24 Option Review
In order to succeed in the binary options, Forex or CFD trading market, traders need an immense amount of information at their disposal. In many cases, they get this information from news sources or financial analysis websites. Some online brokers, however, are committed to supplying their traders with all of the news, information, analysis and training they need to turn financial data into real-world trading success. Among these brokers, 24Option is one of the most prominent.
24Option first started doing business in 2009, when binary options were still in their infancy and digital Forex trading was a relatively new phenomenon. Since that time, the firm has sought to provide user-friendly services and a platform that helps traders succeed, rather than just facilitating trades. In the intervening several years, the platform has been able to grow into one of the most well-known names in nontraditional investment.
24Option has perhaps the most diverse range of account types of any major Forex or binary options broker. Among its active trading accounts, there are five separate levels. The Basic account, which is the lowest level, offers the raw basics of trading functionality. The subsequent four, denoted as Silver, Gold, Platinum and Diamond, build off of this with more advanced features and better terms.
As your trading account level increases, your account is subject to lower spreads, making for more profit on each individual trade. Other features, such as personal coaching, real-time trading alerts and even trading platform customization, become available with higher-level accounts. At the Platinum level, members can even get free Juventus football club tickets, as 24Option is partnered with that club.
24Option also offers Islamic trading accounts, which ensure that money deposited into those accounts is not involved in interest-paying activities. Islamic accounts are becoming increasingly popular among the major online trading brokerages, as they allow Muslims to invest their money without violating a central tenet of their faith.
24Option offers a wide range of educational materials that traders can take advantage of to hone their skills, increase their knowledge base and, most importantly, make their trading more profitable. The site offers a full ebook that new traders can download for an effective crash course in binary options trading, as well as several webinars designed to teach specific aspects of trading online.
For more day-to-day information, traders can turn to 24Option’s trading central, which provides them with real-time professional financial analysis that they can use to make trading decisions. Added to this is a financial headline feed that will give them basic information about the major economic events taking place around the world on any given day.
At the higher account levels, even more valuable educational materials are unlocked. A personal trading coach and live personal training sessions, for example, can be accessed by members with larger trading accounts. This is one of the many ways that the 24Option system grows with traders as they gradually become more experienced and skilled.
24Option has chosen to build its trading interface on the popular MetaTrader4 software, which is a major standard software in the digital trading industry. Using this software, 24Option offers a platform that is both user-friendly and filled with useful information. MT4 is well-known for its clear yet informative price graphs. A well-organized interface also lets traders keep track of asset prices in multiple categories, which is great for those traders who like diversity in their positions.
Traders can also access the 24Option trading platform via a mobile app. Though not everyone favors mobile trading, it is extremely useful for those who like to trade actively throughout the day. With higher account levels that receive real-time trading alerts, mobile accessibility also lets traders act on new information in a matter of moments.
Deposits and Withdrawals
Once you’ve opened an account on 24Option, the next step you’ll need to complete before beginning to trade is depositing funds into that account. 24Option accepts major credit and debit cards, a range of electronic payment services and direct wire transfers. How large your minimum deposit will be will depend on the method you use. If you’re depositing through a card or teller service, your minimum deposit will be £250. For wire transfers, the minimum goes up to £1,000.
Withdrawals may be conducted using any of the same channels that can be used to deposit funds. Before you can withdraw funds, you’ll need to verify your identity with 24Option. The withdrawal fee you will be charged depends on how you elect to withdraw your money. For teller services and cards, fees of 2-3.5 percent will be applied. For wire transfers, a flat fee of £20 will be charged. It’s also worth noting that higher level accounts offer fee waivers, with Platinum and Diamond accounts exempt from withdrawal fees altogether.
Whether you’re trading traditional stocks or binary options and CFDs, you need to know that your brokerage is going to be there for you whenever you need it. 24Option offers professional customer service at any time via phone, live chat or email. The site also features a fairly comprehensive FAQ section that can be used to find the answers to simple questions, such as how to withdraw funds or how to check your account balance.
Bonuses and Promotions
Recently, stricter rules went into effect about brokers specifically rewarding trading activities with bonuses. However, 24Option still manages to put together some very attractive promotions from time to time. Usually, these promotions involve free product giveaways for traders, though cash giveaways are sometimes involved as well. These promotions are limited-time, so be sure to check back into the “Promotions” page on 24Option.com regularly to see what the current promotions are.
24Option takes the privacy of its customers very seriously. This is why the entire site is secured with 128-bit SSL encryption, as well as other digital safeguards that prevent would-be hackers from accessing customer information or funds. To add to this internal security, 24Option is also licensed under the Cyprus Securities and Exchange Commission. Because Cyprus is a member state of the European Union, registration with Cypriot regulatory bodies makes 24Option subject to all of the collective rules and regulations that the EU as a whole places on trading firms. When trading on 24Option, customers can be assured that their money is secure with a well-regulated company that is transparent to government oversight.
24Option offers one of the best values for traders of all levels. Starting with a great basic trading platform, 24Option allows traders to grow and access more and more features as they become more adept. This makes it one of the few brokerages that can truly guide a trader through every step of the journey from being a total novice to being an experienced and professional financial trader. 24Option’s strong supply of financial information is also useful, as it saves investors the time of going to other platforms to find the news and data they need to make informed, well thought out trades. If you are looking for a binary options, Forex and CFD broker, 24Option is a great choice.
- Excellent informational and educational resources
- Trusted MetaTrader4 platform
- Advanced features with higher accounts
- High minimum deposit requirements
- Fees applied to withdrawals
- No advanced risk management features