User Review
( votes)Summary
24Option is a popular online trading platform that offers trading services Worldwide. Getting started is as simple as creating an account (demo or real), choosing from four types of accounts, and buying a trade.
Pros
• Online trading platform is web based and easy to use
• Customer available via live chat, phone and email
• Wide range of assets to choose from
• Education center includes tutorials for beginner and intermediate tradersiOS and Android mobile trading apps
• Download MT4 platform for an enhanced online trading experience
Cons
•Does not accept traders from Australia and US
The owner of the platform is Rodeler Limited, a company that has its headquarters in 39 Kolonakiou Street, Ayios Athanasios, Limassol, Cyprus. Curious traders can get in touch with the company by calling +27-10-500-8042 (South Africa) or +44-161-960-0200 (UK).
There are two trading platforms to choose from – the Meta Trader (also known as MT4), which can be downloaded on the 24Option website, and the Scipio trading platform.
The following are the regulation details:
- In Europe, 24option.com’s parent company Rodeler Limited operates under a trading license granted by CySEC. In addition, the company has received licenses from BaFin (Germany) and the Financial Conduct Authority (FCA) in the UK.
- In South Africa, the operator is Smartool SA Proprietary Limited, which has received a license from South Africa’s Financial Services Board (FSB).
- For international traders, the operator is Richfield Capital Limited, which has received a license from the IFSC in Belize.
24Option offers its newly registered customers a first deposit bonus of $500 or 50% of the deposit amount, whichever is lower. Traders who would like to receive this bonus in their accounts have to verify their mobile number and get in touch with their personal account manager. The company may take up to 48 hours to credit the bonus to trading accounts.
In addition, there are promotions that enhance the online trading experience. Currently, you can win three prizes at 24option – 2 VIP tickets to watch a football match that will be played in Europe, $5000 in cash prizes, and Apple Watch. To qualify for these prizes, traders have to load their accounts and get in touch with their account manager.
In another promotion titled Juventus Tickets, 24Option gives its customers the opportunity to watch its official partner, Juventus FC, like champions and even wear shirts designed by the football team. To get more information, football loving traders have to get in touch with a customer support agent.
How 24Option Works
The financial service comes with the following features that make things very easy for new as well as advanced traders:
- Easily Access Financial Markets – You don’t have to navigate much to access the financial markets as they are all available in one place. 24 Option offers a sophisticated, browser-based online trading platform that enables trading on one of the biggest lists of assets in the online trading industry. There are indices, commodities, currency pairs, and much more to trade on.
- Meta Trader – Also referred to as the MT4 platform, this is a popular analysis and charting software that traders commonly use. It features real-time results, instant order execution, and popular charting tools.
- Education Centre – The education center has video tutorials for traders at the beginner and intermediate levels. In addition, there is an introductory course for those who are completely new to trading. You can start watching these tutorials any time you wish.
In addition, there are a couple of eBooks titled “Interactive Crypto” and “Your Advanced Interactive eBook.”
Is 24Option Reliable?
Customers can trust Richfield Capital Limited, the operator of 24option.com, because it is regulated and authorized by the International Financial Services Commission (Belize). The company operates under a trading license numbered IFSC/60/440/TS/18 for international players. The company has its registered office in Belize and its registration number is 156.881. You can find Richfield Capital Limited’s offices at No. 5 Cork Street, Belize City, Belize.
If you have a complaint, you can fill in and submit the Complaint Form, the link to which is available on 24option.com’s Complaints Procedure page. As soon as the company receives the complaint, it will acknowledge it, handle the complaint, and come to a final decision.
How to Get Started
To get started at 24Option, you have to follow these steps:
- Click on the yellow Sign Up button at the top right of the homepage.
- Click on Demo if you want to open a demo account
- Click on Real account if you want to open a real money account.
- The procedure to create Demo and Real accounts is the same.
- You have to input your name, email address, and telephone number.
- You have to then check the boxes against the declaration that you agree to the terms & conditions, that you are above 18 years old, and that you would like to receive marketing material.
- Finally, you have to click on the yellow Start Trading tab.
