- Regulated Broker
- 24/5 Customer Support
- No Withdrawal Fees
- Intuitive Platform
- Competitive Spreads
- Live Training Sessions
- Not regulated in UK
- Withdrawals might take time
Located in Limassol Cyprus, 24Option forex trading platform was created in 2010 and since then has been at the forefront of all things involving the trading of binary options. It was not until early 2017, that 24Option moved from the trading of binary options to trade in CFD’s and spot forex only. The CFD’s that are traded on the 24Option broker platform are of different types, from international stocks to other commodities like energies, metals and equity indices. 24Option has a wide selection of currency pairs that traders can choose from and also offers a number of cryptocurrency pairs to you can invest Ethereum, Bitcoin and other altcoins. In this 24Option review, we will guide you through the process of setting up up an account so start trading cryptocurrencies and benefit from this market.
24Option broker offers traders up to five different account types that they can choose from. The account plans are; diamond, silver, platinum, gold, and basic. The basic account on the 24Option broker has a minimum deposit requirement of $100. The other four accounts mentioned above have higher minimum deposits. In this 24Option review, we used the basic account as this is the first account type every trader must first open before he can move up the ladder to other accounts. After the basic account, the silver account follows next, then the gold account, the platinum account and finally the diamond account. The diamond account as the name implies is the highest account on this broker and it offers traders, no withdrawal fees, live training sessions, unlimited access to thousands of research works and websites.
Here is an overview of all account types that 24Option has to offer:
- Basic Account– the required initial deposit for this account type is only $250. In addition, traders will get a 25% welcome bonus plus 1 free withdrawal request. The payout rate is up to 82% for trades placed with Basic Account.
- Silver Account – this account type needs a deposit of $2,000 to be enabled. The welcome bonus with Silver Account is 30% and the first withdrawal is given for free, too.
- Gold Account – this is maybe the most popular account type and it can be enabled with a deposit of $25,000. Other interesting features include the welcome bonus which is 40%. It also comes with free withdrawals for the entire first month and traders can use a personal couch to guide through the process and learn to start trading.
- Platinum Account – the required deposit for this account type is $50,000 and the welcome bonus is 50%. The withdrawals become absolutely free. Also, you will unlock some special features such as Live Training Sessions, Advanced Educational Materials etc.
- Diamond Account – the most advanced account type you can get and it needs over $50,000 in a deposit to be unlocked. The welcome bonus is 100%.
These accounts also come with different average transaction speed.
24Option review will not be complete without mentioning the fact that this broker offers educational programs to thousands of traders worldwide. 24Option offers cryptocurrency traders all over the world various ebooks on how to trade forex, they also provide them with live sessions and seminars. There are hundreds of already recorded webinars that will teach first-time traders how to successfully trade and make gains. These webinars are designed in such a way that both amateur and professional traders can learn different strategies on how best to trade Ethereum, Bitcoin and other cryptos and make profits.
The 24Option broker is downloadable and it is compatible with multiple devices, meaning that no matter where you are in the world, you can easily trade and invest in cryptocurrencies whenever you are.
24Option Review – Key Features
This 24Option review will also highlight the various features and functionality of this CDF broker. Some of these key features include;
1. Development of trading software. In addition to the adoption of the popular and efficient trading platform called MetaTrader4 (MT4), the 24Option broker has developed its own platform that ensures the fast and secure trading of CFD’s and forex. This newly developed trading platform makes use of the company’s previous or already existing binary options facilities and the forex and CFD trading facilities.
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2. Different account types. 24Option broker offers traders five different account types. These account options each come with their minimum deposits, features and functionalities.
3. Responsive customer service. 24Option broker offers traders quality, exceptional and responsive customer service. They do this by putting in place live chats, 12 telephone assistance lines in 12 countries and email support as well.
4. Educational Support. 24Option broker offers thousands of cryptocurrency investors, both professionals and amateurs, educational support with materials and research tools to ensure that they fully understand how the market runs and for them to make a profit. Some of these educational materials include: previously recorded webinars, live training sessions, weekly market news update and hundred of interactive and educative ebooks.
5. Security of funds. 24Option ensures the safety of funds of all traders on their platforms. This broker is regulated by the European Union (EU) and most of the funds are stored in top banks in Europe. To ensure that traders do not lose their funds either due to bankruptcy or liquidation of these banks, the broker has a compensation scheme which is up to £20,000.
6. Multiple language support. 24Option supports over 22 languages. Giving investors the opportunity to trade and navigate through the application in any language of their choice. This also shows that the broker wants traders from around the world to make use of their platform.
7. Multiple deposit options. 24Option supports about 10 various deposit options. Some of them include; the use of credit cards (master card and visa are accepted), direct bank transfers/ deposits, Skrill payment method, Paysafe, WebMoney, Sofort, Qiwi and other methods.
8. Trading bonuses. Although offering bonuses to traders has been restricted by CySec regulations for all brokers based in Cyprus, the 24Option still offers traders who sign up to a $24 tradeable bonus.
9. 24Option trading platform is designed with a user-friendly interface making it easier for first time traders to easily understand and begin trading immediately.
24Option Review – How to Get Started
To begin trading, you have to create an account with 24Option. You have to fill in your name, username, a valid email address and a password. Once you are logged in, a confirmation mail will be sent to your email, you have to first confirm your account before you can make deposits and start trading.
Once you have confirmed your account, you can make a deposit through any payment method that is convenient for you. The minimum deposit for all credit card deposits is £250, £1,000 for bank transfer/ deposit and £250 for all online payments.
Once you deposit has been confirmed, you will have to choose the instrument you want to trade, then begin trading immediately.
The following cryptocurrencies are available for trading with 24Option:
- Ethereum Classic
- Bitcoin Gold
24Option Review – Customers Feedback
Traders using the 24Option broker do not have to worry about anything. The only issue that some traders might experience is the multiple accounts settings and features which sometimes could be confusing. Most traders would only have to worry about the accounts and how they work.
24Option Review – Pros and Cons
- Multiple language support
- Multiple currency support. Supports over 50 currencies
- Offer traders’ high return on all trades carried out
- A user-friendly interface that is easy for first-timers to use.
- The compensation scheme is available for all traders
- Offers traders bonuses
- Lack of sufficient information about their account types
24Option Review – Conclusion
Finding the right trading for investing in cryptocurrencies could sometimes be challenging. In this 23Option review, we tried to cover the basics and highlight the main features, as well as possible flaws of this CFD broker. As with many trading platforms, it is difficult to find the perfect match but 24Option offers a reliable trading platform with many advanced features available. It is suitable for both beginners and advanced traders, and 5 different accounts types offer a competitive edge for different types of traders. You can start investing in Bitcoin, Ethereum and other cryptos with 24Option and benefit from the price movements both up and down.
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|CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.|