24option Review – Are They a Scam?

Want to know the bottom line? Here it is:

24option is a great addition to the competitive foreign exchange market with their full-feature platforms and client benefits.

What sets them apart from the rest is that they have good reputation, excellent support and other trading benefits that you won’t just find from any other broker.

Let’s recap:

They have flexible trading conditions that are suitable not just for experienced and skilled traders but also for those who are just starting to explore opportunities in the financial markets.

What’s more…

The professional 24/5 customer support is unquestionable and reliable in the event that you need assistance or help with your online trading account.

All in all…

24option has 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: 92/100
Read the full review…

Easily sign-up with 24option for free via the form below!

24option Overview
Founded2013
PlatformScipio, MetaTrader 4, MT4 Mobile Apps
Minimum account size$100
Minimum lot size0.01
Tradable assets340+
Maximum margin1:400 (for professional clients) / 1:30 (for retail clients)
Spread on EUR/USD0.9 pips
Payment methodsCredit Cards, OKPAY, Neteller, Skrill, Perfect Money, Wire Transfer, Alternative Payment Methods
Demo account1 week with $100,000 virtual funds
Accepts US tradersNo
RegulatedIFSC (Belize), CySEC (Cyprus)
SupportEmail, Phone, Live Chat
Websitewww.24option.com

 

Visit 24option Site
Skip Content and Read the Bottom Line!

 

Introduction

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.

It’s interesting that a well-known and established brand has entered the competitive world of FX and CFD trading.

So how do they compare to other forex brokerages? Should you sign-up with 24option or would it be better to consider other brands instead?

Continue reading this unbiased and updated review to know the answers.

3/3

Registration

The initial part of the registration at 24option won’t take too much of your time nor would it need plenty of information from you.

The registration form on their website is very basic and only requires the following personal details:

  • Full name
  • Email address
  • Phone number

Once you have accomplished this form and clicked on Submit, you’ll get pop-up welcome message and will be asked to answer a short questionnaire.

This part of the registration is mandatory and imposed by local regulators so be sure to answer them correctly since the assessment would determine if your experience and profile is suitable for trading on their platform.

Don’t worry!

This is no technical exam that will require you to be an expert or experienced user. They will only provide you with several basic questions which you can finish in as fast as 5 minutes.

And once you’ve completed the questionnaire, there’s no need to wait further because you will instantly be informed if your account has been approved or not.

24option registration page
24option registration page

CFD Service. 86.24% of retail clients lose money.

Ready to sign-up with 24option? Just click on the button below and we’ll take you to the registration page:

Visit 24option registration page
 

4/4

Account Types

Your initial deposit would determine the account type that you will be subscribed to and this could be any of the following:

  • Basic – $250 minimum deposit
  • Gold – $5,000 minimum deposit
  • Platinum – $10,000 minimum deposit
  • VIP – $50,000 minimum deposit

Each account has its own perks and of course, the higher the account type, the better the perks you’d get to enjoy.

Let’s look at it in detail:

Among the benefits that you would be able to avail may include floating spreads, education center features such as basic and advanced lessons, webinars, daily news, alerts from Trading Central, 100% margin call and free withdrawals.

24option account types
24option account types

CFD Service. 86.24% of retail clients lose money.

2/3

Demo Account

If this will be your first time to use 24option’s platform or you have no trading experience at all, then the demo account is definitely useful tool that you can utilize.

How can you actually use this?

This is basically the same as the Live trading platform with live market conditions and the only difference is that you will be able to use it in virtual or practice mode.

In this way, you can explore the user interface, do test trades and apply various strategies to see which one works best for you without using the real funds on your account.

There’s more…

Via the demo mode, you will be utilizing the $100,000 virtual funds which we believe is more than enough for you to use to fully maximize this feature.

But there’s one small catch…

The demo account will only be valid for 1 week only so make sure that you take advantage of it before it expires.

Here’s a tip:

You can get in touch with your account manager and request to add more funds in your virtual account or extend the validity of your demo account. This however is subject to their approval.

24option demo account
24option demo account

CFD Service. 86.24% of retail clients lose money.

How to access the 24option demo account?

Right after you have completed the registration process and the assessment, you will be redirected to the main trading platform page.

From there, locate the top section where your account number is displayed and the text “Live”. Place your mouse pointer on these details in order to reveal the dropdown menu and click on “Demo” to trigger the demo account.

How to access 24option's demo account
How to access 24option’s demo account

CFD Service. 86.24% of retail clients lose money.

Open a 24option demo account!
 

5/5

Payment Methods

There are plenty of options for you to choose from in adding funds into your 24option account. In fact, there’s a high chance that you’ll have one of these payment methods.

Best of all…

The banking methods that they accept are among the most secured and the most known in the market.

As of press time, here are the banking methods that 24option supports:

  • Credit cards
  • OKPAY
  • Neteller
  • Skrill
  • Perfect Money
  • Wire Transfer
  • Alternative payment methods

So what’s the big deal?