Different Types of Accounts
24Option gives players the option of choosing from four types of accounts – Basic, Silver, Gold, and Platinum. Each of these accounts have their own set of features.
Customers choose a type of account so that they can make the best use of their online trading skills and experiences. Giving traders access to the right resources, tools, and information they require gives them more power to make the right decisions.
You are free to create an account in just five minutes and start trading. They can then study the various account plans offered and select one that best suits their requirements. If they are still not sure about the type of account to choose, they can approach a customer support representative.
The following is a brief overview of the four types of accounts:
Basic
The basic account comes with the following benefits:
- Introduction to the platform
- Dedicated account managers
- Seminars and webinars
- Demo account with 100k in virtual funds
- Introduction to financial market
- Daily market brief
Silver
In addition to the benefits of the basic account, Silver traders can enjoy the following benefits:
- Explanation of risk management
- One to one tutorials
- Short term, long term, and medium term explanation of trading strategies
- Free maintenance
- Max lot
Gold
In addition to the benefits of Silver and Basic accounts, Gold account holders can enjoy the following benefits:
- MT4 one-to-one courses
- Free withdrawals
- Trading central
Platinum
Platinum traders can enjoy the benefits of all the other accounts along with spreads.
List of Assets
The list of assets at 24option.com includes the following:
- Forex – Trade in several currency pairs including EUR/USD, USD/CAD, NZD/USD, AUD/CHF, CHF/JPY, CAD/JPY, and others.
- Commodities – Trade in commodities such as sugar, aluminum, gold, cocoa, corn, crude oil, natural gas, platinum, gasoline, and others.
- Cryptocurrencies – 24option.com supports trading in cryptocurrency/fiat currency pairs such as Bitcoin/USD, Ripple/USD, Bitcoin/GBP, Ethereum/GBP, and others.
- Indices – Among the indices offered at 24option.com are ACWI, UCO, MDY, FAS, EWY, and QLD, among others.
- Stocks – Trade in stocks of major companies such as Alibaba, Apple, Amazon, Chevron, Coca Cola, Cisco, Boeing, and Caterpillar.
Banking Information
While making deposits, you should understand that 24option.com accepts only those deposits made from their personal accounts.
Customers can use the following banking methods to make deposits and withdraw winnings:
- Visa
- AstroPay
- Postepay
- Wire Transfer
- Visa Electron
- Skrill
- MasterCard
- Neteller
- Neosurf
- Qiwi
- iDeal
Making a deposit is as simple as visiting the cashier and selecting a banking method that best suits one’s requirements. While registering an account, the system prompts customers to choose one of these currencies – JPY, RUB, EUR, GBP, and USD.
Although traders do not have to make a deposit as soon as they register an account, they have to deposit at least $100 when they want to purchase a trade.
To withdraw your profit, you have to first visit the banking page, choose the amount you wish to withdraw, and click on the Submit button. They can withdraw a minimum of $10. If they wish to cancel a withdrawal request, they can do so provided the request hasn’t been transferred.
How to Get Help and Information at 24Option?
The fact that the company makes its registered traders aware of the risks of trading in CFD/Forex clearly indicates its concern for customers. 24Option’s website also advises vistors that Forex/CFD aren’t suitable for all types of traders and that they should understand the various risks involved and get expert advice from a licensed and independent financial advisor.
The offers excellent customer support. Traders have to select the country of their residence from the dropdown box labeled Client Services to get the support details available for their country. Customers who have questions or doubts can follow one of these three steps:
- Online Contact Form – Just enter your name and email address, choose a topic from the dropdown box, and input a message before hitting the Send button.
- Email – Send an email to [email protected].
- Live Chat – Launch the live chat window by clicking on the brown icon on the right of the homepage.
Our Take on 24Option
The company has already proved its worth as far as service quality and reliability is concerned. It is a licensed and well-regulated financial service, which has won the trust of the online trading community. 24Option is one of the few online trading platforms that offer a first deposit bonus. While this is a great feature, you must understand that this bonus offer comes with terms and conditions, which they must read and understand before claiming the bonus.
Traders, especially beginners, should understand the various market risks associated with online trading before creating an account.