81.27% of retail investor accounts lose money when trading CFDs with this provider.
Want to hear about the broker that offers you daily financial news? Well, you can do well to follow their twitter handle. It would go a long way to help your strategy in market analysis, a habit and skill every aspiring trader should have to be successful. Lets not digress too much, this post is actually looking into a 24option review. And, probably the best 24option review you are going to find 🤓.
24option is both a forex and CFD broker operating from Cyprus and with Belize regulation for non-Europeans. They are operated by a group known as Rodeler Limied, an investment firm that is based in Cyprus. They are also authorized and regulated by top tier regulatory body the Cyprus Securities and Exchange Commission (CySEC). But for reasons known best to 24option finding deeper information about their history, including other vital details such as managers and owners or even how many assets that they have under management is hidden away from view.
Rodeler Limited: authorized, regulated by the CySEC #207/13
Richfield Capital Limited: regulated in Belize #IFSC/60/440/TS/19
A lot of questions exists as to whether to trust this broker because in as much as they fall under the EU/ESMA regulatory regime, they are only regulated in Cyprus. Many of their competitors have multiple regulations, such as ASIC, the FCA, FSCA in South Africa and other Asian regulation. Not 24option, Belize regulation covers everywhere else which may be a worry to some – check out our regulators comparison here.
Looking on the bright side, 24option are active participants of an investor compensation fund, and this means there is compensation if the broker becomes insolvent. They also have an activated anti-fraud software that uses both ClickSSL and Thawte to protect the funds of clients. Negative balance protection features on the platforms, mean you wont loose more than you have invested or deposited.
24option Business Models
24option used to offer binary options trading for their clients prior to it being made illegal, everyone grows, they grew too and are now offering CFD and Forex Trading services allowing customer management to grow across a wide span of customer portfolios. They have also included products such as bitcoin forex pairs. In fact, this is where they have made name for themselves. Not just in cryptocurrency trading, 24option also allows individuals to trade over 160 stocks and pride themselves with useful features, instruments and educational materials for easy and successful trading advantage all at competitive spreads and leverage levels up to x200 which is fair compared to the volatile nature of the binary market.
Expect 24option to change brand name in the near future, to drop “option”What do you think … 24forex or 24cfds coming in 2020?
24options when compared to other brokers run relatively high fees compared to other brokers. Upon having account types, no substantial discount exists for trading on larger volumes. Upon that, they also charge a monthly maintenance of $10. 24option fees are even higher for dormant account and can reach €200 in a space of 6 months. You have been warned!
Customers on 24option can always make deposits anytime from banks. Credit/debit cards as well as electronic wallets. The minimum deposit allowed is €250 but can also be deposited in its dollar equivalent with some changes in currency setting. The only problem lies in the fact that this setting may not be changed once set, so you have to be certain about the currency you want to use. Deposited funds on 24option do not take time to show, making sure you are not delayed in decision making.
Withdrawals are free for people who are subscribed to gold and platinum accounts. For standard account holders, the first withdrawal is free and then subsequently you may have to pay a certain percentage based on the method of withdrawal that you choose to use. When withdrawing, 24options sends your money to the original source where it came from and usually require some kind of verification for your name and ID to complete the process of withdrawal.
In fact, most of the problems associated with withdrawals on 24option is because of identification issues 🤯.
24option Special Features
There are some interesting features on 24option starting from trading instruments all the way up to educational materials. They also have certain research tools that can help you as a trader to make your trading easier.
Compared to some other brokers, 24option offers engaging educational materials that can help transform a novice trader to experts. These educational materials come in videos that even go as deep as explaining the concepts around CFD trading and Forex itself. Some of the course curriculum includes pending order, risk management (an intricate skill for traders), calculating pips, support and a host of them. They also offer webinars as much as 10 times every month. Don’t worry about getting lost in the large number of materials, they are well arranged and come with a glossary to help organize things.
The need to explain terms and solve problems in the native tongue is vital for any brand and business to serve their customers right. They offer trading support for major languages which includes English, Spanish and Italian.
Whether you are a night owl or early bird, 24option allows you to trade anytime as long as the market is open. And talking of markets, we are talking about all the major markets. Cryptos are open 24/7 of course.
In 24option platform, it allows you to copy the trading strategies from the portfolio of reputable traders.
Though not state of the art, 24opton offers the necessities on their own platform which is available on both android and IOS. The application also provides security that allows you to secure your account with fingerprint encryption. But the mobile app lacks notification and efficient price alerts or news feeds.
MT4 is also available to download, which is a relief. The 24option own web platform looks quite nice though, it is well laid out and easily on the eye than MT4.
Customer support on 24option is top notch from available chat systems for both new and already existing client to the FAQ section which are both available 24 hours and accessible even through your mobile phone.
As mentioned earlier, a lack of clarity on withdrawals seems to be clearly shown in the 24option review on TrustPilot.com who score the broker just 1.7 out of five stars. Note much of the feedback looks spammy though, so might just be a case of their Marketing department being inept.
Always remember, Trade Wisely, Invest Wisely and make sure you are well equipped with knowledge before harnessing the world of foreign exchange.