Although the costs may not be the finest, this is a wonderful broker to work with if you are interested in receiving a high-quality education and want a solid demo account with which to gain experience trading.
24Option is a foreign exchange broker situated in Cyprus that provides clients with a wide variety of investment options in addition to a plethora of currency pairs involving bitcoin. They are known for both the high quality of their instructional content and the dependability of their customer service. If you do not have a premium account, the prices are far higher than normal, and the trading platform is only decent at best.
24Option is a forex broker that was established in 2010 and is currently controlled by a business based in Cyprus known as Rodeler Limited. It’s possible that a corporation situated in Cyprus will look fishy, but the fact is that many brokerages who deal in binary options choose to locate there because of the favorable regulatory environment.
24Option was the second largest player in the world of binary options, with the only firm that was larger being Banc de Binary, an Israeli company that was closed down owing to charges of fraud. 24Option has undergone significant transformation over the past few years, and the company now does not provide its customers with access to binary options.
Recently, 24Option has increased the number of investment kinds it offers, and it has also extended its customer service department. These changes were made in order to improve 24Option’s ability to manage large investment portfolios and provide superior technical support. At this time, the company’s primary focus is on foreign exchange (including cryptocurrency forex pairings) and contract for difference (CFD) trades.
When compared to the websites of other famous forex brokerages, their website provides a rather limited amount of information about the organization. In spite of the fact that this lack of openness and the fact that 24Option is headquartered in Cyprus give the impression that the organization cannot be trusted, it appears as though this is not the case. 24Options is subject to the oversight of the Cyprus Securities and Exchange Commission.
It is not possible to trade 24Option in the following countries: Canada, Israel, Iraq, Belgium, Bosnia and Herzegovina, Australia, United States of America, Virgin Islands, Puerto Rico, American Samoa, Algeria, Ecuador, Iran, Myanmar, North Korea, China, Panama, Uganda, Ukraine, New Zealand, or Japan.
An Explanation and a Synopsis
1. The provision of binary options is discontinued by 24Option. They are concentrating their efforts right now on forex and CFD trading.
2. The allegations of fraud leveled against the corporation are not supported by any evidence. Despite this, customers of the organization did suffer financial losses as a result of the incapacity of the business to adequately provide vital information concerning its rules.
3. There are four different sorts of accounts.
4. There is an abundance of high-quality instructional resources. Users have access to webinars, video lectures, and written materials when they sign up for 24Option. A few of these can be accessed without logging in at no cost at all.
5. The trading systems do not stand out as being very impressive.
6. The costs of transactions are above average, although one can significantly reduce this cost by upgrading to a more advanced account.
The site offers a wealth of useful instructional tools.
• A wide variety of account kinds.
• A comprehensive selection of different types of investments.
• Service to customers that can be relied on.
Cons
• The prices are significantly higher than the norm.
• There are no high-volume discounts available for basic accounts.
• The trading platform and research tools are only average.
• The company is regulated in Cyprus.
Allegations of Fraud: Is 24Option a Ponzi Scheme?
If you type “24Option” into your search engine, you will see a lot of articles and comments that accuse the company of being a fraud. This is typical behavior for many binary options brokers, and it happens when you search for “24Option.”
The problem is, many of 24Option’s customers have lost money, but it is not because they have been duped. Instead, they have lost money either as a result of the company’s policies or the extremely dangerous nature of trading binary options.
Incomprehensible Regulations Resulted in Customers Losing Money
The “24Option Bonus” was an incentive that was offered in the past by the company to its users in order to encourage them to continue using the platform. Because of this, customers received what was essentially free money to use for trading, an activity that would subsequently result in commission fees.
The users who accepted the bonus were subject to specific restrictions that needed to be fulfilled before they could access the money that they had earned as a result of accepting the incentive. They were required to authenticate their identities by uploading various personal documents, and they had to meet certain wagering conditions as well.
Users who accepted the incentive but did not match the prerequisites for receiving it were not awarded the bonus earnings. In a legal sense, the corporation is not at fault for this, but the material in question is not easily accessible through either their website or platform. Because 24Option failed to provide adequate notification to its consumers, the vast majority of its customers were unaware of these prerequisites.
The Trading Bonus Scheme, which can be found in the legal area of their website, provides a comprehensive explanation of all the obligations and laws that are associated with the present bonus scheme. Having said that, this is a legal document, which means that it employs complicated terminology; therefore, it is unreasonable to expect customers to go through all of the details in order to locate an important piece of information.
To everyone’s good fortune, numerous customers received assistance from the customer service specialists and, in the end, got their money back. Users also lost money through trading binary options, which is an exceedingly risky activity if you aren’t completely aware of what you’re doing in the market at any one time. In spite of the fact that it’s possible that 24Option is not a scam, the company neglected to make this critical information clear to its subscribers, who are now in a precarious financial position as a result of their association with 24Option.
Accounting and Market Value
There Are Four Types of Accounts
There are four distinct account types available to consumers of 24Option, with account minimums ranging from $250 on the low end to $50,000 on the high end. When compared to lower-tier account types, higher-tier accounts have superior offers and pricing structures. As a result, some of them are better suited for high-volume trading, while others are suitable for getting your feet wet in the foreign exchange market.
Basic
The Basic account is arguably the ideal option for beginning traders as well as those who wish to get a feel for 24Option before making a commitment. In exchange for maintaining a balance of at least $250, you will be granted access to various learning resources.
Standard customers are entitled to one free lesson, but they are unable to participate in webinars. Users of the Basic account are also provided with a very nice demo account that has $100,000 in it so they may test out the site (demo accounts are available with all account types). In addition, daily news and one free withdrawal are provided with this sort of account.
