New 24Option broker review – updated July 8th, 2020.
24Option was founded in 2008. Initially, the broker only offered binary options but eventually, it started offering CFDs and forex too. The broker belongs to Rodeler Ltd and its head office is situated in Cyprus. Currently, 24Option does not offer financial or trading services.
In the past, they offered a binary options trading platform which was created by TechFinancials. The broker also offered MT4.
Traders could use either of the two platforms since each one provided different advantages and features. MT4 is perhaps a bit more complicated to use, but contains far more analytical tools and offers auto trading. The platform is a lot easier to use too.
The platforms were available to download on both Apple’s App Store and Google Play. The apps offered all the functionality of the platforms, including many account management features.
The login process was fast but nevertheless very secure. Trading is made simple with mobile apps and is highly beneficial for traders on the go.
Trading Accounts Launched
There were 4 distinct types of trading accounts available at 24Option to pick from. The trading accounts were: the Fundamental Account, the Gold Account, the Platinum Account, and the VIP Account (formerly Diamond).
Each account type provided different trading conditions, such as tighter spreads.
To open a live trading account, you would need to deposit a minimum initial of $100.
Legislation & Standing
24Option was regulated by two regulatory agencies: For operations in Europe, 24Option was regulated by the Cyprus Securities Exchange Commission (CySEC) under the CIF license no. 207/13 issued to Rodeler Ltd. For operations outside of Europe, the broker was regulated by the International Financial Services Commission of Belize, under the authorization is issued to Richfield Capital Limited under the IFSC registration number IFSC/60/440/TS/15-1.
Currently, Rodler Ltd’s license is suspended by CySEC, therefore the broker does not offer trading services. Find out more here.
Due to CySEC’s 2016 memo (C168 (30/11/2016) and C194 (16/03/2017), bonuses, such as deposit bonuses of free trades, were unavailable on 24Option. The broker did not offer a sign-up bonus.
24Option offered their clients a vast amount of trading instruments across different asset classes. The broker used to offer over 150 different stocks for trading, various major, minor and exotic currency pairs and cryptocurrencies to trade against fiat currencies such as Bitcoin/USD, Bitcoin/EUR, Bitcoin/GBP, etc.
24Option offered commodities too, such as gold and crude oil.
Customer service at 24Option was offered on a 24/7 basis. Clients can reach the support staff through email, live chat, or phone. Local phone support was available in Belize, Brazil, Chile, Colombia, Malaysia, Mexico, New Zealand, Peru, Russia, Saudi Arabia, Singapore, Ukraine, and the United Arab Emirates.
24Option used to offer various withdrawal and deposit methods which included VISA, Mastercard, Discover, Diners, Switch, JCB, Skrill, Neteller, and bank wire transfer.
Are 24Option A Good Broker To Trade With?
24Option used to be a decent broker to trade with and had a lot of potential. Unfortunately, since its license was suspended, the broker is unable to offer its services to clients.