24Option

24Option are one of the leading online binary options brokers.  They boast some of the latest technology on their trading platform and pride themselves on offering an easy to use system. The new bespoke platform is also feature rich and advanced. The firm operates under  the company name Rodeler Limited and has headquarters in Cyprus.

The firm are regulated by CySec and are keen to promote their service as a secure binary options broker. They have also recently added both CFDs and Forex trading to their offering, and also expanded their customer support to include management of large investing portfolios.

They aim to offer a user friendly trading service and also give traders the tools they need to make a profit – including some of the highest limits in the industry.

24Option Review – Key Details;

    • Demo Account – Yes
    • Minimum Deposit – £250
    • Minimum trade – £24
    • Signals service – Yes
    • Bonus details – As a CySec regulated broker, 24option no longer offer bonuses or trading benefits.
    • Mobile App – Yes. Android and iOS catered for.

Trading Platform Review

24Option offers a user-friendly platform aimed at quick, easy trading, as well as a mobile trading app. Traders can choose from four trade types and a complete range of expiry times. These can be as short as 60 seconds, and as far ahead as a week or longer on certain assets.

24option binary platform

Payouts will vary based on the underlying asset and expiry time, but the platform does have high payout levels relative to their rivals.

The trading area is clearly laid out. Traders are able to select the underlying asset they want to trade, either directly from the list, or by filtering the display down to the class or category wanted, via a drop down menu. The trading window is always visible, next to the list, and will update as soon as a different stock or underlying asset is selected. The price graph on the trading window can be enlarged, to allow a more detailed analysis of price action.

Trading History

Below the trading window is the open trades area. From here traders can see all the trades they have open. These are flagged as to whether they are currently in the money or not. The opening price and current price are both displayed, as is the expiry time. Also, the open trades window will display a ‘Close’ value – that is a value that the trader can ‘cash in’ at that moment – either to lock in a profit or reduce a loss. These are only offered at certain times within a trade, but add to a trader’s options and are handily placed.

Trade history is also shown in this area. All completed trades are listed, open and close prices and of course, the net result of the trade. There are also three tabs for traders to keep informed of markets changes. A trading alerts tab, a daily market updates tab and the very useful Economic calendar tab. This provides a great source for finding the key financial statements that will get released to the markets in the near future.

The 24Option Forex platform:

24option forex broker

 

Trader Choice

The platform delivers binary options on forex, commodities, selected stocks and indices.

They offers four kinds of option:

High/Low – The basic binary option. Will the underlying asset rise in value, or fall?

One Touch – Will the price ‘touch’ a particular value at least once before the expiry time?

Boundary – Will the price remain within two preset values? (A high and low value) or will it breakout? These are a useful option during flat markets.

60 Seconds – As the name suggests, very short term binary options with very short expiry times.

In addition, the firm now also offer CFD trading and forex trading “per pip”. This allows users to trade in a more traditional way. It also allows users to trade using leverage. This is a big difference if traders are more used to the ‘fixed risk’ of a binary option.

As the CFD offering is relatively new, more markets will be added over the coming month. Spreads are currently around .05% and compare fairly well with more established cfd brokers.

This new types of trade also include the option to set stop loss levels. This is a key part of risk management when using leverage. Traders can also set ‘take profit’ points too.

Stop loss screen:

24option stop loss

Mobile App

24Option provide a slick and easy mobile trading platform, it will work with both android and apple devices. If logged in to the full website, traders can see a demo of the mobile app. Customer can also choose a variety of devices for that demo.

The application has a very simple interface, with each stage of the trading process laid out in a clear simple process. Screens are large and easily useable. This reduces risk of mistakes due to fiddly or hard to find buttons. As well as easy trading, the app can also display the trading history, and open trades. So trade history can be checked wherever a trader may be. It is a slick trading app and is a great addition to the range of features offered by the brand. It has been created with the trader in mind, but has been thoughtfully developed to ensure it offers a full range of functions across multiple devices.

Download the 24option Mobile app here;

24option android download 24option for iOS download

Payout

Individual options return as much as 88% on their successful binary options. These rates do vary based on the underlying asset and expiry but rates are generally very good relative to other binary options brokers. Higher yield trades are also available on specific trade types via the ‘High Yield’ tab. These will however, carry higher levels of risk. But have in mind that investors can lose all their capital by trading binary options.

Withdrawal and Deposit Options

24option offer a variety of deposit and withdrawal options.

Withdrawals are normally sent back to the source of the funds. The accounts do require some form of valid ID, and proof of address before making withdrawals. This is to comply with money laundering laws. If funds were deposited via credit card, details for that card will also be required for the withdrawal.

Withdrawal problems and complaints generally revolve around delays in this proof of identity process. So it is worth sorting out prior to asking for a withdrawal. This can avoid problems and ensure quick withdrawal times.

Free Withdrawals

24option withdrawal an deposit optionsGold and Platinum account holders can enjoy regular free withdrawals. Standard account holders receive their first withdrawal free. Remaining withdrawals may incur a percentage charge and this figure will depend on the method used – Skrill for example, will incur a 2% charge. Withdrawal requests can be made at any time.

Traders can make a deposit at anytime too. The minimum deposit is £250 (funds can be deposited in USD and EUR too – but once set the currency that an account operates in cannot be changed). 24 Option are keen to stress the security of the deposit process, and do make it as easy as possible to deposit funds. Once the minimum deposit is made, the funds appear straight away so traders are not delayed in taking out options.

CFDs

24Option recently announced that CFDs (Contracts For Difference) had been added to their platform. The trading area has now been redesigned in-house (rather than the previous TechFinancial platform), and they have improved their platform to now include the option of trading CFDs.

While the initial offering is fairly limited, it is an interesting step from the firm, and is an area of trading which is likely to expand within the binary sector.

The key difference with both the CFD and Forex platforms is that traders can use leverage. Levels up to x200 are available. This is a big change for anyone used to the fixed risk nature of binaries. Traders should understand this difference. The platform also offers stop loss tools – a must have for the added risks with leverage.

24Option Review – Other Features

The firm offers its clients the following features and benefits:

  • Multilingual support – The brand is an international business, offering trading support in a range of different languages including English, Spanish and Italian.
  • 24/7 trading – They offers 24-hour trading.
  • Education centre – The website hosts a range of educational resources catering to traders at all levels. These include regular market updates, educational videos, eBooks and a beginners’ trader manual to get you started.
  • Copy trading – Follow the trades made by winning traders

 

Where are 24Option Located?

They are owned by Rodeler Ltd, who are based in Cyprus. They are regulated by CySEC, but do have offices across Europe, including Ireland. The London office has been closed however.

How do 24Option make money?

The firm offer over the counter binary options. This means they are generally taking counter party risk. For a more detailed explanation of the over the counter profit model, read our article on How brokers make money.