Table of contents:
- 1 Our experience at a glance
- 1.1 24option in check: Fraud or not?
- 1.2 Security and regulation
- 1.3 Which markets can be traded on 24option?
- 1.4 Trading Platform and Registration
- 1.5 mobile app
- 1.6 What Types of accounts are available with 24option?
- 1.7 Bonus: No new customer bonus available
- 1.8 Deposit and payment for 24option
- 1.9 Customer support
- 1.10 Ease of use with 24option
- 1.11 Conclusion: 24option enables trading at a high level
- 1.12 Is 24option regulated?
- 1.13 What markets can i trade with 24option?
- 1.14 what payment methods are available at 24option?
- 1.15 What is the minimum deposit at 24option?
24option user-ratings: $250
Asset varierity - 8/10
Trading platform - 8/10
Support - 10/10
Fees - 5.5/10
Deposit/Withdrawal - 8/10
Facts about the company:
- Type: Forex and CFD Broker
- Regulation: CySEC (Cyprus)
- Minimum deposit: $250
- Demo account: Free
- Markets: Forex, Stocks, Indices, Commodities, CFDs, and Cryptocurrencies
- Mobile trading possible
- High-quality training offered
- A rich field of markets to trade
- Reliable Customer Support
- Safety through regulation by CySEC
- A first-class financial trading environment
- Fee for withdrawals
Our experience at a glance
According to our 24option experience, it is a very professional broker that provides its traders with a first-class financial trading environment. The trading platform of the group is MetaTrader 4, which is used here for all terminals for stationary trading. There is not much to say about the software, because most traders will already know this professional and high-quality trading software.
Those who don’t will definitely have fun getting to know it. Thanks to MetaTrader, trading is not only very easy but also clearly arranged. A lot of important information is presented on the platform, additionally the inexperienced traders can get some support in the training area of the broker.
According to our experience, trading is done with more than 200 underlying, for which quite different levers can be used. The Bitcoin, for example, can be traded with a leverage of 1:5, but German traders can even use the maximum leverage of 1:50. Another plus: trading with mobile devices is also possible at any time when on the move.
|Address:||39 Kolonakiou Street, Frema Plaza, Agios Athanasios, Limassol, Cyprus|
The broker is licensed and regulated by the Cyprus Financial Services Authority CySec, which has a first-class reputation and is responsible for numerous online brokers in the market. Furthermore, the long market affiliation of the provider speaks for itself, after all, 24option has been successful for several years. Another point in the area of credibility is the partnership with the football club Juventus Turin.
Should the traders have any questions or uncertainties, they can contact the customer support, which is available around the clock. A bit of a pity: Unfortunately, we were able to discover some fees in 24option that need to be taken into account when making withdrawals. However, this is the only slightly negative aspect concerning the portfolio.
24option in check: Fraud or not?
Whether 24option is a scam or a rip-off should be of interest to all traders. After all, in the best case, it is a matter of tight returns, which of course every trader wants to know are in safe hands. The dubious work on the part of the broker can be excluded, if only because a very official license from a licensing authority is available.
The Cypriot CySec, which has been doing first-class work in this area for years, is responsible. The authority examines the broker with regard to his daily work and thus ensures that 24option always complies with the legal framework. Should this not be the case at some point, the provider would be fined or even have his license revoked. This regulation is therefore a clear sign that the broker is absolutely trustworthy.
We can also mention here that 24option cooperates with many well-known European banks and protects its customers’ payments using SSL encryption. So, whenever the traders, for example, make a payment or enter their data into the platform, this information is transmitted protected by SSL encryption.
Security and regulation
Anyone wishing to enter the financial trading business should of course always be concerned about their own safety. When in doubt, there is a lot of money at stake, which no trader wants to “throw down the throat” of a fraudster. For this reason, it is definitely advisable to look into the background before opening an account. With 24option this check turns out to be enormously positive.
The broker has been successfully active on the market for several years and has been able to build up a good reputation during this time. A strong indication that a 24option fraud can be excluded. In addition, the partnership with the well-known football club Juventus Turin naturally also ensures a good feeling for all traders.
The greatest protection, however, promises the official license of the Cypriot CySec, which ensures that trading with the broker always takes place in regulated channels and that the traders do not have to worry about seriousness. If the offerer should be noticeable once negatively, it threatens in the worst case the withdrawal of the license.
