24Option Exchange Review
24Option Exchange Review
Trust Score: 9/10
24Option is widely recognised as being one of the very best online broker sites around and was even the winner of the Best Binary Broker back in 2015.
Originally launched back in 2010, it seems that 24Option has now dropped binary options trading and instead wishes to focus on the popular CFD and Forex trading that seems to be so popular among traders these days. They have even added the ability to CFD trade with cryptocurrencies which as you are probably aware, are all the rage right now.
Throw those on top of the close to 200 other commodities, stocks, indices and currencies that can be traded at 24Option and you have quite the selection when it comes to deciding what you would like to trade next.
24option has gained a good reputation over the years for being regulated, putting a strong focus on educating their traders and for the overall quality of their platform.
Licensing and Regulations
24Option is owned and operated by Rodeler Ltd, an investment firm in Cyprus that is licensed and regulated by the Cyprus Securities Exchange Commission (CySEC)). As CySEC is an accepted regulatory authority by the EU and the EEA, 24Option is therefore allowed to offer their services to all citizens of EU-based countries.
Furthermore, any non-EU based customers are also permitted to use the services offered by 24Option as they will this time be offered by Richfield Capital Limited, a Belize-based company that is licensed and regulated by the International Financial Services Commission in that country.
What Can Be Traded at 24Option
At 24Option, there are more than enough currencies, commodities, stocks, indices and cryptocurrencies for you to get your hands on.
- 40+ Currency trading pairs
- 17 Commodities
- 22 indices
- 100+ stocks
- 5 cryptocurrencies
Accounts at 24Option
Traders are certainly spoiled for choice at 24Option when it comes to the range of accounts that are available to them. In fact, there five of them that offer more benefits the higher the account that you choose. There is also a demo account that you can use in order to get to grips with how everything works at 24Option.
The five accounts are as follows:
- Basic Account
In order to get started, you will need to deposit at least $250 in order to qualify for the basic account at 24Option. With this basic account, you will be able to perform trades of a minimum of $24 and will be able to keep as much as 82% of all profits made from those trades.
Where this basic account lacks compared to the others is the additional benefits and features traders will be able to take advantage of.
- Silver Account
If you wanted a little bit more feature-wise, you could opt to deposit a minimum of $2,000 in order to be given a Silver Account. You will still have the same 82% profits on your trades but will also have access to your own personal coach.
That is on top of the professional charts and 24/7 customer service that even the basic account gets.
- Gold Account
For the more serious traders out there, the gold account will be an option to consider. In fact, this is the most popular account level on 24Option. Profits given to traders are increased to 84% but a minimum deposit of $25,000 is required and trades must be worth a minimum of $48.
As for the additional benefits, you get everything you do from the lower level accounts with the addition of SMS and email alerts and the ability to be able to enjoy some live trading with an industry expert.
- Platinum Account
If you are a successful trader that is looking for even more of the profits, the Platinum Account at 24Option will give you 86% of them. You will be required to deposit at least $50,000 and perform trades of at least $120 each time.
As for the additional benefits you will receive for using this account, you will get everything given to the other previous accounts plus you will be able to trade forex, have access to a research website and have a session with a financial expert.
- Diamond Account
The highest account level is Diamond and here you will be given 88% of any profits that you have made from trades on 24Option. With this account, you will be given higher trading limits, a regular chance at winning tickets to see Juventus, their official partner and a massive football team with a proud history in Italy and the ability to customize the platform that you are using.
Account Creation and Verification
Creating an initial account at 24Option will require the following information:
- Full name
- Email address (which will need to be verified)
- Phone number
- The country you reside in
- Your chosen currency to deposit
- A password for your account
When all of the above is complete, you are free to deposit funds onto 24Option and start trading. However, if you ever want to make a withdrawal, you will first have to have your identity verified.
This will involve submitting the following:
- A copy of an official government-issued ID such as a passport or driving license.
- A copy of a recent bank statement or utility bill that proves your current address.
- If you used a credit card for your deposit and therefore to withdraw through as well, you will need to provide a copy of both sides.
Trading Options on 24Option?
While the name might suggest that 24Option allows the trade of binary options, this is no longer the case. Instead, they are not focused on providing CFD and Forex trading with cryptocurrencies also being their most recent addition.
CFDs or Contract for Difference, is a popular method of trading these days and it is essentially trading on the difference between an assets starting price and where it finishes up after a certain amount of time.
