I can’t help it.
Sometimes I’m wary of using a trading platform that didn’t come recommended by a friend or one that hasn’t undergone intense scrutiny from my watchful eyes.
And why is it so?
With all of these news about people getting scammed and losing their hard-earned money online, there’s definitely a valid reason for me to be very cautious and critical of which brokerage to choose.
And when it comes to CFD’s (contracts for difference), I can be very picky. I refuse to trade with any company unless I’ve done an in-depth research on it.
And when I say “in-depth”, it doesn’t mean that it’s lengthy and boring. It has to be informative, accurate, detailed and most of all, unbiased.
Thanks to the strict regulation of Forex and CFD brokerages, traces of my suspicions have been lessened.
With the reputation of Cyprus as a tax haven for businesses, it is not surprising that most trading platforms operate on its shores.
Just because it’s based on another country doesn’t mean that it’s already a shady company.
Fact: The Cypriot government has taken steps to ensure the security of the trading public and has required companies offering financial services to be subjected under a regulating body.
With 24option being based in Cyprus, it has complied with licensing requirements and remains to be fully regulated by the Cyprus Securities and Exchange Commission (CySEC). Add to that another license that they got for another financial regulator which is the International Financial Services Commission (IFSC) in Belize (more about these details in the regulation section).
With the EU joining the fight to weed out unregulated brokers at increasing intensity as of late, 24option has gotten the nod of the region’s licensing body and have become one of the most trusted brokers in the region.
Although it has its base operations in Cyprus, 24option have offices located globally servicing its international clientele worldwide.
Opening a Free Account
Signing up for an account was effortless.
Yes, there were the mandatory fields needed to be filled with information such as personal details and my preferred username and password.
But compared to other sites requiring a multitude of questions to be answered, it didn’t take long for me to complete the registration process. I was able to open an account in no time!
This is how the registration site would look like:
Note: You need to be over 18 years of age to lawfully have an account with this broker and as well as use their services.
In compliance with regulators, you will be required to answer a questionnaire in order to complete the registration process. Don’t worry because this will only take you less than 5 minutes to complete.
Currently, there are 4 types of account and this will be based on the amount that you deposited. The most popular one is the Gold account which pretty much has all the features and some perks that you’re definitely going to need.
If you’re seriously interested about trading Forex/CFD’s, I highly suggest that you avail this account type because you’ll have plenty of features to utilize.
Choosing an account type gives you the opportunity to make the most from your trading experience. You’ll gain access to valuable tools, resources and information which in the long term can help you make the right trading decisions.
The biggest surprise I got was a phone call a few minutes after I created my account. I was greeted by a pleasant manager named Tommie Green inquiring if I should be needing further assistance on my account.
I politely declined his offer to assist me in completing a deposit as I needed more time to be familiar with the 24option platform first.
I was promised a follow-up phone call in a few days to see if I will be ready by then. And I did get a call. Now, that is excellent customer service!
Since I’ve mentioned about customer service, let’s talk more about it shall we?
In trying out the site’s Live Chat session, a waiting time was virtually non-existent as support agents were immediately available to answer my queries.
So how did it go?
On both occasions that I contacted customer service, I felt that they were more than willing to go beyond what is called of their duty.
What impressed me most was how perceptive the first representative was. He volunteered information about 24option receiving full EU regulation from CySEC. He knew that sharing this important piece of information would make me trust the site more, and that I would be confident in my trades with 24option.
The second representative was more than ready to offer information on the site’s withdrawal process and assist me with my further inquiries.
The enthusiasm displayed by both agents solidified my resolve to open a trading account without delay.
The benefits of contacting customer service are far-reaching.
How can I actually use this?
It is important to your trading needs, especially when you have urgent questions regarding your account, or needs assistance with withdrawals and other queries.
24option’s customer support department is available 24 hours a day, 7 days a week. They offer multilingual representatives in different languages.
Also, there are international numbers that you can call in your local area and an email address for online correspondence.
Once you signed up for an account, you will be assigned to an account manager who can help you find the best path to get you started. They can even provide you assistance in choosing the plan that is best for you.
Here’s the deal:
If you’re a Basic or Silver account holder, you’ll be assigned with a dedicated account manager but if you have Gold or Platinum membership, you will have a senior account manager which has more experience and expertise.
You have the choice of using any of the two platforms that they offer: MetaTrader4 (MT4) and WebTrader
The MT4 is a standard and is offered by the majority of brokerages in the market today and the good news is that 24option also has this. The advantage of using this platform is that you will be able to analyze market prices and monitor trend lines via the integrated charting tools.
It’s a software client that you need to download first and then install on your computer. Currently, this is compatible with desktop PC’s or laptops that are running on Microsoft Windows. If you have a Mac or another type of operating system then the other platform is your next option.
