24Option has emerged as a leading online broker; it’s operated by a Cyprus based investment firm- Rodeler Limited. This advanced; feature rich trading platform leverages some of the latest disruptive technologies and is known for its ease of operation. It is authorized and regulated by the Cyprus Securities and Exchange Commission.
Key Aspects of a 24Option Trading Platform
24Option offers mobile as well as a web platform and is known for its quick and easy trading features. Traders have an option to select from four trade types with a range of expiry times. The expiry time can be as low as 60secs to a week or longer depending on the asset.
The payouts depend on the asset and the expiry time, however, the platform does not have high payout levels. Like other brokers, the payouts for Forex and CFD is completely dependent on the movement of the asset.
Traders select the asset either from the list or by filtering it to the relevant class or category via the drop-down menu. The trading list updates as soon as a different stock or trading asset is selected. The platform also has New Investor’s Choice feature that allows real-time mirroring and tracking of top traders.
Trading experience on Desktop
To trade, one can download and use the MetaTrader 4 platform, which allows for advanced analysis and charting. In case you don’t want this software you have the choice of 24Option desktop platform as well. The platform can be customized and has transparent price lists for trading and execution. Traders can also build their own watch list by checking the star next to the currency pair; these will then appear as favourites. 24Option also displays other client’s positioning and this helps the traders to get insights about the instrument and a different perspective.
Options for Investment Products
Even though the platform offers fewer currency pairs in comparison to others, they offer the full stack of options in Cryptocurrency. Other than this 24Option offers to trade in over 160 individual stocks including Gold and Oil. There is a wide range of underlying assets on offer – 29 currency pairs, 19 indices, 43 stocks and 11 commodities.
Trading Accounts & Transactions
The platform offers three types of accounts- Standard, Gold and Platinum based on the investment and payout criteria, the benefits also vary as per the account type. Upon registration and an initial deposit of $250, a free demo account is available. You can begin trading soon after the initial deposit.
The platform also offers bonus programs which include monthly competitions. The minimum trading amount for a single person is $24 while the maximum amount is $10000 USD. Investors have the option to select their trading currency from the- British Pound, Japanese Yen, US Dollar and the Euro. However, once the trading currency is selected it cannot be changed.
Legal documentation is requested for initiation and processing of withdrawal request, which is in compliance with anti-money laundering policies. Users are allowed one free withdrawal each month, however, banks may charge a processing fee.
Safety & Support
In compliance with the CSEC rules and regulations, all deposits are separated from the operating funds. The trading data, as well as personal data, is encrypted with the latest 128bit SSL encryption technology. In case the broker becomes insolvent 24Option has an investor compensation fund to take care of your investment. The client funds are well looked after by anti-fraud software such as Thawte and ClickSSL.
The platform offers good customer support, 24hrs support via phone and email support is available for 5 days a week. Both new and existing clients both have the option of online chat as well. Other than this their Chatbot support also resolves many frequently asked questions. The website has published several FAQs to give correct information to its clients.
Key pointers at a glance:
- 24Option Twitter feed for traders to have access to daily financial news
- PIP value calculator to lets you know of profit or loss with each move
- Both the desktop and mobile platform app do not stream live news
- High maintenance as well as high withdrawal fees
- A range of educational videos are available on the platform with up to 10 webinars each month
24Option is a user-friendly trading platform that makes trading fun as well as profitable. The platform has won several coveted awards since its inception in 2010. The platform offers quality educational offerings on several key concepts such as CFD trading. 24Option has given the traders the ability to trade a wide selection of assets under one single platform.