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. They have all the necessary features and perks that traders are looking for in a broker. It is easy to see why they are a well-established brand and a popular choice among forex and CFD traders.
Final Score: 93/100
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|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 UK traders||Yes|
|Regulated||IFSC (Belize), CySEC (Cyprus)|
|Support||Email, Phone, Live Chat|
- Wide range of instruments including cryptocurrencies
- Tight spreads
- Registered with the FCA
- Well-established brand
- Demo account valid for 1 week only
24option is one of the most reputable brokerages in the market and now they have diversified their online trading services by offering a suite of platforms for trading forex and CFDs 24/7. It’s interesting that a well-known and established brand has entered the competitive world of trading. So how do they compare to other 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 10/10.
The advantage of 24option‘s platform design over their competition is that they have made it quick and easy to switch from forex to CFD trading without the need to open and close any windows on your computer. You can simply click on the links at the top the interface to open the platform and begin trading as you wish. This earns a Design score of 5/5.
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. Do take note that 24option and other brokers no longer bonuses in accordance with the regulators so if you’re looking for promo codes then you won’t likely find them anymore. Bonuses are actually not a major factor for choosing a broker because these usually comes with certain terms and conditions. It would be better to look at the benefits that you will enjoy. With 24option, you will be able to enjoy various perks such as free tutorials, webinars, seminars, trading central, daily market brief, trading alerts or signals and many more. 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.
Their platforms have more than 150 assets which are composed of commodities, indices and international and local stocks such as Barlay, Tesco and more. You can also trade cryptocurrencies like Bitcoin (BTC), Litecoin (LTC), Dash, Ripple (XRP) and Ethereum (ETH). Such variety gives you the chance to buy and sell on a wider selection of instruments to expand your portfolio. This gives you the opportunity to make short or long term investments. And since you will be able to access not just local but international markets, you can trade any time of the day or 24/7. This are the reasons why they deserve a Tradable 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 was received with business hours then it will be processed on the same day. If not, it will be done on the next business day. 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 online trading 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 International Financial Services Commission (IFSC) in Belize under Richfield Capital Limited (www.24option.com/international) and the Cyprus Securities and Exchange Commission (CySEC) under Rodeler Limited (www.24option.com/eu) and locally registered with the Financial Conduct Authority (FCA) in the UK. They have also signed a brand ambassador partnership with financial guru, hedge fund manager and former Bloomberg presenter Alpesh Patel.
But other than that, recent reviews and comments show that their forex and CFD services have been well-received by British 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 and it won’t be surprising to see them as a popular choice among forex and CFD traders.
Final Score: 93/100
Risk Warning: Trading forex and/or CFDs involves significant risk of loss. CFDs are leveraged products and it is possible to lose more than your initial investment.