I never had any problems installing it even on my good old PC as it only consumes very little system resources.
But what if you don’t want to install a software in your PC or laptop? That’s okay because you can use the WebTrader platform which is my personal favorite. This one is purely web-based and can be accessed from a number of supported browsers including Mozilla Firefox, Google Chrome, Microsoft Internet Explorer (or Edge) and many more.
With this version, there are no requirements for a special download; however, a Flash player and JavatScript are needed to view the different features. Don’t worry because most devices already have these things pre-installed. Just access the 24option, log in to your account and you’re set!
What I really liked about the web-based version is that I can simply go to any browser from any device, log-on to my account and execute trades from any location. I’m not restricted to use just one PC, laptop or smartphone since my account is easily accessible online.
Regarding the user interface, it seems that their developers know the right mix of hues to use in designing site layout.
I was feeling the chic contrasting colors of gold against a black backdrop which gave the impression of extravagance. It was as if every trade would give me rewarding profits all the time.
The trading box is where the action is and it’s huge enough for you to execute a Buy or a Sell. Fluctuations in the asset’s values are prominently presented in these buttons and numbers are large enough for you to see them quickly.
This is highly important since rapid changes in prices are likely to happen and you should be able to notice these changes and see the right numbers to make the right calls. Surely, you don’t want to mistake an 8 for a 0 or a 2 to a 7!
So how is it done?
If you’re a beginner, you just need to follow these very simple steps in order to trade.
1. First, go to the left column on the main platform screen and select the asset that you wish to trade.
Tip: Use the filter to list only the type of CFDs that you wish to see. You may select All, Indices, Cryptocurrencies Forex, Stock or Commodities.
2. Select the direction that you wish to place your investments on. Your only option is either a Buy or a Sell. The values displayed on the buttons are the numbers that are needed to in order to make a profitable trade.
For example, Buy has a value of 1.2511. That means the value of the underlying asset must close higher than 1.2511 to make a profit. Otherwise, you will incur a loss.
3. Click on the Trade button if you wish to execute your order immediately. You may also click the checkbox on “Open trade when rate reach” and select the specific value to set the criteria that are needed to be met for the trade to be executed.
4. The graph will show the asset’s real-time price movement. As long as the graph is green, it means that your order is “in the money” or making a profit. If it’s red then it means that the value is “Out of the money” or it’s incurring losses.
Risk Management Tools
You might also want to use the platform’s risk management tools to control how the platform will open or close your trade.
If you’re only comfortable to trade when the underlying asset’s value is at a specific price, then you can use this tool. Simply click on “Open trade when rate reach” and set the value that you prefer and the platform will automatically execute your order once it reaches that value.
There’s also the same feature for closing your trades and it can be configured to close when it has reached a profit or loss based on the values that you will also set. If you click on “Close at loss” or “Close at profit”, it will automatically close the order when the value of the underlying asset has reached the number of pips that you set.
This will allow you to start at the right price and lock-in on your profits or avoid any huge losses since you have more control over your order executions. Not all platforms have this feature that 24option offers.
As a trader on-the-go, foremost on my list these days is mobility. It’s an added convenience if I’d be able to place a Buy or Sell and do all my trading activities on my mobile device.
What’s great is that 24option has a live mobile trading feature that allows me to participate in trades through my mobile gadgets, be it with my smartphone or tablet.
I can open new trades or check my profits for the day while having coffee at my favorite café or idling in the park via the WebTrader platform using my mobile browsers such as Chrome, Firefox, Safari, Opera, and Dolphin.
The great thing about this platform is that interface automatically adjusts to the devices actual screen size so you can click on the buttons and access everything without the need to pinch or zoom it.
Alternatively, you may also install their mobile apps which are compatible with devices that are running on Android and iOS (iPhone and iPad).
What’s the real story?
What I noticed about the apps is that these were totally optimized for mobile use.
The entire interface has been adjusted perfectly for small screen sizes so you will be able to do most of the trading activities that you’re doing on the desktop without any problems via these apps.
Spreads and Leverage
You will find that 24option is among those who have fairly competitive spreads and leverage compared to the industry average.
The lower the spreads, the better because you will have a higher profit margin. Like for example, the EUR/USD currency pair has a spread of 0.0003 pips. That’s considered to be very tight!
Leverage is another important factor to consider when choosing a broker and the good news is that 24option has a competitive ratio of 400:1.
With leverage, you can increase your exposure to a financial instrument without the need to commit your entire capital. CFDs are traded on margin and this gives you the power to borrow to amplify your positions.
So let’s say you’ll be using the 400:1 leverage. That means a $100 balance will allow you to buy up to $40,000 worth of instruments!
Do take note that your profits and losses will be based on the total size of your position.
Another feature that I liked about this broker is that I can access a demo account where I can practice my trading skills.
