CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
If you want to trade binary options, we recommend a platform that uses an exchange based model or has no conflict of interest, like SPECTRE, which offers a platform where you can trade directly against other traders or a decentralised liquidity pool. Normal binary options brokers are using a single market-maker business model where you are trading against the house like in a casino. This carries an inherent conflict of interest and many clients end up being scammed. Read our Spectre review >>.
24option is one of the veterans of the binary option trading industry and one of the most well known binary option brands. The operation has been online since 2010 - which is close to an eternity in this business. The company behind the brokerage is Rodeler Ltd., and it is based in Limassol, Cyprus. 24option is licensed by CySEC, for customers based in Europe. For those outside of the EU, Belize's IFSC provides a regulatory umbrella. Rodeler Ltd. is also a member of the Investor Compensation Fund for the Clients of Cyprus Investment Firms.
The operator offers a decent bonus on deposits (it has to be noted though that according to the ESMA's latest directives, regulated binary option brokers should not offer such a bonus, so this deal may not be valid anymore), and it features a user-friendly trading platform. The 24option option-type and expiry-time selection is also excellent, as is their mobile trading feature. The broker also features a great education section and free trading signals.
Just about the only downside of the operation is that some of its payouts are lower than those offered by some of their peers. We are talking about maximums not exceeding 88% in this regard.
Reputation-wise not everything is looking so good as there are a lot of bad reviews about 24option. This should come as no surprise since clients are betting a lot of money on binary options and end up losing their entire deposit, which then has become the profit of the broker. There are also clients complaining about slow withdrawals or not getting their money back at all. The bonus terms and conditions are an explanation for a lot of these problems, which is exactly why CySEC has instructed all the brokers to stop offering these bonuses. As far as withdrawals go, according to new CySEC regulations the broker must process the client's withdrawal request on the same business day.
In a move to boost their reputation, 24Option has struck up partnerships with personalities and sports team such as Boris Becker, Juventus Football Club and Connor McGregor. This may boost confidence in their brand, but history has shown that this can also blow up in their face. For example, the competitor Banc De Binary did also sign a major sponsorship deal with Southampton FC in 2016, and in 2017 it already ceased its operations due to lawsuits and a $11 million settlement in the US.
Now that we have clearly described the risks of normal binary options brokers, let's have a look at what 24Option has to offer.
The trading platform currently powering 24option is a Tech Financials creation. It is considered to be one of the most advanced and secure platforms for the trading of binary options. All financial operations done through the platform are protected by top-notch encryption. The user friendliness of the software is second to none. Even those who have never traded binary option before, will know what to do within a few seconds. Trade execution is fast and there's rarely any slippage. CFD and Forex trading is available through 24option too.
The option type selection at 24option is a fairly standard one, yet traders will most likely find everything they might want in this respect. They have classic High/Low options, in the long-term as well as short-term (60 seconds) format. They also have One Touch options and Boundary options, to provide a playing field for those eager to put various creative, technical analysis-based strategies to the test.
24option features five types of accounts to accommodate traders of varying levels of involvement and financial means.
The Basic account is obviously the best choice for those looking to limit their investment/involvement. The minimum deposit for such an account is $250. The minimum investment amount is $24, and that is valid for all account-types. Those who opt for this account, will gain access to a professional charting service, to 24/7 support and they will be allowed to make a free withdrawal. The maximum payout rate for this account is 82%.
The Silver account ups the stakes quite a bit, but it too allows a single free withdrawal and the maximum payout rate is 82% with this account as well. Traders gain access to a personal coach though, and to a selection of trading alerts.
The Gold account - which is hailed as the most popular - is where the variables start improving visibly. The maximum payout for those who fall into this category is 84%, and there's a free withdrawal available every month. Trading alerts are delivered through SMS and email too.
The Platinum and Diamond accounts max out the 24option offer. They feature maximum payout rates of 86% and 88% respectively. Diamond account owners get higher trading limits as well as the possibility to secure Juventus tickets.
24option support can be reached through a general contact form, or through emails and local phone numbers in no fewer than 18 spots world-over.