24option is one of the big and famous binary options trading brokers and all the professional traders know that. The huge array of this broker’s facilities make the traders feel comfortable, even newbies also prefer this broker though this broker is a little bit expensive for them.However, the support and customer service team of this broker helps the traders to realize this broker’s platform easily to minimize their trading risk. With almost every budget you can trade with this broker which makes this platform phenomenal. Traders can also use their mobile devices to place trades from any place of the world. From this 24option review, you are going to learn the details information about this broker platform like is 24option a scam broker or a legit broker, 24 option advantages and disadvantages, 24option sign up, 24 option bonuses, 24option accounts and 24option trading platform etc.
Below details you will find in this review:
Have a look to the:
Overview of 24option Broker
|Previously Owned and Managed by||CBAY Financials|
|Minimum Deposit Amount||$250|
|Headquarters||Frema Plaza, 1st floor, 39 Kolonakiou Street, Ayios Athanasios, Limassol CY-4103|
|Regulation||CySEC, FMA, AFM, HELLENIC, CNB, BAFIN, ATVP, CONSOB, CNMV, FCA|
|Bonus Amount||100% (Terms and Conditions Applies)|
|Minimum Deposit Amount for Wire Transfer||$1000|
|Minimum Investment Amount||$24|
|Maximum Investment Amount||$100,000|
|Available Currencies for Trading||US Dollar, Euro, Pound Sterling, Turkish Lira, Japanese Yen, Swiss Franc, Russian Ruble, and Chinese Yuen|
|Trading Methods||High/Low, Boundary, Touch Options, and High Yield Options|
|Trading Assets Types||Stocks, Indices, Commodities, and Currency Pairs|
|Number of Assets for Trading||130+|
|Trading Account Types||Basic, Silver, Gold, Platinum, and Diamond (Additional – Demo Account & Islamic Account)|
|Demo Account||Yes, Available|
|Trade Expiry Times||15 sec, 30 sec, 60 sec, 2min, 5min, 15 min, 30 min, 1 hr, 5 hrs, 24 hrs, End of Month|
|Deposits and Withdrawals Methods||Bank Wire, Visa Cards, MasterCard, Skrill, Visa Electron, Moneybookers, Laser, Diners Club, Cartasi, JCB, Dankort, Discover Card, and Liberty Reserve|
|Withdrawal Time||1-3 Working Days|
|Allowed Countries||All nations Except USA & Australia|
|Customer Service||Live Chat, Phone, and Email|
|Official Website||Click Below Banner to Visit 24option Official Website|
The main part of 24option review
Nowadays among the binary options traders 24option is one of the strong favorites because on a regular basis this broker provides many incentives to the traders. It is very common in this broker to find monthly competitions with impressive cash prizes. CBAY Financials is owned and managed this broker but now Rodeler Ltd. a holding company is managing 24option. Don’t worry this broker is still licensed and regulated by the CYSEC (Cyprus Securities Exchange Commission) and their license number is 207/13.
Pros of 24option:
– Provides a very good amount of deposit bonus
– 60-second expiry option is available
– Excellent Customer Service which is available for 24/7
– Give the traders free signals
– Mobile compatible and they have mobile apps, so mobile trading is available
Cons of 24option:
– Doesn’t accepts traders from USA & Australia
Let’s know about the trading platform:
24option has a very unique trading platform for their customers in which they can rely on the smooth trading experience. Most of the brokers in the market are using SpotOption or Tradologic platform but instead of them this broker chose Tech Financials platform for the traders. This platform gives the traders a trading environment which is safe and also secured.
It is crucial to analyze the trading platform of a broker for review, a trading platform is the user interface from users can gather and monitor their data, manage accounts and place their trades. From broker to brokers trading platform varies but a maximum of them are categories into two main categories which are custom built platform and the software-based platform like the SpotOption. Both platforms have some advantages and disadvantages.
