24option Review

UPDATE: 24option is no longer offering binary options trading for new clients and has shifted its business focus to forex and CFD trading. In line with these changes, this review has been revised due to this form of online trading.

24option is one of the veteran brokers in the binary options industry. Launched in 2009, they continuously keep their traders a step ahead by constantly supplying them with platform upgrades using the finest technology. But with the explosive growth of the binary trading industry over the years, are they still able to keep up with the competition? Below is my updated review to answer this question.

Advantages
1. Regulated by the CySEC
2. Operating since 2009
3. Wide range of assets including cryptocurrencies
4. Demo account available
5. Accurate quotes and trading signals
6. Superb customer service
Disadvantages
1. Demo account expires after 1 week of usage.

 

Read the Bottom Line! 
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(4/5)

Minimum Deposit

The minimum deposit requirement to open a live trading account is $100, the same with the standard minimum deposit that is followed by majority of the brokers in the industry today.


24option minimum deposit
Trading CFDs and/or binary options involves substantial risk and may lead to loss of all invested capital

 

Minimum Deposit

EZTrader ($200)
anyoption ($200)
BDSwiss ($100)
24option ($250)

 

(4/5)

Design and Layout

What makes 24option different from the rest is that they have kept their platform design simple but well-structured. We never had any problems finding all the important trading elements on the interface particularly the list of assets which is nicely placed on the left side of the screen with the right amount of space for a hassle-free browsing experience.

24option platform designTrading CFDs and/or binary options involves substantial risk and may lead to loss of all invested capital

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(5/5)

Banking Methods

Transferring funds into the account was a non-issue for me because this broker accepts various credit card brands (Visa, MasterCard, Discover, Diners, Switch, JCB), Skrill, Neteller and Wire Transfer. These banking methods are the most commonly used and the most secured payment systems today.

(5/5)

Minimum Trade

Trading via forex and CFDs will require you to place micro lots and the minimum size is 0.01 which is basically the standard in the market.

 

Minimum Trade

EZTrader ($25)
anyoption ($25)
BDSwiss ($5)
24option ($24)

 

(4/5)

Available Assets

There are over 150 assets to choose from on the trading platform. Aside from having more than the average number of assets to offer, their advantage over many brokers is that they cover all the major categories (stocks, commodities, currencies and indices) including a new asset class called cryptocurrencies such as Bitcoin, Ethereum and Litecoin so the potential to make a profit is immensely high.

24option assets

Trading CFDs and/or binary options involves substantial risk and may lead to loss of all invested capital

 

Available Asset

EZTrader (91)
anyoption (97)
BDSwiss (68)
24option (104)

 

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(9/10)

Trading Platform

24option now uses the Scipio platform and it’s a lot faster and much more convenient to use that its previous platform. It’s an upgraded version with enhanced features and tools. They also have the MetaTrader 4 platform and mobile applications.

24option platform
Trading CFDs and/or binary options involves substantial risk and may lead to loss of all invested capital

(8/10)

Quotes

Having a broker that provides accurate quotes by a third party provider is crucial for expanding your skillset and fortunately after the tests that we’ve done with the platform, 24option’s financial data were almost synchronized with the actual market prices. Delays were very minimal lasting for just a few seconds to a minute and technically are still far from the standard 20-minute window.

(10/10)

Payout Rate

For forex and CFD trading, the payouts are measured by the spreads and the great thing about 24option is that they offer very competitive spreads. The EUR/USD for example has a low spread of 0.0003 pips.

24option payout rateTrading CFDs and/or binary options involves substantial risk and may lead to loss of all invested capital

 

Payout Rate

EZTrader (81%)
anyoption (75%)
BDSwiss (85%)
24option (88%)

 

(10/10)

Withdrawal Processing Time

Account verification is needed in order to make a withdrawal request. After the account has been verified, requests are processed immediately.

24option withdrawal processing time
Trading CFDs and/or binary options involves substantial risk and may lead to loss of all invested capital

 

Withdrawal Processing Time

EZTrader (Up to 7 days)
anyoption (Up to 7 days)
BDSwiss (Up to 7 days)
24option (Up to 3 days)

 

(8/10)

Customer Service

24option’s customer support department was very easy to contact since they can be reached via phone, email or live chat 24/7. Communicating with them was never a problem and most of our conversations ended positively with questions getting detailed answers and issues getting immediate support.

24option customer service
Trading CFDs and/or binary options involves substantial risk and may lead to loss of all invested capital

(10/10)

Regulation

Currently there are around 41% brokers in the market that are licensed and controlled by financial regulators. 24option belongs to this group with an active license for Rodeler Limited from the Cyprus Securities and Exchange Commission (CySEC). This basically means that they are complying with regulatory capital requirements that are set by a well-known financial agency.