It’s an important tool but the thing is, most traders usually overlook this feature believing that it’s useless and won’t give you any benefit.
This account is pre-loaded with $100,000 virtual money and has no expiry. That’ means you’re free to use it anytime you wish to.
The image below shows how the demo account would look like. It’s practically the same as the real or live trading account and you can easily toggle between the two by clicking on the button at the upper right portion of the screen.
Notice that the button on the image here shows “Switch to Real”. That means we’re currently on the demo mode. If you’re on the Real mode then the button will show “Switch to Demo”.
I can’t emphasize enough…
Using the demo account can greatly increase your chances of making the right trading decisions which translate to profits.
Practice accounts will give you the liberty to learn the intricacies of their platform. You can even test out new strategies or tricks since 24option will still provide you with live trading conditions even on demo mode.
So if you’re not fond of using demo accounts, I highly suggest that you fully utilize this feature which is available for all users. If you want to become a successful trader, this feature will give you a huge head start!
With 24option, it is not only through profits that I’ve gained so much; I’ve gained more knowledge about Forex and CFD trading as well. And it’s not just for novices or new users. It’s also for those who have advanced trading experiences as well.
The opportunity to become a wise trader is there with the use of the Education Center, an on-site assistance where everything I needed to know about trading, strategies and common terms used are within reach.
They have a daily market report is an organized page for the latest market updates. I always go to the financial news headlines section for some good reads about the market while the Trading Central is a very effective tool for getting advanced market analysis alerts. Be sure to ask your account manager about these features because some are only accessible once you are logged in with your account.
There’s also the Economic Calendar which gives me a brief overview of all the important events and releases that could affect the financial markets. Sure it may look like an ordinary calendar but this is actually a very useful tool for monitoring market-moving events which can have an impact on the price of specific instruments.
If you are a visual learner like me, you will find the free video library extremely valuable. The VOD (Video On Demand) page has a variety of educational materials that are essential to watch regardless if you’re a beginner or an advanced trader.
You might also want to check out the advanced interactive eBook which I found to be fun and interesting to read. It has all the visual guides that you need to learn more about Forex/CFD trading and everything about the 24option platform.
I also highly recommend that you try out attending their webinars. You can easily participate in this free eCourse via the GoToMeeting platform. I was able to join several sessions and found it really informative and educational.
It’s nice to know that they have regular sessions several times a week to accommodate those that are interested in Forex and CFD trading. There are a few brokerages that are also offering these kinds of webinars but based on my own personal experience, 24option’s was more detailed, updated and more frequent.
So what are the topics discussed?
They cover most of the basics and fundamental areas such as technical analysis, risk management, diversification and this can really help you gain a level of knowledge about the markets and all the essential details.
Placing a trade is simply clicking on Buy or Sell but these webinars go deeper and will give you the strategies to use so you can predict the market correctly and make the right calls.
All in all, these resources shaped me to be the productive trader that I should be. I felt like I have become more efficient using these tools.
I also found the Trader Manual and FAQ’s especially helpful, consulting its pages when I needed information. The concepts were explained clearly and were presented in a manner that can be easily understood.
Here’s the deal:
Whenever a specific asset is getting huge media coverage and hype, there’s a higher chance for its value to fluctuate. You can actually use this to your advantage an place your investments on this asset.
Let’s say you’re getting news that Cannabis is legalized in Canada or Apple is set to launch a new product. If you believe that you can predict its price movement then the first thing is that it should be available from your broker. Otherwise, it’s a lost trading opportunity.
The great thing about 24option is that it has a rich asset selection although they do pale a bit in comparison with other brokers that have a wider range of underlying assets.
But what they lack in numbers, they more than makeup for in diversity as they continue to add more assets to their trading platform which is a good sign if you are looking for more trading opportunities and access to other assets.
Their growing list includes:
The commonly traded indices tendered are NASDAQ, Dow Jones, Nikkei 225, Hang Seng, among others. The assets commonly exchanged under commodities are gold, silver, oil, corn, and coffee. The major currency pairs that available for trade are the EUR/USD, GBP/USD, USD/JPY and USD/CHF.
Probably you’ve heard about Bitcoin, Ethereum, Ripple, Litecoin and Dash? You can also trade on these popular cryptocurrencies as well with two types of contracts: the full size and the mini contract.
The mini contract is an innovative solution which will allow you to invest smaller amounts or a fraction of the cryptocurrency. And as far as I know, only 24option is the only CFD broker in the industry that offers these types of contracts for these digital assets.
But here’s something that you need to remember:
You don’t own the asset!
Keep in mind that with CFD’s, you never actually own the instrument that you wish to trade. And there’s no need to because you simply benefit if the market moves in your favor or make a loss if it moves against you.
