This in-depth 24Option review explores a reputable and accomplished broker that offers outstanding customer service, competitive spreads, and a comprehensive amount of educational materials.
An excellent broker for both novice and veteran traders, 24option provides an exceptional trading experience with all the tools you need to trade effectively.
24Option supplies a wide range of tradeable assets, ensuring that you have access to a variety of profit-generating opportunities.
- Lots of tradable assets
- Extensive educational materials
- Quality research tools, including market analysis and commentary
- User-friendly proprietary trading platform
- Best trader for beginners
- Does not accept US or Canadian clients
- Higher-than-average withdrawal fees for basic accounts
Hailing from Cyprus, 24Option was founded in 2008 and was initially formed as a broker for binary options and forex trading. Over time, the broker expanded operations to encompass the globe, while also growing their offering of financial assets, including stocks and indices. 24Option no longer offers binary options services.
The founders’ vision for 24Option was to provide a way for retail traders to enter the financial markets using a highly user-friendly platform. The company prides itself on offering outstanding services as well as ensuring that you have access to a wide range of opportunities to make a profit every day.
24Option regulation and licensing
Our 24Option forex broker review team discovered that the European arm of 24Option is regulated by the Cyprus Securities and Exchange Commission under license number 207/13. The international side of the operation is regulated by the IFSC of Belize under license number 60/440/TS/19.
The Cyprus Securities and Exchange Commission is a highly effective regulatory body. CySEC’s main mission is to protect retail forex traders. To this end, brokers must abide by a series of regulations, including:
- Maintaining a minimum of EUR 750,000 in operating capital to ensure that a forex broker can hold your position without market volatility wiping them out
- Submitting regular financial statements to CySEC for review periodically
- Presenting an annual audit report issued by an independent third party
- Keeping your funds as a client in top-tier banks in Europe in segregated accounts
- Being a member of the Investor Compensation Fund to ensure that your funds are protected if the firm goes bankrupt. You have up to EUR 20,000 in coverage if something does happen to the broker.
As a CySEC regulated broker, 24Option must conform to all these rules, meaning that you are extremely well protected when working with this broker.
24Option also ensures that your personal information and money are completely safe. They use anti-fraud software to achieve this, including ClickSSL and Thawte.
24Option also offers negative balance protection. This way, you won’t be at risk of losing more money than you deposited.
Opening an account with 24Option
You won’t have any difficulty opening an account with 24Option. The process is straightforward and in line with most other popular brokers. The minimum deposit is also quite accessible, even if it might be a little higher than other quality brokers.
What is the minimum deposit at 24Option?
The minimum deposit on the basic account is EUR 250, which is reasonable. It is a little higher than some other options, but it’s on par with the minimum required by serious brokers who want to see you succeed.
Our 24Options review experts noted that the other account types this broker offers come with higher minimum deposits, but this is to be expected seeing as they are designed for more experienced traders. Also, if you wish to deposit via wire transfer, then the minimum deposit is EUR 500.
How to open an account at 24Option?
Opening an account with 24Option is simple and quick. It shouldn’t take you more than a few minutes. Though the process is completely digital, you might receive a phone call from a 24Option representative to determine if you are over 18 years of age and to ask you about your previous experience in the financial markets.
Step 1. Choose whether you want to open a real or demo account. Fill in your name, email address, and phone number.
Step 2. Fill out your date of birth, country of birth, nationality, and address.
Step 3. Answer questions about your employment, education, and political exposure.
Step 4. Answer a series of questions regarding your trading plans.
Step 5. Respond to questions about your trading experience and knowledge.
Step 6. Confirm all information is accurate.
Step 7. Fund your account.
Step 8. Verify your account by supplying proof of identity and proof of address.
The information you will need to provide includes:
- Personal information: Name, address, email, phone number, tax identification number, date of birth, country of birth, nationality, education details, employment information
- Regulatory information: Income, Net assets, sources of funding, how much you plan on depositing in the next year, reasons for trading, trading experience, basic trading knowledge
- Documentation: A valid passport, national ID, or driving license, utility bill or bank statement, proof of ownership of funds.
