24Option is one of the well-known binary option brokers who have carved a name for themselves in the industry. The firm was founded in 2008-2009 by a group of professional financial experts. A year later, the firm came into operation under the title CBAY. In 2013, the entity was taken over by Rodeler Ltd., a company regulated by the CySec (Cyprus Securities Exchange Commission). In Cyprus, Rodeler is physically located at 39 Kolonakiou Street, FREMA PLAZA, First Floor, AyiosAthanasios, Limassol, Cyprus CY-4103.Rodeler is allowed to provide financial services under the license number 207/13.The registration number, under the Companies Law, is HE312820. Please visit Europe Binary Options Brokers’ section to understand the effectiveness of CySec regulation.
In March 2015, the company established its office in London at 99,Bishopsgate, London, EC2M 3XD. Rodeler’s registration number is FC032444. However, it should be noted that Rodeler is registered as a branch of an overseas company for performing sales support services. The company is NOT registered as a financial institution. Furthermore, the company is also registered as a cross-country financial service provider with BaFin (Federal Financial Supervisory Authority) of Germany. The company’s ID is 135524 in BaFin’s database. Since November 2013, the company is governed by the European Union’s MiFID (Markets in Financial Instruments Directive) law.
For clients residing outside Europe, the transactions with 24Options is governed by IFSC, Belize (RICHFIELD CAPITAL LIMITED,IFSC/60/440/TS/15-16).
The company does not accept the citizens or residents of Australia, Canada, Israel, Japan, and the United States of America as its clients.
24Options offer assets under four different categories: currencies, commodities, stocks, and Indices.
24Option offers 34 currency pairs, 11 commodities, 58 stocks, and 24 indices for trading.
Kind of trades:
The binary broker offers four types of binary option instruments:
- High/Low (+ Above/Below)
- Short Term (60 seconds, 2 minutes, and 5 minutes)
- One Touch (Touch/No Touch, High Yield Touch)
- Boundary (+ High Yield Boundary)
24Options offerscontracts with an expiry period beginning at 60 seconds. This is followed by contracts with an expiry period of 2 mins, 5 mins, 15 mins, 30 mins, 1 hour, 1day, 1 week, and 1 month.
Unfortunately, 24Option offers demo account only for those clients who open a funded live account.
The additional features offered by the broker includes, early closure facility (approximately 2 minutes after opening a position and 5 minutes before the expiry period), real-time economic calendar, free trading alerts based on Faunus algorithmic models (15 mins, 30 mins, and 1 hour alerts), daily market analysis, financial news, educational materials, and webinars.
24option uses the trading platform offered by the software developer TechFinancials. It is one of the most professional trading platforms available in the industry and used by at least 10 well-known binary brokers. The platform is known for its simplicity and ease of use. With a black background and gold coloured lettering, the platform is attractive as well.
Type of accounts:
The binary broker offers the following kind of accounts:
- Basic: A basic account can be opened with an investment of $250. A maximum payout of 82% is offered for the account. Additionally, the broker offers a 24/7 support to the basic account holders. Professional charts and access to Trading Central’s (professional analysis service) basic facility is offered as well.A welcome bonus of up to 25% is offered to basic account holders. Only one free withdrawal is allowed per month.
- Silver: A trader needs to shell out $2,000 to open a silver account. Apart from the facilities offered to the basic account, a personal coach and trading alerts are provided as well. The broker offers a payout of 82% for a silver account as well. 24Option offers a welcome bonus of 30% to silver account holders. Only one free withdrawal is possible.
- Gold: The returns from a successful trade can run as high as 84% for a gold account opened with a capital of $25,000. A welcome bonus of up to 40% is also offered. Apart from the facilities provided to basic and silver accounts, the broker also offers SMS, email alerts, and even live trading with financial experts. Even for gold account holders, only a single free withdrawal is possible.
- Platinum: A minimum investment of $50,000 is required to open a platinum account. As much as 50% welcome bonus is offered by the broker. In addition to the facilities offered to basic, silver and gold accounts, a financial expert session and an access to research website is also provided. Furthermore, Forex market trading facility is also offered. Unlimited free withdrawals are allowed every month. The binary broker also offers returns of up to 86% to platinum account holders.
- Diamond: An investment of more than $50,000 will fetch a diamond trading account. The broker offers a 100% welcome bonus to such an account. The returns will be as high as 88% on successful trades. Apart from the facilities offered to other kinds of accounts, a diamond account holder will also have access to a customized trading platform, Juventas tickets, and additional trading limits and exposure are offered to diamond account holders. The client can also make unlimited free of charge withdrawals.
Offers email (firstname.lastname@example.org) and live chat support on a 24×7 basis. Fully interactive website is offered in 17 languages (English, Spanish, French, German, Italian, Danish, Swedish, Russian, Latvian, Japanese, Arabic, Romanian, Korean, Finnish, Indonesian, Turkish, and Portuguese).The broker also claims providing live chat in 13 languages. The representatives of the company can be contacted using toll free local numbers in several countries.
24Options offer bonus ranging from 30% to 100%. In general, the bonus percentage increases with an increase in the deposit amount. It does not end there. The binary broker also offers holiday and special bonus offers. During periods of volatility, the broker usually considers providing bonus even for additional deposits. A trader needs to understand that responsibility comes with additional bonus. To withdraw the bonus, a trader has to complete a volume of at least 30 times the initial deposit. In general, bonus stands as the prime reason for the majority of issues between a client and the binary broker. Thus, it is better to reject bonus offers and trade with the invested amount.
Minimum and maximum trade size:
As the name of the binary broker indicates, the minimum trade size is $24. The maximum trade size is $100,000.
Depending on the nature of trade and the target price, the payout can vary from 69% to 400% or more.
Yes. 24Option supports automated trading.
Once a withdrawal request is placed, it normally takes up to five banking days for the payout to be completed.
Issues faced by clients:
The most common complaint made by a client is that the final price does not match with that of a major data provider such as Reuters or Bloomberg. It is because 24Option uses price feed from Morningstar. So, it may not match perfectly with that of Reuters or Bloomberg data.
Secondly, it takes a few milliseconds for the software to match the price with the strike price to determine the outcome of the trade. During times of high volatility, this may cause a problem sometimes.
The next most important issue is withdrawal related problem. Mostly such issues arise with clients who have accepted bonus, but have not clearly understood the terms and conditions associated with it. There seems to be no other critical issue with this broker.
The broker conducts competitions regularly with prize money as high as $24,000.