24Option – Forex Broker Test Report

The trade platform 24Option was founded by the financial company Rodeler Limited, and it went online in 2013. This experienced finance service provider also operates the world-famous broker 24Option among others. The head office of 24Option is located in Cyprus, which means the broker has a license (license number 207/13), and operates under the strict regulations of the Cyprus Securities and Exchange Commission CySec that has tightened its standards considerably in the past few years.

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  • Regulated by the CySec
  • Min. Deposit of £250
  • EUR/USD starting at Pips
  • Over 150 Underlyings
  • Many different webinars
  • Max. leverage of 1:400
  • App for Tablet and Smartphone available
  • Demoaccount for training

SafetyGeneral information about 24Option

The trade platform 24Option was founded by the financial company Rodeler Limited, and it went online in 2013. This experienced finance service provider also operates the world-famous broker 24Option among others. The head office of 24Option is located in Cyprus, which means the broker has a license (license number 207/13), and operates under the strict regulations of the Cyprus Securities and Exchange Commission CySec that has tightened its standards considerably in the past few years. Moreover, this broker observes the strict MiFID directives, which ensures that customers’ money is always administered separately from company money. Thanks to these strict regulations, traders can rest assured that 24Option is safe and reliable. Even though this CFD and forex broker has only been on the market for a few years, it doesn’t have any disadvantages compared to older brokers out there. Thanks to its broadly diversified trade offer, every forex or CFD trader will surely find something suitable with 24Option. But Forex and CFD trading carries a high risk and is not suitable for all investors. The losses can exceed deposited capital.

 

Trade offers, possibilities and functions of 24OptionBaseline

The asset index of 24Option includes over 150 underlying assets consisting of shares, indexes, commodities and currencies – there’s a particularly large selection of underlying shares, namely over 70. Traders can access underlying shares of well-known US companies as well as many German ones like companies such as BMW, Allianz or Bayer. In matters of indexes the offer stays quite manageable with 16 different indexes, but the choice of currency pairs is then again considerably larger. Traders can work with 43 different currency pairs, among which the popular majors, as well as some exotic currencies. The selection of commodities is also very generous. CFD traders can choose from 17 commodities such as gold, oil and silver. They also have the possibility of trading with cotton, coffee, sugar and orange juice. The trades offer of 24Option is versatile enough to meet the needs of every forex and CFD trader. Trade terms depend on your chosen account model. Traders can open a Silver Account for 250 pounds, and using this account model they can trade popular currency pairs such as EUR/USD starting at a lowest spread of 3 pips. From this point of view, 24Option locates itself on an average level on the market compared to other brokers. Forex traders benefit from very high leverage – up to 1:400. This way traders can make high profits even with very small investments. On the other hand though, risk increases accordingly. Indexes and commodities can be traded with a maximum leverage of 1:100.

 

MobileThe platform of 24Option

Customers of 24Optionare offered two different possibilities in matters of trade platform. They can either use the professional and very popular platform MetaTrader4, or the broker’s own WebTrader platform. Customers can download the MetaTrader at no cost, then install it on their computer. This enables traders to take full advantage of the clear and user-friendly platform, which they can customize to meet their individual needs. Among the many functions we count complex analysis possibilities as well as charting and layout functions. The most important indicators are already integrated in the platform. There’s a reason why MetaTrader4 is one of the most popular trade platforms out there. It offers all functions necessary to a professional trader, but at the same time it’s very useful for beginners as well due to its easy-to-use configuration. Alternatively, customers of 24Option can also use the WebTrader that 24Option developed, which can be used directly in a web browser, and doesn’t require installation. The web-based trade platform also offers many functions such as statistics, analysis and live charts. Traders can check the still open or closed trades, and use the Trading Club to accelerate trade considerably. You can even have more assets displayed on your desktop at the same time. What’s especially useful for beginners is the copy function, which they can use to adopt trades from experienced traders 1:1. The WebTrader works on every desktop computer, but can also be installed on a smartphone or tablet PC. This way traders don’t have to first download an app and install it, but they can take part in forex and CFD trade directly in their mobile browser.

