24option Review

24Option Broker Review: For the longest time now, we have been looking at the latest binary options brokers and auto traders to the effect that we almost forgot about the ones that came before. In this one, we go way back to the archives and take a look at a broker we came to know way back in 2010. Call it a throwback or something of the sort. You’re probably shocked (just like we were, at first) that 240ptions was established over 6 years ago and still commands a significant part of the binary options trading market. In an industry where the life cycle of a binary broker or binary option robot goes something like ‘Grand Introduction to the market – On the news for all of 5 seconds – hundreds of traders go online to complain of foul play (or rather futuristic miracles where money disappear from their accounts in mind boggling speed) – the complaints get louder and everyone takes note – broker closes after mass trader exodus’, that 240ptions has lasted that long is absolutely commendable. How exactly do they do it? What features does the broker offer and how do they attract and maintain their client base? Most importantly, is it a legit site or one of those run of the mill brokers we keep warning you about?

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(With bad trades investors can lose their invested capital)

24Option Review

24Options, if you didn’t already know, is a binary options brokerage firm that offers traders a platform on which to trade your preferred underlying assets and expand your trading experience. The site is owned by Cypress financial services firm Rodeler Limited and has its main offices in Lymassol, Cyprus. As mentioned earlier, Rodeler Ltd, a well known financial company in European countries, launched its binary options subsidiary some time in 2010. From there it has been a long journey of improvements, steps in both the right and wrong directions, and all that comes with achieving the level of success the site has. We can say that, to some extent, the rise and rise of 24Option can be attributed to the wide range of services offered as well as their quality. Granted, 24Option offers more or less the same type of products any other broker out there, most of whom are ranked at the very bottom of the food chain. However, 24Option do not only give some of the best services any trader could wish for, but also add some personal touch to it. Everyone loves some exclusivity and personalized service and 24Option has not had to look that hard for clients. Actually, the site has the largest number of registered users than any other brokerage site in the world. Not only do 24Option top all the lists when it comes to client numbers – well, most of them anyway, but it is also one of the highest rated binary options site in the world.

 

Regulation

A broker might have it all – great website, huge bonuses, super-attractive features, name it. However, if they don’t have an operating license (preferably from CySEC), we won’t trust them even a little. Fortunately, when analyzing 24Option, we found that is regulated by CySEC under license number 207/13 and registered by a number of institutions. 24option takes measures to safeguard Clients’ Funds. In this sense, the Company cooperates only with banks authorised and regulated by EU member states and that are highly rated by credit rating agencies. In addition, as per the Company’s regulatory requirements, the Company deposits Clients’ Funds in segregated bank accounts.

Now that we have established that 240ptions is the real deal, there is no need for skepticism or apprehensiveness. We therefore lower our guard just a little and try to look at the broker a little bit more positively.

24option has wide educational material

24option has wide educational material.

*Trading binary options involves substantial risk and may lead to loss of all invested capital.

Trading Platform

One of the most important things we check when profiling a particular broker is the trading platform that power their site. This is often the most important, yet mostly underrated aspect of any brokerage. The trading platform is the in all ways user interface. It is what traders see when they log in to their accounts. Basically, the trading platform is the pillar of any broker. If users don’t like the platform, for one reason or another, you can be sure that they won’t be coming back, and their friends too. As such, many brokers have gone to the extent of creating their own platform from scratch in a bid to add some personal touch, maintain user friendliness and most of all add a unique touch to their product. Others, for reasons best known to them, rent out platforms from well known platform providers such as the revolutionary SpotOption™. Sometimes that works, sometimes it doesn’t, depending on the particular platform and/or complimentary features provided by the broker. To cut the long story short, a trading platform can either make or break a brokerage firm.