In a customize platform brokers are customize their platform according to their customers need, they handle everything like the service offers, assets offers and options offers. A custom built platform can be more easy to operate and can have all the information in one place but they can have security issues if it wasn’t built properly. Using a platform from the third party is a little bit less risky because they are tested and under observation all time by the providers.
The trading platform is the most important part of a broker though brokers have other impressive features like bonuses, marketing tools, special offers etc. But if traders are not comfortable to use trading platform, brokers cannot go a long run. So considering all the facts from an Israeli company 24option choose a third party platform as their platform which is TechFinancials, an established name in the industry of binary options and forex.
For some traders TechFinancials platform is a mid-range platform, they may be right, but you should remember that this platform still managing a vast range of assets successfully which includes stocks, commodities, indices and currency pairs. You will find analytic tools, graphs, and technical tools here which will help you to make a better trading strategy.
What about licenses and regulations?
24option Licenses & Regulations
This broker is licensed and regulated by the CySEC (Cyprus Securities and Exchange Commission) and this broker is one of the first among the brokers who are regulated by CySEC. The license and regulation of CySEC is enough to prove a broker legit but 24option licensed and regulated with other binary option regulation authorities which are –
– FMA (Financial Market Authority)
– AFM (Netherlands Authority for the Financial Markets)
– HELLENIC (Hellenic Capital Market Commission)
– CNB (Czech National Bank)
– BAFIN (Federal Financial Supervisory Authority)
– ATVP (Securities Market Agency)
– CONSOB (Commission Nationale Per Le Societa e la Borsa)
– CNMV (Comision Nacional Del Mercado de Valores) and
– FCA (Financial Conduct Authority)
what assets are available?
Available Assets for Trading
You will have the best trading experience with a large number of trading assets. This happens because of more choices and diversity which suits your trading strategy. Considering this fact 24option gives the traders a huge range of trading assets. They have more than 130 assets for trading which we think more than enough for any type of traders. This broker serves the trader for a long time with the choices of stocks, commodities, indices and currencies.
There are many well-known and famous companies in their stocks list which includes the car manufacturers, telecommunication companies, technology companies, oil companies and more. You will find lots of information for analyzing and tracking and to make decision because of these major stocks.
Traders who trading binary options among them commodities are popular and many prefer specific commodities. This broker has many commodities for trading including silver, gold, copper, platinum and crude oil and more.
This broker has not a great number of indices like other assets but they have all the big names like Dow Jones, FTSE 100, S&P 500, China’s Hang Sheng, Russia’s MICEX and a few more.
In pairs currencies are traded and you have to pick the right choice for that, this broker has various currency pair and of course they are the major currencies of the world which include – USD/EUR, USD/CHF, USD/CAD, USD/GBP, GBP/JPY, EUR/JPY and more. Traders should remember that choose an asset for trading requires a lot of research, you should do your research before trading.
Options types of 24option:
Trading Option Types
Binary options trading is an online trading business which will end in profits or loss in maximum time. Mainly you will find the below type options:
- Asset Specific Options – From a list of specific assets you can use this type option to place trades.
- Time Specific Options – In a specific time period with an expiry time this option type can be used for placing trades, they can be short term or long term.
- Mixture Options – In this option type traders can use both Asset Specific Option and Time Specific Option to place trades, but both time and asset are limited in this type.
24option has all the above type options, in fact, they have four options for you to place your trades and they are:
- High/Low Option
One of the most common binary options trading types is the High/Low option, almost every broker offering this type option though some name them as Call/Putt options, but they are same.
Based on the current price you have to predict the asset’s final price in this type option. You have to predict whether the asset final price goes high or low comparing the current price. There is an expiry time and in this time whether your prediction correct or wrong on that your win or lose depends on.
There is a huge variety of assets for High/Low option which includes the stocks and currency pairs. This option type has low risk because the payout is also low comparing the other option types. This option type is suitable for the new traders and cautious traders who are looking for consistent profits because of the low risk.
