Home / Best UK Forex Brokers 2020 / 24option Broker Review

24option Broker Review

FX Scouts By Jeffrey Cammack Updated: March 31, 2020
Overall Rating
3.18 / 5
Min. DepositGBP 100
Max. Leverage500:1
Min. Spread1.1 pips
Regulators CySEC,IFSC
Regulator Origin CySEC IFSC
Broker TypeMarket Maker

Summary

24Option started life as a binary options provider but now also offers CFDs for Forex, Commodities, Stock and Indices.

The minimum deposit at 24Option is 250 USD, and support is provided for its award-winning web-based trading platform as well as MT4.

Reviews

Trust Rating
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
Beginner Friendly Poor
Bonuses
Our Review Process

Trading Conditions

Minimum DepositGBP 100
Base currenciesEUR, ZAR, GBP, CHF, RUB
Number of FX Pairs46
Hedging Allowed Yes
Scalping Yes
Swap-Free Accounts Yes

Average Spreads

EUR / USD1.1
GBP / USD1.4
USD / JPY1.4

Company Details

Company nameRichfield Capital Limited
Founded2010
Website Visit Website
TypeMarket Maker
RegulatorsCySEC,IFSC
Office locations Cyprus, Belize

Deposit & Withdrawal Methods

Supported Platforms for 24option

Is 24 Option Safe?

24Option is operated by Richfield Capital Limited, a Belize investment firm, authorised and regulated by the International Financial Services Commission of Belize with license number IFSC/60/440/TS/19. Currently, 24Option has no oversight from any of the major regulators (FCA, CySec or ASIC) so we would urge caution before opening an account here.

24Option is a market maker broker with a dealing desk where your orders are matched internally and the broker is the counterparty to your trade. In this execution model when you make a profit you are profiting from the broker’s loss and not from the interbank market. Since your orders are kept internally on the broker’s book there is potentially a conflict of interest.

Regional Restrictions: Richfield Capital Limited does not offer services within the European Economic Area and Switzerland as well as in certain other jurisdictions such as the USA, British Columbia, Canada and some other regions.

Trading Conditions

24Option began life as a binary options broker but now offers its clients a variety of Forex account types. With 24Option you have the following four types of accounts, depending on your minimum deposit. With the increase in minimum deposit, you will receive better trading conditions – specifically tighter spreads, but also free withdrawals, free education and webinars and trading alerts via SMS from Trading Central.

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. All accounts have access to Trading Central and have leverage up to 1:500.

  • Basic Account: The minimum deposit to open a basic account is just 250 USD – spread on the EUR/USD is quite wide at 2.5 pips on this account.
  • Gold Account: This is the most popular trading account, but the minimum deposit is 5,000 USD – spreads on the EUR/USD are 2 pips. With a Gold Account, you will also have a monthly free withdrawal so you don’t need to pay any fees when you withdraw your profits.
  • Platinum Account: The minimum deposit is a little bit too steep at 10,000 USD but spreads tighten further to 1.6 pips on the EUR/USD.
  • VIP Account: For this type of account you need to commit 50,000 USD but spreads are down to 1.1 pips on the EUR/USD and 

Opening an account with 24Option takes a matter of a few minutes. You can trade through 24Options proprietary web-based trading platform, which is fairly easy to use, or use the industry-standard MT4.  A free Demo account with 10,000 USD 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.

Overall

24Option is a basic market-marker broker with wide spreads, poor regulation and no permission to offer services to EU citizens. Withdrawals are charged, platform choice is limited and spreads only tighten to decent levels with a very high minimum deposit.