As already mentioned, the broker also uses SSL encryption. This is ultra-modern protection, with which the sensitive data of the users are protected. Such encryption is also used for online banking. In short: there are no security concerns whatsoever when trading via 24option.
Which markets can be traded on 24option?
The trading offers of 24option has changed a little bit during the last months due to legal regulations. The binary options have disappeared for private investors. However, these are the markets that 24option offers to trade:
A wide range of underlying tradable
In detail, the broker’s portfolio contains cryptocurrencies, currency pairs, indices, stocks, and commodities in the underlying assets. The cryptocurrencies are the latest product in the portfolio and have experienced a real boom in the last few months.
The Bitcoin is of course offered for trading, but also the Litecoin, Ripple, or Ethereum. Kryptos with a leverage of up to 1:5 can be traded, at the same time, the cryptocurrencies can be traded 24 hours a day, five days a week via 24option. The selection in the area of indices is somewhat larger.
The largest selection in the portfolio, however, is the broker’s stock offering. Here you can choose from over 100 securities, including Lufthansa, Barclays, BMW, Vodafone, PetroChina, ANZ, and Royal Dutch. In addition to the options mentioned above, commodities are also available, which in detail include sugar, coffee, corn, copper, or oil.
For example, 24option offers EUR/CHF, NZD/JPY, EUR/USD, GBP/USD, or USD/JPY for trading currency pairs. Advantage: All traders who want to get an overview of what the broker has to offer can do so with a free demo account. This contains a virtual balance, which can be used without hesitation to test and develop your own strategy. A real yield cannot be gained with it however naturally.
Trading Platform and Registration
Trade is possible in different ways. MetaTrader 4 can be used as a download program but is also available for immediate trading in the browser. In both cases, there are no fees to be paid for using the program or opening an account. By the way, the registration here works smoothly, so that trading can be started within a few moments. For the trade itself, the broker provides more than 200 underlying instruments.
MetaTrader 4 not only enables traders to trade in a targeted and effective way but also offers all kinds of interesting additional functions. Thus, the charts can be analyzed exactly, and at the same time, the movements of the charts are also highlighted in different colors.
The broker’s portfolio is additionally supplemented by the 24option app, which can also be used to trade on the move. The app is offered in two different versions, depending on the trader’s end device. Apple users can conveniently download the software from the App Store. This is made possible by searching the App Store, and at the same time, a link to the relevant page can be found on the broker’s homepage.
For traders with an Android device, identical conditions apply. In both cases, customers can rely on a modern and intuitive app that includes all functions of stationary trading. Traders can therefore open, process, or close positions as usual.
In addition, customer support can also be contacted via the app, and at the same time, deposits and withdrawals can be processed with the app. In summary, it can be said that the broker also provides a completely mobile service.
What Types of accounts are available with 24option?
When traders open their own account with 24option, there are four different account models to choose from. The type of account that can be used depends on the trader’s deposit. The larger the deposit, the more extensive the account is, and the greater the access to different broker content. All in all 24option offers following trading accounts:
- Basic account
- Gold account
- Platinum account
- VIP account
The smallest available account model is the Basic account. Traders receive a platform introduction, are assigned a dedicated account manager, can look forward to daily market reports, and can participate in webinars and training seminars.
One level higher is the Gold account. In addition to the points mentioned above, with the Gold account, traders can attend one webinar every month and get one free withdrawal every month.
The Platinum account brings traders even better conditions. Here the account manager is more experienced, at the same time the Platinum traders get access to two monthly webinars and can do three withdrawals per month without having to pay a fee.
However, the most valuable account with the broker is the VIP account. Here the traders enjoy access to all functions and additions, at the same time, as with the Platinum account, free withdrawals from the trading account are also possible. Another great advantage of the VIP account: Here the costs are calculated solely in the form of spreads. On the other hand, anyone trading with the other three accounts must expect fees.
Bonus: No new customer bonus available
Although there is no 24-option bonus for new customers in the provider’s portfolio, this fact cannot be assessed negatively in the test report. The reason for this is that the broker is not allowed to provide a bonus due to legal requirements.
In the past, the bonuses of some brokers were not always subject to fair turnover conditions, so that the allocation of these offers was unceremoniously prohibited. 24option adheres to this requirement – this also underlines the serious appearance.
|Other bonus offers:||–|
Deposit and payment for 24option
24option provides different ways to make a deposit to the trading account. These include some very well-known options, such as instant bank transfer, Paysafecard, credit cards, Giropay, Skrill, Neteller, or the classic bank transfer.
