24option has always been associated with binary options trading since time immemorial but now this well-established brokerage has expanded their services into forex and CFD trading. Do they offer the same high quality service and features that they are known for in this competitive market or should you just stick to a dedicated forex brokerage instead? You may continue reading this review to find out.
Demo Account: Free access
Practice trading is possible thanks to the free demo account which will only be valid for 1 week after you register. This is preloaded with a €10,000 virtual funds which you can use for doing test trades on their platform.
Account Types: 5 choices
24option doesn’t offer welcome bonuses anymore in accordance with the guidelines of the CySEC. However, they have 5 types of accounts: Basic, Silver, Gold, Platinum and Diamond which have different perks and benefits.
Platform: Scipio and MetaTrader 4
As a CFD trader, you will have access to the customized Scipio trading platform which is very user-friendly just like their binary options platform. And if you’re used to the MetaTrader4, don’t worry because they also offer this popular platform which pretty much have all the features that you’re looking for such as advanced charting tools and other resources. If you want to switch to trading binary options, you can do so by just clicking on the “Binary” link on the top of the platform.
Mobile Trading: Via MT4 apps
If you prefer mobile trading, you can install their MT4 apps which are available for Android and iOS-powered devices. The functionalities are basically the same as the desktop version so you won’t get left behind.
Minimum Lot Size: Micro lot trading allowed
Trading micro lots is allowed and you can set the minimum size to 0.01. This matches the minimum lot size that majority of brokers allow for their clients.
Maximum Leverage: High purchasing power
With 24option, you can apply a leverage of up to 1:400 which gives you a higher purchasing power. If let’s say you have a €1,000 capital then you can trade on forex and CFD’s with a maximum worth of €400,000. With a higher leverage ratio comes greater profit but also keep in mind that this also comes with greater risks.
Spreads: Competitively tight
You will be able to enjoy very tight spreads even on major currency pairs with this brokerage. The EUR/USD pair for example can be traded with a spread of 0.0003 pip.
Tradable Instruments: Plenty of pairs and CFDs
As of this writing they have 46 currency pairs and more than 100 assets for the CFDs which are composed of commodities, stocks and indices. This allows you to explore more markets.
Deposit & Withdrawal/Support
Minimum Deposit: Depends on your country
The minimum deposit that they accept is €250 and this is the same with the initial deposit requirements of the majority of brokers today.
Deposit Methods: More than the common choices
You can fund your online trading account using credit cards, OKPAY, Neteller, Skrill, Perfect Money, Wire Transfer and other alternative payment methods. Basically, you have plenty of choices for banking and this is a great advantage.
Withdrawal Processing Time: Fast and secure
They only allow withdrawals once the account has been verified. This process is very simple and would only require you to send documents including your proof of ID, proof of residence, complete assessment of appropriateness and verification of the payment method used. If the withdrawal request was received during business hours (Mondays to Thursdays, 9am to 4pm and Fridays, 9am to 1:30pm), this will be processed on the same day, otherwise, it will be processed on the next business day.
Channels: More ways to connect
Aside from phone support, they also have an email and live chat support.
Their support lines are available 24 hours a day, 7 days a week so you can talk to their agents any time you wish to.
Supported Languages: Multi-lingual
They support clients who speak English, French, German, Italian, Spanish, Russian, Arabic, Portuguese, Swedish, Dutch, Norwegian and Polish.
Average User Rating: 9.1
This score was provided by various users and its value is taken from the accumulated votes that were given by actual traders who have tested this broker.
Platform Design: User-friendliness at its finest
Similar to their binary options platform, they have done a terrific job in making their forex and CFD platforms very user-friendly. Switching from binary to forex and CFD trading can be done with just a click of a mouse.
Support: Well-trained agents with 24/7 availability
They have been known for providing first rate 24/7 customer support in the binary options market and they are doing the same thing for their clients who are interested in trading forex and CFDs.
Reputation: A pioneering binary options broker with promising forex and CFDs offerings
24option already has a well-established reputation in the binary options trading industry so it’s really not that surprising that they have expanded their services for traders who are also interested in forex and CFDs.
Editor’s Rating: 90
With 24option’s new and enhanced services, investors who are interested forex and CFD trading now have a better option as this well-established brokerage has also ventured into this profitable industry offering favorable trading conditions and first class customer service which they are known for. If you’re in search of a promising brokerage to trade with then 24option is definitely a good choice.