Quick-Overview

Brokername24Option
Website urlwww.24option.com
Year2013
RegulatedCySec
Leverage400:1
Spread €/$3,0 Pips
Min. Trade0,01 lot
Assets150
Min. Deposit£250
Max. Bonus100%
Demoaccount
DepositCreditcard, Bankwire, Neteller, Skrill, Paysafecard
Mobile
Hedged

Types of accounts and opening an account5_Singup

New 24Option customers can choose between 3 different account types. These accounts are different in terms of minimum deposit, what they do and trading terms. If you choose the smallest account type, outgoing payments take up to 7 workdays, while the Gold Account can only be opened with a minimum deposit of 5.000 pounds. Owners of such a Gold Account benefit from free webinars and videos, a personal account manager and 24/5 support. Forex traders with a Gold Account can start with at least 2 spreads, and benefit from outgoing payments within maximum 5 workdays. You can open a Platinum Account starting with a minimum deposit of 20.000 pounds. This is a type of account that offers the same advantages as the Gold Account, but additionally to those advantages, traders also benefit from fixed spreads starting at 1,5 pips, a maximum processing time for outgoing payments of 2 workdays, and a free private VPS server. Irrespective of the chosen account type, creating an account is easy and done within only a few minutes. New customers can open either a demo account or a live account with24Option. The demo account is completely free and particularly useful for beginners. You can use the demo account for an unlimited period of time, and beginners will get a very good picture of the processes with it. If you create a live account, then you must pay a minimum deposit before you register it. Customers can choose between many payment possibilities. Besides classical methods such as credit card and bank transfer, 24Option also supports some of the most popular e-wallets. Incoming payments can happen in real time via Neteller, Skrill and OKPay. Alternatively,24Option also offers instant money transfer. Before effecting their first payment, traders must be verified based on the Money Laundering Act. For this purpose they have to upload a proof of residence as well as a copy of their ID. The duration of an outgoing payment depends on the chosen payment method on one hand, and on your account type on the other hand.

 

Customer support and training possibilitiesWelcome

The customer support of 24Optionis one of the special advantages this popular broker offers its Gold customers. Customer support is available 24/7 for traders either per e-mail or on the phone. Sadly though, not all customers benefit from phone support and from the landline number, since these are reserved for traders with at least a Gold account. Traders with Silver Accounts can only access the customer support of 24Option via e-mail, and the e-mails are usually responded to quickly and competently. Still, this limitation does cast its shadow over the positive overall image of this broker. Besides the free demo account, beginners and experienced traders alike benefit from a very complex training program. This program includes a detailed introduction to the CFD and forex trade. All important trade instruments, trade methods, trade strategies, fundamental and technical analysis as well as leverage are explained. Additionally to the video-courses, customers of 24Option can regularly take part in live webinars. The only downside: the extensive training possibilities are only available for customers with at least a Gold Account. Traders with Silver Accounts go away empty-handed.

 

ResumeeConclusions

24Option may be a young broker, but it enjoys great popularity and great reputation in its field. Considering the many positive features and advantages this broker offers, this is absolutely justified. Thanks to strict regulation and to the many guidelines this broker has to observe, customers don’t have a reason to doubt their money is secure. Forex as well as CFD traders can benefit from a very broad trade offer, and they can surely find something suitable for themselves. Besides all the important majors, there are a lot of exotic currencies available. Registering goes easy and fast. The 3 different account types are suitable for beginners, experienced and professional traders alike. Sadly there’s no welcome gift or deposit bonus for new customers, but 24Option does offer the possibility of a free demo-account. This demo-account doesn’t have any limitations, and makes it possible for new customers to get a clear and detailed picture of the trading procedures. Trade terms depend directly on the chosen account type, and in the case of Gold and Platinum accounts they are below market average. The established professional trade platform MetaTrader4 is one of the further advantages 24Option offers. Alternatively, customers can trade directly from their browser or when they’re on the move. The many training possibilities are in any case exemplary, but they’re unfortunately not available for all customers. The same applies for phone customer support.  But despite these two small drawbacks, 24Option definitely counts among the best forex and CFD brokers out there.