During 24Option amended their offering. They no longer offer binary options, and concentrate solely on Forex and CFD trading. The new offering also saw a move into Forex and CFD trading, with the firm also offering forex pairs that include Bitcoin.
Recent growth in cryptocurrency trading led the firm to add Bitcoin pairs as soon as they could. Trading Platform The 24Option trading platform is fairly unique, even within the fairly generic world of binary, forex and cfd trading.
The look and feel of the platform has been designed in keeping with the brand, so the usual red and green trading buttons have been replaced. This bespoke style does not impact the usability of the platform however.
WARNING! This broker is not recommended.
The type of trade is available on the top left menu — choose from: Forex CFD The relevant assets are then shown beneath. Selection any of them will update the relevant payout information, and the price chart on the right. The trading area is well laid out, so although a lot of data is available at once, it is still clear and easy to use.
Open trades, and a history of closed trades are available under the trading area, where performance is constantly updated.
Accounts and Pricing
Signals The trading platform also gives users access to the 24Option signal service. The trader sentiment bar is also used to aid trader decisions. The demo video at the bottom of this review illustrates binary options trading on 24 option videos to get the most out of these. As ever, signal services should be treated with a certain level of caution, particularly where supplied by the broker.
But they can be an additional tool for confirming, or stepping back from, particular trades.
Payouts With more than a hundred different types of underlying assets on offer, traders at 24Option will certainly be spoilt for choice. They can choose for 43 different types of stocks, 11 commodity related options, 30 currency pairs and 19 types of market indices.
With Forex and CFD trades the payout will depend on the price movement of the underlying asset.
Traders can utilise leverage to manage their risk and payouts. While trading on margin can increase profits, it can equally accelerate losses, so should be used with caution. The key benefit of dealing with a regulated broker is the fact that you always have someone to turn to for dispute resolution in the event there is a dispute between you and the broker.
With 24Option, traders need not be concerned as they are a member of the Investment Compensation Fund scheme. The fund entitled traders to claim up to a maximum of 20, euros. The app has a clear, simple interface, and the trading process is intuitive.
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As well as simple trading, the app will also display open and closed trades, and update them in real time. The trading app is a great addition to the range of features delivered by 24Option. Each version has been written to exploit the full range of functions across multiple devices, so android, windows and iPhone users all get a tailored experience.
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Withdrawal 24Option withdrawals will be paid back to the source of the deposit. So payments can only be returned via the same method as a deposit was made.
This a common situation, and is actually a safeguard to protect traders from fraud. For the same reasons, the firm do require proof of address and some form of valid ID, before making withdrawals. This is to comply with money laundering laws. Where a deposit is made via credit card, details for that card will also be required for any withdrawal made later. Withdrawal Complaints Withdrawal complaints or problems often stem from delays in this proof of identity procedure.
It is therefore worth sending all these details early — before a withdrawal request is made. This reduce the chances of problems, minimise complaints and ensure quicker withdrawal payments.
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Account Types 24Options offer a range of account types. Entry to these accounts will depend on the size of the initial deposit. The larger the first deposit, the higher level of account type a trader will join. However, traders can always start with a smaller deposit — and then make a larger deposit at a later date in order to increase their account type.
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Gold and Platinum account holders can enjoy regular free withdrawals, regular account holders receive their first withdrawal free. Withdrawal requests can be made at any time. New accounts will also get to choose between forex and cfd accounts.
Bitcoin is tradeable via the forex pairs. Is 24option a Scam? As a regulated broker, 24Option are not a scam. They provide the service they say they will, and client funds are held separately to company funds. Regulators are taking a keener interest in binary options of late and 24Option have supported this.
The trading platform is reliable, and withdrawals paid as requested. This is where an account manager working for the broker will contact clients and offer to trade on their behalf. This generally leads to the trader over-trading, and in some cases trading beyond their means.
Where possible, traders should not let anyone else trade on their behalf, and in response to the complaints generated, the binary industry has begun to end the bonuses paid to account managers that behave in this way.
It remains to be seen if this ends the practise, and traders need to be aware of the risk. Bonus 24Option offer a fairly unique bonus offer, by moving away from the traditional deposit match bonuses. As with any reputable broker, 24Option will allow traders to opt out of any bonus incentive.
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The warm and friendly service provided by them certainly makes a refreshing change from the cold and impersonal service which other brokers are accustomed to providing. While the services offered by this broker are very good, it is their regular trading competition that sets them apart.
Some offer tens of thousands of dollars in prizes binary options trading on 24 option videos the winners of their competitions. There are also innovative bonuses offered, and the demo account allows traders to get used to the platform before stepping into the markets for real.