Forex trading is another type of trading that has gained massively in popularity in recent years. This time you are buying and selling currency trading pairs in the hope that you make profits out of their future exchange rates.
- Cryptocurrency Trading
24option was actually one of the very first online brokers to allow the CFD trading of cryptocurrencies. Bitcoin, Ethereum, Dash, Litecoin and Ripple are the five cryptocurrencies that can be speculated at 24Option.
This type of trading should not be confused with actually purchasing the cryptocurrencies, however, you do not actually own any of them and are just speculating on their value in either direction.
Traders have the choice between using three different trading platforms when at 24Option:
- Web Platform
This is the website platform that can be accessed through a browser. We actually liked the design and feel of this platform but we have to say that we still prefer using the tried and tested MT4 client platform below.
- MT4 Client Platform
This is seen as the industry standard, with the MT4 platform being used by a number of other online brokers as the base for their offerings. This can be downloaded from the website and as it is a desktop client, offers up a bit more functionality and efficiency compared to the web-based platform.
- Mobile App
24option has also developed a number of apps that can be used on mobile devices for any trading. These are available for all iOS and Android devices and you will even find the app version of the MT4 platform as well.
Accepted Payment Methods
Making deposits and withdrawals at 24Option is extremely straightforward and they offer you plenty of options with regards to payment methods. Below are just some of the payment methods available but depending on where you are located, you may find even more in the way of e-wallets and other payment methods.
- Credit/Debit Cards
- Wire Transfer
We have to admit that we are not overly impressed with the fees that 24Option charges as they are certainly more expensive than most. Not only are there fees in the form of spreads/pips but there are also withdrawal fees for most accounts except the top two.
At the end of the day though, this is a reputable broker, so the fees might just be worth it rather than risking large amounts of money at other less than trustworthy brokers.
Like many other brokers, 24Option takes a cut out of your trades via the spreads/pips with the following being some of them:
- EUR/USD – 3 pips
- GBP/USD – 4 pips
- S&P 500 CFD – $1.75
- Oil CFD – $0.03
Depending on the level of your account and the payment methods you have used, there will be fees attached to withdrawals at 24Option.
- Basic, Silver and Gold accounts
When withdrawing using the above account levels, there is a set charge of 35 USD/EUR/GBP/CHF or the equivalent amount in other fiat currencies.
- Platinum and Diamond Accounts
As for those of you that have Platinum or Diamond accounts, you will be glad to hear that there are no withdrawal charges.
On top of the charges above, there will also be fees attached depending on the payment methods you are using:
- Credit cards – 3.5%
- Skrill – 2%
- Neteller – 3.5%
- Wire transfers – 35 USD/EUR/GBP
There is no specific list provided by 24Option with regards to which citizens of which countries can use their services. However, they do list a few countries where residents will not be able to trade on their site.
The three regions that will definitely not be able to trade at 24Option are:
- The US
- British Columbia
We do know that if you are based within the EU or EEA, you should have no trouble creating an account and trading at 24Option but if you are from anywhere else, it would be well worth your time to speak to their support directly in order to ascertain whether you will be able to trade there.
24option makes sure that it provides a high level of quality when it comes to providing customer support and this is just another reason why they are so popular among traders. Of the various methods you can use to contact them, there is:
- Support tickets
- Email support
- Live chat
- Telephone support
Customer support on 24Option is provided in eight different languages:
As well as the excellent direct support that is offered at 24Option, there are also some additional resources on the site that you can make use of. They have an F.A.Q page and an extensive education page that will help you with any questions you might have with regards to trading on 24Option.
Being a regulated online broker first and foremost should tell you that they do at least have to conform to rules and regulations. Not all brokers are regulated, especially those that offer cryptocurrency trading, so to see on that is will definitely appeal to many of you.
This regulation will ensure that things like segregated accounts for clients funds are enforced and that a proper effort is made to ensure that users are always protected when using the platform.
Furthermore, they claim to use SSL encryption technology that provides their clients with an added layer of protection when making transactions.
We have been very impressed with what 24Option provides its traders and are more than happy to give it our seal of approval. It might have higher fees than a few others but being a regulated broker on its own will be worth paying a little extra for many of you.
So if you are interested in trading and want a good and trustworthy broker to get started with, go and check out 24Option as they will certainly have your best interests at heart.