|Customer service hours:||24/7|
|Deposit Bonus||100% Bonus|
|First Deposit Bonus||100% Bonus|
|Special Event Bonus||Not Available|
|Birthday Bonus||Not Available|
|Platform OS Compatibility||Mac OS , Windows , Android|
|Platform Provider||Tech Financials|
24Option is one of the most popular brokers in the binary options industry. Founded in 2009, the brokerage firm was initially owned by CBAY Financials and was redeemed by Rodeler Ltd in 2014.
But, before we describe what makes this broker so special, let’s see its previous successes and how this broker grew over the years. 24Option, throughout its existence, has bagged many awards and has acquired major sponsorship contracts along the way. For instance, it won the ‘Best Payout’ award in 2014 and the ‘Best Broker’ award in 2016 by Fair Binary Options.
It was also awarded the ‘Most Innovative Broker’ title in 2015 and the Best Binary Options Broker in 2014 by the mighty FX Empire. Many awards which give an indication of how we believe this broker is determined to provide the best services to its traders.
Awards are good but how does 24Option translate the same winning spirit in its operations? A broker having the caliber of 24Option will seek to be with the best performing soccer teams in the world.
This broker signed a 2-year agreement with the Italian football club, Juventus, making them an exclusive partner of the club at a global level. Paul Pogba having their logo on his Juventus jersey is quite impressive for the broker’s brand.
As per this agreement, 24Option acquired the offline rights such as billboard placements in stadiums as well as marketing rights - an achievement that very few brokers have been able to accomplish.
Being soccer fans, we also saw that 24Option became one of the sponsors of Olympique Lyonnais for the 2015-2017 season. We can’t wait to see both clubs sponsored by 24Option in the limelight of a Champions League match.
Does a perfect broker really exist? Certainly not. So, what are the little shy secrets of 24Option that you should be aware of?
Recently, 24Option received a ban which is effective as of the 1st of August 2016. This resulting from several complaints from traders to the AMF. But, troubles didn’t stop here for 24Option as we also found out that they initiated the year with fines charged by CySEC, the European regulatory body.
The broker’s parent company was accused of mishandling customer complaints, engaging in misleading advertising and failure to keep ordered records among others. This cost the broker EUR 156 000.
24Option took the bull by its horns and implemented many corrective measures to comply with the different regulatory bodies. This without even losing an ounce of its dominance in the industry.
In this review, we assembled the features and the services that the broker offers to try to understand what makes it one among the best today.
24Option Trading Platform
24Option’s trading platform amalgams both user-friendliness and robustness. If you want something different then this trading platform is what you need. In fact, it is different from the mainstream platform that other brokers use. It is powered by Tech Financial, an agency specialised in trading technology.
Several other useful features are available on the platform, to ease the overall trading experiencing as well to be as instructive as possible. You will notice that the platform has financial graphs and also a parameter to indicate to traders on how bullish or bearish an asset is.
If you like to know what is happening in the financial news, we recommend that you jot an eye to their economic calendar with the economic event of the day. We find this a convenient tool to have at hand because most of the times, when analysing asset trends before placing a trade, we need to rely on another website to see the events.
Besides its sleek design and user-friendliness, 24Option trading platform has a wide variety of assets and offers 4 main trading tools namely the High/Low, the Above/Below, One Touch and Boundary. Each one of these has their respective payouts.
Moving to payouts, the broker offers 82-88% depending on market fluctuations, a payout that can be deemed to be among the highest in the binary options industry. However, you should note that in case your trades go out of the money, you are not liable to any sort of returns.
If you go on the trading platform, you will also notice a banner about trading signals. 24Option makes use of Faunus Algorithm to support their trading signals. Don’t limit yourself to this weird name.. This tool is amazingly effective in providing signals to traders.
These cover 60 of the most traded assets in the industry. Traders opting for signals receive notifications directly on their mobile phone or via emails. At the moment, 24Option has 3 main signals available regardless of the account type chosen. These are 1 hour, 30 minutes and 15 minutes signals.
On another note, like many other brokers having third-party trading platforms, 24Option isn’t responsive and though traders can still access it on their mobile phone, it doesn’t adapt properly. This can be a barrier to the platform usability. We tried using the trading platform on a mobile device and though we were able to place our trades, in terms of usability and user-friendliness it was not effective.
To overcome this restriction, 24Option created its mobile Apps which are available on both Android and iOS. Until now, 24Option accounts to more than 500 000 installs of their mobile application on both Android and iOS platform. However, as per countless user feedback we found, these are the main issues which could crop up while using the mobile application.
- Slow withdrawal process
- Often traders are not allowed to login their account and 24Option support agent need to intervene.
- Confirmation often takes time depending on the internet speed.
But hold on, these limitations should not make you afraid. 24Option mobile app is definitely a must to have if you want to trade at any time. We are sure you will enjoy the mobile trading and having a coffee at your preferred coffee store or doing the things you like above all, right?
24Option Account Types
24Option trading arsenal offers 5 main account types, each with different features. One notable feature put forward by the broker for each of them is the payout amount. For instance, with the Basic Account, you get up to 82% payout while with the Diamond Account, the payout goes up to 88%.
