24Option

24Option is owned by 247 Holdings Ltd, incorporated in Anguilla and operating out of Limassol, Cyprus. The brokerhouse is subject to regulation by the Cyprus Securities Exchange Commission (CySEC) and the Markets in Financial Instruments Directive (MiFID) regulatory protocol passed by the European Union in 2009. There is no information at this time as to whether the funds held in traders’ accounts are held in special sequestered accounts.

Software & User Friendliness


24Option uses the binary options white-label solution of Tech Financials Ltd. Traders can trade the following contract types on the 24Option platform:

  1. 60 Seconds Option: A new contract on this platform, the 60 seconds option is a High/Low contract with a sixty-second expiry.
  2. In/Out Option: There are two varieties of this option contract on 24Option: the traditional boundary option (classical In/Out), and the High Yield Boundary. The High Yield boundary is an “Out” option with upper and lower price boundaries that are spread more widely than the conventional In/Out price boundaries, with payouts reaching 400% for successful trades.
  3. One Touch Option: There are two types of the One Touch option: the classical Touch/No Touch option and the High Yield Touch option where the trader makes money if the asset is able to touch an ambitious strike price. This option type is only available for the GBPUSD, EURUSD, crude oil and USDJPY.
  4. High/Low Option: On 24Option, traders can trade either the classical High/Low, where the trader bets on an asset ending higher or lower than market price, or the “Above/Below” option where the trader chooses a strike price and bets on the asset ending above or below this level on expiry.

Visit 24Option Website >>Open a free Live Account >>

Asset Index

Assets that can be traded on the 24Option platform include but are not limited to:

  1. Commodities: Gold, silver and oil.
  2. Currencies: EURUSD, GBPUSD, USDJPY, GBPJPY, EURGBP, EURJPY, USDCAD, USDCHF, AUDUSD, EURTRY, USDTRY.
  3. Indices: ASX-200, MIB-40, DJ30 (Dow Jones), IBEX-35 (Spain), SMI Futures (Zurich), CAC40 Futures, FTSE Futures, NASDQ100, DAX30 Futures, Hang Seng, Nikkei 225.
  4. Stocks: Apple, Barclays, France Telecom, Lloyds, Sumitomo, Societe Generale, Google, Telefonica SA, Vodafone.

The minimum investment amount on 24Option is $24. The exact amount differs from country to country. The maximum amount is $50.000 per contract.

Bonuses and VIP Program

The following bonuses are available to traders using 24Option:

  1. Account funding bonuses: All new traders are given an account opening bonus. The exact amount is not uniform; they are determined by the account managers assigned to each trader.
  2. Special Trading Bonuses: Gold and Platinum account holders receive 2% and 4% extra returns respectively on profitable trades.

There are no other bonuses applied to existing account holders as account deposit bonuses are only for first-time users and on a one-time basis.

Special Features

24Option has a unique feature known as “early closure”. As the name implies, traders can close out their trades before expiry either to lock in profits or to cut down losses. This service comes at a premium as traders either have to sacrifice some profits via a reduction in expected percentage return or pay some money to close out early losses. This feature becomes available three minutes after opening a trade position.

24Option has one of the most advanced binary options online educational resources with a range of online demonstration videos and manuals on the trading process. This is a tool that easily gets intending traders and new users to the website to hit the ground running with binary options. There is also a free webinar that is held twice a week for anyone who wants to learn more about binary options.

Mobile trading with the iPhone, Android devices and Blackberry is also possible. To use this facility, login to the mobile site of 24Option, select your device and login with your trading details to start trading on the go.

Deposit and Withdrawal

What are the deposit and withdrawal requirements on 24Option? There is a minimum deposit which will depend on the account funding method used.

  1. Credit card/debit card: The minimum deposit is $250 while the maximum is $10,000 at a time or $40,000 monthly. Cards accepted on 24Option include MasterCard, VISA, Diners Club, Maestro International, Carte Bleue, JCB, CartaSi, Laser, and Discover. Deposits are instant. Where withdrawal amounts exceed the maximum allowable limits for credit cards, the balance will be sent by bank wires.
  2. Electronic payments: Minimum deposit is $250 when Liberty Reserve, Moneybookers or Moneygram are used for account funding. Deposits are instant.
  3. A minimum of $1000 is allowed for transfers done with bank wires. Deposits take up to 5 working days to reflect in trading accounts.

Traders are expected to use the same method for funding and withdrawals. Traders can operate their accounts in USD, Euros, GBP and JPY.

There are charges for depositing and withdrawing funds from trading accounts. Free withdrawals are only possible in the following circumstances:

  • First withdrawal for Standard account holders
  • Once every month for Gold account holders.
  • Always free for Platinum account holders.

Apart from these conditions, withdrawals are charged as follows:

  • $30 per withdrawal for bank wires.
  • 3.5% of withdrawal amount for credit card withdrawals.
  • 2% of withdrawal amount for withdrawals with Moneybookers.
  • 1% of withdrawals with Liberty Reserve.

Apart from a minimum withdrawal limit of $100 for wire transfers, there are no withdrawal limits. Traders withdrawing with credit cards must scan the front and back of their cards (blocking off the sensitive information apart from last 4 digits of card number and send to 24Option for verification.

Support

Traders can access customer support on 24Option in the following ways:

  • Live chat
  • Email: info@24option.com
  • Phone: +357 25 030 600
  • Fax: +357 25 030 329

There is a global map which shows the location of the 24Option offices around the world on 24Option’s contact page.

Our Opinion

24Option has really taken pains to address the needs of most new binary options traders. The incorporation of the early closure facility also increases the appeal of trading binary options with 24Option. There is room for improvement, especially with provision of a charting facility to aid traders in technical analysis. However, 24Option is truly in a class of its own in terms of the overall package that traders are offered.

Visit 24Option Website >>Open a free Live Account >>

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