Read our long form review here:
❓ – 24option was started back in 2014 initially as an online options broker. They have moved into fully CFD trading recently as options faced more scrutiny.
📍 – They are based in Limassol in Cyprus and are regulated by the Cyprus Securities and Exchange Commission (CySEC). They also have a license in Belize that is offered through the IFSC.
The CySEC licence allows them to offer their services in Europe. There are also a number of client protections that come with these such as segregated funds and the investor compensation fund.
📈 – There is a plethora of assets that you can trade at 24option. These include commodities, equity indices, stocks, forex and commodities.
Given that these are CFD products, you are trading them with leverage. The leverage levels at 24option are up to 30x for EU traders and up to 500x for countries outside of the EU.
The 30x cap in the EU is for the retail traders only and if you apply for a professional account then you can get this increased to 400x.
🔢 – 24option has pretty reasonable spreads that are in line with many other brokers. Crypto Asset spreads were a bit high for us though.
What I didn’t like was all the other fees that are included. You have withdrawal fees, inactivity fees and even a “monthly maintenance fee” that will be applied to your account.
🧾 – 24option has 4 different accounts that you can choose from. These are the Basic, the Gold, Platinum and VIP. They have different funding levels and offer lower spreads and other goodies the higher the account tier.
🖥️ – 24option has two trading platforms for you to choose from.
They have their standard web-based platform that was developed in-house and has a range of features. It is also pretty well designed and is relatively easy for beginner traders to understand and begin trading with.
They also have the more advanced MT4 platform that is well known to the more technical traders amoung you.
📱 – You can always trade on-the-go with their mobile applications. This is also well designed and has numerous positive reviews in both Apple iTunes and the Google Play store. You can also download the MT4 mobile app if you prefer using this.
💳 – There are a range of funding and withdrawal options available so it will work for almost everyone.
Take note though that before they will allow you to withdraw any funds you will need to verify your identity and complete their KYC.
📚 – There are also a range of educational material that is available at 24option. Videos on demand, ebooks, trading guides and a daily webinar! – Great way for you to bounce trading ideas off professional traders.
❔ – In conclusion, 24option appears to be pretty reasonable broker. They are regulated, have a range of assets and relatively attractive leverage. Their fees may be a bit high for some but their spreads are about in line with others.
⚠️ – If you are going to be trading with them, then make sure that you are practicing adequate risk management. CFDs are risky products and you can lose what you invest.
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Source: Coin Bureau