TechFinancials is the platform of choice for 24Option. The platform is pretty solid and provides for a great user experience with its simple interface and aesthetic look. The platform has a variety of underlying assets which enables the broker to give you some of the highest payouts for successful trades, in the industry. Well, not 100% perfect but close to that. The possible payouts for most underlying assets range from 70%-88% per successful trade which, by current standards, is pretty high, unfortunately if the prediction is wrong you can lose all your invested capital. TechFinancials has almost real time price update feature that enables the broker to quote only the most current payouts as per other financial markets. It is also worth noting that TechFinancials powers several online forex brokers which leads us to believe that the trading platform, is the real deal

The platform that 24option provides binary options trading on a wide range of underlying assets including stocks of the biggest companies in the world such as Apple and Facebook and a number of currency pairs, all which will be discussed in details later on. In addition to the underlying assets, a number of analysis tools is supported to enable traders get their analysis right before entering into trades. These range from mathematical graphs to charts and even a few technical indicators. We’ve never really liked mid range platforms, particularly because they have very little to offer, but we somewhat like TechFinancials.

Below are the main features of the customized TechFinancials platform that powers 24Option explained in detail.

Option Types

TechFinancialsand and 24Option provides a number of option types to suit every trader’s needs. Basically, options are types of ‘contracts’ which carry specific payouts (and losses) that apply once a trader enters into the ‘contract’. Some option types are asset-specific in that they can only be used to trade certain assets and not others. Similarly, some are time-specific in that they can only be used to trade either short term or long term expiries. Other options cut across both time and asset limitations. 24Option, through TechFinancials, offer more than 5 trading options of varying prices, expiry times and underlying assets. These options include:

a) High/Low

In essence, the High/Low options, also known as Call/Put, are the basic option type in binary options and you would be pressed to find a brokerage and/or platform without this option. Basically, in the High/Low options, you predict the final price of an underlying asset relative to its current price. That is, if the underlying asset’s price will be above or below the current one by the time the trade expires. You can trade binary options in almost all underlying assets with the High/Low option including all stocks and currency pairs. The downside when it comes to this type of option is that the payouts are pretty low compared to the other trading options. Nonetheless, if clients speculation is correct they will earn the predetermined payout that the company offers, if clients speculation is wrong they will lose their invested capital on this trade.

b) One Touch/No Touch Options

One Touch options are usually based around a set figure known as the hit price. One Touch options are very similar to the Call/Put options in that the traders predict whether the value of an underlying asset will be higher or lower than a given figure. The main difference is that, while High/Low contracts are written around the current price of an underlying asset as per the forces of demand and supply, in One Touch, the prediction is based on a predetermined value, often set by the broker. Another unique feature of One Touch/No Touch options is that they don’t really follow the expiry times and can end anytime the condition is met. Basically, with One Touch, you are supposed to place trades based on whether you think the value of the underlying asset will have touched and/or gone above the predetermined figure at least once within the specified time. If indeed the prediction is true and the price touches the set figure, the trade automatically expires and you receive the predetermined payouts, regardless of whether the expiry time you selected has ended. But if the predicition is wrong investors will lose their invested capital on this trade. No Touch options, on the other hand, require you to place trades predicting if the value of the given underlying  asset will ‘touch’ the target value or not. In most cases, as with TechFinancials, the prediction is predetermined by the broker. That is, you only place a trade if you believe that the underlying  asset’s value will not hit a certain point, hence the name No Touch. In both, the payouts are relatively high compared to High/Call although the risks are higher.

  1. c) Boundary

Boundary options, as the name suggests, revolve around some price boundaries. There is the lower value, known as the Floor, and the upper value, known as the Ceiling. Trades are placed based on whether you think the price of the underlying asset will be within the given boundary, also known as range, or outside. The payouts are low but still higher than the call/put options. If investors predict correctly they will earn the predetermined payout if not they will lose their investment.

c) 60 Seconds

This option, also known as the turbo option, is a new addition to most trading platform. It wasn’t originally a trading option but was introduced due to the increasing popularity of faster, explosive trading with super-high payouts. The 60 Second options don’t require any further explanation as it means exactly that. In other words, you place a trade and even before you get your fingers off your keyboard, it’s already over and you get the payouts, or not. Talk about trades getting done even before they start!

