Update (July 2017): 24Option announced that they will gradually stop providing a platform for binary options and instead will become a Forex and CFDs broker. They also offer cryptocurrency trading and 24option traders can now bet on some of the most popular cryptocurrencies: Bitcoin, Litecoin, Dashcoin, Ethereum and Ripple!
Launched in 2010, 24option is without a doubt one of the most reputable binary option brands. Traders like it, regulators support it and the high-profile promotional partnerships it has struck up over the years, provide living testimony to the fact that the operation is indeed legitimate through and through. Perhaps most importantly though, the community vibe regarding the operation is a very positive one. While a broker will always have a disgruntled trader or two, in the case of 24option, there barely are such cases out there. The deal offered by 24option as a whole is indeed a very attractive one. In order to raise their profile and to appeal to as large a pool of potential traders as possible, 24option have struck up sponsorship deals with the Juventus Football Club and with celebrities like Boris Becker and the UFC’s Connor McGregor.
The company behind 24option is Rodeler Limited. It is based in Limassol, Cyprus, and it is licensed to offer binary option trading services by the Cyprus Securities and Exchange Commission (CySEC, license number 207/13). For traders who aren’t based in one of the EU countries, Rodeler Ltd. obtained a license from the IFSC in Belize. The bottom line is, that from a regulatory perspective, everyone is covered at 24option.
Why should you trade at 24option? The minimums on deposits and individual investments are very reasonable. The site features great customer support and an excellent trading platform, which offers superb solutions for mobile trading. Some 24option account types entail the provision of trading signals too.
Some reviewers out there tell of fabulous first-deposit bonuses, although 24option don’t seem particularly keen on advertising such a deal. In light of the latest directives issued by the ESMA, according to which no regulated binary option broker should offer such bonuses, this isn’t surprising at all.
The only current downside to 24option is the fact that the site does not accept traders from the US. This isn’t likely to change any time soon either: 24option uses the single market-maker business model, which is frowned upon by US authorities. There are different ways into the US exchange-based binary option market, but for the time being, there’s no word on 24option exploring such a path.
24option Trading Platform
The 24option trading platform which used to be a TechFinancials creation is now an in-house platform known as Scipio. It was quite a sight indeed. The dark trading interface has received quite a bit of praise from users as it’s slick, stylish and elegant. Trades are placed instantly, and there is little to no slippage – at least there haven’t really been any complaints about this. The trading interface is simple and clutter-free, but at the same time, it delivers a wealth of information to help traders make the best possible decision every time. The prices delivered by 24option are real-time ones, and they originate from the Reuters live feed. The platform gives traders access to several pricing options, which they can use to optimize their payout rates. The maximum in this regard is 91%, but on most option-types, it’s actually closer to 87%.
24option manages to provide charting solutions and technical indicators which – when used properly – can indeed make the difference between long-term success and merely hanging in there.
Demo accounts are available for new traders too.
The 24option trading platform aims for full transparency. To achieve that, traders are filled in meticulously on the way the expiry prices are calculated. Because asset prices are determined by a number of different variables, such as the Bid price, the Ask price, the last trade and the last quoted index price, it is important for traders to understand how their prices are shaping up at expiry. In the case of indices for instance, the formula is based entirely on the last quoted index price that shows up in the data provider field upon expiry.
In the case of currency pairs, the expiry price is the arithmetic mean of the Bid price and the Ask price ((Bid+Ask)/2). The same goes for stocks and commodities.
The Early Closure tool allows traders to bail out of a deal which seems likely to turn sour, or on which they want to take early profits. The Early Closure tool is essentially a damage control tool. Those who use it, get a percentage of their initial investment back. This percentage ranges from 10% to 70%, depending on the general outlook of the trade and the direction in which it is heading. Traders can trigger Early Closure through the “close” button, located under the Market Price and Target Price fields.
The 24option trading platform is available in mobile versions too, for Android-based devices. The mobile platforms offer the same features the PC-based platform does. The advantages in this regard are obvious: the apps allow traders to take care of business on the go.
