24option Review: A Comprehensive Look at the Forex Trading Platform

24 Option Trading

• One of the best sites
• Easy trading
• Great Software with easy access for mobile phones

$225 Deposit Bonus

Visit Now

Details

Broker	24 Option Trading
Website URL	http://etoro.com/A75448_TClick.aspx
Founded	2008
Headquarters	Cyprus
Support Number	+74996092518
Support Types	Email, Chat, phone
Languages	USA , English , Spanish
Trading Platform	MT4|Inbuilt trading platform
Minimum 1st Deposit	$250
Minimum Account Size	$1000
Minimum Trade Amount	$0.01
Maximum Trade Amount	$100
Bonus	$225 Deposit Bonus
Payout	95%
Leverage	400:1
Spread	Forex spread|GBPUSD Spread 0.2 pips (var)|EURUSD Spread 0.2 pips (var)|EURGBP Spread 0.9 pips (var)|
Free Demo Account	Open Demo
Regulated
Regulation	International Financial Services Commission of Belize
Fees
Fee Info	Credit cards 3.5%, Skrill (Moneybookers) 2%, Webmoney: 0.9%, Qiwi: 3.5%, Neteller: 3.5% , For inactive account, 80 EUR per month
Commissions
Commission Info	Depending
Account Types	VIP, Basic, Gold, Platinum
Deposit Methods	Visa, skrill, Mastercard, neteller, , qiwi, Astropay, oxxo, perfect money, help2pay, jeton
Withdrawal Methods	Visa, skrill, Mastercard, neteller, , qiwi, Astropay, oxxo, perfect money, help2pay, jeton
Trading Methods	Buy, Sell
Number of Assets	45+
Expiry Times	One Week, Two Weeks, Several Months
Types of Assets	CFD, Forex, Crypto, Stocks
Option Types	60s, 30s, 1hour
Trading Currency	EUR/USD, GBP/USD, USD/JPY, USD/CHF
Account Currency	USD, EURO, LATIN, GBP, RUB
US Traders Allowed
Mobile Trading
Tablet Trading
Overall Score	94/100

24option Review: A Comprehensive Look at the Forex Trading Platform

In the ever-evolving world of online trading, choosing the right platform can make all the difference in your trading journey. Today, we’re taking a deep dive into 24option, a forex and CFD trading platform that has garnered attention in the financial markets. This comprehensive review will explore various aspects of 24option, from its regulatory status to its trading features, helping you decide if it’s the right fit for your trading needs.

24option Review

24option is a forex and CFD trading platform that operated in the financial markets for several years. The platform aimed to provide traders with a user-friendly interface, a variety of trading instruments, and educational resources to support both novice and experienced traders.

As we delve deeper into this review, it’s crucial to understand that the landscape of online trading is constantly changing. The importance of staying informed about the latest developments in any platform you consider cannot be overstated, especially in light of recent events surrounding 24option.

It’s worth noting that the forex market is highly volatile and complex, requiring a deep understanding of various factors that influence currency values. For those new to forex trading, it’s essential to learn the basics of forex trading before diving into any platform.

Regulatory Status and Company Background

When it comes to choosing a forex broker, understanding its regulatory status and company background is paramount. 24option was operated by Rodeler Limited, a Cyprus-based Investment Firm. The company was authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) with CIF license number 207/13.

It’s important to note that as of August 2020, 24option is no longer operating. This review is based on information that was correct at the time of the platform’s operation. The closure of 24option serves as a reminder of the volatile nature of the forex industry and the importance of continually monitoring the status of your chosen broker.

During its operational period, 24option’s regulatory status under CySEC meant that it fell under the EU regulatory regime. While this provided some level of oversight, it’s worth noting that some traders might have preferred brokers regulated in more established financial centers like the UK or Germany.

One aspect that raised concerns among some traders was the limited information available about the company on its website. Details such as the length of time in business, the identities of managers or owners, and the amount of assets under management were not readily accessible. This lack of transparency could be seen as a red flag for potential clients looking for a fully transparent trading environment.

The closure of 24option underscores the importance of choosing a reliable forex broker with a strong regulatory background and transparent operations. Traders should always prioritize safety and security when selecting a trading platform.

24option Trading Platform Features

24option offered traders access to multiple trading platforms, catering to different preferences and trading styles. Let’s explore the main features of their trading platforms:

MetaTrader 4 (MT4)

Like many forex brokers, 24option provided the industry-standard MetaTrader 4 platform. MT4 is renowned for its:

• Advanced charting capabilities
• Extensive range of technical indicators
• Ability to use expert advisors (EAs) for automated trading
• Backtesting functionality for strategy optimization

The availability of MT4 was a significant advantage for traders who prefer this widely-used platform for its robust features and familiarity. Many traders appreciate MT4 for its versatility and the ability to customize their trading environment.

