24Option is one of the most well-known names in the binary options industry, and they are one of the most used binary options brokers. However, a few months ago 24Option decided to rebrand themselves as a currency broker with a focus on CFD-trading. Due to this, they have stopped offering binary options as a part of their selection.
You’ve probably heard about 24Option before, especially if you are interested in MMA and more specifically the UFC because 24Option used to be the official sponsor for Conor McGregor.
Unfortunately, that collaboration ended abruptly when 24Option was accused of money laundering. However, since then 24Option has cleared their name and are now the official sponsor of the Italian football club Juventus.Create an account at 24Option
Is 24Option a Legit Broker?
Yes, there is no doubt that 24Option is a legit broker that you can trust with your money and investments. We have worked in the business for many years and based on our experience we can guarantee you that 24Option is trustworthy. They also have a license from CySEC, which means that they operate under very strict guidelines.
That being said, they’ve had some problems with the law. In 2016, the French financial authority, AMF (Autorité des Marchés Financiers), accused 24Option of money laundering. The allegation was quite serious and directed against 24Option’s binary options product. However, don’t let this discourage you. 24Option has done everything they needed to clear their name, and they have been working closely with the AMF to solve the situation. AMF was also the only authority that raised allegations against them, meaning that no other regulating authority experienced the same issues. To make the situation even better, 24Option has decided to rebrand themselves completely, thus stopping with their binary options services. Instead, they are now focused on the forex market.
Additionally, 24Option recently started a collaboration with the legendary Italian football club Juventus as the official main sponsor. And we are certain that an established sports club like Juventus would never be associated with an unserious business.
24Option’s licenses from CySEC and FCA coupled with their collaboration with influential companies should make you confident that 24Option is reliable. There is really no need to worry if your money and personal information is safe with them.
24Option’s Trading Platforms
A few months ago 24Option introduced forex and CFD trading to their selection of assets, and since then they have updated their platforms to support the new markets. This means that they are no longer providing their much appreciated Scipio platform that so many traders were used to. But it’s not as bad as it might sound because 24Option replaced Scipio with MetaTrader 4, one of the top platforms.
The platform is extensive and requires downloading if you want to use all the features. There is also a web-based version of the platform called WebTrader. It doesn’t seem like 24Option has integrated WebTrader with their service yet, but it is just a question of time before that becomes available too.
Let us clarify: 24Option has stopped offering binary options to focus on forex trading instead. Hence, they have also updated their platform and are now working with MetaTrader 4.
24Option Trading Accounts
What sets 24Option apart from many other leading brokers is that they have decided not to follow the regular model with one trading account, one premium account, and one demo account. Instead, they have developed several premium accounts for different budgets and turnovers. This system is an exact copy of the account system they used while they were offering binary options.
Read more about the different accounts below.
24Option on Your Smartphone or Tablet
We have good news for everyone who prefers to trade on a mobile device. MetaTrader 4 comes in a very practical and stable mobile version for your smartphone and tablet. The only downside is that the features and tools are somewhat limited. However, that is how most trading apps work, and it’s nothing we can blame on 24Option or MetaTrader 4.
To gain access to the trading app and start using 24Option on your phone you can either visit the 24Option website or go straight to one of the app stores.
24Option’s new selection of assets is really impressive, and it has steadily been growing since they switched from binary options to forex and CFD. According to 24Option’s website, they offer a little more than 100 assets, but after taking a closer look we got the feeling that the number is closer to 200.
- Currencies are one of 24Option’s biggest focus groups, and you can expect to find all the leading currencies such as USD, EUR, JPY, CHF, CAD, and a few other big currencies. Unfortunately, they don’t offer any smaller currencies such as SEK, NOK, and TRY.
- Commodities can be traded as CFDs with 24Option and you have 15 options to choose between, including coffee, soybeans, sugar, platinum, natural gas, and brent oil. We were expecting to see gold and a few other classic commodities but are assuming that they will be added soon.
- Stocks can also be traded as CFDs and this is the biggest selection of assets that 24Option offers. In the list of available stocks, we found close to 100 of the biggest companies such as Facebook, GE, Disney, and Coca-Cola.
- Indices is another available asset, and 24Option has about 20 of them with a focus on classic indices such as Dow Jones, S&P 500, NASDAQ, etc.
Trade cryptocurrencies with 24Option
24Option recently decided to add cryptocurrencies to their selection of assets and we couldn’t be more excited about it. 24Option are currently offering CFDs on Bitcoin, Ethereum, Litecoin, Ripple, and Dash, but they make it very clear that they are prepared to add more digital currencies when they see fit.
Since you trade the cryptocurrencies as CFD you never buy the actual currency but rather speculate on their price.
24Option License and Regulation
24Option is run by a company called Rodeler Limited with their main office in Cyprus and several smaller offices in the rest of Europe, mainly in England and Germany. Rodeler Ltd. has a license from and is regulated by Cyprus Securities and Exchange Commission (CySEC) with license number 207/13. This license gives them the right to offer their services in most of Europe (Belgium and Switzerland excluded).
Rodeler Ltd. also has a license from the Financial Conduct Authority (FCA) in England, and that license encompasses all traders from the UK.
24Option also has a subsidiary called 24Option International that offers trading services on a global scale. However, many countries are excluded from the list including the United States, Canada, and Japan.
24Option Payment Options
24Option offers an impressive amount of payment methods. A lot of the options are regional based and only available in certain countries, so we recommend that you check their website to get a better idea of what your possibilities are. The following methods are available to most traders:
- Credit and debit cards (Mastercard, Visa, Maestro, and Discover)
- Skrill – An online payment method
- Neteller – Another online payment method
- Bank transfer – The traditional way of depositing money to a trading account
Some of the local deposit methods that 24Option provides are Giropay (Germany), Postepay (Italy), Moneta (Italy), Sofort (Germany), etc.
24Option Customer Service
We have been in contact with 24Option’s customer service on several occasions and have been happy with the service they provided. The staff is knowledgeable and quick to respond to your questions.
24Option’s FAQ is somewhat limited and the answers are a bit vague, so for once we actually recommend that you contact the customer support instead of trying to find the answers yourself.
You can contact 24Option’s customer service via phone, live chat, or email. We have only used the live chat and phone options but would assume that the email option works just as well.