24option mobile

24option mobile app

*Trading binary options involves substantial risk and may lead to loss of all invested capital.

Expiry times

Having looked at the trading options available at 24Option, the expiry times or time frames are logically the next thing to look at. As it is, the expiry time you select will have a significant bearing on the outcome of your trade. In financial trading, more so in binary options, time is of the essence and even a half second could be the difference between a winning and a losing trade. That said , 24Option, through TechFinancials, offer their traders a variety of long term and short term expiries to choose from, depending on their analysis methods and trading strategies. These are:

  • Short term expiries

Short term expiries are generally go from 1 second to end of trading day. The short term expiries offered by the broker are:

  • 2 minutes
  • 5 minutes
  • 30 minutes
  • 1 hour

Short term expiries are the best when you are trading binary options on currency pairs or major stocks. They can also apply to underlying assets like commodities and indices although the results won’t be exemplary. If you are not the patient type and would want to get done with trading as soon as possible, these options are for you. Normally, short expiries carry very high risks and average profits. But have in mind that investors can lose all their capital by trading binary options.

  •  Long term expiries

The long term expiries include the 5 hour and end of day expiries. Regrettably, longer expiries such as end of week are not supported by the platform. This isn’t such a big issue, to us that it, as most traders are currently in love with the more convenient short expiries. That said, both the 5 hour and end of day expiries are pretty good and should get the job done for lovers of longer time frames.

24option has won several awards

24option has won several awards

*Trading binary options involves substantial risk and may lead to loss of all invested capital.

Underlying assets available

24Option has been in the game for longer than a large percentage of the current brokers and in that time has managed to accumulate an underlying asset index bigger than most brokers. The broker features over 120 underlying assets cutting across more than 6 stock, currency and commodity exchanges. That is not a joke as a lot of paperwork is required to be get to that, which only strengthens our admiration for quite possibly the best broker we’ve ever seen. To start trading binary options with, 24Option offers more than 30 currency pairs including the strongest and most commonly used currencies such as:

  • EUR/JPY
  • USD/EUR
  • GBP/USD
  • GBP/JPY
  • USD/CAD
  • USD/CHF

When trading currency pairs, all you have to do is make a prediction on which of the two given currencies will end up stronger than the other. However, this is not as easy as it sounds and you have to do a lot of background research on the two given currencies and correctly use the analysis tools to determine the general trend in their values over recent times. Then there is the issue of choosing the right expiry, which is often an uphill task for most. Our advice? Research is key, not only when dealing with pairs but all the other assets as well.

24Option offers binary options trading on stocks as well, there are about 60 of them to choose from. Included in the list are underlying asset of stocks of major multinational firms such as Vodafone, PetroChina, British Petroleum, BMW, Samsung Electronics, Google Inc. and Apple Inc. The good thing about this underlying assets offered is that they are all major world companies whose movements are easy to follow and thus place trades accordingly

Despite the introduction of paper money, trading in commodities is still a big thing, there are even fully fledged commodity exchanges for that. 24Option provides commodity traders with a platform to do what they love most but in a binary options setting. The broker has in their asset index, the most precious commodities in the world right now. These are:

  • Gold
  • Silver
  • Coffee
  • Crude Oil
  • Platinum
  • Copper

When it comes to indices, 24Option does not offer much, which is because, as far as indices go, there’s not much to offer. Basically, some of the indices you will come across are the Dow Jones and S&P 500 from the US, FTSE 100 from the UK, MICEX from Russia and Hang Sheng from China. If you love yourself some index trading, you will certainly love the selection of indices offered. If you don’t, well, there are a lot of other assets you can trade in.