24option regulation
Trading CFDs and/or binary options involves substantial risk and may lead to loss of all invested capital

(10/15)

Brand Reputation

With the myriad of brokers around today, there are plenty of options to choose and 24option has remained a leader in this industry with its numerous awards and excellent reviews from trusted financial sites and online trading communities. We weren’t really surprised to see that they are still preferred by the majority of traders today from various countries and the fact that they now offer Forex and CFD trading means that they are doing a good job in the online trading market.

Our verdict (87/100)

24option continues to be one of the leading brokers today and this is because they are able to constantly improve and optimize their trading platform that comes with many features such as the diverse range of global assets, the potentially high payouts and no hidden fees. Add to that an excellent support quality and you have yourself a market leader that delivers an absolute trading experience.

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Trading CFDs and/or binary options involves substantial risk and may lead to loss of all invested capital

25 Responses

  1. Shefra Morrisson
    Shefra Morrisson at |

    I’ve tried several brokers over the past few years but 24option remains to be the best choice for me. Their platform is easy to use and the returns are more rewarding compared to what other brokers can offer. Here’s a tip: Make sure to use their trading signals because it’s really useful on placing a High or Low option

  2. Keiffer C.
    Keiffer C. at |

    Does this broker really pay? How about the withdrawals, do they really give the money of their customers back?

    1. Doug K
      Doug K at |

      Yes the really do pay. My membership with them for the past 3 years has already generated over $1000 in profits.

    2. Carlos S.
      Carlos S. at |

      With regards to your question regarding the withdrawals, they return the money of their clients if they request it. I’ve been a member since 2014 and have done over 20 withdrawals successfully.

    3. C. Davison
      C. Davison at |

      They pay their clients based on what is indicated on the trading screen (e.g. 85%, 200%). If you want a higher pay, better use their One Touch option. I prefer the High/Low and Short Term though because the chances of making a profit is much better with this instrument.

  3. Tristan P
    Tristan P at |

    Great review. Bonus looks tempting but does it have cons?

    1. Ryder Lukis
      Ryder Lukis at |

      The bonuses have terms and conditions but for me, it’s reasonable as compared to other brands.

  4. Nazeeh S
    Nazeeh S at |

    If you’re going to sign-up with 24option, be sure to avail of their free signals. I find it really helpful in determining the best assets to invest on.

  5. Yohann C
    Yohann C at |

    Their trading competition is interesting and the prizes are huge. I’m currently at the top 11 position.

    1. Vallev Xeron
      Vallev Xeron at |

      The competition is still ongoing and I think you can join anytime you want.

  6. Moeller
    Moeller at |

    I recently signed-up at 24option and availed their limited edition training pack which was worth $10,000. It comes with a lot of perks like trading webinars, trading signals and other benefits. Highly recommended.

  7. Jordan Yuille
    Jordan Yuille at |

    24option is a good broker and they always make sure that there is something new to make the trading more interesting.

  8. Nogis Boik
    Nogis Boik at |

    The competition launched by 24option is widely accepted by most of their loyal clients. A very good indication that this broker is really trustworthy.

    1. Richard Metcalfe
      Richard Metcalfe at |

      I am trying my luck with the 24option latest trading contest. I am currently in the 28th place, and I am aiming for at least the first 10 this time.

  9. Dominic Piper
    Dominic Piper at |

    The response rate provided by the support staff is quite faster than the other broker. They are reliable individuals too.

    1. Stephen Mitchell
      Stephen Mitchell at |

      I have to agree with you in this one because I had a very good experience with this people who can fix things immediately.

  10. Jennifer Mackenzie
    Jennifer Mackenzie at |

    Are they really able to process withdrawals quickly? The previous broker that I’ve been with almost took 2 weeks.

    1. Eliot T.
      Eliot T. at |

      In my case, it takes just a few days, usually 3 days.

  11. Letterio Ri.
    Letterio Ri. at |

    I noticed that they don’t offer bonuses anymore. Why?

    1. Elmer A.
      Elmer A. at |

      This is the new mandate of the CySEC which they have to abide. In my opinion, it’s actually good that they now removed the bonuses because they can be risky especially for beginners.

      1. Jerrod Oconnell
        Jerrod Oconnell at |

        What makes bonuses risky?

  12. John Kowalski
    John Kowalski at |

    If you are going to trade and expect more bonuses, then it is very similar into playing online games. Trading is no online games, so expect to nurture your investments by properly choosing the right broker for you.

  13. Deshawn Romano
    Deshawn Romano at |

    Anything new from 24option?

    1. Kraig Poe
      Kraig Poe at |

      I am as excited as anybody else, now, starting to this day, you can start trading with them by just 100 bucks initial deposit. Way lower than before.

      1. Gemmy Lang
        Gemmy Lang at |

        This is really good news to those who wanted to start trading binary options.

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