Founded back in 2009, 24Option is owned by Rodeler Ltd, a company operating under the Cyprus Securities Exchange Commission (CySEC) license number 207/13. The company’s registered office is located in Limassol, Cyprus CY-4103 at 39 Kolonakiou Street, FREMA PLAZA, First Floor, Ayios Athanasios. On top of the CySEC license, 24Option (Rodeler Ltd) is also authorized by the British Financial Conduct Authority (FCA) since 04/12/2013 and Rodeler BaFin in Germany.
Outside the European Economic Area, the services of 24Option (24option.com) are offered by Richfield Capital Limited, a company that belongs to the same group as Rodeler Limited and is regulated by The International Financial Services Commission Of Belize (number IFSC/60/440/TS/15-16).
Is 24Option a Scam?
24Option is NOT a scam. 24Option was regulated back in 2013 by the Cyprus Securities and Investments Commission (CySEC). That means that the company takes measures to safeguard clients’ funds. This 24Option review will re-assure you that 24Option is not only a trusted broker but also a broker that doesn’t suck!
They are also authorized by the British FCA and by BaFin in Germany among others. Their traffic numbers are going strong at over 1 Million visits monthly, and overall this broker enjoys an excellent reputation, being one of the biggest and more consistent ever since they launched.
Editor’s Note- Why 24Option DOESN’T Suck in 50 Words?
Some brokers are just a Scam, some just Suck. 24Option is a member of the exclusive list of brokers considered to be highly respected and truly inspiring. Thanks to CySEC regulation we can revoke any suspicion of a scam by 24Option and an attractive easy-to-use trading platform with an excellent customer service makes 24Option a user-friendly prime and trusted broker. After so many years in the industry, we can safely say they proved their worth and had become a regulated partner for traders and investors all over the world.
Update 2018: 24Option now offers a proprietary platform called Scipio (read more below) and have introduced the new Contracts for Difference (CFD) trading. These are significant new changes and two extra reasons why 24Option Doesn’t Suck. TechFinancials is a great platform, but we like to see brokers take total control of their business.
Why does 24Option Suck in 50 Words?
The first issue that comes to mind is bad news for US customers; 24Option no longer serve US clients due to Regulation in the EU. Funny how good news to EU consumers is less useful for US customers. Other than that, what sucks are the fees. The one I dislike the most is the dormant account fee. If you are inactive for more than two months, they begin to charge you 80€/month (or in equivalent currency) and 120€ after three months and more after that. This means that you need to be ready to trade before you decide to deposit.
Should I Open an Account with 24Option?
Since their launch, 24Option’s innovative, entirely web-based platform kept on growing slowly but smartly, providing investors with the proper and most straightforward tools needed to trade options: great user-interface, the trading process is easy to understand, and the live candlestick/line/Ohlc charts are available by clicking on the underlying asset. These great features and a vast number of assets available at 24Option made this company one of the best brokers out there for trading Cryptocurrencies, FX and CFD’s. 24Option has improved since they were founded, the platform has been re-designed, the number of underlying assets has increased and staying up to date seems to be their ambition.
The new platform is called Scipio but don’t worry if you prefer to use MetaTrader 4 because this feature is available too! This way, you get access to all the indicators and tools, whether standard or your own custom indicators and templates.
24Option is an official partner of Juventus Football Club, and this adds to their credibility and high profile. Yea, 24Option is a top shelf well-respected broker, but additional confirmation never hurts so if you’re a soccer fan and love trading, you’re in for a treat.
Their excellent customer service makes 24Option a warmer home to Options traders, not to mention the regulation, which is a great feature on its own. To start trading, clients must deposit the minimum amount of 100$, and the maximum amount varies through the different account types.
Trading CFDs with 24Option
Recently we see a new trend emerging: CFD trading. 24option successfully leads the way in CFDs, offering a well-organized and professional web platform, tailor-made for this way of trading. The central principle behind CFD trading is similar to Binary Options (you still have to be right about direction), but a notable difference is that once you’ve decided on a direction and an investment amount, you can keep your trade open as long as you want or close it whenever you choose to.
Staying true to their position as a market leading broker, 24Option is first to introduce Meta Trader 4 (MT4) as a platform for trading FX and CFDs. Of course, if you consider MT4 too complicated, you still have the option to trade on the Scipio web platform but who would pass on the opportunity to use tens of technical indicators and one of the most advanced charting packages for free.
24Option Broker Complaints
ThatSucks.com does research for you! We’re looking for broker’s complaints all over the web, checking them out and bringing the results to our readers. What we did is simple – we searched on Google for 24option complaints or 24options fraud, scams, Etc. You can try it also. It’s unbelievable, but we couldn’t find even one real complaint about 24option.
Here’s what we found: First and foremost, there’s an active discussion concerning 24Option in the comments section, Complaint, and Reviews Center and Forum. Every complaint we receive is being checked and monitored by the team and I. overall; I feel most negative feedback’s addressing issues in withdrawal are not bona fide. It’s a typical reaction comes from either angry or frustrated traders, but doesn’t reflect the truth. The company resolves most honest complaints, so I think it’s fair to say I don’t see significant issues here.
As of late, we’ve seen users complain that French and Japanese customers are not accepted anymore. This is due to regulation in those respective countries, and it’s a positive thing that 24Option chooses to respect the legislation (we’ve seen brokers that continue to offer their services without proper authorization, and this only taints their name).
