24Option is one of the leading online brokers. They boast some of the latest technology in their trading platform and pride themselves on offering an easy-to-use system. The bespoke platform is also rich and advanced. The company operates under the company name Rodeler Limited and is headquartered in Cyprus. The firm is regulated by CySec but has stopped offering binary options. They have added both CFD and Forex trading to their offering, and have also expanded their customer support to include large investment portfolio management. Although they will continue to offer binary trading to their existing clients, their focus is now on CFD and Forex trading. This includes Bitcoin forex pairs.
24Option Review – Key Information
- Demo Account – Yes
- Minimum Deposit – £250
- Minimum trade – From 0.1 lot
- Signal service – Yes
- Bonus details – As a CySec regulated broker, 24option no longer offers bonuses or trading benefits.
- Mobile App – Yes. Android and iOS are fulfilled.
Trading Platform Review
24Option offers a user-friendly platform aimed at fast, easy trading, as well as a mobile trading application. Traders can choose from different types and trade assets. Returns will vary based on the performance of the underlying asset, but the platform has low spreads, which means competitive trading costs. Forex and CFD payouts depend entirely on the movement of the underlying asset, just like any other broker. The trading area is clearly laid out. Traders can select the underlying asset they want to trade, either directly from the list, or by filtering the display to the desired class or category, via a drop down menu. The trading window is always visible, next to the list, and will update as soon as a different stock or underlying asset is selected. The price graph on the trading window can be enlarged, to allow for a more detailed analysis of price action. Trade History Below the trading window is the open trade area. From here traders can see all the trades they have open. This is marked by whether they are currently in the money or not. The opening price and current price are displayed as well as the expiration time. Additionally, the open trade window will display the ‘Close’ value – which is the value that the ‘cash’ trader can take at that time – to either lock in profits or cut losses. These are only offered at certain times of the trade, but are added to the trader’s options and are easily placed. The history of trade is also shown in this area. All complete trades are listed, open and close prices and of course, the net result of the trade. There are also three tabs for traders to keep informed about market changes. Trade reminders tab, daily market updates tab and a very useful Economy calendar tab. This provides a great resource for finding key financial statements that will be released to the market in the near future.
Trader’s Choice
The platform provides forex and cfds on selected commodities, stocks and indices. In addition, the firm now also offers CFD trading and “per pip” forex trading. This allows users to trade in a more traditional way. It also allows users to trade using leverage. This is a big difference if traders are more used to the ‘fixed risk’ of other investment vehicles. As part of the forex push, 24option now also provides Bitcoin forex pairs. This allows traders to take positions on cryptocurrencies against USD or GBP for example. As the CFD offering is relatively new, more markets will be added in the coming months. The spread is currently around .05% and compares well with more established cfd brokers. This new trade type also includes the option to set a stop loss level. This is a key part of risk management when using leverage. Traders can also set ‘take profit’ points as well. Stop screen loss:
Mobile App
24Option provides a smooth and easy mobile trading platform, it will work with both android and apple devices. If going to the full website, traders can see a demo of the mobile app. Customers can also choose multiple devices for the demo. The application has a very simple interface, with each stage of the trading process presented in a clear simple process. The screen is large and easy to use. This reduces the risk of mistakes due to fiddly or hard to find buttons. As well as simple trading, the app can also display trading history, and open trades. So trade history can be checked at any trader. It is a slick trading app and is a great addition to the range of features offered by the brand. It has been created with merchants in mind, but has been carefully planned to ensure that it offers a wide range of functions across devices. Download the 24option Mobile app here;
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Payment
Since 24option has now withdrawn binary options, payouts cannot be compared to other binary brokers. CFDs and forex payments will scale based on both leverage, and price movements of the underlying asset. Traders can manage risk through tools such as stop loss. They can also choose the level of leverage to use, per trade. With CFDs and Forex however – losses can exceed the initial deposit .
Withdrawal and Savings Options
24option offers a variety of deposit and withdrawal options. Production is usually sent back to the source funds. The account requires some form of valid ID, and proof of address before making withdrawals. This is to comply with money laundering laws. If funds are deposited via credit card, details for that card are also required for withdrawal. Withdrawals and complaints generally revolve around delays in this proof of identity process. Therefore, it needs to be compiled before requesting a withdrawal. This can avoid problems and ensure a quick production time. Free Withdrawals Gold and Platinum account holders can enjoy regular free withdrawals. Standard account holders receive their first withdrawal for free. Remaining withdrawals may incur a percentage charge and this figure depends on the method used – Skrill for example, will incur a 2% charge. Withdrawal requests can be made at any time. Traders can make deposits at any time as well. The minimum deposit is £250 (funds can be deposited in USD and EUR as well – but once set the currency in which the account operates cannot be changed). 24 Interest options emphasize the security of the deposit process, and make it as easy as possible to deposit funds. Once the minimum deposit is made, the funds appear immediately so that the trader is not delayed in taking the option. and make it as easy as possible to deposit funds. Once the minimum deposit is made, the funds appear immediately so that the trader is not delayed in taking the option. and make it as easy as possible to deposit funds. Once the minimum deposit is made, the funds appear immediately so that the trader is not delayed in taking the option.
CFDs
24Option recently announced that CFDs (Contracts for Difference) have been added to their platform. The trading area has now been redesigned in-house (instead of the previous TechFinancial platform), and they have improved their platform now including CFD trading options. Although the initial offering is quite limited, it is an interesting move from the firm, and is an area of trade that is likely to grow in the binary sector. The main difference with CFD and Forex platforms is that traders can use leverage. Levels up to x200 are available. This is a big change for anyone used to the fixed nature of risk binaries. Traders should understand this difference. The platform also offers stop loss tools – should have added risk with leverage.
24Option Review – Other Features
The firm offers its clients the following features and benefits:
- Multilingual support – The brand is an international business, offering trading support in many different languages including English, Spanish and Italian.
- 24/5 trading – They offer trading when the relevant market is open
- Education center – This site hosts a variety of educational resources that cater to the needs of traders at all levels. This includes regular market updates, educational videos, eBooks and beginner trader guides to get you started.
- Copy trades – Follow trades made by winning traders