Gold
When compared to the Basic account, the price of trading is more favorable with the Gold account. In addition, users receive one monthly webinar and two fundamental lectures. The minimum deposit required is $5,000, and users are permitted one free withdrawal every calendar month.
Platinum
The Platinum option requires a deposit of $10,000, and it comes with all of the benefits that come with the other account kinds, plus some enhancements here and there. The fee is more reasonable, and consumers receive two webinars each month in addition to three advanced lessons. In addition, customers can make three free withdrawals from their Platinum accounts each and every month.
VIP
The VIP account, which demands a deposit of fifty thousand dollars, is both the greatest and most expensive choice. The VIP membership not only provides the most favorable rate but also includes five additional training modules and five regular webinars. Users have the ability to withdraw an unlimited quantity of money from their VIP account free of charge.
The more money you put in, the more money you get back. The more expensive plans typically come with better discounts and access to more helpful learning resources. Users of any account type have access, not only to the daily news but also to Trading Central, which is an excellent instrument for more advanced market analysis.
What Makes 24Option Outstanding in the Field of Education
The instructional materials provided by 24Option are of the highest possible standard and are presented in a comprehensive manner. Articles on their website covering themes such as daily market analysis and technical analysis are available to read for free and may be found on their website. On their website, you may learn anything and everything you could possibly want to know about their trading platform.
There are webinars that are available for free, in addition to those that are exclusive to members of 24Option. In addition to that, members have access to some really helpful video tutorials. In these lectures, both fundamental and advanced ideas, such as the fundamentals of CFD trading, the calculation of pips, the management of risk, and the various types of analyses, are explained.
There is also materials geared specifically toward teaching newcomers how to trade forex, and this material includes a glossary. All things considered, 24Option possesses exceptional teaching resources that are helpful for novice traders as well as those who are intermediate in their trading.
Assistance to Customers
Users and those interested in using 24Option can get in touch with the company by live chat, phone, or email. The customer support department of the organization appears to be quite quick to respond and always ready to provide assistance; unfortunately, they are closed on the weekends.
The customer service representatives are available Monday through Friday, 24 hours a day; however, the live chat feature is only available during normal business hours. In most cases, the customer support is knowledgeable and really eager to be of assistance to people.
When I used the live chat feature, a person responded to my queries and concerns within around 30 seconds and provided rapid responses. It is extremely commendable how quick and knowledgeable the personnel of the customer care department are.
On the other hand, the live chat does appear to function properly when using Chrome, but not when using Mozilla.
Variety of Services and Products
24Options has undergone significant transformation over the past few years, with the most notable shift being the removal of binary options from their service. At this time, the organization supports a diverse range of cryptocurrency pairs, including BTC/GBP, BTC/EUR, BTC/USD, and many others.
However, the number of accessible currency pairs is far lower than what you may get with other forex brokers, and the price of commodities such as oil and gold is closer to the market average. In all markets, including spreads, commodities, and currencies, 24Option is always one step ahead of the competition.
The Ways in Which 24Options Can Make the Average Trading Platform Better
The company provides users with not one, but two different desktop platforms, in addition to a mobile option. The research tools that are offered are decent, but nothing special. The same is true for all areas of the trading platform offered by 24Option.
Desktop Platform
24Options provides a platform that is user-friendly and effective. Users may place trades and build watchlists with ease. The UI of the platform is highly modifiable, and the platform itself includes excellent charting features. Users also have the ability to view the positions held by other traders.
Users are able to forecast the general tendency of the market at any given moment by viewing the positions of their fellow traders and placing cautious conditional orders as a result of this information. Although it appears that the company’s desktop platform is superior, the company also provides its customers with the popular MetaTrader 4 software. This software is widely used throughout the industry.
Mobile Platform
The mobile application could be better, but it holds its own against similar offerings from other companies. The program has been optimized for use on iOS and Android, with the latter operating system supporting fingerprint authentication. The functionality of the mobile version is almost identical to that of its counterpart on the desktop.
Many of the tools, such as charting and streaming quotations, are quite easy to access, and adding data to your charts, such as moving averages, is straightforward and can be done in a short amount of time. The mobile app gives users a high degree of control over their positions within the app at all times.
The mobile app does not provide daily news, and in comparison to other mobile platforms, there are not nearly as many alerts provided by it. In general, it is a nice software that is user-friendly and has a number of really good features, but when compared to the most advanced trading apps, it pales in comparison.
The prices are considerably higher than the norm.
24Option’s prices are not the most competitive in the industry. In point of fact, they are far greater than the norm. There are no other discounts available for high-volume trading; however, opening a premium account can drastically reduce the costs associated with doing so. Further than that, there are no other discounts available. Inactive accounts are subject to even higher costs than active ones.
After a period of inactivity of six months, a monthly fee of up to $200 may be assessed against the account. The monthly maintenance fee for the account is ten dollars, and the fee for making a withdrawal is three and a half percent. However, depending on the type of account that they have, consumers are eligible for a certain number of free withdrawals each month. The VIP account allows for an infinite number of free withdrawals, which can be made at any time.
24Option does not charge any financing or commission fees, despite the fact that customers can find lower deals on other sites. The Basic account has a moderate minimum deposit requirement of $250, making it an excellent choice for beginners.
In conclusion, who would benefit most from using 24Option?
If you look among the top forex brokers in the business, you can find deals that are superior to those of their competitors in terms of pricing. Even though there haven’t been any serious issues regarding the reliability of 24Option, the lack of openness is a bit of a cause for concern on its own.
It is a terrific platform for learning how to trade due to the fact that the minimum deposit required for 24Option’s Basic account is quite modest and that the company provides excellent training tools. The customer service can be relied on, and the demo accounts are of the highest quality.
