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Page Summary
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.
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.
24Option Features
|
Demo Account |
Yes |
|---|---|
| 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.
24Option Account Types
|
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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Disclaimer
Braden Chase is an investor, trading specialist, and former research specialist for Forex.com who helps aspiring investors develop the confidence and habits they need to make an income from the market. Braden has served as a registered commodity futures representative for domestic and internationally-regulated brokerages and has also spoken & moderated numerous forex and finance industry panels across the globe.