24Options Review

24Option was started as a binary options broker in 2010. It was one of the largest binary options broker in the industry but in December 2016 it expanded to trading in forex, stocks and indexes, commodities, binary options and CFDs. It is based in Limassol, Cyprus and they also have offices in London, England.

The company is owned by Rodeler Limited which also owns the Grandoption, Quickoption, and 24FX brands.

It is regulated in Cyprus by the Cyprus Securities and Exchange Commission (CySEC) and authorized by the major European financial regulators. 24Option is not yet available in the United States of America.

Types of accounts

24Option offers several accounts which are assessed and then upgraded according to each client’s status through an account manager’s evaluation. They include

  • Basic – This requires a minimum deposit of EUR 250. It offers access to the MT4 and the client web platform that allows one click trading, Android and iOS mobile app as well as 24hr customer service access.
  • Silver – its minimum deposit is 2000 EUR. It has Trading Alerts and a personal Trading Coach added to the basic account features.s
  • Gold – Gold account holders receive two percent return on every trade they make. It has all features of the silver account in addition to SMS and email alerts. The minimum deposit is 25000 EUR.
  • Platinum – It includes all the features of the Gold account. In addition to access to a research website, Live Training Session in addition, the account holder receives an extra four percent return on every trade they make. The minimum deposit is 50000 EUR.
  • Diamond – In addition to the Platinum account features, it includes complementary tickets to Juventus FC soccer matches in Europe and a client customizable trading platform. It must be set up with an account manager and does not have a specified minimum deposit.

Deposit and withdrawal options

The minimum deposit to open an account is EUR 250 and the minimum transaction is EUR 24. The deposits can be made via credit card, the company accepts Visa, MasterCard and Discover. You can also deposit through Skrill and bank wiring. The company also accepts Ucash and Qiwi but they do not accept PayPal transactions.

The deposit can be in British Pound Japanese Yen, and the Euro. There is also a daily deposit limit of 10000 EUR for credit cards and a monthly limit of 40000 EUR.

For withdrawals, you must provide a government identity, proof of residence, and copies of the credit card to which the payment will be made. This verification needs to be repeated during every payment. Withdrawals are processed during Cyprus business hours from Monday to Friday.

Only the Platinum and Diamond accounts are not charged withdrawal fee.

Trading platform

In additional to the popular MetaTrader4 platform, the company combines existing binary options facility to concentrate to trade forex. It also has in house trade platforms which adds features from other trading platforms.

PROS

Easy to use platform – It has a well-designed dashboard complete with a one click trade feature.
Quick and easy withdrawal – 24Option has a next day withdrawal policy during working hours
High returns – 24option has high returns sometimes of up to 90% which provides an opportunity for faster profits.
24hr customer support – this is enabled by live chat and phone support available in 12 countries.

CONS

  • It is limited to several countries – The company operates in several countries and the services are not available in the united states
    The money is available only during working hours – therefore you cannot make emergency withdrawals and you also have to verify yourself every time you want to withdraw.
    Forex trading is high risk – Forex trading and commodities is high risk and does not guarantee sure profits and might lead to heavy losses.

Conclusion

Depending on the fact that this service is provided by a reputable, award winning company, we can be quick to summarize that this is one of the best and technology forward platform. The company has enough experience in the forex business therefore it is one of the best in the market today.

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