|Platform||Scipio, MetaTrader 4, MT4 Mobile Apps|
|Minimum account size||$100|
|Minimum lot size||0.01|
|Spread on EUR/USD||0.0003 pips|
|Payment methods||Credit Cards, OKPAY, Neteller, Skrill, Perfect Money, Wire Transfer, Alternative Payment Methods|
|Demo account||1 week with $10,000 virtual funds|
|Accepts US traders||No|
|Support||Email, Phone, Live Chat|
- Wide range of instruments including cryptocurrencies
- Tight spreads
- Well-established brand
- US traders not accepted
- Demo account valid for 1 week only
24option is one of the most reputable brokerages in the binary options market and now they have diversified their online trading services by offering a suite of platforms for trading forex and CFDs. It’s interesting that a well-known and established brand has entered the competitive world of FX trading. So how do they compare to other forex brokerages? Continue reading this unbiased review to know the answer.
The platforms that they offer include the enhanced Scipio, the standard MetaTrader4 and the MT4 apps which can be installed on mobile devices running on Apple’s iOS and Google’s Android. All platforms are very convenient to use and are bug-free and this is the reason why they are getting a Platform score of 8/10.
The feature of 24option’s platform design over their competition is that they have made it quick and easy to switch from binary to CFDs/Forex trading without the need to open and close any windows on your computer. You can simply click on the Binary, CFDs/Forex links at the top the interface to open the platform and begin trading as you wish. This earns a Design score of 4/5.
You can open a live trading account with a minimum initial deposit of $100. This just a little higher than the requirement of most of brokerages today and this warrants a minimum deposit score of 4/5.
Minimum Lot Size
Like most brokers, they also allow trading with micro lots for as low as 0.01 giving traders the opportunity to invest with lower risks. This earns a Minimum Trade Score of 4/5.
Tradable Underlying Assets
Their platforms have more than 150 underlying assets which are composed of commodities, stocks, indices, currency pairs and even cryptocurrencies like Bitcoin, Litecoin, Dash and Ethereum. Such variety gives you the chance to expand your investment journey by having a flexible and diversified range of underlying assets which is why they deserve a Tradable underlying assets score of 4/5.
For a new entrant in the forex and CFD trading industry, their spreads are very competitive even for the hottest currency pairs in the market like EUR/USD which can reach as low as 0.0003 pip. Such rate warrants a Payouts score of 10/10.
For security purposes, you need to verify your account before you can make a withdrawal request. Simply submit them your proof of ID, proof of residence, complete assessment of appropriateness and verification of the payment method that you used to accomplish this. And once the account has been verified, you will be able to withdraw your funds and if the request will be processed without any undue delay. Generally, the processing time is impressively fast and this is why they deserve a Withdrawal Time score of 10/10.
Deposit and Withdrawal Methods
Among the banking methods they support are credit cards, OKPAY, Neteller, Skrill, Perfect Money, Wire Transfer and alternative payment methods. This will give you a lot of convenience in transferring funds into your account and this merits a Deposit and Withdrawal Methods score of 5/5.
Getting in touch with their customer service department was never a problem. They have phone, email and live chat support and their availability is 24 hours a day, 7 days a week so there’s always someone to talk to whenever you need help. The ease of getting immediate customer service is the reason why they notched a Support score of 14/15.
Several tests were done to check the accuracy of the prices that are shown on the platform and the good news is that there were no discrepancies encountered and trades were also executed without any delays. This deserves a Quote Accuracy Score of 9/10.
24option is among the biggest brands in the binary options market so if you’re concerned about their credibility then this is definitely not an issue because they have been operating since 2009 and are regulated by the Cyprus Securities and Exchange Commission (CySEC). But other than that, recent reviews and comments show that their CFDs/Forex services have been well-received by traders. This strongly indicates that they were able to sustain their good credibility and for this they get a Reputation score of 18/20.
24option is a great addition to the competitive foreign exchange market with their full-feature platforms, flexible trading conditions, client benefits and 24/7 support. It is easy to see why they became a well-established brokerage in the binary options market and it won’t be surprising to see them as a popular choice among forex and CFD traders as well.
Final Score: 90/100
Risk Warning: Trading Binary Options and/or CFDs involves significant risk of loss. CFDs are leveraged products and it is possible to lose more than your initial investment.