As we said above, 24Option has a total of 6 different account types which are listed below.
Each account types have their own deposit amount which ranges from a minimum of $ 250 for a basic account to a maximum of $ 50 000 and over for a platinum or diamond account.
Each account types have their own benefits and features. For instance, payout amount varies depending on the account type chosen by the trader while other features such as trading alerts and personal coaching from 24Option team.
Among the different features offered to the traders, our attention was caught by the percentage funding traders receives after each of their trades. For example, Gold account traders receive 2 % funding returns after each of their different trades while it can go up to 6 % for Diamond account holders.
These might be little amount but for large trades, these represent a massive return which can be further used for other trades placement.
The benefits for the different accounts doesn’t stop here as Diamond traders stand the chance to get free tickets throughout the season for Juventus Football Club. Added to that, they don’t pay any withdrawal fees as well.
In addition to these account types, 24Option also allows traders of Islamic faith to trade with an account totally free of usury also known as the riba. As such, these accounts are not subject to any sort of interest.
Let’s move on to the different assets offered by 24Option. Assets are classified into 4 main arrays which are further classified according to their trading hours.
24Option brand is so strong and they want to keep it alike. So much that they even branded the minimum investment amount to $24. If you want a broker so determining in keeping its traders happy with the brand experience, then 24Option is the one.
The maximum investment, on the other side, varies according to the underlying asset. For example, the maximum investment amount for an option while using high/low is $ 10 000. The maximum on the platform can go as much as $ 50 000 and beyond.
24Option is one of the leading characters in the binary options industry and has a wide portfolio of traders trusting their services. Trust being an essential element in binary options, how does 24Option protect its traders? We crawled the internet searching for what traders like you are saying about this broker.
Though, we noticed several relatively bad feedback on the internet, we could see that 24Option enforced itself to provide optimum safety to its traders throughout its different channels.
Adding up to its willingness to create a safe trading environment 24Option created a well defined policy to create a legal bond between the company and the traders. This is quite good for traders whereby in case there are conflicts, this policy can help resolve them.
What about 24Option regulations? Well yes, 24Option is regulated by at least 11 regulatory entities. But sadly, their situation is a little bit tricky in France and its territories as they were put on a ban notice from the AMF as from the 1st August of 2016. But, their CySec regulations still allows them to operate in the EU regions.
But again, regulations are here as a watchdog for traders and give a certain mode of operation to brokers. Yet, a non regulated broker could be offering the same service, if not a better one, while staying honest to their traders.
24Option Customer Support
So far, you’ve seen how 24Option trading platform is amazing and their different account offers a wide variety of features. But, what should you do in case you have an issue with 24Option. The logical step to take is to contact their Customer Support, right?
How do they connect with their traders?
- Live Chat
- Phone Calls
For your convenience, our team tested 24Option’s live chat service based on three main criteria which are time to respond, availability and the ability of the support agent to assist us.
We really appreciated the conversation we had with our support agent. At first, we had to leave a message since the service was not available. Okay, this was really nice but we didn’t have any idea when they would be responding, so we had to stick to our screen to wait for the service to become online. Worth the time, though, cause we were able to roam around on their trading platform.
Once the service was online, it took us only two minutes to get connected to our support agent. We then started with the basic question such as what do they offer or what are binary options. The conversation was quite friendly and we could see that the answers were definitely from some sort of robots.
However, when we tried to have more information about webinars and bonuses, we were referred to another support agent. Well, every person is expert in what their own niche so we were able to get the information we wanted.
Is 24Option a scam?
No, 24Option is not a scam. This broker has proven its reliability over the years and created a strong brand around its services. With a robust platform allowing traders to trade on multiple assets, 24Option continues to grow in numbers while staying true to its purpose of providing the best experience to its traders. It is also one of the brokers with the most regulations and with well defined policy to protect the traders as well as the company itself.
Our Final Opinion
Is this broker reliable? It is a fact that 24Option is one of the leading brokers in the industry. Besides its outstanding trading platform, these guys definitely have what you need to make money online and this in the most secure environment possible. So, whether you are new or expert in binary option, you will definitely find a resourceful trading platform for your trading journey. As for the numerous negative feedback on the internet, we have no doubt that 24Option will resolve them as they recently optimized their business model to improve their operations. Our final opinion is that 24Option is definitely a broker worth investing in. So, get started today.
Let’s go back to school now. One particularity of 24Option is its resourceful learning materials available in its education center. This broker accounts for different level of traders with learning content in video, webinars and ebooks.
Through their education section, 24Option also put forward one of its forte - a well detailed and professional set of videos destined to educate novice and advanced traders.
The learning videos are segregated into 3 main levels which are the basics, intermediate and advanced.
24Option has on average 8 webinars scheduled on a weekly basis each month. These are destined to give the best learning to new traders. There are 3 main verticals which are tackled through these webinars namely:
- Binary Options Understanding
- Trading Strategies
- Money Management
Now, one amazing thing we saw is that 24Option’s webinars are available to everyone even if you don’t have an account with them. So, if you are a novice trader and you want to know more about binary options, all you need to do is book you seat with your name and email address.