24option Desktop Platform

In addition to MT4, 24option offered its proprietary desktop platform, which stood out with several user-friendly features:

• Customizable and transparent price lists for easy trading and execution
• Advanced charting with an indicator wizard for building customized charts
• Simple watchlist creation by clicking on the star next to currency pairs
• Conditional orders, stop-loss, and take-profit options
• Display of other clients’ positioning, providing insight into market sentiment

The desktop platform was designed to be intuitive for beginners while offering enough depth for more experienced traders. This balance of simplicity and functionality made it an attractive option for traders of various skill levels.

Mobile Trading

24option also provided mobile trading apps for both iOS and Android devices. The mobile experience included:

• Fingerprint encryption (via Apple’s Touch ID for iOS devices)
• Streaming quotes for real-time market monitoring
• Mini-charts for quick trend analysis
• Conditional orders and risk management tools
• Easy watchlist creation and management
• Access to nearly 100 technical indicators

While the mobile app offered a comprehensive trading experience, it lacked some features like price alerts and news feeds, which are available on some competitors’ mobile platforms. However, the ability to trade on-the-go was a significant advantage for traders who need to monitor and manage their positions while away from their desks.

The importance of mobile trading has grown significantly in recent years, with many traders preferring the flexibility it offers. For those interested in mobile trading strategies, exploring mobile forex trading techniques can be beneficial.

Available Financial Instruments

24option provided a diverse range of financial instruments for trading, catering to various trader preferences and strategies. The available instruments included:

Forex

While 24option offered slightly fewer currency pairs compared to some other providers, they still covered all major and many minor pairs, allowing for diverse forex trading opportunities. Traders could access popular pairs like EUR/USD, GBP/USD, and USD/JPY, as well as less common pairs for those looking to diversify their forex portfolio.

Cryptocurrencies

One of 24option’s strengths was its extensive coverage of cryptocurrency trading. They offered various crypto pairs, including:

• Bitcoin/USD
• Bitcoin/EUR
• Bitcoin/GBP
• Other major cryptocurrencies paired with fiat currencies

This wide range of crypto offerings was particularly attractive to traders interested in the digital currency market. The inclusion of cryptocurrency trading reflected 24option’s effort to stay current with market trends and provide diverse trading options.

Stocks and Indices

24option provided CFD trading on over 160 individual stocks, which was a significant advantage for traders looking to diversify beyond forex. They also offered trading on major global indices. This variety allowed traders to gain exposure to different sectors and markets, potentially balancing their trading portfolio.

Commodities

Standard commodity offerings such as gold, oil, and other precious metals were available for trading at competitive spreads. Commodity trading can provide opportunities for diversification and can be particularly interesting during times of economic uncertainty.

The variety of instruments available on 24option allowed traders to diversify their portfolios and take advantage of opportunities across different markets. This multi-asset approach is often recommended for risk management and to capitalize on various market conditions.

24option Account Types and Minimum Deposits

24option offered multiple account types to cater to different trader needs and experience levels. While the exact details of these accounts may have varied over time, the general structure included:

1. Basic Account: Suitable for beginners, with a lower minimum deposit requirement.
2. Silver Account: Offered additional features and potentially tighter spreads.
3. Gold Account: Provided more benefits, possibly including dedicated account managers.
4. Platinum Account: The highest tier, typically offering the best trading conditions and personalized service.

The minimum deposit to open an account with 24option was relatively accessible at $100, making it possible for traders with smaller capital to get started. This low entry point was appealing to new traders or those wanting to test the platform with minimal risk.

It’s worth noting that despite offering different account tiers, 24option did not appear to provide significant volume-based discounts, which some traders might have found disappointing. This lack of volume incentives could have been a drawback for high-volume traders looking for better conditions as their trading activity increased.

When considering account types, it’s crucial to understand how they align with your trading goals and capital. For more information on choosing the right account type, you might find our guide on selecting the best forex account type helpful.

24 option Fees and Spreads

When evaluating any trading platform, understanding the fee structure is crucial. 24option’s fee structure was relatively high compared to some competitors:

• Spreads: While specific spread information varied, 24option’s spreads were generally competitive but not industry-leading.
• Commissions: No additional commissions were charged on trades.
• Inactivity Fees: High fees for dormant accounts, up to $200 per month after six months of inactivity.
• Maintenance Fee: A monthly maintenance fee of $10 was charged.
• Withdrawal Fees: Approximately 3.5% applied after the first withdrawal.

On the positive side, 24option did not charge deposit fees or financing fees. However, the combination of maintenance fees and high inactivity charges could be a significant drawback for less active traders.

The fee structure at 24option was one of the areas where the platform faced criticism. The high inactivity and maintenance fees, in particular, could quickly erode the capital of traders who weren’t consistently active. This fee structure emphasized the importance of regular trading activity and careful account management.