24option Option Types
The option-types offered by 24option are quite a standard bunch. They have classic, High/Low options, with short-term as well as long-term expiries, in addition to One Touch and Boundary options. In the case of One Touch options, traders attempt to predict whether or not the asset-price will reach a set target-price before expiry. With Boundary options, traders attempt the predict whether the asset-price stays within a set range or not. While not particularly impressive, the option-type selection at 24option is large enough to accommodate a wide range of fundamental– and technical analysis-based trading patterns.
24option Account Types
24option feature no fewer than 5 account types, looking to cater to as wide a range of traders as possible. The cheapest and most straightforward account type is the basic account, which requires a minimum deposit of only $250. For that money, traders will gain access to 24/7 support, to Trading Central, and to a professional charting service. They will also be allowed to make a single withdrawal, free of any kind of fees/commissions.
The Silver account is the next step up the account ladder. This one, besides the perks covered by the basic account, also gives traders access to a selection of trading signals, as well as to the services of a personal coach. The maximum payout rate on both accounts is 82%.
The Gold account is apparently the most popular of the operator. It features maximum payout rates of 84% and besides all the extras delivered by the above described Silver account, it also offers trading alerts trough SMS and email.
Platinum is where things take a turn for the lavish. Featuring maximum payouts of 86%, Platinum accounts give their holders full access to Trading Central, as well as to Forex and CFD trading. Through a live trading session, traders are introduced to the platform as well as to a number of trading patterns. Platinum traders can get their hands on Juventus tickets too.
The Diamond account is the one which brings to bear the whole array of extra features offered by the operator. In addition to everything covered above, the Diamond account offers maximum payout rates of 88%. Traders enjoy higher trading limits and exposure, and they are allowed to customize their trading platform. They can also make an unlimited number of commission-free withdrawals.
The minimum investment amount is $24 on all account-types.
All the above listed 24option account types are available in Islamic variants too. Such accounts are fully in-line with the requirements of Sharia law. They are free of usury, which means that the holders of such accounts cannot be charged any interest-related fees, nor can they earn any money this way. Obviously, Islamic trading accounts are exclusive to those who adhere to the Islamic religion. No one else can take advantage of this feature.
The 24option site as well as the Islamic trading accounts are available in Arabic.
The 24option Education Center offers a wealth of information and a plethora of useful trading tools. It is indeed one of the best education sections in the industry, listed as one of the top selling points of the broker.
The education section features an Economic Calendar, as well as a Market News section and a News/Calendar section dedicated exclusively to binary options. This section delivers news and lists various economic events of which traders can take advantage through binary options, on a daily basis.
The Binary Option Strategy section is all about different trading patterns traders can employ to take advantage of the events heralded by the Economic Calendar. Trading Central is a separate section which is focused on advanced market analysis. It is in fact a separate operation which has partnered up with 24option and which provides technical analysis services. Founded way back in 1999, Trading Central provides market analysis to leading investment banks and hedge funds on a global level. Trading Central is a financial advisor registered with the US Securities and Exchange Commission as well as with a number of other regulatory bodies world-over. Analysis-wise, TC offers a technical analysis report section as well as a trading signals section, which makes the profitable trading of binary options through brokers like 24option, infinitely easier.
In addition to all the above, the 24option education section offers a couple of VOD (video of the day) sections focused on Binary Options and CFDs. In both cases, the video sections are structured into beginner, advanced and expert sections. Interestingly, all the video material contained in every one of the above sections can be accessed by all website visitors, even those not registered with the broker.
An interactive eBook and a Webinar section rounds out the top-notch education material offered by the broker. There’s a free eBook available for download to all those interested, too.
The 24option support staff can most handily be contacted through the live chat feature. The support staff is knowledgeable and eager to help. They will indeed jump through any hoop to make sure their traders have their problems sorted out in a timely manner.