Our 24Option review team is pleased to inform you that this broker offers 4 different account types for retail traders as well as an account for professional clients. The retail accounts are customized to your level of experience and trading style.
Accounts for retail traders
The Basic account is designed for beginners and requires a minimum deposit of EUR 250. The account has floating spreads starting at 2.5 pips for the EUR/USD and 2.8 pips for the USD/JPY.
This account comes with one basic lesson in trading, daily news, access to Trading Central, and two daily SMS alerts from Trading Central. You will also be able to enjoy one free withdrawal.
The Gold account is designed for more experienced traders with a minimum deposit of EUR 5,000. Floating spreads start at 2 pips for the EUR/USD and 2.5 pips for the USD/JPY.
As a Gold account holder, you’ll also enjoy access to two basic trading lessons, one webinar per month and one free withdrawal per month, in addition to the benefits offered with the Basic account.
The Platinum account has a minimum deposit of EUR 10,000 with floating spreads starting at 1.4 pips for the EUR/USD and 1.9 pips for the USD/JPY.
Benefits include daily news, three advanced trading lessons, two monthly webinars, four SMS alerts from Trading Central, and three free withdrawals per month.
The VIP account has a minimum deposit requirement of EUR 50,000. Floating spreads start at 1.1 pips for the EUR/USD and 1.4 pips for the USD/JPY.
The benefits you’ll enjoy as a VIP client include five advanced trading lessons, five webinars per month, daily news, seven SMS alerts per day from Trading Central, and unlimited withdrawals for free.
All retail accounts offer leverage of 1:30.
Account for professional clients
The professional account has a leverage of 1:400. To qualify as a professional client, you will have to meet two of the following three conditions:
- a significant trading volume with an average frequency of 10 transactions per quarter over the past year
- a minimum of one year of experience working in a financial field in a role that requires you to know the CFDs market and services
- your portfolio is worth at least EUR 500,000, including cash deposits and financial instruments
As a professional client, you are not covered by the Investor Compensation Scheme, which is aimed specifically at retail traders. However, you will be able to enjoy negative balance protection and your funds will also be kept in segregated accounts.
As a 24Option professional client, you’ll also be offered the opportunity to participate in exclusive trading programs and contests. You’ll also have a dedicated account manager and receive access to top-of-the-line professional trading education.
Our 24Option review team discovered that this broker offers a demo account that comes with $100,000 and is unlimited. To open a demo account, you simply have to provide your name, email address, and phone number.
24Option does provide accounts tailored to Muslim traders. Once you have created an account you will need to get in contact with an account manager to determine your eligibility for this account type.
24Option trading costs
Our 24Option review team analyzed this broker’s costs and fees and concluded that they are mostly on par with market averages.
Trading Fees* Type of Fee Cost Minimum Order Size (lots per trade) 0.01 Average Spread USDEUR (pips) 1.75 Commission (%) 0 Commission on Islamic Accounts (%) N/A Non-Trading Fees Type of Fee Yes or No Inactivity Fees Yes Deposit Fees No Withdrawal Fees Yes
*Based on Standard account type.
Our 24Option review team is pleased to report that this broker does not charge any commissions on trades. The only direct costs related to trading are spreads. This broker practices different floating spreads with each account. The higher the minimum deposit, the lower the spreads.
When compared to other popular brokers, 24Option’s spreads are a little on the high side, especially on the Basic account. However, when you take into account everything the broker offers, you’ll find the spreads are more than reasonable.
In terms of swaps, our 24Option broker review team found that the percentages are in line with the market average. Each instrument features different overnight rates, which are calculated daily. You can find the swaps for each instrument on your trading platform.
24Option does not charge deposit fees. However, when conducting our review of the 24Option forex broker, our team found that you will have to pay withdrawal fees in some cases.