Getting started: Account types

To get started trading with 24Option, you have to choose an account type from the five options provided. Your choice will have to be supported by your bank balance, or credit card balance, at that particular time. The five account types are:

  • Basic Account
  • Silver Account
  • Gold Account
  • Platinum Account
  • Diamond Account

Basically, the deposit requirements of opening each type of account varies with the basic account requiring only an initial deposit of $250 while to open a Diamond account, you will need to make a deposit of about $15,000 or more. As with any other broker, each of the 24Option account types has its own features, pros and cons. The most common of them being a dedicated Personal Account Manager, free trading alerts and unlimited access to the 24Option Sea of Knowledge, aka trading academy. Since you probably didn’t know that 240ptions is an official marketing partner of Italian football club, Juventus F.C, it is our pleasure to inform you that it is indeed true. When you open an account with 24Option, any account, there’s a chance (less than 20%,if you have a lower account) that you could win some match tickets to go watch Juventus in action – Terms and conditions apply.

The above are not the only types of accounts offered by the broker and are merely the regular accounts. There are two other special account types that could not comfortably fit in the list above but which are still account types. They are:

Demo account

This one is pretty much self explanatory. This is the account you start your 24Option trading experience with. In the demo account, you get to try out several trading strategies and learn how to apply the trading tools available. Simply put, the demo account is more like a rehearsal platform where mistakes are allowed (and cost you absolutely nothing) and are parr and parcel of your growth as a trader. The features on the demo version are exactly the ones you’ll find on the real version, the main difference between them being that a real account will require you to deposit (and potentially risk losing) your actual money while the demo version gives you some virtual cash to spend. Here, you are given $40, 000 in virtual money to trade with. There are no worries, no losses and most of all, no restrictions as far as the demo account goes. The only thing you have to do is make sure your virtual money balance is always above $0, otherwise you won’t receive additional amounts which means your demo account will be useless.

Unless you are an advanced trader, we strongly recommend trying out the demo account first before getting to real trading. One, it helps you get to know the capabilities and limitations of the trading platform in use, which effectively gives you an opinion, which ultimately shapes your final decision on whether it fits your trading plans or not. Second, it is the best way to safeguard your hard earned (or not) money as you get to know your way around both the platform and the market, if you’re a new trader. In case you are not happy with the broker, all you have to do is deactivate your account, or our favorite – don’t log in to 24Option again.

Islamic account

Granted, binary options cuts across gender, racial, geographical and religious boundaries. Everybody, everywhere can become a trader as long as they’re above 18 years of age, have some extra cash in their bank account, and most importantly, have a great WiFi or cellular data signal. The push for religious diversity has led to the establishment of Islamic Banks and insurance companies and now we have Islamic Accounts. 24Options was actually the first binary options broker to introduce the Islamic Account, to attract hundreds of thousands of Muslims who wanted a place where they could freely trade, and benefit from, binary options but in accordance with Sharia Law.

The 24Option Islamic trading account is every Muslim trader’s dream. The account is free from all hidden charges and rollovers, or anything else that fits the description of ‘Usuri’. Also, the broker does not charge any commissions or interest on transactions involving Islamic Accounts. Everything is Halaal, as prescribed by the Quran. Finally, everything in the Islamic Account is in Arabic, a language which many Muslims understand perfectly. This makes it relatively easier to understand the content in the site, which includes dozens of eBooks and tutorials, much better.

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*Trading binary options involves substantial risk and may lead to loss of all invested capital.

Conclusion

To be honest, we have never seen a broker offering as much as 24Option does. One of the things we like about the broker is their awesome website. Everything you would want to know, not only about the broker but binary options in general is presented in a simple but clear way on the site. As a matter of fact, spending two minutes on the site taught us more than we would ever learn in a lifetime in other brokerage sites. And the payouts too, are amazing, the platform as well. In all aspects, 24Option is arguably the best binary options broker we have ever reviewed.

(With bad trades investors can lose their invested capital)

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Michael Allen

Michael Allen is the main author at www.binaryoptionrobotinfo.com. He holds a PhD in Economics and has worked in investment banking for 24 years.