As of the one of the most popular binary options brokers in the binary trading industry, 24Option has been around since 2009, just a year after binary options first made their debut in the retail trading sector. The trading platform is owned by a holding company called Rodeler Ltd which is based in Cyprus. Their office is located at #9 Kolonakiou street, Ayios Athanasios, Limassol Cy-4103. Since 2013, 24Option has been regulated by the Cyprus Securities Exchange Commission (CySEC).
Platform Overview & Features
One of the most striking things about 24Option is its trading platform. Although they have adopted a white label trading platform powered by Tech Financials, 24Option has managed to project an image of exclusivity through the clever use of the black and yellow color on its website. Nevertheless, the Tech Financials powered platform is smooth and easy to use. There is also an asset filter which helps to filter out all the clutter and display only the underlying asset class that you are interested in making navigation hassle free.
With 24option, you can trade in classic High/Low binaries, Boundary binaries, One Touch binaries and short term binaries. The short term binaries come with different expiry times such as 30 seconds, 60 seconds, 2 minutes and 5 minutes. As for classic High/Low binaries, traders can choose between high/low or above/below trading format. Finally, with Boundary and One Touch binaries, you also have the choice to trade with normal yield or high yield options.
In terms of the trading tools that are provided by 24Option to ensure a more productive trading experience, they consist of:
- Economic Calendar
- Pop up Candlesticks charts.
- Trade History Status Info
- Trader’s choice indicator
For those of you who are constantly on the move, you will appreciate the fact that 24Option also support mobile trading. The 24Option mobile trading platform app for iOS and Android powered devices can easily be downloaded from Apple’s App Store and Google Play Store respectively.
There are 5 account types, which are the following: basic, silver, gold, platinum and diamond. The main differences consist in return rates and set of additional functions.
According to these account types, there are different withdrawals charges. For basic and silver – only first withdrawal is free, for gold – one free withdrawal per month and for platinum and diamond – every withdrawal is free.
One of the key features about 24Option which sets them apart from their competitors is their free trading alert signals service. Their trading signals are created with the Faunus Analytics algorithmic trading model and are delivered as 15 minutes alerts, 30 minutes alerts and one hour alerts. Each of these alerts is coded with either green or yellow color to indicate their reliability. Given the wide range of assets offered by 24Option, there will definitely be plenty of opportunities for you to act on these trading alerts.
To open a live trading account with this regulated broker, you will need a minimum deposit of $250.
Operating under the Cypriot Investment firm (CIF) license number #207/13, 24Option comes under the regulatory oversight of CySEC. This means 24Option complies with the provisions of the Investment Services, the Exercise of Investment Activities, the Operation of Regulated Markets and Other Related Matters Law 144(I)/2007.
As a regulated broker under CySEC, 24Option is constantly being monitored to ensure that it meets the capital adequacy ratio requirement as well as maintaining proper segregated accounts for their clients. Another benefit of trading with a CySEC regulated broker is the fact that should you have any complaints about your broker, you can submit your grievances directly to CySEC to let them deal directly with the broker. Finally, being regulated also mean all of 24Option’s clients are covered up to 20,000 euros under the Investment Compensation Fund if ever 24Option failed to fulfill their obligations.
Our Scam Ratings
Complaints – 9/ 10
Our search on the internet for complaints about 24Option revealed very few negative feedback about their services. The few complaints that we did come across were mostly related to a misunderstanding about their bonuses. Apart from that, user reviews about 24Option are generally positive.
Welcome Bonuses – 7 /10
Bonuses are part and parcel of the promotions normally offered by binary brokers so there is nothing dubious about them. As for the bonuses offered by 24Option, their standard welcome bonus is 100% for new accounts. Take note that the trading volume required for the withdrawal of these bonuses can reach up to 50 times the bonus amount. Frankly, we feel this volume is a little on the high side as some brokers only require the trading volume to be 30 times the bonus amount. 24Option also regularly run special promotion offers on their website. To find more about these special offers, you need to check with support staffs at 24Option.
Customer Care – 10 / 10
24Option’s customer support service is excellent. The support staff were quick to respond to our emails and we had no problem connecting through live chat. In addition to the quick response time, the support staff are multi-lingual hence making the communication process effortless.
Price Manipulation – 10/10
As to the possibility of price manipulation, no evidence of such activity can be found. Offer prices and expiry prices were as shown on the real time price charts.
Web Security – 9/10
24Option uses SSL encryption technology to keep all data transfer between their clients’ PC and the platform server secured. To ensure that your data is not at risk, 24Option has ensured that their SSL cert is kept up to date at all times.
With a high score of 45/50, 24Option is definitely not a scam broker. Their customer support services are excellent and their regular trading competitions are definitely a plus point for traders. Being a regulated broker also helps to reassure traders that they are a legitimate broker. In our opinion, this broker is highly recommended. The broker receives a confident Trusted Broker badge.