24Option Regulatory Announcements and Warnings
29/07/2016: French regulator Autorite des Marches Financiers (AMF) banned 24Option from operating in France. The authority stated that “In this case, it appeared that the Rodeler Limited provider did not comply, in France, with some of its obligations of providing correct information, as well as acting fairly and honestly, in the best interest of its customers, to the detriment of investors residing or established in France”. See warning – AMF;
Rodeler LTD has always been a company that took regulation seriously and tried to comply with all the rules imposed by its regulator, CySEC. Staying true to that way of doing things and following CySEC’s disapproval of trading Bonuses, clearly expressed through Circular C168 (30/11/2016) and Circular C194 (16/03/2017), the Management of Rodeler LTD has decided to terminate the offering of Bonuses and other trading benefits completely.
Most sites will tell you how to deposit. At thatsucks.com we are not worried about that because that’s always easy; here we care about possibly the most critical part of trading – Withdrawing your profits. Brokers don’t usually cause problems when you want to deposit money, but some options brokers will cause problems when you want to withdraw.
At 24Option there is no maximum limit on the amount that you can withdraw (some brokers do limit!), and the minimum is 10 USD (very low). The company proceeds with the withdrawals requests without any undue delay. VIP-accounts don’t pay any fees for withdrawals which is amazing! Just remember that you need to send proper documents due to the regulation before you request your money to be transferred to your account.
Some traders are looking for the extras in each broker, here at ThatSucks.com we try to think different. This section is about what’s different in 24Option, what makes 24Option different than other brokers.
The Extra’s that we liked the most in 24options are the:
- 5 hour videos – Education is essential! 24 options is brining you videos that every beginner will love!
- Free webinars, trade with a pro!
- Highest Limits (withdrawal) -A crucial factor that some traders are not aware of, at 24options you will find the highest limits.
- Longevity and trust. This is now one of the biggest brokers in the world but also one of the oldest and most trusted.
- Free signal package available on the trading platform.
- New Addition: CFD trading!
- New Addition: Meta Trader 4!
- New Addition: Bitcoin and Altcoins trading!
Trading Bitcoin With 24Option
This brokerage has been at the top of the industry almost from the very beginning and, they’ve managed to do that by constantly improving, going with the prevailing trend and listening to their clients. Now the clients have spoken again: they want to trade Bitcoin. This is the new trend, and 24Option is happy to oblige by offering not only Bitcoin but also a ton of other cryptocurrencies (also known as Altcoins).
Since recently, you can trade Bitcoin, Dash, Ethereum, Ripple, Litecoin, Bitcoin Cash, Ethereum Classic and more on 24Options’ CFD platform. These cryptocurrencies can be traded against the US Dollar but also against the Pound and Euro, with reasonable spreads and fast execution times. Leverage is also available, make sure you understand it because Bitcoin is a volatile asset, meaning it has the potential to have a high reward but also high risk.
User Friendly 18/20
24Option now offers their proprietary platform, Scipio, completely web-based and incredibly intuitive. Users can quickly switch between Cryptocurrency trading, FX/CFD trading and from our tests, we’ve noticed a substantial increase in speed of opening and closing trades. Overall it’s an improvement that adds more functionality and value. 24Option website appearance was and remains by far the best I’ve seen and is available in no less than 12 different languages including English, German, Spanish, Arabic and much more. You can also use MetaTrader 4 to trade which is one of the most popular trading platforms.
Range Of Markets, Spreads And Leverage 18/20
Substantial underlying asset basket composed of almost 50 currency pairs, more than 100 stocks, tens of indices, more than 15 commodities and 45 cryptocurrency pairs. The leverage for Bitcoin trading on CFD’s is 1:5 and the spread is floating for the cryptocurrency trading in general. For Stocks, the leverage is 1:10 and 1:13 for commodities and indices. For Forex trading, the leverage can go as high as 1:50 but depending on your knowledge you may be able to ask for an increase to 1:100. The spreads vary from asset to asset but also depending on the time of the day and are higher for exotic pairs.
Fees and Support 18/20
24Option don’t charge any commissions from investors. 24Option support is available via 21 international numbers- in English, French, Italian and Spanish and more or via email. The live chat service was rapid and polite.
Different fees are applied for various reasons; First one is the monthly maintenance fee of 10 Euros unless you are at least a Silver account holder or above. The second fee is the dormant account fee which is charged for inactivity of over a period of 2 months. This fee increases the longer you are inactive and can reach up to 200 Euros per month. Withdrawal fees for C.C are 3.5% and between 0.9-3.5 for E-wallets. Wire transfer costs 30USD or the equivalent amount in other currencies. Another fee of 50 Euros is applied if you decide to withdraw after not placing more than one trade.
Deposits and Withdrawals 18/20
24Option Minimum deposit is OK – 100$/100€/£100. Deposit is available via C.C., Wire transfer, Cash-U, MoneyBookers and much more. Withdrawals are available via the same methods, with a minimum of 100$ for wire withdrawals. The minimum withdrawal amount is otherwise 10USD.
Website Extra’s 17/20
The 24Option innovative platform features some new extras and now also includes inside platform signals. The signals vary in strength and suggest the direction that the underlying asset is likely to take but keep in mind that all trading is risky and these signals do not guarantee profits.
24Option Overall Rating: 89 + Regulation Factor (+3) = 92/100
*Trading Options and CFDs involves significant risk of loss. CFDs are leveraged, and thus losses may exceed the invested amount
**Traders must verify their accounts with the necessary documents!