers 2020:
    • Binarium
      Binarium

      Best Choice!
      Free Trading Education!
      Free Demo Account!
      Big Sign-Up Bonus!

    • Binomo
      Binomo

      Good Choice For Experienced Traders!!!

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