24option Review 2020
24option is a regulated online broker offering a variety of trading instruments across multiple asset classes with convenient trading platforms but limited in terms of trading tools and educational materials when compared to other online brokers.
24option Review 2020, Pros & Cons
- Segregated client funds
- Investor Compensation Fund (ICF)
- Commission free accounts
- Trading central
- No UK & US clients
- Restricted leverage for non-professional clients
- Limited educational material
- Limited trading tools
In this detailed 24option review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
24option is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including 24option.
24option Review: Summary
24option is an online broker offering all levels of traders intuitive and user-friendly trading platforms that incorporate the latest technologies for trading on multiple asset classes including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, ETFs & CFDs.
Alongside the ability to trade various markets around the clock, 24option also provide clients an array of additional services including trading tools, market analysis, educational materials, dedicated 24/5 customer support and more.
Founded in 2009, 24option are a regulated broker that are committed to operating with the upmost integrity and providing the same level of service regardless of your experience or investment size.
24option Review: Regulation
24option in Europe is operated by Rodeler Limited who are an investment firm that are authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) with CIF license number 207/13.
The international offering of 24option is operated by Richfield Capital Limited who are a Belize investment firm that are authorised and regulated by the International Financial Services Commission (IFSC) of Belize with license number IFSC/60/440/TS/18.
Rodeler Limited and Richfield Capital Limited belong to the same company group and operate under the “24option” brand.
Due to European Securities and Markets Authority (ESMA) rules, clients in Europe have limited leverage, a specific margin close out rule, restrictions on trading benefits and some other limitations. These limitations may not apply for those who qualify as a professional client.
24option keep client funds in segregated accounts separate from the company funds to ensure they are not used for anything else such as running costs. The Investor Compensation Fund (ICF) is available from the European company regulated by CySEC and can compensate traders up to €20,000 if the broker is unable to meet its financial obligations.
24option Review: Countries
24option accepts traders from most countries excluding the United Kingdom, Belgium, Iran, China, Bosnia And Herzegovina, Israel, France, Japan, Australia, Canada, United States, India, Nigeria, Brazil, Switzerland and some others where there are strict restrictions in place.
Some 24option broker features and products mentioned within this 24option review may not be available to traders from specific countries due to legal restrictions.
If you are looking for a trading broker in a particular country, please see our best brokers USA, best brokers UK, best brokers Australia, best brokers South Africa, best brokers Canada or our best brokers for all other countries.
24option Review: Trading Platforms
24option offer traders access to the financial markets through their own advanced web-based trading platform and the popular MetaTrader 4 (MT4) platform. The platforms are protected by a Secured Socket Layer (SSL) provided by Comodo CA Ltd which encrypts all data during transmission over the internet to protect user information.
MetaTrader 4 (MT4)
MT4 is widely used by traders across the globe and is known for its intuitive user interface and built in trading tools for efficient trading and chart analysis for all levels of trader.
MT4 features include multiple order types, multiple chart timeframes, 50+ technical indicators, automated trading, strategy templates, marketplace and online community.
MT4 was developed by Russian company MetaQuotes and is available in multiple languages for desktop (Windows / Mac), web and mobile (iPhone / iPad / Android / Tablet).
24option Web Platform
24option have their own proprietary trading platform where users can access and trade all of the available CFD instruments such as Forex, Stocks, Commodities and Indices. The platform runs in most popular web browsers and therefore does not require downloading or installing any additional software. It is very user friendly with a simple layout giving a clean clutter free trading environment.
You can select instruments from different asset classes using the window on the left-hand side. This will load up a chart window of the selected instrument which can be displayed as 6 different chart types (Candlesticks, HeikinAshi, Hlc, Line, Dots and Area Charts) and 8 timeframes from 1 minute to 1 month. Users can conveniently place orders by simply entering the desired lot size and using the buy/sell buttons. You can save a list of your favourite assets to easily have access to them.
There are objects and technical indicators that can easily be placed on the charts for conducting analysis and finding potential trading opportunities. Amongst the 90+ technical indicators are some of the most popular such as MACD, moving average, Bollinger Bands, Pivot Points, Ichimoku Clouds, etc.
The platform also has a built-in economic calendar which displays the latest financial news releases with dates, impact rating, country and previous/forecasted/actual results. This is often used to keep up to date with latest market movements and as part of a fundamental analysis.
24option Mobile Platform
24option also offer their exclusive platform as a mobile application for download on both Android and iOS devices. It has a very clean and simple interface making it user friendly. The mobile platform is convenient for those who with to access their account and trade on the go from anywhere in the world where there is an internet connection.
The 24option app maintains the same functionality as the web platform. Features of the mobile app include placing multiple order types, charting on multiple timeframes, real time price quotes, over 80+ indicators for technical analysis, stop loss, take profit and account funding/withdrawal.
24option Review: Trading Tools
24option have a few independent tools that can assist traders with technical and fundamental analysis, specifically the Trading Central platform which can conduct fully customised and detailed market analysis.
24option have an economic calendar where you can view the latest financial news releases along with the expected impact of each release and relevant country, the time/date and previous/forecasted/actual results. You can filter news in the calendar to only display those releases which meet a certain criterion. The economic calendar is also built into the 24option platform and is a way to assist traders with fundamental analysis.
24option account holders have access to advanced market analysis and alerts from Trading Central. The Trading Central platform provides real time and historical data and commentary on over 8,000+ assets from multiple markets. This can help keep traders informed with what is happening in the markets and to be alerted when there are updates that you are interested in receiving.
