24option Broker Review
24option is operated by Rodeler Limited, a company authorised to provide financial services by the Cyprus Securities and Exchange Commission. The broker was founded in 2010 initially to provide options trading, hence the name.
Since 2017, 24option has provided Forex and CFD trading on a custom-developed web platform; traders can also use MetaTrader 4.
The web platform is easy to navigate, and traders can try it for free with $100,000 demo account. When you choose the volume, the platform automatically calculates the pip value in your selected currency. You can also place a specific target price at which your position will be opened.
Once you decide your position, Buy or Sell, you have the option to specify Take Profit and Stop Loss levels. Thus, you can limit your potential loss and take advantage of a volatile market. You can of course close the position any time you want.
24option’s app works smoothly and is available free on the App Store and Google Play. You can download it and simply enter your login details to start trading on your mobile device. The app doesn’t miss any features available on the web platform and also runs candlestick charts.
You can choose between different types of accounts at 24option. The smallest available account requires a $250 minimum deposit, and this account comes with high spreads around 2.5 pips on the major pairs. With larger deposits, you can benefit from trading with smaller spreads, such as 0.9 pips.
The leverage for retail clients who are residents in the EEA is limited to 1:30, and you need to apply for a professional account if you want to use higher leverage, up to 1:400. If you are based outside of Europe, you can use 1:400 leverage.
You can choose from over 200 assets to trade from, including forex pairs, cryptocurrencies, stocks, indices and commodities. For every type of asset, there is a limit on the leverage you can use and different spreads apply.
Because of the ESMA rules, leverage in the EEA countries is limited to 1:30. For other countries, leverage could reach up to 1:400 at 24option. We have listed the maximum available leverage by asset type:
- Forex - 1:400
- Stocks -1:10
- Indices - 1:200
- Commodities - 1:200
- Cryptocurrencies - 1:5
The size of the spreads you pay will depend on the size of your account. The larger your deposit, the lower the spreads. Below, we have listed the size of the EUR/USD spread based on your account:
- Basic - 2.3 pips
- Gold - 1.8 pips
- Platinum - 1.4 pips
- VIP - 0.9 pips
If you decide to hold your position open for more than one day, you will have to pay a swap fee. The swap rate is calculated once each day, and you will see it in your open positions.
How to profit
You will need less than 5 seconds to understand how to web platform works. This still doesn’t mean it is easy to make profit. Actually, most traders lose money when they trade CFDs on this broker. To beat the odds, you will have to develop a strong trading strategy and money management system.
The 24option web platform is self-explanatory, but if you don’t understand the market, you will lose anyway. Do not rely on learning trading by simply reading some of the educational articles provided by this broker. Forex, crypto and stock trading is much more complicated than these basic strategies.
Once you have your own way to approach the market, you will need to consider the leverage you can use and the spreads you will pay. To limit your losses, it is highly recommended to use Stop Loss and Take Profit levels.
Deposits and Withdrawals
To start your trading account, the minimum deposit is $250, and you can use a number of e-wallets to complete your transactions. 24option works with Skrill and Neteller, and you can also use VISA and MasterCard for your deposits and withdrawals.
To avoid any delays with withdrawals, you have to make sure your account is fully verified, and you have to provide a copy of your ID and proof of residence. The withdrawals are usually completed in 3-5 business days, and the fastest banking is via e-wallet.
24option doesn’t work directly with crypto wallets, but you can use Skrill or Neteller to purchase and transfer cryptocurrencies.
For all types of accounts, you will have one free withdrawal per month. For a second withdrawal in the same month, a 3.5% fee will apply.
The customer support is quite fast if you use the Live chat, which is available 24/5. You will get straightforward answers concerning your account, withdrawals and applicable 24option fees. The company also provides an education section, which is intended for beginners in CFDs trading.
- Web platform
- Over 200 assets
- Leverage 1:400
- Higher spreads
- Higher swaps
- No PayPal
Currently, 24option does not accept clients from the following countries: USA, Canada, Australia, Japan and Ukraine.