24Option Broker Review

Minimum Spread :   From 1.1
Foundation Year :   2008
Min Deposit $ 250
Broker Trusted Point+3
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24Option

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24Option Broker Review Capitalizing on Market Analysis: 24Option came into the picture in the year 2008. The firm Rodeler Limited based in Cyprus does all the operational work for the brokerage company. It started as a binary options broker but now works on a vast scale. The company envisions reaching out to masses through its technology, tools and working ethics.

It commits itself to promises like freedom of choice, personal and professional support. CySEC in Cyrpus regulates the company. Its CIF license number is 207/13. Let’s glance deeply upon the website’s world.

Trading Platforms for 24Option Broker

A platform assists a brokerage website like a keyboard to a computer. It started with the binary options (TechFinancials), but in a bid for expansion, it is seeking services from Scipio.

The platform helps in rendering complex financial derivatives and currency exchange to customers. Now, the company wants to rush ahead by inducting MetaTrader4 (MT4). It is helping them in managing high-end activities that require heavy trading tasks.

However, the old platform is sorted and easy to use, but the latter has the potential of automation and research.

Mobile Trading App

The time is demanding for trading on smartphones, and the company is accommodating it with Android and iOS mobile applications. One can download it from Google Play Store and Apple’s app store.

The app packs all the features and functions of the website. It works properly on devices like ipads and tablets too. It is user-friendly and produces tasks of bidding and transactions efficiently. However, one can find it tough to manoeuvre during a technical analysis of the market. It works as a bonus for investors who are travelling. Applications come with a secured login interface.

Some pros and Cons of 24Option

 Pros

  • It works toward providing funds to traders if a broker goes bankrupt.
  • Anti-fraud software is in place to protect clients’ money from any misuse of a theft. It is using Thawte and ClickSSL.
  • It salvages investors against the negative balance when the market plummets. The policy helps in protecting the deposit.
  • It is working in line with some EU guidelines.
  • The pip value calculator helps in exhibiting profit and loss.
  • A Twitter feed facility for financial news is available here.

Cons

  • It does not provide a guaranteed stop loss to traders trading outside France.
  • In times, where other brokers have various regulating authorities checking them, 24Option has one in Cyprus (CySEC). Germany and the UK regulatory bodies are more robust.
  • There is no live streaming of news on the desktop and mobile platforms.
  • The withdrawal fees and maintenance are high.

Types of Accounts on 24options Broker

Traders can choose from four account types for trading:- Basic, Gold, Platinum and VIP. All have expensive plans with a minimum deposit of 250 dollars. It goes against the beginners and traders who are not financially robust. Here are the features available with each plan:-

Basic:

  • Minimum floating spread: 2.5 pips. For crude oil, it is $ 0.13
  • Information and education packages- Trading central, no webinars, one basic lesson, two daily TC SMS alerts.
  • The minimum deposit is $ 250.
  • There is one free withdrawal.
  • The margin call is 100 per cent.

Gold:

  • The minimum deposit plan here starts with $ 25,000.
  • Education package:- 2 basic lessons, one monthly seminar, two daily TC SMS alerts, trading central and daily news.
  • One monthly free withdrawal
  • The margin call is 100 per cent.
  • Floating spreads minimum of 2 pips. For crude oil, it is $ 0.12.

Platinum:

  • The minimum deposit is a minimum whooping hundred thousand dollars or equivalent currency. It makes it exclusive for rich people.
  • For floating spread, it offers a minimum of 1.6 pips. For crude oil, it is a meager $ 0.11.
  • Education Package:- Three advanced lessons, two monthly webinars, daily news, trading central, and four TC SMS alerts daily.
  • Three free withdrawals every month.
  • The margin is 100 per cent.

VIP:

  • As it suggests, not everyone can deal with it for the minimum charges are a mammoth $ 2,50,000.
  • Minimum pips stand at 1.1 for floating spread and for the crude oil is $ 0.09.
  • Package for education:- Five advanced lessons and monthly webinars each. Seven daily TC SMS alerts. Trading central and daily news.
  • It provides 100 per cent margin.
  • It charges zero commission fees for withdrawal.