For traders, especially those new to the forex market, understanding the impact of fees on trading profitability is crucial. Our article on how forex fees affect your trading provides valuable insights into this topic.

Educational Resources and Tools

One area where 24option stood out was its commitment to trader education. The platform offered a range of educational resources and tools designed to help traders of all levels improve their skills and market understanding:

Video Tutorials

24option provided a comprehensive library of educational videos covering topics such as:

• Introduction to CFD trading
• Pending orders and trend analysis
• Risk management strategies
• Calculating pips
• Support and resistance trading

These videos were particularly helpful for beginners looking to build a solid foundation in trading concepts. The visual format made complex topics more accessible and easier to understand.

Webinars

The platform offered up to 10 live webinars per month, with at least two dedicated to basic and intermediate technical analysis. These webinars provided an interactive learning experience and the opportunity to engage with trading experts. The regularity of these webinars demonstrated 24option’s commitment to ongoing trader education.

Trading Central Integration

24option partnered with Trading Central to provide comprehensive technical analysis, including:

• Entry and exit points
• Trading charts
• Recommended positioning

This integration offered valuable insights for traders making decisions based on technical analysis. The professional-grade analysis tools could help traders make more informed decisions and develop their trading strategies.

Forex-Specific Education

A separate section was dedicated to forex trading, covering concepts unique to the currency markets. This focused approach was beneficial for traders specifically interested in forex. It included topics like currency pair correlations, economic indicators affecting forex markets, and specific forex trading strategies.

Economic Calendar and Market News

While 24option lacked live streaming news, they did provide a market calendar and regular market updates. This information helped traders stay informed about important economic events that could impact their trading decisions.

The emphasis on education was a strong point for 24option, particularly for newer traders or those looking to expand their knowledge. However, the lack of more advanced research tools and live news feeds might have been a limitation for more experienced traders.

For those looking to supplement their trading education, our guide on essential forex trading skills can provide additional insights and learning opportunities.

Customer Support Options

Customer support is a critical aspect of any trading platform, and 24option provided several options for traders to get assistance:

• Live Chat: Available for both new and existing clients, offering quick responses to queries.
• 24/5 Phone Support: Traders could speak directly with support staff during market hours.
• Email Support: For less urgent inquiries or more detailed questions.
• FAQ Section: A comprehensive list of frequently asked questions was available on the website.
• Social Media: 24option maintained an active presence on platforms like Twitter (now X), where they shared market updates and responded to queries.

The availability of 24-hour support during the trading week was a significant advantage, allowing traders to get help when they needed it most. The multiple contact options provided flexibility for different communication preferences.

However, some users reported mixed experiences with the quality of support, particularly when dealing with more complex issues or account-related problems. This inconsistency in support quality was a point of concern for some traders.

Effective communication with your broker’s support team is crucial for a smooth trading experience. Our article on how to effectively communicate with forex support offers valuable tips for getting the most out of your interactions with customer service.

Pros and Cons of 24option

To provide a balanced view of 24option, let’s summarize the main advantages and disadvantages of the platform:

Pros:

1. Diverse Trading Instruments: Offered a wide range of forex pairs, cryptocurrencies, stocks, and commodities.
2. Educational Resources: Extensive library of video tutorials, webinars, and educational materials.
3. Multiple Trading Platforms: Access to both MT4 and a proprietary platform.
4. Low Minimum Deposit: $100 minimum deposit made it accessible to new traders.
5. Regulated by CySEC: Provided a level of regulatory oversight.

Cons:

1. High Fees: Maintenance and inactivity fees were higher than many competitors.
2. Limited Transparency: Lack of detailed company information on the website.
3. No Advanced Research Tools: Lacked some advanced features like streaming news.
4. Mixed Customer Support Experiences: Inconsistent quality of support reported by some users.
5. No Significant Volume Discounts: Lack of incentives for high-volume traders.

Conclusion: Is 24option Right for You?

It’s crucial to reiterate that 24option ceased operations in August 2020. This review reflects the platform’s offerings and performance during its operational period and serves as a case study for evaluating forex brokers.

24option offered a mix of attractive features, particularly for newer traders, including a user-friendly platform, diverse trading instruments, and strong educational resources. However, the high fee structure and some transparency issues were significant drawbacks.

The closure of 24option underscores the importance of due diligence when choosing a forex broker. Traders should prioritize regulatory compliance, financial stability, and transparent operations when selecting a trading platform.

For those seeking alternatives, it’s essential to compare multiple brokers, considering factors such as regulatory status, fee structures, available instruments, and customer support quality. Our guide on how to choose the right forex broker can provide valuable insights into this process.

Remember, forex trading carries significant risks, and it’s crucial to educate yourself thoroughly and practice with a demo account before committing real capital. Always trade responsibly and within your means.