24option Review

A Binary Options Pioneer with Forex and CFD Trading Services
Editor’s Rating: 91

Very Good

Average User Rating:

Very Good

Introduction

24option has always been associated with binary options trading since time immemorial and 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.

Account Features

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.

Trading Details

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 has 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.

24option platform

*Forex/CFD trading involves substantial risk and may result in a loss greater than the invested capital

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 the majority of brokers allow for their clients.

24option lot size

*Forex/CFD trading involves substantial risk and may result in a loss greater than the invested capital

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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.

24option instrument

*Forex/CFD trading involves substantial risk and may result in a loss greater than the invested capital

Deposit & Withdrawal/Support

Minimum Deposit: Depends on your country

The minimum deposit that they accept is $100 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.

24option deposit

*Forex/CFD trading involves substantial risk and may result in a loss greater than the invested capital

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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.

Support

Channels: More ways to connect

Aside from phone support, they also have an email and live chat support.

Availability: 24/7

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.

24option support

*Forex/CFD trading involves substantial risk and may result in a loss greater than the invested capital

User Reviews

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.

24option reputation
24option reputation
24option reputation
24option reputation

Editor’s Opinion

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 are 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.

Conclusion

Editor’s Rating: 91

With 24option’s new and enhanced services, investors who are interested in forex and CFD trading now have a better option as this well-established brokerage has also ventured into this profitable industry offering favourable 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.

 

Is This The Right Broker For You?

Yes
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9 comments

  1. Francis Sharp

    24option just launced a new platform for fx and cfd trading. It is almost similar to their binary options platform but it is a perfect fit for fx trading. I was able to explore it through demo and I noticed that they offer a huge profit margin for their traders which is good. I am looking forward for more forex upgrades from this broker

  2. Ed Watson

    24option is just a new broker for fx and cfd but still I can see that they can offer a good competition between the other new and established broker of forex. Since they are regulated by the majority of the EU members, traders are going to be certain about their investments.

    • Terry Vance

      I checked out the regulation section of 24option and it seems that they are working really hard to be regulated, that means a lot because they are particularly aiming for a more legal operation in the EU.

    • Augustine Bickford

      I don’t think that there will be changes, I chatted with their support and they confirm that they do ask for the same minimum deposit imposed before. Hope that helps.

    • Lazaro Enos

      Yeah I noticed the same thing too. The platform is okay but I bet there were major changes in the future because they are not just accepting binary options now, they are working on forex relentlessly.

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