24Option Broker Review | Overview
When talking about binary options veteran brokers 24Option definitely stands out. It has been offering it services to traders since 2010. That’s ancient history on binary options market. 24Option is not only long lasting broker, but also one of the most respected brokers out there. In 7 years that they exist they built up quite a reputation. We tested their services to see if that good reputation is well deserved and so we bring you this 24Option broker review.
Like in every broker review on Options Reviews we looked into most important part of brokers offer. For 24Option these are:
Regulated or Non-Regulated Broker: Regulated by CySEC and IFSC
Maximum Returns: up to 88%
Minimum Deposit: 250$
Transparency with Pricing and Payout: Withdrawal is done in 3-7 business days
Banking Options (Cards, eWallets&Wires): MasterCard, Visa, Credit card, digital payment method or through bank transfer
Range of Assets Available for Trading: over 110 assets
Software Platform: Tech Financials
Customer Service: 24 hours a day, 5 days a week.
Best Trading Features: The best trading platform on the market in our opinion
Excluded Countries: USA and Australia
Binary Brokers Bonuses: Due to CySEC regulation 24Option offers no bonuses for traders
Supported Currencies: USD, GBP, EUR, YEN
24Option Broker Review | Introduction
24Option is a brand owned and operated by company called Rodeler Limited. Rodeler Limited is registered under the Cyprus Company Law with registration number HE 312820, authorized as a Cyprus Investment Firm by the CySEC with license number 207/13. Its registered address is at 39 Kolonakiou Street, Frema Plaza, 1st Floor 4103 Ayios Athanasios, Limassol, Cyprus. 24Option has ongoing partnership with Juventus FC. Sometimes when 24Option organizes special competition for their traders reward can be ticket for Juventus game.
24Option Broker Review | Account Types
24Option offers even five different account types to its traders to choose from. Like with every broker here is also the case that account type is determined by the size of deposit trader makes. Bigger the deposit, better the account type. Account types are: Basic, Silver, Gold, Platinum and Diamond. We list all account types offered by 24Option and the perks traders get with them in the picture below.
Beside these account type on the picture, 24Option also offer demo account for all traders who register on their site. After trader gets registered account manager contacts him/her and offers demo account. We can never overstate the importance of demo accounts. They are the best way to get acquainted with the trading platform. It is especially important for novice traders that are having a first go on trading binary options. Our advice is to use demo account as much as possible before you start trading for your own money.
24Option Broker Review | Bonus
One of most asked for features of any brokers offer is definitely bonus. Bonus can very nicely boost your deposit and in turn enable to make many more trades than with only your own funds. There is a catch though. If you accept deposit you can’t make money withdrawal from your account until you make certain trade volume. It can be even trade volume 40 times the bonus amount. So when deciding on taking bonus choose wisely. If you really intend to trade a lot bonus is great, but if you like to have your funds ready to withdraw at any time maybe you should skip on the bonus.
Anyhow, recently CySEC has changed rules for brokers who are licensed by it. They are not allowed to offer any bonuses to new traders or traders in general. 24Option complies to CySEC’s rules so they are no longer offering bonuses to new traders. If you wish to read more about why is that so, check our 24Option bonus policy article.
24Option Broker Review | Assets and Types of Trading
If there is one field where 24Option really stands out that is their trading platform. They are using TechFinancials platform and it is the best trading platform we have reviewed on Options Reviews so far. If trading platform and its features are important to you, you really should work with 24Option, you will never regret that decision. Trading platform is superior in every way: looks great, works great and offers great features and types of options to trade.
There are four different options to trade: High/Low, One Touch, Boundary and Short Term options. Short term is actually High/Low but with short expiration times: 60 seconds, 2 minutes and 5 minutes. There are also long term expiration times like five hours expiration and end-of-day expiration time. 24Option doesn’t offer a lot of long term expiration times like most other brokers, but traders mostly do prefer short term expirations. You can trade different underlying assets such as stocks, currencies, commodities and indices. There are over 120 underlying assets offered for trade.
24Option Broker Review | Deposits and Withdrawals
As with every broker you first need to register at 24Option web site. After registration you will need to make a deposit before you can start trading for real money. The deposit interface is quite simple and easy to use. It will drive you through the deposit process in no time. There are few available deposit methods, you can deposit via credit card such as MasterCard or Visa, also deposit can be made through bank transfer and some forms of digital payment such as Neteller, moneta, Neosurf, QIWI, Skrill and many more.
Withdrawal process is as usual a bit more complicated. 24Option applies anti-money laundering procedures. This means that before you withdraw your profits you will be asked to verify your payment method. You do that by providing documentation that proves your identity and your ownership of the credit card or bank account from which you made deposit and to which you will receive withdrawn funds. For example you will be asked to provide passport or driver’s license, utility bill or credit card statement that proves you are resident of a country accepted by 24option, also if you made deposit via credit card you will have to send picture of both sides of your credit card, displaying the last four digits of your credit card only.
After your account is verified you need to fill in the required information, including amount you wish to withdraw. If you do this after business hours 24option will start processing your request the next business day. If you do this during business hours (Monday-Thursday 9-16 h and 9-13:30 h on Fridays) they will start processing your request immediately. How long does it take to receive money? That depends on your bank’s business days and AML procedures.
24Option Broker Review | Customer Service
During our test of 24Option we have used their trading platform, tested their deposit and withdrawal processes and last but not least we have tested their customer service. We have a good impression about them from the start. We have created our trading account but haven’t made deposit right away, thus not completing the process. Just one day after that we have been contacted by phone from our account. He offered help for completing process and gave us valuable information.
Afterwards upon using trading platform for few days we contacted them to help us with the platform and we have received help fast via live chat on their site. Finally when testing was complete we wanted to withdraw our funds and so we sent an email to the customer service to see what kind of answer would we get. And we got a great email with screen shots on how to complete the process.
24option customer service roved to be very helpful and professional and it seems to be on of 24option’s strong suits. You can contact them via email, on live chat and by phone.
24Option Broker Review | Summary
Like stated above 24Option really is a veteran of binary options trading. They have been on the market form the first day and went on to become leading binary options broker. With their great trading platform, superior services offer to their customer and flexible deposit and withdrawal methods they are good choice for any trader.
Sole fact that they work so long proves that they are doing good job and that they have many satisfied customers. Minimum deposit is 250$ which is not too high and offered returns can climb as high as 88% which makes it quite possible to make a lot of profit on using different trading strategies. Beware if you are a new trader, do not invest your money before you master trading on 24option demo account. Only after you have learned how trading works and after you are familiar with 24option trading platform you should invest and trade for real money. Trading binary options is risky business, you can lose all your investment so do not deposit more than you can afford to lose.
If you are ready to start trading you can sign up at 24option trading site just by clicking the button below the text. Enjoy trading!