For debit and credit card withdrawals, the fees are 3.5% of the amount you are withdrawing. On wire transfers, you will have to pay $30, while PayPal, Neteller, and Skrill withdrawal fees are 4.5%, 3.5%, and 2%, respectively
These fees are a little high, but on Gold, Platinum, and VIP accounts, you will be able to bypass these costs in large part thanks to the free monthly withdrawals you are offered.
If you don’t conduct any activity on your trading account for one month or more, you will be subject to a monthly inactivity fee of 80 EUR.
24Option payment methods
During our review of the 24Option forex broker, our team of experts was pleased to discover that this broker offers a wide range of payment methods.
You will be able to make withdrawals and deposits using Visa, MasterCard, and bank transfers. Other payment methods you can use include Skrill, TrustPay, Trustly, SoFort, Neteller, giropay and more. Payment methods might differ based on your country of residence.
If you are withdrawing money, 24Option will only send the withdrawal to the same source you used to make a deposit. If you made deposits using multiple methods, the broker will send the withdrawals in the same order you made the deposits as well as according to the amounts deposited.
Our review team found that 24Option takes up to 24 business hours to process withdrawal requests. The broker then states it can take up to 5 business days for the withdrawal to reach your account/source.
According to 24Option, the goal is to process withdrawals as quickly as possible. However, you need to provide documentation to verify the payment method to make a withdraw, which could delay the process.
Our 24option broker review experts recommend that you should ensure all your documentation is up to date before making a withdrawal.
24Option trading bonuses
24Option does not offer retail traders any bonuses or loyalty programs. This is mainly because of regulatory requirements.
However, as a serious broker focused on trading, they don’t need to use any gimmicks to attract clients other than the outstanding trading experience they offer.
24Option trading platforms
Our 24Option review team found that this broker offers two trading platforms: MetaTrader 4 and Scipio the 24Option proprietary trading platform.
MetaTrader 4 is one of the most popular trading platforms in the world. It offers a wide range of charting and analytical tools, making it one of the most comprehensive trading systems in the world.
You can benefit from a wide range of built-in and customizable indicators. MetaTrader 4 also allows you to trade with expert advisors, which means you can use forex trading robots.
The 24Option trading platform is a user-friendly web-based system that offers you all the tools and indicators you could need to trade effectively. You can even customize some of the indicators and create a list of favorites for easy and quick access.
As 24Option promises, the platform they provide is very user-friendly and simple to use, while still providing you with all the tools you need to trade effectively.
What is the execution policy at 24Option?
24Option is an STP broker, or a Straight Through Processing broker. This means that this broker takes your order and passes it directly to their liquidity provider.
You won’t have to deal with re-quotes because the broker doesn’t filter trades through a dealing desk and will, therefore, not intervene in any way.
In terms of execution, our 24Option review team found that this broker’s policy is to take all sufficient measures necessary to obtain the best possible outcome for you. The broker warns slippage might occur if no liquidity is available at the price you place your order.
The minimum volume of an order is 0.01 lots, while the maximum order volume differs based on the asset being traded.
Certain currency pairs, such as the EUR/USD and the EUR/CHF, have a maximum order volume of 30 lots, while others, like the USD/HKD and the EUR/NOK, have a maximum order volume of 10 lots.
Indices come with a maximum trade size of 3 lots, stocks have a limit of 10, commodities a limit of 20, and metals of 25.
Our 24Option review team was pleased to see that this broker also offers fractional pip pricing, meaning that they quote five figures after the decimal. This allows for greater accuracy when quoting.
24Option markets and products
24Option offers a wide range of tradable assets across various classes, such as currency pairs, indices, commodities, stocks, and cryptocurrencies.
24Option Markets and Products Instrument Number Currency Pairs 46 Indices 22 Cryptocurrencies 42 Stocks 160+ Commodities 23
24Option offers 46 currency pairs, which is a reasonable offering. Though other popular brokers offer more pairs, you still have access to the most popular forex trading options available.
