24option Review: Best for No-Frills Forex Trading
Maybe you have heard the vast world’s opportunities in online trading.
Since the year 1990, online trading has proliferated because of the advancement of high-speed computers and fast internet connections.
Many people can get quickly rich by trading, but it involves a high risk of losing money.
Understanding how trading works is an advantage. More so, your broker.
Try to get to know the broker for no-frills forex trading – 24option.
What is 24option?
24option is a broker offering Forex and CFDs online at its platform. It offers more than 250 options of tradable assets in currencies, stocks, commodities, and indices. It is operating from Cyprus and Belize. This brand started in binary options until it switched three years ago and now offer trading FX and CFD, but the company was launched in the year 2010.
The European version of the 24option is operated by the Rodeler Ltd. It is a financial investment firm from Limassol, Cyprus with a license number 207/13. On the other hand, the international version of the web is operated by Richfield Capital Ltd located in Belize City, Belize with a license number IFSC/60/440/TS/18.
If you check on this website, you will find out that it has 12 language availability, which makes it easier to understand their site at international level. 24option is a prominent sponsor of the Juventus FC, an Italian football giant.
What are the features of 24option?
Below are the features that any trading fanatic will love about 24option:
- Authorized and regulated by IFSC and the CySEC.
- Client’s funds are safe because the trading environment is protected with Secure Socket Layer (SSL) that is provided by Comodo CA Ltd. It is to protect the client’s identity from cybercriminals and thieves.
- Client’s funds and membership of the ICF are in segregated bank accounts. It is beneficial so that if the broker is suffering from a financial crisis, the investor’s funds are still available for reimbursement.
- The ICF is available for the traders from Europe at the jurisdiction of the CySEC. This fund compensates the traders up to €20,000 whenever 24option becomes insolvent or even when it fails.
- More than 250 options are available for trading. There are over 34 currencies available, over 10 commodities, 25 indices, and more than 61 stocks shares available for trading.
- Training resources are provided to the inexperienced clients.
- There are available research tools.
- Bonuses and contests are offered.
What are the Accounts available?
There are four types available for opening an account. These are basic, gold, platinum, and VIP.
The Basic Account requires an opening balance of a minimum of $250 with a spread for EURUSD at 2.3 pips low. It has one education package but no available webinars. Next to the basic is the Gold Account. It requires a minimum of $5000 to open this account. The spread is as low as 1.8 pips for the EURUSD. It includes two basic lessons, one webinar in a month, and one free withdrawal in a month.
If you want to double the Gold Account, you can choose the Platinum Account with $10 000 or more available balance. Its floating spread begins from 1.4 pips for EURUSD currency, and the education package has three advanced lessons and two webinars in a month. There are also three monthly withdrawals given for free.
Lastly, there is a VIP account with an opening balance of $50 000. In this account, the spread benchmark EURUSD is at 0.9 pips low. It has five webinars in five months and five advanced lessons. Also, there is no charge for the withdrawals.
What are the Deposit and Withdrawal Options?
There are many options for depositing and withdrawing. Among the various payment options, the following are used:
- Debit cards or credit cards
- E-wallet payment
- Wire transfers
- Perfect Money
Bear in mind that 24option does not accept a cash deposit. It does not also take a payment coming from the third party. Thus, if you are the depositor, you must be the owner of the account.
For you to be eligible to withdraw, you must be adequately verified, and this verification is being made through the proof of residence document or the proof of ID. On the other hand, if you pay using your credit or debit cards, there is a need for a picture of the card on both sides, and this should show the last four digits of the numbers on the card.
Most commonly, 24option does not charge the deposits, but the withdrawal fees are charged based on the type of account and the mode of payment. However, clients with platinum or diamond account do not pay the withdrawal fees while other account holders are entitled to one to three free withdrawal charge.
What are the Pros and Cons?
Contrary to other online brokers, there is minimal information about the company on its website about the managers and its owners and the number of assets that the management is holding at present.
Now, some things I like about the company is that the traders have the freedom to access the financial news daily on the twitter feed. There are also plenty of educational videos that will help beginners and inexperienced traders. I even like the ten live webinars in a month. The pip value calculator also shows the amount of your profit or your loss in every pip move.
On the other hand, I don’t like that the desktop and the mobile platforms do not provide any live streaming news. I also notice the high maintenance and the high amount of withdrawal fees.
Nevertheless, when it comes to trust, the broker 24option is regulated in Cyprus, which falls under the regulations of EU, which is not so developed like the United Kingdom and Germany. There is also no guarantee of the stop loss trading in places outside France.
Meanwhile, I like that 24option participates in the investor compensation fund, which is helpful in case the broker becomes insolvent. Clients are also protected from fraud and thieves, most notably, the balance protection that prevents the client from losing money more than his or her initial deposit.
What is my Final thought?
Based on my experience and research, 24option is a very established and well-regulated Forex and CFD broker. It has a vast array of tradable assets, it is safe, unique, and a secure platform for trading. It is best for no-frills forex trading.
There is also telephone support available in 12 countries, and with language translations. Also, customer service is very courteous and professional.
I like the intuitive interface of the 24option trading platform. There is also an educational program for people who wants to learn. Nevertheless, 24option is not open for traders from the United States.
If interested, you can try the demo account of 24option. It is accessible when you don’t have any deposit because it is free.