In addition to live chat, 24option can be contacted through a general contact form too. On their support page, they have a world map, with all the locations of their physical offices marked. Every one of these locations has separate phone and fax numbers listed, for customer service as well as for affiliates. The general support email is firstname.lastname@example.org. Their UK phone number is +44 161 960 0200.
|Supportemail@example.com, email form, live chat|
|Trader Demographics||Everyone, everywhere, except US. 24option is especially popular in Italy, the Netherlands, Germany, the UK, Spain, South Africa and Russia among other countries.|
|App compatibility||Android, Windows, Mac, Linux|
|Minimum required deposit||$250|
|Minimum trade amount||$24|
|Customer service||Eager to assist, available 24/7|
“Now, I do feel satisfied blessed to be working with 24options because they have never troubled me over anything and is easily the best broker out there, but I have huge respect for other brokers as well which are providing honest service, I hate brokers which only think about themselves and play dirty tricks with innocent traders and I know the pain because once I was like that only, but I am glad that joining 24options solved all issues for once and all!”
There are no problems with withdrawals from 24option as confirmed by many emails we received, such as the following:
“I have had experience with 24Option, registered an account, deposited $250 and did some trading for two months, made some wins and some losses, my account went high and then I made many losses and my account came down to $215 and so I requested to withdraw my $200 because I did not want to lose all my funds. After submitting all the necessary documentation required, I got my $200 sent to my bank account through wire transfer. I am in Ghana, West Africa. There I got to know these people at 24Option are legitimate and one can really make money with them.”
“I signed up with 24Option more than a year ago and I have never had any problems, always professional, friendly and reliable. Even when you have a bonus with them they don´t deny your withdrawal even if you have not reached the turnover. They just deduct the bonus from the account and send you the withdrawal. They are top notch!”
“Good, honest broker. Dealt with them for quite a while. Good service by my account manager. No false promises and attempts to increase my trading budget. Very recommendable,”
A lot of people commented positively about the platform’s dark design:
“I only came across binary options around 2 months ago and since then have learnt so much! I set up a demo account with 24option which I have found to be quite professional and I love working with the platform as there is no strain on my eyes especially at night.”
“24 options as far as i`am concerned , has one of the best platforms ,nice and large . easy to follow and you can score[ make money] consistently with this platform.”
Here’s an excerpt from an email we received at Mike’s inbox:
“i would very much like to join your group but i was wondering if you could partner with 24options and create a link where i can sign up with them. i have tried alot of brokers and i currentyl have an account with 24options and they are beyond amazing, they dont bother me whenever i request a withdrawal and stuff like that .”
Many Muslims have expressed interested in joining 24option due to the excellent Islamic account they offer:
“i must state that I am muslim, which basically means (i don’t know if you have any muslims in the group or not) that i literally can never bid on any currency exchanges, and I have to get an Islamic Broker Account (I hear 24option is good for this)”
All the above means that you can rest assured that 24option is definitely NOT a scam. The money you deposit will be safe and you will never be denied a withdrawal. Also, as a trader with 24option you’re not facing any risk of manipulation or other types of fraudulent behaviour common among other brokers.
The review of reviews
So many reviews are available on 24option, most of them are very positive. Here are some of the most important ones:
ScamBroker.com: “they are a legitimate binary option broker and not a scam broker!”
BinaryOptionsThatSuck.com: “24Option Overall Rating: 91 + Regulation Factor (+3) = 94/100”
FXEmpire.com: “In our opinion, there is no binary broker around which come close to the quality of services offered by 24option. In addition, the range of incentives that 24option offer to traders is certainly one of the most attractive around. In fact, it is difficult to find any fault with this broker.”
7BinaryOptions.com: “24Option is easy to use binary options trading broker and it provides high returns for traders with access to around the clock customer service for any assistance on trading. This all makes 24Option a binary option broker we can highly recommend.”
EasyTradingSignals.com: “24Option is one of the best Binary Options Brokers that you will find.”
BinaryOptionsSpot.com: “There is really no downside in the binary options broker 24 Option, they are well regulated with good reputation among the community, and their features can satisfy even the most sophisticated traders. The platform is lag free and user friendly and offered support cover high quality demands. Everything combined makes 24 Option one very trusted and wise choice!”
BinaryScamReview.com: “They are one of the best binary options brokers around and we very highly recommend them.”
To conclude this 24option review
The only downside for trading with 24option would be the $24 minimum investment amount. So if you’re looking to trade small amounts, you might want to read some other binary option broker reviews.