- One Touch and No Touch Options
One Touch and No Touch is pretty much similar with the High/Low option and it based on the asset price, but they are riskier than a High/Low option because accurate prediction is harder in this option. For this risk the payout is high also.
Here also you have to set a final price in a fixed expiry time. If you select One Touch option that means your prediction is, in that expiry time the asset price will touch the price what is set by the broker before. After the expiry time if your prediction is right you will get profit and if your prediction is wrong you will lose your money.
If you select No Tough option that means you predict the asset price will not touch the set price of the broker. After the expiry time if you are right you will get profit and if you are wrong you will lose your investment. One Touch Option and No Touch Option is high risky option type.
- Boundary Options
The risk of Boundary Options is between the High/Low option and One Touch/No Touch option and for that this option type payout is higher than High/Low option but lower than One Touch/No Touch option.
A boundary price of an asset is given by the broker in Boundary options, and this is the primary price which has both upper and lower value. You have to predict that whether the asset price stays within the broker boundary price or it will cross the boundary. This type of option is less risky comparing the touch options. For the nature of forex market the experienced traders do not apply Boundary options for Forex pairs trading.
- 60 Second Option
The 60 Second Option is one of the new option types in the industry which is available in 24option. This option type has 60 seconds expiry time with a high payout, high stakes and high thrill. Assets varieties are available and traders can win huge profit but here is risk too.
Is this broker’s trading expiry times suitable for the traders?
Options Expiration Times
Every second counts in binary options trading and for that reason expiry times is important for successful trading. This is also a feature to determine whether a broker is a scam or legit. 24option is giving the below expiry times for trading.
Short-Term Expiry Times
Traders can trade multiple trades in a short time period in short-term expiry time, and this is good for increasing profit in a short time period. Short-term expiry time works well with currency pairs and stocks trading but achieving a good result in commodities and indices in short-term is a bit more challenging. You can have more profits in short time but you have to bear high risk too in short-term expiry time.
The following short-term expiry time is available in 24option:
- 15 seconds, 30 seconds, and 60 seconds
- 2 minutes, 5 minutes, and 15 minutes
- 30 minutes and 1 hour
Long-Term Expiry Times
24option is giving three long-term expiry times which are:
- 5 hours
- 24 hours
- End of Month
This broker has limited long-term expiry time than the other brokers but longer expiry times than these are very rare in use by the traders. Generally traders of binary option like short-term expiry times and without any open positions to close the trading day they prefer more.
How many account types has this broker?
24option has various account types for the traders and they are Basic Account, Silver Account, Gold Account, Platinum Account, and Diamond Account. Here are the short descriptions of these accounts.
|Basic Account||• Payout return up to 82% • Monthly withdrawal fees • Professional charts for traders • Customer service for 24/7 • Basic trading central|
|Silver Account||• Payout return up to 82% • Monthly withdrawal fees • Professional charts for traders • Customer service for 24/7 • Basic trading central • Alerts for trading • Traders have personal coach|
|Gold Account||• Payout return up to 84% • Monthly withdrawal fees • Professional charts for traders • Customer service for 24/7 • Basic trading central • Alerts for trading • Traders have personal coach • Email and SMS alerts|
|Platinum Account||• Payout return up to 86% • Professional charts for traders • Customer service for 24/7 • Basic trading central • Alerts for trading • Traders have personal coach • Email and SMS alerts • Live training lessons for traders • Website research • CFDs and Forex • Juventus tickets for traders|
|Diamond Account||• Payout return up to 89% • Professional charts for traders • Customer service for 24/7 • Basic trading central • Alerts for trading • Traders have personal coach • Email and SMS alerts • Live training lessons for traders • Website research • CFDs and Forex • Juventus tickets for traders • Customized platform available • Higher exposure and trading limits|
You can see the depth of this broke accounts. Beside these account types 24option has two more very different accounts, Demo Account for the new traders and Islamic Account for the Muslim world. The Demo Account is free and you can use this account to learn binary options and to familiarize yourself with this broker platform.
