Details
| Broker | 24Option |
|---|---|
| Website URL | www.24option.com |
| Minimum 1st Deposit | $200 |
| Minimum Trade Amount | $24 |
| Bonus | 45% Up To $2000 |
| Payout | Up To 89% |
| Free Demo Account | |
| Number of Assets | Tech Financials |
| US Traders Allowed | |
| Overall Score | 100 |
Full Review
24Option is a broker based on the Tech Financials platform and one of my top picks. This broker has been around for a long time and has always been a leader in the industry. The platform is top notch while the available options, assets and expiry are very full and growing every day. One of the many bonuses to using this broker and one of the reasons why it is and has been a leader in the field is regulation. 24Option is a CySEC registered, regulated and approved Cyprus Investment Firm providing investment and ancillary services. Because of this the company has been undergoing some changes but not to worry, everything is OK. One of those changes is ownership, the company has just come under the control CBAY Financial Services, LTC as part of the firms growth process.
The platform at 24Option is unlike most other types of binary trading. The options, assets and expiry’s are like what you will find other places if not a better, what I mean is how the platform is set up. Options are listed in an easy to use list format and displayed by asset class such as stock, index or forex. When you highlight an asset it appears in a dedicated trade box at the top of the screen. To the right of the screen is another box listing your open trades. This is one of the only platforms that allows you to view all the assets in a class at the same time as open trades. In this manner it is possible to access and monitor multiple trades nearly simultaneously, which is a real bonus for people who are actively trading multiple assets.
As for options, 24Option has a wide variety of options that will suit any style of trading. The basic High/Low trading, also known as calls/puts, is matched by Over/Under options. This is a style not offered by many brokers, it allows you to make a trade based on whether the asset will be over or under a set price at expiration instead of if it will move higher or lower than the spot price. Rounding out the selection are Touch, Boundary and Short Term Trading. One touch trading included touch, no touch. Boundary includes in and out of the bounday and Short Term includes 60 Second, two and five minute trades. Adding to the offerings are high yeild trades on touch and boundary positions that can pay up to 350% or more.
Available assets are another area where 24Option comes out on top. Too many binary brokers make extensive lists of assets to lure traders in and then don’t deliver, this is not the case with here. There are over a hundred stocks available, more than 20 currency pairs, 8 commodities and 2 dozen indices and futures. These assets are always available so long as the underlying market is open. This means that when you want to trade trading is available. Expiry is one aspect where I think 24Option could make some improvements. They have the short term time frames down, it is the longer term time frames I am talking about. Most assets have several intra-day expirations for the given day but nothing more. A few, mostly the currency pairs, have expiry at the end of the month. This is great for day traders, not so much for everyone else.
Terms Of Use
Diggin deeper into the broker, looking at the terms of use, you will see a lot of information not included in the average, run of the mill broker. This is the compliance with EU and CySEC regulation, one of the reasons 24Option is such a well respected broker. Most of the changes have to do with how they hold your money. They have to use a third party financial institution as a clearing house to hold your funds. This means that at no time will your money be mingled with theirs, it is safe and protected from fraud through the Investors Compensation Fund. Deposits can be made using the usual methods including CC, wire transfers and various on line wallets. Once deposits have cleared, which is normally instantaneous, and all ID requirments are met withdrawals will paid within five days. Most withdrawals are free but there are some fees depending on your account size and how many withdrawals you make each month. Bonuses are available but come with a trading minimum of 50X the original deposit and will only be worth 50% of that deposit. If any withdrawals are made before the bonus terms are met then the bonus is forfeited.
All in all, 24Option is a really top notch broker. You just have to limit yourself to short term day trading to use it. If that is what you’re into then I can highly recommend this broker to you. They have a great platform, all the assets you could ever want to trade, a wide variety of trading options and fantastic support. On top of that they are in full compliance with EU and CySEC regulations, giving them a level of respectability that most other brokers can only dream of.