That’s actually one of the major advantages of this financial derivative product. It’s a relatively simple security that is calculated based on the price movement of the underlying asset’s trade entry and exit and not its actual value hence the word “contract”.
This contract is between you and 24option (the broker) and this won’t require any exchange for the instruments.
24option requires $100 for most of the payment methods that they support. I find this comforting to know that for this amount, I will be able to initiate trading immediately.
As of this writing, they support the following banking methods:
Upon making an initial deposit, you will be asked to input the trading currency that you prefer to use. The denominations to choose from are US Dollars, Pounds Sterling, Euros, Japanese Yen and Russian Ruble.
Take note that once the denomination is in place, it cannot be changed.
24option is also compliant with anti-money laundering practices, with maximum deposit amounts applied. The highest deposit amount that you can transfer for a credit card is $10,000 daily and $40,000 monthly.
Keep in mind that this amount may vary in different currencies for various countries.
From 24option’s withdrawal procedures, I would say that it was a hassle-free process.
After logging in to the account, it was easy for me to click on the “Banking” page and choose “Withdrawal” from among the tabs.
There was only one required field needed to be filled out and this was for the withdrawal amount which has a minimum of $10. Clicking on the “Next” button completes the process.
It’s that easy! No lengthy forms to fill-up, no need to call customer support and no complicated steps to follow. This is the kind of process that
Here’s the deal:
No fee is assigned for the first withdrawal in a month. For subsequent ones, there is a fee of 3.5% for credit/debit/prepaid cards, $30 for Wire Transfer and 0.9% to 3.5% for e-wallets.
If you’re going to make frequent withdrawals, I’d suggest that you do it once every month to avoid these fees.
Now let’s talk about account verification.
As a secured platform, 24option requires submission of legal documents before a withdrawal can be processed.
Authorized documentations accepted are the following: official ID, proof of address; and if a credit card was used to fund the initial deposit, a photocopy of the credit card (front and back) showing only the last 4 digits.
The same is true for deposits funded by multiple credit cards. Requests are processed once these documents have been verified and financial institutions are within their hours of operation.
You might be wondering what’s the use of this verification?
Well, the thing is, they need proof that you are who you claimed to be when you signed-up an account with them. All the personal details that you sent such as your name, birth date, address etc, will have to be verified in accordance with anti-money laundering policies. It’s a policy that brokerages have to follow and it’s actually a good thing since they are complying with the industry standards.
Another advantage of undergoing account verification is that it prevents fraudulent users from using your name to open an account or make unauthorized transactions. This adds a layer of protection so your funds are safe and only you will be able to access it.
As a security feature, 24option uses a duly certified 128-bit SSL encryption rendering my personal and financial data secured and protected. So, I need not worry about cases on identity theft or fraudulent activities that may result from hacking a personal account.
One of the most important factors that you need to look for in a brokerage is their license.
Why does this matter?
Because it’s a solid indication that the company operating this brokerage is complying with the guidelines that were set by regulators and that’s a huge advantage over those that are unregulated.
The good news is that 24option has a license from the following financial authorities:
- International Financial Services Commission (IFSC) in Belize: License number IFSC/60/440/TS/18 under Richfield Capital Limited (www.24option.com/international)
- Cyprus Securities and Exchange Commission (CySEC): License number 207/13 under Rodeler Limited (www.24option.com/eu)
To make sure that these licenses are still active, I did some research and was able to verify that this holds true as of this writing. You may click on the following links to check their license details:
I’m the type of person who wants to make sure that I’m signed-up with an established and reputable brand and for that matter, I’ve done an extensive profiling of 24option to know if they are a scam or not.
So how did it turn out?
Well, to start with, they have been operating since 2010 and they have a background in the financial markets and trading services before transitioning into a company that now offers Forex/CFD trading.
Over the years they have made a lot of technological advancements and even improved their education center with seminars, webinars and more. These are among the reasons why they have won several recognitions from various award-giving bodies.
To make this research even more valuable and relevant, I’ve checked out various user reviews and found out that the majority of their clients are satisfied with the services they are providing. Basically, these are the top reasons why traders choose 24option:
- Fast platform
- Narrow spreads
- Fast withdrawals
- Great customer support
Of course, there were some complaints (which brokers don’t have one anyway?) but these are mostly minor and isolated issues.
So to sum it up, they have been operating for several years already and continue to be one of the most popular names with an untarnished reputation.
I would recommend 24option to every trader. The sheer simplicity of the site complements the simplistic way of completing a trade.
A short look at what 24option offers is a testament to how this site can satisfy your trading needs.
And with an untarnished reputation, there is no doubt that when it comes to reliability, it is way ahead of its pack.
I know you would agree with me on this as 24option has consistently received excellent reviews from fellow brokers and from traders themselves.
Feel free to post your comments below!