Is demo account available?
For the new traders 24option is providing a free Demo Account and it’s free of charge. Through this account you can learn about this platform and about the dashboard features. Everything in Demo Account is same to real money account.
You can trade with Demo Account but they are not real, so you don’t have to deposit money and you have no risk of losing anything. This broker will give you $40,000 virtual money for this account, by this money you can practice trading and can set up a strategy for your real trading.
You should remember that you have to keep the virtual amount over $0 because the virtual money they are giving for one time. If you finish all virtual money, you are no more able to place any trades for practicing.
It is highly recommended by the Legit Binary Review team to use Demo Account if you are a new trader. It is always wise to test a platform before start trading with real money. If you feel comfortable after using this Demo Account then you can convert this account to a real money account and with real cash can start trading. But you are not comfortable with this platform, just leave and find a better one which suits you. In this case you may consider a test of IQ Option and Binary.com.
Wow! Islamic Account!
People from all communities trading binary option options now, no matter where you from or what country you belong. In this trading it doesn’t vary anything whether you are educated, your earnings, you are a male or female, or what’s your religious belief. You have to be 18 years old and that is the only rule, all you need is the desire of making profit, the ability to take risk and bear loses, an internet access, and most importantly willingness to learn more. However, the Muslim community has different laws for business which known as Sharia Law and most of the brokers don’t have that for them.
Regarding this fact 24option is unique because they are offering Islamic Account for the Muslims. This account increases the Muslims interest of binary options trading and they have the opportunity to have a trading account. They can trade with peace of mind because this account complies with that Sharia Law.
In this broker to own an Islamic account and set up is free, there are no hidden charges in this account and you will not charge any interest or commissions. This account is available in the Arabic language for them who speaks only in Arabic. This broker site has also an Arabic interface where all the materials you will have in Arabic including the eBooks, trading tutorials etc.
What are the payouts?
On successful trades the payout can be 70% to 89%, you can have a 70% payout for most of the 60 seconds options and we think for one minute this is great. The payout varies and changes when new assets added to the platform. Traders should always remember that they can lose their investment as well. However, you can feel comfortable to know that on this trading platform all the payout is viewable.
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Which assets is this broker offering?
Assets for Trading
24option has a very wide range of assets for trading including currency pairs, commodities, indices and stocks. They have all major currency pairs, commodities like silver and gold, indices like NASDAQ and S&P500, and major stocks like Google and BMW. Below is a list of this broker assets for trading.
|AUD/CAD XAU/XAG AUD/CHF XAU/JPY AUD/JPY XAU/EUR AUD/NZD USD/ZAR AUD/USD USD/TRY CAD/CHF USD/RUB CAD/JPY USD/NOK CHF/JPY USD/MXN EUR/AUD USD/JPY EUR/CAD USD/CHF EUR/GBP USD/CAD EUR/JPY NZD/USD NZD/CHF EUR/NOK GBP/USD EUR/TRY GBP/JPY EUR/ZAR GBP/CHF GBP/CAD GBP/AUD||Silver (XAG) Gold (XAU) Platinum XPT Copper Oil Sugar Coffee Corn||ASX 200 Future Tadawul Bombay 30 TA-25 CAC 40 Future South Africa 40 Future DAX-30 SMI FUTURE Dow Jones S&P 500 FTSE-100 Nikkei 225 Hang Seng Future NIFTY IBEX- 35 Nasdaq Composite KOSPI 200 MICEX MIB-40 FUTURE||AMAZON WESTPAC BANKING AMEX VODAFONE ANZ UNICREDIT APPLE TWITTER AXA THYSSENKRUPP BAIDU TESCO BARCLAYS TATA MOTORS LTD BBVA SONY BEIERSDORF SOCIETE GENERAL BHP BILLITON SBERBANK BMW SUMITOMO BNP PARIBAS ROYAL DUTCH BP ROSNEFT CITIGROUP NIKERIO TINTO COCA-COLA MICROSOFT E.ON MCDONALDS ENEL LUFTHANSA EXXON JPMORGAN CHASE FACEBOOK ICICI BANK FIAT IBM FRANCE TELECOM GOOGLE GAZPROM|
Let’s talk about deposit and withdrawal methods:
