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. When it comes to binary brokers, I can be very picky. I refuse to trade with a broker unless I’ve done an in-depth research on it. But, thanks to the strict regulation of binary brokers, 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. However, 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 is now fully regulated by the Cyprus Securities and Exchange Commission (CySEC). You will find CySEC regulatory information on this link http://www.cysec.gov.cy/licence_members_1_en.aspx. 24option is a trademark registered to and owned by Cbay Financial Services Ltd. Clicking on the link of Cbay on the CySEC webpage will take you directly to the 24option trading platform.
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 EU. Although it has its base operations in London, England, 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!
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 several calls. Now, that is excellent customer service!
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. 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. 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 Support is available 24 hours a day, 7 days a week. They offer multilingual representatives in the following languages: English, Italian, French, Spanish, Arabic, Japanese, Portuguese, Romanian and Turkish. Also, there are 16 international numbers that you can call in your local area, and an email address for online correspondence.
Software Download/User Interface
Using the TechFinancials software, 24option ensures an exceptional profit range and specializes on different assets in financial options such as commodities, Forex trading and stocks. You will find information on 24option using this platform via this link http://techfinancials.com/.
The site can be accessed from a number of supported browsers. There are no requirements for a special download; however, a Flash player and Java Script are needed to view the different features. 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.
With 24option, it is not only through earnings that I’ve gained so much; I’ve gained more knowledge about binary trading 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 investing in binary options, strategies and common terms used are within reach. I also found the Trader Manual and FAQ’s especially helpful, consulting its pages when I needed information on binary trading. The concepts were explained clearly and were presented in a manner that can be easily understood.
And if you are a visual learner like me, you will find the free binary trading video library extremely valuable. The interactive eBook and free eCourses shaped me to be the productive trader that I should be. I felt like I have become more efficient using these tools.
You can visit this link https://www.youtube.com/watch?v=jiGMw2V_eyA for short review of the trading platform, its features and a demo on how it is to do live trading with 24option.
As a trader on-the-go, foremost on my list these days is mobility. 24option has a live mobile trading feature that allows me to participate in trades through my mobile gadgets, be it with my smart phone, tablet or any handheld device. I can open new trades or check my profits for the day while having coffee at my favorite café or idling in the park. And as an added bonus, the latest trading news and market updates are available for all Android, Blackberry or iPhone users.
Here are special instructions on how you can access your 24optiontrading account from your smart phone:
Trading Platform and Features
24option has a rich asset selection, although it pales in comparison with other brokers that have a wider range of underlying assets. But what 24option lacks in numbers they more than make up for in diversity. 24option continues 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:
- 31 Forex Currency Pairs
- 11 Commodities
- 43 Stocks
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 currencies available for trade are the Australian Dollar (AUD), the Euro (EUR), the British Pound (GBP), the Japanese Yen (JPY), and the US Dollars (USD).
A distinct three-fold trading interface is provided in the form the High/Low, One-Touch, and Boundary binary options.
The High/Low option uses a speculative guess on the market price of an asset, whether it will be higher or lower than the current price when a contract ends at expiry time. You will find that 24option is among those who give high payouts of 65-80% of your investment amount.
The Above/Below option sets two points above or below the market price, giving a payout of up to 300% should the strike points are hit within 15 minutes of the contract expiry.
The One-Touch option allows placing an investment amount on a directional market revaluation. You will have a favorable outcome when the amount corresponds to a predetermined value even before the expiry time, with an amazing return of 77%!
A standard deviation plays a role in the outcome of the In/Out Boundary option. A variance of a given asset is predicted; where a payout of 400% is expected once the prediction is accurate.
A new feature, the 60 second option, allows for a faster trading with more favorable outcomes headed your way. You just need to speculate if the market price will increase or decrease within the time expiry in under a minute. Yep, profits in just 60 seconds!
As an additional trading tool, the Trade Box makes a trade all the more easier. In the upper right corner of the Trade Box, fluctuations in the asset values are prominently presented in the price charts. Current news and important information relative to the underlying assets are also presented. You can hide this once you are done or go back to it again by clicking on appropriate icons.
To initiate trading, 24option requires $250 for deposits made using a credit card. I find this comforting to know that for this amount, I can access a demo account where I can practice my trading skills. With this and with only $24 as the minimum trading amount, my potential for earning profits has increased.
Using a bank wire transfer, though, requires $1,000. Now, other traders may not be too keen about this especially if they are just testing the waters, or just getting a sense of how it is to trade. Still, compared to other brokers, having this method reflects the importance given to reliable and secured online transactions.
There are other methods available on how you can fund your account. The major credit cards accepted are: Bleue, CartaSi, Carte Dankort, Diner’s Club, Discover, JCB, Laser, Maestro International, MasterCard and Visa. Electronic deposits using MoneyBookers and Money Gram are also permitted. The use of Liberty Reserve services was halted in relation to its recent involvement with money laundering issues. I will give you an update the soonest I hear a word that Liberty Reserve is back from being shut down.
Upon making an initial deposit, I was asked to input the trading currency I prefer to use. The denominations to choose from are US Dollars, Pounds Sterling or Euros. Take note that once the denomination is in place, it cannot be changed.
24option is also compliant with anti-money laundering practices, with maximum investment amounts applied. The highest investment amount that you can enter for the High/Low option is typically $15,000 USD. For other options it is usually $5,000. The account balance should cover the amount and options that can be purchased at any given time. 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. Clicking on the “Next” button completes the process. It’s that easy!
No fee is assigned for the first withdrawal in a month. For subsequent ones, there is a fee of $30. For service providers handling withdrawals via wire transfer, they may incur additional charges.
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.
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.
I would recommend 24option to every trader. The sheer simplicity of the site complements the simplistic way of completing a trade. A short look on 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.