In addition, there are also payment options that are not quite as popular. Examples are Switch, Discover, Diners, or JCB. According to our experience with 24option, traders, fortunately, don’t have to worry about deposit fees. However, the minimum amount for a deposit to the trading account, which is usually 250 Euro, should be considered.
Those who have paid in capital naturally want to pay out their possible return. For this purpose, 24option offers the same options in principle as for the deposit. In some ways, however, it is generally not possible to pay out, for example with the Paysafecard. In case of doubt, the payouts are then processed via the bank account. As already mentioned, VIP customers waive fees for withdrawals. All other traders have to consider fees.
For credit and debit cards this is 3.50 percent, for a bank transfer a fee of 24 euros is charged. Those who payout with an eWallet must allow for a fee of 0.9 percent for Webmoney, 2.0 percent for Skrill, and 3.50 percent for Neteller and Qiwi. Also important to note: Withdrawals from the trading account are only possible after customers have verified themselves with a copy of their identity card, passport, or another official document.
|Basic account||Gold account||Platinum account||VIP account|
|Lessons||1 Basic Lesson||2 Basic Lessons||3 Advanced Lessons||5 Advanced Lessons|
|Webinars||No Webinars||1 Monthly Webinar||2 Monthly Webinars||5 Monthly Webinars|
|Withdrawal||1 Free Withdrawal||1 Monthly Free Withdrawal||3 Monthly Free Withdrawals||No fees|
A positive thing to mention in the 24option test report is that a lot of interesting and important information can be found scattered around the website. Thus, the traders can already pick up some information while “browsing”. If questions still remain open or ambiguities arise, the contact to the customer support can be established. For this purpose, the broker offers various options, including a live chat, a telephone hotline, e-mail support, and a fax number.
|Telephone:||+357 2 526 2025|
The provider can thus be contacted without any problems. A particularly positive aspect: customer support is available 24 hours a day, five days a week. We made the best experiences with the live chat in the test report. Here the employees react quickly to the trader’s inquiries and can usually answer them in a very qualified manner. The latter also applies to the other communication channels, but these are somewhat more complicated or involve a longer waiting period.
Ease of use with 24option
The website of the broker makes a modern impression and scores well with clean menu navigation. The most important areas are all accessible from the start page and can be accessed with just one or two clicks. The trading platform also shows a well structured and clear picture. Even newcomers should be able to find their way around the platform quickly and start trading without any major problems.
By the way, the design of MetaTrader 4 is intuitive, which is also a clear advantage. It is also good to know that there are no noticeable differences between the download version and the Web-Trader. So if you want to trade without a download, you don’t have to worry about missing any important function or underlying asset.
Conclusion: 24option enables trading at a high level
24option has managed to put together a portfolio that is equally interesting for beginners and experienced traders. The selection of underlying is attractive here, the only thing traders have to bear in mind is the different specifications for the leverage.
Those who trade with a Platinum account can be sure that only the spreads are charged as fees for trading. The fact that you can choose between several account models is a clear advantage. It’s just a pity that only the high-quality model allows you to avoid the payout fees.
However, no further questions remain unanswered with regard to licensing and security. 24option works with a license of CySec and offers further protective measures. So, all in all, we have made very good experiences and can recommend the broker in every respect after our 24option test report. If you want to be absolutely sure, you can first open a demo account and get a complete impression of your own.
Most asked questions:
Is 24option regulated?
Yes – 24option is regulated by the CySEC (Cyprus Securities and Exchange Commission) with CIF license number 207/13.
What markets can i trade with 24option?
24option offers different markets to trade. These include not only Foreign Exchange (Forex), Stocks, and Indices. With 24option customers can also trade Commodities, CFDs as well as Cryptocurrencies.
what payment methods are available at 24option?
The Broker provides several options to make deposits and withdrawals. Traders can choose for example instant bank transfer, Paysafecard, credit cards or Giropay. Furthermore they can use Skrill, Neteller or the classic bank transfer.
What is the minimum deposit at 24option?
The minimum amount of money that has to be deposited varies with the chosen Trading account. With the Basic account, traders have the lowest minimum deposit with $250. The Gold account requires $25,000, while the Platinum account demands $100,000. When you go for the VIP account you have to deal with a minimum deposit of $250,000.