Deposit and Withdrawal Methods
The deposit and withdrawal interface of 24option is easy and simple. Anyone can use this, it is fast and safe. By the US Dollar, Euro, Pound Sterling, Turkish Lira, Japanese Yen, Swiss Franc, Russian Ruble, and Chinese Yuen you can deposit. Minimum deposit amount $250 or equivalent in other supported currencies. For depositing and withdraw money trader can use several payment methods like Bank Wire, Visa Cards, MasterCard, Skrill, Visa Electron, Moneybookers, Laser, Diners Club, Cartasi, JCB, Dankort, Discover Card, and Liberty Reserve. This huge variety of payment methods makes this broker more enjoyable to the traders. The withdrawal process is also smooth and they try to process withdrawal quicker than other brokers.
Is this broker offering any bonuses?
Bonus Information and Details
The deposit bonus is available in the 24option broker if you deposit $2500 or more than that you will have a deposit bonus of 100% cash on your deposit amount. This broker has a very good reputation in the industry and they are not listed as a scam broker. Some traders complaining about bonus offers but you should be well aware of the bonus offers and should read their term and conditions for achieving a bonus. If you are comfortable with their terms and conditions you should take bonuses, it is best to use this free money for trading. But in a timely manner if you are depositing and withdrawal funds, you should decline the bonus offer because with the strings attachment they are coming.
- Established broker for a long time
- 24option is the member of Investment Compensation Fund (20,000 Euro for Protection)
- Licensed and regulated broker by CYSEC
- A broker with good reputation in the Industry
Well, what about the customer service?
24option has a superior customer service and their customer service team will win on your every sort of problems and needs. Providing a great customer support is always important and of course this broker has this. Their customer support team is able to contact with the traders in multiple languages and give the traders freedom to communicate with their native languages.
Though live chat is also offering various languages but this is not available always. English is the default languages for this customer support but you can communicate through English, Portuguese, Spanish, Turkish, French, Indonesian, German, Finnish, Italian, Korean, Danish, Romanian, Swedish, Arabic, Russian, Japanese, and Latvian. You will have their customer support email, live chat and telephone numbers for any kind of trading queries of binary options. They are providing customer support in a fully professional manner.
But the main question:
Is 24option Broker A Scam?
24option is not a scam broker and Legit Binary Review team is confident about that. They have a long positive reputation in the binary options industry. They are running their operation with trust from the beginning. This broker is trusted, tested and recommended by the LegitBinaryReview.Com.
Can You Really Make Money At 24option?
Yes, of course you can make money on 24option because it’s not a scam broker. By trading binary options with this broker you can make a huge amount of money. This legitimate broker offers fair trades historically but you should not think to make money is so easy. If you believe you can make money by trading binary options then know binary options trading, gather knowledge, increase your skills and then start trading. Luck is not the only weapon here because you have to trade smartly if you want to win. It is very common in this industry that you make a good trade but you may unlucky and you make a bad trade but you may lucky. So don’t depend on luck, learn more and trade sensibly.
24option Information Update
We will update this post if new features come or if 24option announce something, you can bookmark Legit Binary Review and can check for future updates.
So, here is the conclusion:
Final Words of 24option Review
Considering the above review we come to the decision that 24option platform is easy for the traders to handle and for binary options trading, offering high return payouts and it regulated by CySEC. So this broker is completely safe to join. You will have excellent customer service and personal coach too though it depends on the account types. We are highly recommended 24option broker for the binary options traders.