On another note, 24Option webinars are also available in countries like the US despite the fact that they don’t have the right to allow US traders to transact on their platform.
Other learning materials which are made free to traders are interactive and downloadable version of an ebook. Topics which are covered include:
- Mobile Trading
- Introduction to binary options
- Trading Psychology
- Market Analysis
- Trading Strategies.
If you want some good reading time, you can jot an eye to their extensive ebook with all the basic of binary options and an overall of the different aspects which traders should know before even placing their first trades.
Education materials from 24Option also come in the form of a full pack destined to empower you. For instance, 24Option created the Juve Camp whereby traders only have to invest $ 500 to get learning resources worth $ 10 000. These learning resources include ebooks, VOD and Trading Signals.
24Option invested massively in making sure that every trader is enticed with the needed knowledge to be able to trade effectively while adding an ounce of confidence in their approach.
But, before we move to the next section of this review, which by the way is quite detailed, we assure you that the learning content we received from 24Option through the Juve Camp are worth it even though we had to choose one at a time.
We believe 24Option’s Education initiatives are very appealing for both novice traders as well as experienced one. This broker is definitely good in enticing the traders in making the best of their trading journey.
Transfer methods at 24Option are quite diverse. What exactly does the deposit methods include?
- Credit Card
- Wire Transfer
Each transfer methods have their own specifications. For instance, if you are more of a credit card user, your daily deposit limit is of $ 10 000 while the monthly limit is $ 40 000.
On the other side, Skrill is mostly used because of its fast service. It takes a minimum of 1 hour to for your transactions to be processed. But, the good thing here is that you don’t have any associated cost associated to the transactions.
And finally, Wire transfer requires a minimum transaction of $ 1000.
Other deposit methods also include online payment alternatives such as Neteller, OkPay and Perfect Money.
Now, how do you withdraw your money from your trading account? 24Option allows traders to withdraw their money through Credit card, Wire Transfer and any other online payment systems.
Unfortunately for us traders, we will have to pay some processing fees in case we are opting for the different methods. This, however, excludes Platinum and Diamond account holders who have free life long withdrawal. Gold account holders have 1 free withdrawal each month. Basic and Silver account holders can make only 1 free withdrawal and need to pay for other withdrawal made.
Let’s do some maths now. Ready? If you are to withdraw money using the different transfer methods, the charging fees are as follows :
- Credit Card - 3.5 % of the withdrawal amount.
- Skrill (Moneybookers) - 2 % of the withdrawal amount
- Neteller - 3.5 % of the withdrawal amount.
- Wire Transfer - A fix $ 30 for each withdrawal.
The minimum amount which can be withdrawn is $ 50 while the limit to a withdrawal is the amount of money available in a traders account.
Withdrawal process usually takes on average 3 working days provided that you submit the required documents.
Transfer methods are essential for any traders and 24Option has perfectly ensure that it is providing both a wide choice and optimum security.
What about their bonuses? We all like to get free stuff so what does 24Option offers? Seriously, you would be amazed by the amount of bonuses which are offered by the guys from 24Option.
But before we move on, you should be aware that as from 26th July 2015, 24Option put in place a new method, known as the Symmetrical Bonus Method, to calculate the allocation of profit and loss on accounts with an active cash bonus.
If you want to get the bonuses from 24Option, you should get ready to trade specific trading volumes which are negotiable according to the aggregated sum of the invested amount. Let’s come back to the maths again.
If you are depositing $ 1000 with a multiplier of 50, the minimum trading volume to withdraw the bonus and the profits, will be $ 50 000.
But, what if you can’t meet the minimum trading volume? Do you get your investment or anything back? In case this happen, the full amount of the bonus together with the profit and loss associated to your trade positions will be deducted from your account balance.
Among the several bonuses offered by 24Option, we noted some which definitely demarcate this broker from the lot. To name only a few, this broker offers:
-Technology Bonus whereby you get an IPAD for a minimum of EUR 10 000 deposit or equivalent and a trading volume of EUR 50 000. You can also receive a MacBook for an equivalent of EUR 20 000 deposit or equivalent and a trading volume of EUR 100 000.
- If you are trading using 24Option’s mobile application, you are liable to $ 24 as bonus. This acts as an initial incentive to test the app prior to making a deposit. However, if your account is not verified, you won’t be allowed to make a withdrawal. Other conditions attached to a withdrawal also include a deposit 1 hour after receiving the bonus and a trading volume of 75 times the bonus amount.
- Money-back on first $ 50 trade for first time depositors. A minimum of $ 250 is required in the trader's account. What is it exactly? Money-back guarantees that at most $ 50 is refunded to your trading account in case of lost.
24Option offers several bonuses on a periodic schedule and special occasions. With a well defined bonus policy, this definitely put the company on the safe side while ensuring that the traders are able to enjoy these bonuses.
However, we recommend traders to carefully understand that 24option bonuses are often associated to specific actions which require relatively high trading volumes.