24Option Broker Review

24option.com

$250

Min Deposit

From 1.1

Min spread

2008

Foundation

Broker Trusted Point+3

Broker Trusted Point

24Option broker is a financial service provider which has a  long history of disappointing its traders and investors. iThough is its parent firm that has been operating in the market since long but hasn’t improved its way of operation. It needs to pay heed in some areas to stand in the tough competition with the other renowned firms.

The most common question which traders usually ask about the broker is that Is 24Option safe? In this review, we will clear all your doubts and questions related to this brokerage firm. 

About 24Option

 The broker allows CFD trading on numerous markets including forex, cryptocurrency, commodities but at higher fees. Also, CFD is synonymous to the risk and put your funds in peril. You can lose it anytime. However, the contract for differences derivative is highly risky. The minimum deposit to start trading with the firm is $250, which is twice compared to other renowned and advanced firms such as ROinvesting and 101investing. So, with so much deposit, how can a beginner sustain in the market. 

Other than this, there is the scope of improvement on the official website of the broker. Their website is too complete to navigate and also contains many technical terms. Thus, it becomes hard for the novice to go through their website. 

Is 24Option Scam or Safe?

The brokerage is regulated and authorised by the International Financial Services Commission (Belize) under the licence number 000319/38.  Simultaneously, we cannot ignore the point that the brokerage firm had some regulatory agreement issues with the Cyprus Securities and Exchange Commission in 2016. After this issue, the firm shifted toward the IFSC in Belize. 

Another main issue with the firm is that there is no guaranteed stop-loss online trading outside France. Stop-loss order allows traders to mitigate their losses by placing the stop loss at the desired amount, below which they do not wish to trade. It does not protect a user against sudden price shifts. Unfortunately, here with 24Option, you won’t enjoy several other benefits.

The lack of any published data about the firm and high charges throws up a danger signal about the broker. It is hard to trust a firm regulated by the single regulatory authority and have some past records of clashes with the famous financial body. Other firms such as HFTrading and Oinvest others are regulated by two or more than two financial watchdogs. 

Additional features

The 24Option broker does not provide any additional features, such as social trading. Other features including back-testing or automated trading are available with the broker but only on the desktop platform. 

Market products

24Options has a very sneaky way of offering instruments and assets to clients, which derails the purpose of traders. It offers fewer forex pairs in comparison to other financial service providers. Moreover, leaving two financial markets, the broker does not offer any range in other popular markets such as the commodity market. So, your dream for expanding portfolios and making them diversified go for a toss. Also, the danger of losing money becomes more pertinent. So, 24Option does not offer many options and you can ignore it for better brokers like T1Markets or PrimeFin.

Research tools and indicators

There are poor opinions when it comes to research tools of 24Option. For instance, the broker has signed a pact with the trading centre to offer comprehensive technical analysis tools, indicators for exit and entry points, trading graphs and charges and recommended positioning. But, it lags in the area of streaming or sending live notification of news and fundamental tools for research. So, it is pointless using them at all.

A major drawback is the financial news and events that impact the asset’s price to a larger extent. Many brokers in the market provide all these features in just one platform and that too at affordable prices. Hence, there is no reason to choose the broker over others when concerning research tools. 

Thus, the broker’s high fees do not do justice with the firm’s provided tools and indicators to enhance trading standards. So, you can avoid  24Option

Leverage

The broker does not have much to offer in these regards. Different financial markets are absent here. But, in this too, the leverage offered on cryptocurrency trading is low compared to other providers. So, it leaves traders with further disappointment. 

Fee and commission

The commission and fee structure of the broker is quite high. It does not offer meaningful discounts on the larger volume trades. There are high charges on the dormant accounts, and they surge as high as $200 per month immediately after six months. Moreover, there are monthly maintenance charges of around $10. Apart from this, if you look for the withdrawal fees, you will find that it is as high as 3.5% (after the first withdrawal required). And finally, how can we forget about the minimum deposit fee. The fee for opening a trade with the broker is twice ($250) than other advanced brokerage firms. And you have better options like ROinvesting and ETFinance, that are offering excellent services. 

Trading Platforms

The broker allows trading through globally accepted Meta Trader 4. The entire world has moved (or is moving) towards a successor of the MT 4 series that is MetaTrader 5. The broker is a leading firm still it has not added this advanced platform in its trading portfolio. The firm should think about it. This will help it to capture the interest of thousands of traders. 

Withdrawal and Deposit

The broker offers limited deposit and withdrawal options, including credit card, OKPAY, Perfect Money, Neteller, PaySafeCard, Astropay, and bank transfers. Yes, we know that you are searching for PayPal. Let us tell you that the broker does not support payment though this most popular and common method. It again put up a question in the mind of those traders who are thinking to go with the firm. Also, it is hard to access these payment options at first sight. 

Moreover, the withdrawal fee is high and falls in the range of 2% to 3.5%. This number is relatively high and disturbs trader’s peace when he has to apply for consecutive withdrawal. 

Customer support service

The broker has an inefficient customer support team, which never picks up your call, nor do they care to revert your chats and emails. The team Customers have to wait long in order to get the answer, which is mostly irritating. So, avoiding the broker is the best thing you can do. 

Cons 

1) High withdrawal amount

2) Meta Trader 5 lacking

3) The mobile and desktop trading platforms do not provide live streaming news

4) No fundamental research tools

5) High trading charges

6) Geo-restrictions

7) Low leverage on cryptocurrency trading

8) Complex user interface (official website) for novice traders 

9) Hard to access payment options at first sight 

10) No additional trading indicator or tools available apart from those which come pre-installed with MetaTrader 4 

The Bottom Line 

The 24Option Broker has not incorporated Meta Trader 5 in its trading portfolio. Apart from this, there are other major areas too, where the broker needs attention. These include high initial deposit, complex user interface, low cryptocurrency leverage ratio (1:200) and last but not least extremely high withdrawal fee. To stand in clear cut competition with other advanced and renowned firms, the broker needs these up-grading else will remain far behind in this financial race. There are some top online brokers like ROinvesting, 101investing, Brokereo and IGMFX, which offers advanced trading features and services through different account types.

Frequently asked questions 

 What is the minimum deposit of 24Opnion?

The minimum deposit required to open an online trading account with the broker is $250, which is too much.

 Which trading platforms does the broker provide?

The trading platforms available with the broker is MetaTrader 4 but misses MT5

 What are the cons of selecting the24Opnion? 

Some cons of the firm are:

1) High withdrawal amount

2) Meta Trader 5 lacking

3) The mobile and desktop trading platforms do not provide live streaming news

4) No fundamental research tools

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