The 24Option currency pair offering includes all the majors, such as the EUR/USD and the GBP/USD. You’ll also be able to trade various crosses, like the EUR/AUD and the GBP/BZD, as well as some minor pairs, such as the USD/MXN and EUR/PLN.
With 24Option, you’ll be able to trade some of the most popular cryptocurrencies, including Bitcoin, Ethereum, and Ripple.
You can trade cryptocurrencies as crosses with the USD, EUR, and GBP. A total of 41 crosses are available, such as the Bitcoin/USD, the Bitcoin/GPB, and the Ripple/EUR.
You can also trade Bitcoin/Gold. It’s the only crypto commodity cross available from 24Option.
If you like to trade indices, then 24Option is the forex broker for you because it offers you the opportunity to trade 22 different indices, including the OMXS30, the TA35, and the ASX.
This forex broker also offers you the opportunity to trade a wide variety of stocks from the world’s biggest companies. These include Boeing, Alibaba, Disney, Chevron, and many more. With over 160 stocks to choose from, you have lots of opportunities to make a profit.
24Option also offers plenty of commodities if you prefer trading with instruments where physical goods are the underlying asset. You can choose from 23 popular commodities, including crude oil, cocoa, gold, platinum, cotton, milk, and natural gas.
Our 24Option review team discovered that this broker does not offer social trading. 24Option is focused on providing services to traders who wish to be in full control of their trading and don’t wish to rely on anyone else to make a profit in the financial markets.
The 24Option website is mobile-responsive, making it very easy to navigate from any device. The website is very user-friendly, and you’ll be able to easily access all the information you might need.
In terms of trading on the go, 24Option offers downloadable versions of MT4 as well as their proprietary platform for Android and iOS users. You’ll, therefore, be able to easily trade from any device, no matter where you are.
Our 24Option review team discovered that this broker offers a wide range of research tools to help improve your trading.
The Asset Calculator, for example, will allow you to determine all the costs involved in any trade you intend to place. This is an invaluable tool that will allow you to improve your risk management strategy by determining the profit you can make after the costs have been deducted.
24Option has also teamed up with Trading Central, an independent technical analysis research firm, to provide you with access to advanced market analysis alerts.
While all account holders benefit from these alerts, the number of alerts you receive depends on your account. However, you will receive complete access to current and past technical analysis reports for over 8,000 assets, making it an invaluable tool in your trading arsenal.
24Option also provides daily analysis and market commentary, giving you even more information to help you trade profitably.
An economic calendar is also available, ensuring you are always aware of when important data will be released.
Education and training
24Option offers an impressive array of educational materials. These include a free course on forex trading, various eBooks, videos-on-demand, and webinars.
These materials are only available to clients, and the level of access you receive depends on your account. For example, basic account holders do not enjoy access to webinars and are only offered 1 basic forex trading lesson, whereas VIP account holders can enjoy five advanced trading lessons and access to five monthly webinars.
Our 24Option review team was impressed with the array of educational resources available. However, limited access due to account type can feel somewhat restrictive.
24Option customer support
24Option offers outstanding customer support via multiple channels. You can get in touch with them through live chat, phone, email, and even Twitter.
While customer support is available 24/5, this broker also has robot support if you have pressing questions outside of operating hours.
Our 24Option review team tested the customer service staff and found the representatives to be knowledgeable and helpful. They were also quite quick to respond via live chat.
The broker also has an extensive FAQ section which is full of helpful information regarding basic service inquiries.
24Option – Our verdict
24Option is a reputable and accomplished broker that provides an outstanding trading experience. A wide range of tradable assets, a reasonable minimum deposit, and a slew of research tools and educational materials set this broker apart, making it one of the best on the market.
Our 24Option review team happily recommends this broker for novice and experienced traders alike.
To start trading with 24Option, sign up with this outstanding broker today. The process is quick and easy, so you’ll be trading before you know it.