Home Best Binary Brokers 2020 24Option Review

2020 24Option Review

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24Option is a leading forex and CFD broker with headquarters in Cyprus and Belize. It offers a wide range of assets, including commodities, indices, stocks, and forex. We recommend 24Option because of its 12-year-history of reliability.

24option-review

Review Summary

24Option has a proprietary platform and reliable features for forex and CFD trades. The downside is that binary options trading is not available with this broker. Traders located inside the European Economic Area will trade using Rodler Ltd. Traders outside the EEU will trade with Richfield Capital Limited.

Demo Account

Yes

Instruments

Forex, Cryptocurrency, Stocks, CFD

Minimum Deposit

$250

Minimum Trade

From 0.1 lots

Regulation

CySec

MT4

Yes

MT5

No

Mobile Apps

Windows, Android, iOS

Auto Trading

No

Trade Signals

No

Islamic Account

No

FTSE Spread

1 pt

USD/GBP Spread

0.2 pips (var)

USD/EUR Spread

0.2 pips (var)

GBP/EUR Spread

Stocks Spread

0.9 pips (var)

0.2% var

Oil Spread

1 pip

Assets

45+

Cryptocurrency Spread

BTC 0.4%, ETH 0.5%

Cryptocurrency Coins

BCH, BTG, BTC, ETH, LTC, XRP, XRM

1. Fees and Spreads  

24Option offers a wide selection of popular assets. There are four main asset classes: 

  • 11 types of commodities
  • 34 currency pairs
  • 25 market indices
  • 61 stock companies

This broker does not offer any bonuses because CySEC has prohibited them. 

2. Account Types 

This broker offers four distinct trading accounts: Basic, Gold, Platinum, and VIP. Each account provides better terms, like tighter spreads and more lessons. The table outlines the benefits of each account type.

Category

Basic

Gold

Platinum

VIP

Lessons

1 Basic

2 Basic

3 Advance

5 Advance

Webinars

-

1/month

3/month

5/month

Spreads

Floating

Floating

Floating

Floating

USD/EUR

2.7 pips

1.8 pips

1.4 pips

0.9 pips

USD/GBP

3.2 pips

2.5 pips

1.9 pips

1.4 pips

Oil

$0.07

$0.05

$0.04

$0.03

Gold

$0.6

$0.5

$0.4

$0.33

The deposit fee to open an account at 24Option is $100, and the most leverage offered is 1:200.

24Option accepts traders from many countries, including: 

  • Qatar
  • Kuwait 
  • Luxembourg 
  • Saudi Arabia 
  • United Arab Emirates 
  • Hong Kong 
  • Thailand 
  • Singapore 
  • South Africa 

Traders from the following countries are not accepted:  

  • Denmark 
  • Spain 
  • Sweden 
  • Norway 
  • Italy 
  • Germany 
  • Switzerland 
  • United Kingdom 
  • Nigeria 
  • Brazil 
  • India 
  • United States 
  • Australia 
  • Canada 
  • France 
  • Japan 
  • Israel 
  • Bosnia and Herzegovina 
  • Iran 
  • Belgium 
  • China

3. Withdrawals & Deposits 

Depositing and withdrawing at 24Option is easy and flexible. You can fund and withdraw money with any of the following methods: 

  • VISA 
  • Mastercard 
  • Discover 
  • Diners 
  • JCB 
  • Switch 
  • Skrill 
  • Neteller 
  • Bank wire transfers 

The average withdrawal processing time is 3 business days, but some transfers complete in 24 hours.

4. Trading Platforms 

24Option offers two different trading platforms: MetaTrader4 and Scipio. Both platforms are powerful and provide features that help you trade. Both Scipio and MetaTrader4 come with advantages and disadvantages.

MetaTrader 4 

The MetaTrader4 platform is for trading CFDs and forex. MT4 comes with professional trading tools, easy access, and many features. MT4 is great for experienced traders, and it can suit the needs of beginner traders. Useful automation options and analysis tools can help new traders improve their skills. 

On a negative note, some traders complain that MT4 has an outdated design, making it difficult to use.

Scipio

Scipio is the second trading platform available at 24Option. Scipio allows you to trade forex and CFDs with a modern and intuitive design. It provides many of the same features and functionality of MetaTrader4. You can use your TechFinancials login data to access Scipio.

5. Mobile Trading 

The mobile app at 24Option is user-friendly and intuitive with a secure login process. This broker has a free mobile app for Android and iOS. Both mobile apps have the same functionality as the website. This includes necessary account management features.

Technical analysis is difficult on smaller screens. But, we can say it is excellent for trading and analyzing details if you're not at your computer.

6. Customer Service 

24Option offers 24/7 customer support. Traders can contact the support team through live chat, telephone, or email.   

You can enjoy localized telephone support if you're from:  

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

7. Safety 

24Option has a 12-year track record, which is a strong sign of broker reliability. The regulatory authorities for 24Option are: 

  • CySEC 
  • International Financial Services Commission of Belize.

Since this is a broker regulated in many jurisdictions, we rate it as a "safe" broker. A safe broker is a benefit because it reduces the risk of losing your money.

Final Verdict

24Option is an excellent broker for day traders due to its solid asset selection. You can trade in contracts with binary options with expiry times starting at 60 seconds.   

The possibility to close a trade at any time is important for day traders. It can make the difference between loss and profit. 24Option allows CFD traders to decide the best time to close a trade.

If you're looking for:

  • competitive spreads 
  • stop loss controls 
  • take profit orders 

24Option might be a great choice for you. Keep in mind that up to 83% of retail CFD accounts lose money with this broker (with a 73% average across all CFD brokers). 

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