24Option Review: Founded in 2008, and operated by Rodeler Limited. Former binary option trading, investment firm, based in Cyprus. It’s authorized and regulated by CySEC (24Option CIF license number 207/13). However, unlike some other brokers and spread betting providers showing their information on the official website. 24Option provides almost no information about the company on its website. To be exact, crucial details are missing. Details such as who works on their company or owners are, and how many assets are under management.
Throughout this 24Option review, we’ve created a list of important aspects 24Option to consider:
24Option holds a few blended results when it gets the broker’s honesty. However, one significant negative is that the company is regulated only in Cyprus. Yet, this negative comes supporting the EU regulatory regime. But may not be as effective as other more extensive advanced regulatory administrations like the USA or UK. Another disturbing fact that does not benefit the broker is the absence of assured “stop-loss” trading. However, 24Option engages in an investor return fund if the broker becomes insolvent.
Moreover, client funds appear well preserved, including so-called “anti-fraud software,” with both Thawte and ClickSSL. 24Options claims to have a feature called negative balance security. It limits consumers from losing more than their initial deposit, which is considered fair.
Investment Platform Experience
Just like numerous 24Option competitors, 24Option permits clients to download and utilize the MT4 platform. This investment platform is a common industry standard that allows for high-level charting and summary. Clients who do not crave to use this software can also use the 24Option’s desktop App, more substantial than the industry standard. For instance, the desktop APP is a platform that has customizable and genuine price-lists for simple trade and performance. Furthermore, the desktop App provides for seasoned charting with a pointer that enables investors to build customized plans.
It is additionally possible for traders to create a watch list only by marking the star symbol next to several currency pairs. Then, the currency pair will emerge in a list of picks. Traders are also able to leave conditional orders and have stop-loss and take-profit trading options that allow for hedging. Finally, unlike some brokers, the company presents other clients’ positioning, so others understand how different traders feel about any means.
24Option lacks extraordinary innovations mostly available to other competitor’s clients, like social trading. Additional features such as automated trading or back-testing explicit trading strategies are reachable via the MT4 App. But they are missing from the 24Option desktop platform.
24Option’s Compliance Team
Our 24Option review finds the company’s customer support is highly responsive, as 24Option counted well in this section with swift responses towards its clients. For instance, a feature called “online-chat” is free for both fresh and current customers. Furthermore, a 24-hour support line is optional through phone or email for five days a week. However, when 24Option works finish their office hours, an automated bot guide can clarify common repeatedly asked inquiries and is simple to spot on the lower right section of their few official webpages.
Most importantly, 24Option possesses a list of the usual essential FAQs on their leading site. Social media support is available via Twitter, where you can find several useful daily market briefing videos. However, as we wrote our 24Option review. We’ve noticed 24Option past customers claim some of the account managers that were controlling their accounts while promising false assistance. However, they were being provided with excuses from the account manager. Furthermore, we can’t be 100% sure that these past customers are not just competitors fake bots. These bots were made to tarnish the company’s name.
Additionally, 24Option was rated decently for its array of investment commodities. However, the 24Option official site has somewhat fewer currency pairs than elsewhere. Furthermore, the company gives comprehensive coverage in cryptocurrency trading, which includes pairs with various significant currencies such as USD/EUR/GBP Bitcoins.
Additionally, 24Option suggests dealing in over a hundred sixty different assets. They are therefore considered a clear interest for investors who wish to participate in the action. Other trading products such as gold and oil are usual, as 24Option allows trading in many of the current commodities as other providers at competitive spreads allow.
24Option Reviews (2020-2021) Online
We’ve checked some of the recent 24Option Reviews on Trustpilot. This platform was considered a fair place where customers could login and write their genuine experience with all sorts of companies. Furthermore, we can establish that by the look of the negative 24Option reviews, the company scored 1.7 stars, and considered “bad”. Some of the reviews claim that the broker still trades binary options. Even though, 24Option was fined by regulators a few times for doing so.
Additionally, the majority of 24Option reviews online seems bad as-well, as many individuals state the company scammed them, as they took their life-savings.
Examination Tools And Other Insights
The scale regarding analysis products resulted in various options for 24Option. For instance, 24Option has coupled up with “Trading Central” to provide extensive industrial analysis full of entry/exit positions. Furthermore, It includes trading charts and recommended positioning. 24Option provides videos to ease traders with their arrangements. Yet, the broker is behind its peers in areas such as streaming news or fundamental research. These instruments could seem helpful in making longer-term trading decisions. As 24Option is at a rival disadvantage when it comes to advising these services. Because many Forex respectable companies provide more natural news and indeed based fundamental research.
Education Possibilities For 24Option Clients
All and all, the educational products the company provides are considered decent. They have several videos that explain many notions, such as CFD trading and cryptocurrency trading methods. Moreover, other videos cover pending orders, trend analysis, common trading tricks, and resistance trading.
