Introduction24option is a well-established and pioneering binary options broker servicing various clients from across the globe including Europe, Asia, Africa and the Middle East. They are currently authorized and regulated by the Cyprus Securities and Exchange Commission and registered with the Financial Market Authority, the Hellenic Capital Market Commission and other trusted financial authorities of EU Member States.
Recently, they have made some improvements to their trading platforms by now offering not just binary options but also forex and CFD trading as well. This gives their clients more options to invest in the financial markets without the need to switch to another broker. This is an interesting new development but is it worth trading with this brokerage? Let’s find out in this review.
Demo Account: Trade with no risks at all
24option offers a demo account which is an important trading tool that can be utilized for getting used to the platform and experimenting with various trading strategies. This feature can be requested from their support team after the registered account has been verified and an initial deposit of €250 has been made.
Account Types: Basic, Silver, Gold, Platinum and Diamond
24option doesn’t offer welcome bonuses anymore in accordance with the guidelines of the CySEC. However, they have 5 types of accounts which have different perks and benefits.
Platform: Extremely fast and responsive
I never had any problems with their platform because it loads extremely fast on my browser. The Scipio-powered platform was very easy to use and loads lightly on the web browser.
Mobile Trading: Apps available for download
I’m the type of person who takes the internet with me wherever I go so I was really glad to know that 24option has a dedicated mobile site which gives me the freedom to trade on the go. They have also developed specialized apps for iOS and Android mobile users and this has all the same features that can be found on their web-based platform. It’s the perfect solution for my very busy lifestyle.
Tradable Assets: Plenty of choices
In order for me to expand my trading experience, I need to have a good range of underlying assets to choose from and fortunately 24option has an ample selection which gives me the opportunity to expand my trades. They have a wide variety of Binary Options assets such us currency pairs, stocks, commodities and indices that are available for trading 24/7.
Minimum Trade: Industry standard
The minimum amount that they accept for a single trade is €24 which is a dollar lower than what most brokers require.
Payout Rate: Significantly high!
The payout rates depend on the type of the option selected but I find most of the amounts to be very satisfactory. The majority of the available options are around 70% to 80% while the highest rate is at 88%, something that most brokers cannot offer (investors can lose all their capital).
The standard trading instrument is known as High Low and it has a good range of expiries.
Aside from the standard High Low options, they also offer short term options that expire in 60 seconds, 2 minutes and 5 minutes.
This instrument literally pays 100% if your speculation if the underlying asset will close higher a specific price or lower than another specific price.
Deposit & Withdrawal/Support
Minimum Deposit: Not too high, not too low
Their minimum deposit requirement is €250. This is not the lowest in the market but it is not the highest either. For me this amount is well within the acceptable range as most brokers do require the same initial deposit amount.
Deposit Methods: Lots of options
Withdrawal Processing Time: Fast and guaranteed
In compliance with the anti-money laundering policies they require proper documentation for the initial withdrawals and the processing can be done on the same day if the request was received within business hours. Otherwise, it gets processed the next business day. This is much better than the standard processing time of the majority of the brokers today which exceeds beyond a week.
Channels: Communication made easier
I never had any difficulty contacting the support team because they can be easily reached using various methods. I can simply call them up by phone, send a message via email or fax or get instant assistance with the help of the live chat.
Availability: Round the clock
Contacting them anytime is not a problem because the support is available 24 hours day, 7 days a week.
Supported Languages:Multilingual customer service
It’s also an advantage that they support various languages such as English, Chinese, French, German, Spanish, Italian, Japanese, Turkish, Russian, Arabic, Danish, Indonesian, Korean, Latvian, Portuguese, Romanian, Swedish and Greek.
Average User Rating: 9.8
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: Visually pleasing and engaging
I certainly enjoyed using their platform which has a very sophisticated and stylish design. It was very organized and doesn’t have any unnecessary and distracting elements. It’s very user-friendly and I’m pretty sure that even newbies won’t have a hard time getting used to the interface.
Support: Customer service at its finest
The support was no doubt fast in providing help and assistance. Regardless if they were contacted via phone, email or live chat, they deliver the same quality of service that is fast and reliable.
Reputation: Rock solid
They have a well-established name in the market and are known to be one the world’s leading brokers. I usually find this broker ending up on the top of the list of recommended brokers by trusted review sites and financial experts. Having approval and registration from CySEC and other financial regulators is important for me, to know that my investment is safe and secure.
Editor’s Rating: 96
24option has definitely done an amazing job in providing a straightforward platform that has plenty of useful features and value-added extras. Their years in the business and expertise in financial markets makes them one of the best choices for trading binary options.