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

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Overall Rating 3.18 / 5 3.58 / 5 3.23 / 5
Minimum DepositGBP 100GBP 200GBP 500
Regulation
CySEC CySEC
IFSC IFSC
CySEC CySEC
FCA FCA
ASIC ASIC
CySEC CySEC
Broker TypeMarket MakerMarket MakerMarket Maker
Trading InstrumentsCommodities, Cryptocurrencies, Forex, Indicies, EquitiesCommodities, Cryptocurrencies, Forex, Indicies, EquitiesCommodities, Forex, Indicies, Equities, ETFs
Forex Pairs464748
Crypto Pairs516
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Trust Rating 3.5 / 5 5 / 5 3.5 / 5
Trading Conditions 2 / 5 3 / 5 2 / 5
Trading Platforms 4 / 5 4 / 5 4 / 5
Deposit & Withdrawal 3 / 5 2 / 5 4.5 / 5
Education & Research 2 / 5 2 / 5 2 / 5
Assets Available 4 / 5 4 / 5 4 / 5
Customer Service 4 / 5 4 / 5 3 / 5
% Lose with this broker 83.29% of retail investor accounts lose money when trading CFDs with this provider 62% of retail investor accounts lose money when trading CFDs with this provider 63.04% of retail investor accounts lose money when trading CFDs with this provider
Leverage500:130:120:1
Spread1.1 pips2.0 pips1.8 pips
Hedging Yes Yes No
Scalping Yes No No
Account Types
  • Basic (Standard)
  • Gold (Vip)
  • Platinum (Vip)
  • VIP (Vip)
  • Professional (Standard)
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Swap-Free Accounts Yes Yes Yes
Trading Platforms MT4 etoro MT4, Sirix
Funding Methods Bank Transfer, Visa, Mastercard, Skrill Visa, Mastercard, Neteller, Unionpay, Skrill, Paypal Visa, Mastercard, Maestro, Skrill, Neteller
Trading Commission Fees Included in Spread Fees Included in Spread Fees Included in Spread
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Overall Rating 3.18 / 5 3.58 / 5 3.23 / 5
Minimum DepositGBP 100GBP 200GBP 500
Regulation
CySEC CySEC
IFSC IFSC
CySEC CySEC
FCA FCA
ASIC ASIC
CySEC CySEC
Broker TypeMarket MakerMarket MakerMarket Maker
Trading InstrumentsCommodities, Cryptocurrencies, Forex, Indicies, EquitiesCommodities, Cryptocurrencies, Forex, Indicies, EquitiesCommodities, Forex, Indicies, Equities, ETFs
Forex Pairs464748
Crypto Pairs516
Read Full Review Read Full Review
Trust Rating 3.5 / 5 5 / 5 3.5 / 5
Trading Conditions 2 / 5 3 / 5 2 / 5
Trading Platforms 4 / 5 4 / 5 4 / 5
Deposit & Withdrawal 3 / 5 2 / 5 4.5 / 5
Education & Research 2 / 5 2 / 5 2 / 5
Assets Available 4 / 5 4 / 5 4 / 5
Customer Service 4 / 5 4 / 5 3 / 5
% Lose with this broker 83.29% of retail investor accounts lose money when trading CFDs with this provider 62% of retail investor accounts lose money when trading CFDs with this provider 63.04% of retail investor accounts lose money when trading CFDs with this provider
Leverage500:130:120:1
Spread1.1 pips2.0 pips1.8 pips
Hedging Yes Yes No
Scalping Yes No No
Account Types
  • Basic (Standard)
  • Gold (Vip)
  • Platinum (Vip)
  • VIP (Vip)
  • Professional (Standard)
  • Standard (Standard)
  • Gold (Vip)
  • Islamic
  • Mini (Professional)
  • Platinum (Vip)
  • Standard (Professional)
  • VIP (Vip)
Swap-Free Accounts Yes Yes Yes
Trading Platforms MT4 etoro MT4, Sirix
Funding Methods Bank Transfer, Visa, Mastercard, Skrill Visa, Mastercard, Neteller, Unionpay, Skrill, Paypal Visa, Mastercard, Maestro, Skrill, Neteller
Trading Commission Fees Included in Spread Fees Included in Spread Fees Included in Spread

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.

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