Webinars and other educational sessions are delivered to customers up to eight times per month. With at least a couple dedicated to fundamental and common technical examination. However, there is a separate part explicitly related to Forex trading with its unusual ideas. Plus, a dictionary with various key terms necessary to comprehend CFD trading truly.
24Option App Experience
Honestly, the 24Option app experience is satisfactory but definitely not the best in the field. Trading Mobile apps are possible on all platforms. However, there’s no committed mobile website single to the desktop experience. 24Option App grants fingerprint encryption, yet this is part of the Apple Touch ID and not a separate part authentication presented by 24Option. The company’s App holds various available features that execute the desktop experience to be more accessible. For instance, rushing quotes allow traders to examine where assets are traded instantly.
Moreover, a small-chart reveals the short-term trend as well. 24Option App grants the possibility to leave conditional orders, stop-loss, and take profit orders there. Therefore, traders will gain full control over their positions. It is straightforward to make a mobile watch-list by slightly hitting on the star symbol to the currency pair’s left side.
Afterward, when you press the star, it will add the duo to a list of effortlessly purified preferences for rapid trading. Another thing – Charting is also easy with the App. Traders can replace time-frames to detect mixed trading possibilities. 24Options App can quickly add technical studies. Such as; Moving proportions to the mobile charts to assist traders in recognizing trading opportunities and; Monitor existing settings.
24Option Mobile App suggests approximately a hundred various technical indicators. However, it lacks the indicator provided in the 24Option desktop version. A particular notable disadvantage to their mobile version is relative to other competitors as well. And that is the absence of value signals or data feeds. Other investment firms make these alternatives open, which can accommodate the trading practice.
Relatively High Cuts And Withdrawal Fees
The minimum deposit amount required to open an account is €100. However, compared to other brokers on the market, 24Option’s fee structure is considered expensive. For instance, withdrawal fees of about 3.5% apply after the first withdrawal. As the broker charges a monthly maintenance fee of €10. There does not appear to be any meaningful discounts for larger volumes traded despite offering four different account types. But there are high fees for dormant accounts that can run to as much as €200 per month after six months. However, there are no deposit, commission or financing fees whatsoever.
Serious Trouble with Various Regulators
24Option has fallen under the scrutiny of different regulatory bodies for several times by now. For instance, In December of the year 2019, 24Option was completely banned from operating it’s services in Italy. The Italian financial regulator, Consob, banned their parent company Rodeler Ltd and all of its subsidiaries from providing investment services within Italy. Eventually, Consob stated that the ban was due to severe complaints regarding CFDs and their marketing actions.
Additionally, CySEC has fined Rodeler Ltd already twice so far. On one particular occasion in 2016 the company was fined for €156,000. It was due to various violations including failure to keep adequate records; Failure to avoid any unjustified risk in outsourcing to third parties, and misleading advertising. Yet again, in August 2020 for €280,000, and the fine was due to marketing issues, such as falsified endorsements and paid-for reviews.
24Options Partnership With Juventus
Juventus Extend Fiat Sponsorship Until 2021, Partner with Broker 24Option. The former binary options trading broker 24option keeps extending its partnership with Italian Serie A football club Juventus ever since 2016. Furthermore, ever since the broker was fined for its actions. Although terms of the deal were undisclosed.
More Useful Information (24Option Review)
24Option’s high fees and the absence of published information about the company should throw significant red warnings. However, the decent quality of its educational contributions and effective customer support will be valuable for inexperienced traders. Furthermore, 24Option, notably high fees, will provide a separate, expensive kind of learning on doing due diligence before picking any broker.
Is 24option Actually A Scam?
From this 24Option review we can establish that many complaints against 24option saying that they scam people. Furthermore, they never let you withdraw your earned money, or even they lie about giving you free money and such. Those are all partly valid reasons. Read on to see what we mean.
Individuals may complain that they were provided free money (24option bonus) but then when it came down to paying customers out, there were problems. Yes – this situation can occur. But only if a customer has accepted a bonus. More importantly, he has not completed all procedures to withdraw the bonus. In order to withdraw money including the bonus offered by 24options. A customer will have to:
Upload the necessary documents to prove the customer is, in fact, the person they claim to be Complete wagering requirements (38x the value of the bonus)
The withdrawal of the bonus funds is not possible without these two factors. If you have this kind of problem, please, contact 24Option customer support. Or, consider the fact that providing “bonuses” is strictly illegal in most countries, so anyone should think three times before accepting all sorts of bonuses, because it might be a trap.
Moreover, another common reason why clients might complain about 24option is: losing their money. Trading binary options simply involves risk. Everyone should know that. It is an investment, with which your money is at risk if you do not invest wisely. If you do not know what you are doing, please, learn something about binary options first and try trading on a demo account. However, please remember the fact that trading in binary options is considered illegal and unsecured.
To conclude our 24Option review: we hope we’ve provided our readers with all the most relevant and recent information about 24Option and its operations. Thank you for reading so far, and keep safe!