Trading Central features include daily technical analysis reports and the ability to scan the markets for potential trading opportunities using technical indicators and candlestick pattern analysis.
Trading Central is certified by independent research providers Investorside, Euro IRP and Asia IRP and is regulated by the Autorite des Marches Financiers (AMF) in France, SEC in the US, and the Hong-Kong Securities and Futures Commission.
24option Review: Education
24option have some trading tips on their website covering general trading and market topics. There is also a glossary with a collection of commonly used trading phases and their definitions. Tutorial videos and webinars are available for those who wish for more detailed explanations.
24option have a section of their website dedicated to tutorial trading videos for different levels of traders. The videos are easy to follow and cover a range of topics from order types to conducting market analysis and more.
24option hold regular free online webinars where traders can look to improve their knowledge and skills, familiarise themselves with the trading platform and various other trading concepts. Webinars are viewed in the GotoMeeting platform and questions are encouraged. The webinars cover a variety of basic and advanced trading topics.
24option Review: Trading Instruments
24option have approximately 150+ tradeable instruments offered in various markets including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, ETFs & CFDs.
24option offer trading instruments as contract for differences (CFDs) which are derivative products in which traders speculate on the difference between a specific asset’s starting value and its closing value. Profits and losses are determined by the difference in price from when the asset position was open and closed. When trading CFDs, traders do not need to actually physically own the asset.
Forex trading is the buying of one currency and simultaneous selling of another currency, with the view to profiting from the change in value of the currency pair over time. Forex is traded in currency pairs such as the EUR/USD, GBP/USD, USD/JPY and USD/CHF. The forex market is known for its large trading volume and volatile nature which makes it risky, especially when trading with leverage. 24option offer a range of forex currency pairs including major, minor and exotic crosses.
Cryptocurrency is a decentralised online digital currency that is based on complicated mathematical algorithms. There are over 800+ different cryptos and as they are not tied to any banks or single country, they can be traded 24/7. 24option were amongst the first online brokers to offer CFDs on cryptocurrencies and have many of the most popular available to trade including Bitcoin, Ethereum, Litecoin, Dashcoin and Ripple XRP.
Commodities offered to trade by 24option include precious metals such as gold and silver. There is a selection of soft commodities such as sugar, corn and wheat. Energies including oil and gas are also available.
24option offer a variety of stocks for trading as CFDs on some of the largest companies across the globe such as Amazon, Nike, Sony, eBay and Facebook.
There is a good selection of global indices for trading including FTSE, DOW, DAX, NASDAQ, SP500 and more.
24option Review: Trading Accounts & Fees
24option have a variety of flexible and versatile account types catering to the differing needs of each trader. Minimum deposits start from €250 and leverage varies from 1:30 to 1:400 depending on if you qualify as a retail or professional client. Demo accounts are available to test the different trading platforms and conditions before opening a real account.
This account requires a minimum deposit of €250 with spreads starting from 2.5 pips. 1 basic educational lesson is included as is 1 free withdrawal fee. Trading central and daily news is available to basic account holders but there are no webinars.
This account requires a minimum deposit of €5,000 with spreads starting from 2 pips. 2 basic educational lessons are included as is 1 month of free withdrawals. Trading central and daily news is available to gold account holders and 1 webinar per month.
This account requires a minimum deposit of €10,000 with spreads starting from 1.6 pips. 3 advanced educational lessons are included as is 3 months of free withdrawals. Trading central and daily news is available to platinum account holders and 2 webinars per month.
This account requires a minimum deposit of €50,000 with spreads starting from 1.1 pips. 5 advanced educational lessons are included and there are no withdrawal fees. Trading central and daily news is available to VIP account holders and 5 webinars per month.
24option EU clients who qualify can apply for a professional account which can give increased leverage of up to 1:400. To qualify, you need to have met a certain amount of trading volume in the past year, have a substantial portfolio and at least 1 year’s experience in finance industry.
As broker fees can vary and change, there may be additional fees that are not listed in this 24option review. It is imperative to ensure that you check and understand all of the latest information before you open a 24option broker account for online trading.
24option Review: Customer Service
24option customer support is provided via online chat, telephone and email.
24option Review: Deposit & Withdrawal
24option have a variety of quick, easy and secure methods for funding and withdrawing from your trading account. This includes bank transfer, credit cards (Visa, MasterCard & Discover) and online payment processors such as Neteller and Skrill. Please note that some methods may only be available to specific countries.
There is a maximum deposit amount which varies depending on the deposit method used. Deposits made to 24option with a credit card or another form of electric payment can appear immediately whereas other methods such as wire transfer may take up to five business days to show in your account. Withdrawal charges vary according to the type of 24option account you have.
Accounts can be opened in EUR, GBP, JPY, RUB. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.
24option protect your account information by securing all transmissions with a 128bit SSL encryption certificate provided by Thawte.
24option Review: Account Opening
To open an account with 24option you simply fill out a short online form and then confirm your email address. Following on from that you will need to upload proof of identification and address such as a passport or drivers license and utility bill. Once your documents have been verified you can fund your account, login to the trading platform of your choice and commence trading.
24option Review: Conclusion
24option are a regulated broker with flexible trading platforms and accounts. They offer a range of trading instruments across multiple asset classes. Trading Central is provided for detailed market analysis although other trading tools are limited and there is only a small amount of educational material provided.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 86.24% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.