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24option Broker Review

FX Scouts By Jeffrey Cammack Updated: October 22, 2019
Average Score
2 / 5
Min. Deposit USD 100
Max. Leverage 30:1
Min. Spread pips
Regulators
Regulator Origin
Broker Type Market Maker

Summary

24Option was founded in 2009 and has expanded to take a strong presence in the Forex trading market. They are fully regulated by the main European regulatory body CySEC in Cyprus.

You can open an account with 24Option with a minimum of $100 and trade Forex and CFD contracts through MT4 - one of the most popular trading platforms among retail traders. With trading offices around the globe, including South Africa, 24Option has established a strong presence in the financial markets.

Reviews

Trust Rating
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Bonuses
Beginner Friendly Standard
About our review process

Trading Conditions

Minimum Deposit USD 100
Base currencies USD, EUR, GBP, AUD
Number of FX Pairs
Hedging Allowed
Scalping
Swap-Free Accounts

Average Spreads

EUR / USD
GBP / USD
USD / JPY

Company Details

Company name Richfield Capital Limited
Founded 2010
Website Visit Website
Type Market Maker
Regulators
Office locations

Deposit & Withdrawal Methods

Supported Platforms for 24option

24option Broker Detailed Review

24Option is a market maker broker with a dealing desk where your orders are matched internally and the dealing desk broker takes the other side of your trade. In this execution model when you make a profit you actually make money off of your broker and not directly from the interbank market. Since your orders are kept internally on the broker’s book there is continually a conflict of interest.

Account Types

24Option offers its clients a variety of account types which can accommodate the needs of all types of traders. With 24Option you have the following 5 types of accounts that are based on your account balance. With a larger account balance, you’ll need different features so the accounts are tailored to suit the needs of each individual trader.

Based on my own personal experience, I would strongly recommend that you speak to your agent once they call you after registration and ask for a higher account type as an exception – often this works and you will be able to obtain a higher status despite having deposited a lower amount.

  • Basic Account: The minimum deposit to open a basic account is just $100. You can use this option to test them out and get your feet wet first before depositing more.
  • Silver Account: The minimum deposit is $2,500 and it comes with extra features like the “Sentimental, Fundamental, Technical analysis one on one Tutorial” or the “Short, Medium, Long term explanation of common Trading strategies.” At the same time with this type of account, you’re no longer required to pay any maintenance fee and you can trade the maximum available lots.
  • Gold Account: This is the most popular trading account, but you need to put aside $25,000 to be able to access it. With a Golden account, you also have the privilege of a one-on-one MT4 Course. You also have free withdrawal so you don’t need to pay any extra fee when you withdraw your profits.
  • Platinum Account: The minimum deposit is a little bit too steep at $100k. However, if it fits your needs and you are able to commit that kind of money you can give it a try. It comes with the same features as the Gold account, but you have lower spreads.
  • Diamond Account: For this type of account you need to commit $250k. Ultimately, you have the same features as the Platinum account.

Opening an account with 24Option takes a matter of a few minutes. You can trade and navigate the market through their proprietary trading platform which is fairly easy and intuitive to use.  A free Demo account with $10.000 is automatically activated upon registration.

Additionally, you can also receive SMS alerts, which means you’ll always be up-to-date with the market movement.

Is 24 Option Safe?

24Option is regulated by the CySEC (Cyprus Securities and Exchange Commission) one of the biggest regulatory bodies in the EU. This means 24Option also complies with the EU financial regulation laws.  However, 24Option is not yet regulated by the FSCA (Financial Sector Conduct Authority) the main regulatory body in South Africa. But, 24Option clients still benefit and are protected by the CySEC which means your funds should still be safe.

Overall

24Option is tailored to fit the needs of a variety of traders so no matter of your trading style, they have the right tools for you. They are fully regulated, which means your funds are protected against any potential fraud.

24Option is a well-established and well-grounded broker. If you’re looking for a broker that offers a variety of markets, including cryptocurrencies then 24Option is a very good choice.

Most retail CFD accounts lose money. Your capital is at risk.

Compare Brokers

Overall Rating 2/5 3/5 2/5
Minimum Deposit USD 100 USD 200 USD 240
Regulation
CySEC CySEC
FCA FCA
ASIC ASIC
CySEC CySEC
Broker Type Market Maker Market Maker Market Maker
Read Full Review Read Full Review
Trading Conditions 2 / 5 3 / 5 1 / 5
Trading Platforms 2 / 5 3 / 5 3 / 5
Deposit & Withdrawal 4 / 5 4 / 5 4 / 5
% Lose with this broker 86.24% of retail investor accounts lose money when trading CFDs with this provider 76% of retail investor accounts lose money when trading CFDs with this provider 67.6% of retail investor accounts lose money when trading CFDs with this provider
Leverage 30:1 30:1 30:1
Spread pips 2.0 pips 1.8 pips
Hedging
Scalping
Account Types
  • Standard,Vip
  • Standard
  • Vip,Professional
Trading Platforms MetaTrader4, WebTrader etoro MetaTrader4, WebTrader, Sirix
Funding Methods Bank Transfer, Visa, Mastercard, Skrill Visa, Mastercard, Neteller, Unionpay Visa, Mastercard, Maestro, Skrill, Neteller
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Overall Rating 2 / 5 3 / 5 2 / 5
Min. Deposit USD 100 USD 200 USD 240
Regulation
CySEC CySEC
FCA FCA
ASIC ASIC
CySEC CySEC
Broker Type Market Maker Market Maker Market Maker
Read Full Review Read Full Review Read Full Review
Trading Conditions 2 / 5 3 / 5 1 / 5
Trading Platforms 2 / 5 3 / 5 3 / 5
Deposit & Withdrawal 4 / 5 4 / 5 4 / 5
Risk Disclaimer 86.24% of retail investor accounts lose money when trading CFDs with this provider 76% of retail investor accounts lose money when trading CFDs with this provider 67.6% of retail investor accounts lose money when trading CFDs with this provider
Leverage 30:1 30:1 30:1
Spread pips 2.0 pips 1.8 pips
Hedging Allowed Yes Yes No
Scalping Allowed Yes No No
Platforms MetaTrader4, WebTrader etoro MetaTrader4, WebTrader, Sirix
Funding Bank Transfer, Visa, Mastercard, Skrill Visa, Mastercard, Neteller, Unionpay Visa, Mastercard, Maestro, Skrill, Neteller

Share your knowledge

Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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Most retail CFD accounts lose money. Your capital is at risk.