Having a lot of options to fund your 24option trading account gives makes it easier and hassle-free since there are more ways to make a deposit.

24option deposit page
24option deposit page

CFD Service. 86.24% of retail clients lose money.

This will give you a lot of convenience in transferring funds into your account and such convenience merits a perfect score.

5/6

Minimum Deposit

You can open a live trading account with a minimum initial deposit of $100.

It turns out:

This amount is just a little higher than the requirement of most of brokerages today.

The thing is, majority of brokerages today require much higher initial deposits from their clients in order for them to trade.

So in comparison…

24option’s minimum deposit requirement is reasonable. And in fact, this amount is just right enough especially if you’re a beginner so you can have ample funds to invest on several instruments.

Get started with 24option!
 

8/8

Platforms

24option will provide you with a choice advanced platforms: one that they have developed in-house and one of the most popular forex trading applications out there.

Currently, the following platforms are your options:

  • Scipio – A proprietary web-based platform which they have enhanced with more features.
  • MetaTrader4 – They added this standard platform for the convenience of users who are used this popular software.
  • MT4 apps – These can be installed on mobile devices running on Apple’s iOS and Google’s Android.

We have tested all of the platforms listed above and we find them all very convenient to use.

Best of all…

They are bug-free and are not highly resource-intensive so they operate very smoothly.

4/4

Design

Note:

The downloadable MetaTrader 4 client only offers the basic platform design which is why brokerages like 24option won’t be able to incorporate any additional visual elements on this trading software.

Here’s what 24option’s MetaTrader 4 platform looks like:

24option MetaTrader 4 platform
24option MetaTrader 4 platform

CFD Service. 86.24% of retail clients lose money.

Nevertheless, they managed to keep the interface free from clutter and as simple as it can be.

On the other hand:

The feature of their Scipio platform design over their competition is that they have made it quick and easy for CFD/Forex 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.

Here’s what the Scipio platform looks like:

24option Scipio platform
24option Scipio platform

CFD Service. 86.24% of retail clients lose money.

Its mobile version is not very far from its design so switching from the web-based version to the mobile app and vice-versa won’t cause you any confusion.

Here’s a screenshot of their Android app:

24option Android app
24option Android app

CFD Service. 86.24% of retail clients lose money.

5/8

Tradable Assets

24option’s platforms have more than 340 underlying assets which are composed of commodities, stocks, indices, forex, ETFs and even cryptocurrencies.

24option assets
24option assets

CFD Service. 86.24% of retail clients lose money.

Get started with 24option!
 

Here are the current instruments that you can invest on:

Forex

You’ll find a selection of around 30 currency pairs including majors, minors and exotics. Among the forex pairs you can invest include EUR/USD, GBP/USD, USD/JPY, USD/CHF, USD/CAD, AUD/USED, NZD/USD, EUR/GBP, EUR/GBP, EUR/CHF, EUR/JPY, AUD/CHF, AUD/CAD and more.

Commodities

Plenty of commodities are available such as precious metals (gold, silver, aluminum, zinc, nickel, copper and palladium), soft commodities (coffee, cocoa, corn, orange, rice, soybean and wheat) and energies (crude oil and natural gas).

Indices

You can choose from a list of popular equity indices like TA35, TADAWUL, OMXS30, NIKKEI, DAX, FTSE, NASDAQ, SP500, ICE USD, ASX, JSE and MIB.

Shares

Here’s the kicker:

There are around 200 stocks to choose from on the platform so you practically have a lot of options. Coca-Cola, Apple, eBay, Disney, Facebook IBM, Alibaba, Amazon and Netflix are just among the popular companies you can trade on.

Cryptocurrencies

This new asset class is also available on 24option’s platform. You can invest on the most popular digital coins like Bitcoin, Bitcoin Gold, Litecoin, Dashcoin, Ripple, Ethereum, Ethereum Classic and Monero.

Additionally…

24option is among the very few brokers in the market today that allows CFD cryptocurrency trading for both full size and mini contracts and the coins can be traded not only against the USD currency but also against EUR and GBP.

A word of caution:

When you’re trading cryptocurrencies via CFDs, please remember that this is not the same as buying/selling cryptocurrencies from an exchange.

ETFs

Trading on the most popular Exchange Traded Funds (ETFs) is possible via this CFD service and the great thing is that you’ll have around 30 choices such as UCO, USO, XLF, XLY, XLK, ACWI, DBC, EWT, FAS, LIT and MDY.

Bottom line?

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 an above-average score.

4/4

Minimum Lot Size

We can’t emphasize enough:

The size of your lot will directly influence your risk management and the smaller the lot, the better you can control your risk.

Most retail brokerages allow their clients to trade with micro lots which means a Buy or Sell order will be placed for 1,000 units.