Customer Care Support on 24Option Broker

The company excels in its service for offering the ear to listen to their problems. They offer a chat-bot option aligned with the essential FAQs one may ask. Besides, people can speak to the customer care executive through the phone (icon displayed). The help is available for twenty-four hours and five days a week.

Also, the company website operates for all users; new or old. And it offers help through social media site Twitter. So, it opens doors of connectivity for traders. Email is one of the ways to get in touch.

The local phone number is available for the following nations:-Malaysia, Brazil, New Zealand, United Arab Emirate, Russia, Saudi Arabia, Ukraine, Mexico, Singapore, Peru, Colombia, Belize, and Chile.

 Assets to Trade on 24Option Broker

The company offers a decent variety of currency pairs, metals, cryptocurrencies, energies and stocks with complex financial derivatives.

Cryptocurrency:

Bitcoin, Ethereum, Ripple etc.

Commodities:

Cotton, Gold, Palladium etc.

Indices:

FTSE, Nasdaq, DOW etc.

Stocks:

Apple, Amazon, Tesla etc.

Currency pairs:

  1. EURCAD
  2. EURCHF
  3. AUDUSD

So, it has over 130 different types of instruments for traders to buy and sell.

24Option Partnership Juventus Football Club

One of the leading football clubs of Europe Juventus inked a deal 24Option 2014 for two years. It got extended in 2016 and continues smoothly. The Italian club has one of the finest soccer players in Cristiano Ronaldo leading it.

The club was established in the year of 1897. Its players have been sporting a white striped kit on the field since 1903.

Having a partnership with such a reputed club gives kicks to the associate. Also, it builds trust in traders and investors and inspires them to trade with 24Option brokers.

Bonuses, Promotions and Offers

Currently, the brokerage company is not offering any bonuses. However, in the future, there may be chances of it occurring due to 24Option’s wish.

Areas That Need Work

The company lacks in streaming news functionality and research based on fundamentals compared to its contemporaries. They can help in making a conclusive decision for traders. However, market calendars and videos make up for the large part of it.

Deposits and withdrawals on 24Option

For depositing and withdrawing funds, the company offers a plethora of options. Payfun, Jeton, Visa, Skrill, Mastercard, AstroPay, Perfect Money, Oxxo, Neteller, and wire transfers are a few options.

The brokerage firm has a policy of sending the withdrawn funds back to the original source to avert money-laundering. When the balance of withdrawal is more than the money deposited through credit card, then a different way gets used. The rest of the funds get transferred via wire transfer.

In some cases, owing to the security, the company may request personal details and proofs of identification. The documents may include driving license, passport, government id with a photo etc. A person may also need to present utility bills like telephone, electricity etc.

The minimum balance one can withdraw $ 10. The maximum amount varies on the amount one has in the account.

Commission & Fee Charged by 24Option Broker

The commission and fee may vary depending on the account and payment mode chosen by the trader. It charges inactivity fees if some trader goes without transaction for more than two months.

The fine for two to three months of inactivity is Euro 80. For 3-6 months it surges to Euro 120 and 6-12 months the amount rises to Euro 200. There are zero charges on commission and deposits.

Conclusion

The company is working relentlessly for more than a decade. Hence, it is a trusted brand in investors’ view. But everything said it needs to work on the products. The number of assets is not satisfactory compared to the years of experience 24Options has in the kitty.

Moreover, the plans start at 250 dollars, which is too high. A newbie with lesser funds might consider investment difficult. Plus, withdrawal charges are more compared to other brokerage companies. Besides, it should also work on lowering fines on inactivity. Everything else is fine. Traders have to make the last call.

FAQs 

Is 24Option a scam or illegal?

No, the company is genuine with regulating bodies like CySEC monitoring it. Also, it has a partnership with Juventus FC, which makes the brand trustable. And it is operating for more than a decade which negates a chance of it being illegal or a scam.

How to withdraw money using 24Option Broker?

For withdrawing funds, one needs to log on to the account. After that visit the banking tab and then click on the withdrawal option. Fill the amount required and then click the next. The process will start subsequently.

How long does it take to process the withdrawal amount?

Usually, it may take up to three business days to process the amount of money requested for the withdrawal. For further delay, one may seek help from customer care executives.

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