The fact of the matter is…

Micro lots are the smallest tradable lot size that are usually allowed by most brokers and the good news is that this brokerage offers the same size for specific account types.

Like most brokers, 24option also allow trading with micro lots for as low as 0.01 giving traders the opportunity to invest with lower risks.

6/6

Spreads

24option offers floating spreads and the higher the account type, the tighter the spread you get to enjoy.

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 0.9 pips for VIP account holders.

Basic, Gold and Platinum accounts have EUR/USD spreads of 2.5 pips, 2 pips and 1.6 pips, respectively.

We’ve matched these numbers with other brokerages and generally, 24option’s spreads are competitive and compare fairly well with their competitors.

Trade now with 24option!
 

8/8

Quotes Accuracy

Remember:

If your broker is not capable of providing you accurate and real-time quotes then you won’t be able to make a profit regardless of how skilled or experienced you are.

In order to see the accuracy of the prices shown on 24option’s platforms, we’ve monitored them for over a week and compared them with the actual market prices from reliable quote providers.

24option quotes accuracy
24option quotes accuracy

CFD Service. 86.24% of retail clients lose money.

Several tests were done to check the accuracy of the prices that are shown on 24option’s platforms and the good news is that there were no discrepancies encountered and trades were also executed without any delays.

7/7

Withdrawal Time

For security purposes, you need to verify your account before you can make a withdrawal request.

Here’s how it goes:

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.

11/12

Customer Support

Customer service is one of the key aspects that can help you judge the reliability and trustworthiness of a broker.

Why is it so?

How fast and professional they are in attending to your needs and queries will definitely show how they treat their customers.

So let’s get down to it

24option offers customer support via phone, email and live chat and their availability is 24 hours a day, 5 days a week so there’s always someone to talk to whenever you need help.

The downside?

They are not available on weekends but we consider this as a minor downside since the action happens on weekdays when markets are open.

24option customer support
24option customer support

CFD Service. 86.24% of retail clients lose money.

In order to fully determine the quality of their customer service, we’ve done a thorough test by contacting them via all modes of communication and asking the several questions.

So how did it turn out?

Getting in touch with 24option’s customer service department was never a problem.

Via phone, we were able to talk to one of their agents in less than a minute and all of our questions and concerns were answered in a timely manner.

The same goes for the email support although the response time was around 30 minutes which is still faster compared to other brokerages which would take more than day to answer a very basic question.

And lastly…

We found the live chat support to be a very convenient way to contact them. This feature is readily accessible on their website regardless if you’re logged-in or not. All you have to do is provide your name and email address and start the conversation.

24option live chat
24option live chat

CFD Service. 86.24% of retail clients lose money.

So it all adds up to this:

24option’s customer service is superb! They know how to handle almost any kind of customer query, issue or concern and they deliver it with ease and through multiple channels.

The ease of getting immediate customer service is the reason why we’re giving them a very satisfactory score.

Get started with 24option!
 

11/13

Credibility

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 2013.

But other than that…

Recent reviews and comments show that their CFDs/Forex services have been well-received by traders.

In fact:

There were plenty of positive comments from their satisfied clients that can be found on various forex and trading forums, online communities and even on social media.

So what does all this mean?

This strongly indicates that 24option was able to sustain their good credibility.

9/9

Regulation and License

24option is a brand name shared between two group companies, Rodeler Limited and Richfield Capital Limited.

Rodeler Limited is authorised and regulated by the Cyprus Securities and Exchange Commission while Richfield Capital Limited is regulated by the International Financial Services Commission.

Rodeler Limited offers services within the European Economic Area (excluding Belgium) and Switzerland while Richfield Capital Limited offers its services to all countries that are outside the European Economic area and Switzerland, the USA the British Columbia, Canada and some other regions.

Conclusion

24option is a great addition to the competitive foreign exchange market with their full-feature platforms and client benefits.

What sets them apart from the rest is that they have good reputation, excellent support and other trading benefits that you won’t just find from any other broker.

Let’s recap:

They have flexible trading conditions that are suitable not just for experienced and skilled traders but also for those who are just starting to explore opportunities in the financial markets.

What’s more…

The professional 24/5 support is unquestionable and reliable in the event that you need assistance or help with your online trading account.

All in all…

24option has 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: 92/100

 
Visit Site

 

CFD Service. 86.24% of retail clients lose money.

24option

4.6

Platforms

4.6/5

Tradable Assets

4.5/5

Spreads

4.9/5

Customer Support

4.5/5

Credibility

4.6/5

Pros

  • Wide range of instruments including cryptocurrencies
  • Tight spreads
  • Regulated by the IFSC and CySEC
  • Well-established brand

Cons

  • US traders not accepted
  • Demo account valid for 1 week only

Interested to Register with Other Recommended Brokers? Click Here!



66% of retail CFD accounts lose money.


26 Responses

Leave a Reply

You must be logged in to post a comment.