Is 24Option the best binary options platform?
That’s the question I aim to answer. They’re not without their faults – which I’ll tell you about below – but I have no doubt they’re one of the better platforms for traders.
But let’s start with the basics.
24Option launched in 2010, which makes one of the older platforms in the binary options industry. This brings additional trust into the equation because there’s more history to go off of – good or bad.
Another thing – Americans cannot create an account here. For that reason I had to dig up all the information you’ll read in our review below. So keep in mind your experience may vary.
And with that in mind, let’s get into the review.
- Bank Wire
From Creating an Account to Making Your Deposit
The first thing you’ll do is create an account. Simple stuff, really – just give them your name, email and phone number.
From here you’ll have a basic account.
After you create your account you should expect a phone call from a 24Option’s account manager. Now, I haven’t been on the other end of one of these phone calls, but the gist is to welcome you – and to sell you on one of their upgraded accounts.
(But don’t worry, from what I hear these guys aren’t pushy at all.)
If you decide to upgrade your account, these are the options you’ll choose from:
- Standard – The max payout is 83% and there are no restrictions on what you can trade.
- Gold – Get an extra 2% on your investments plus 1 free withdrawal per month.
Platinum – Get an additional 4% plus unlimited withdrawals. The max payout is 89%.
- Diamond – Get an additional 6% per trade plus unlimited withdrawals. You can also get access to the demo account, but only after you make the $250 minimum deposit.
Many traders – much smarter than me – said they only upgraded to get the free withdrawals and higher returns. If you don’t trade much an upgraded account might be a waste of money. Just think – if you trade $100 or even $500 per month, are you going to notice an extra 2% return?
Not likely. So, give this some thought before you get on the phone with a salesman.
The next step is to make your deposit. You can do that using one of these options:
- Wire Transfer
- Diners Club
The minimum deposit is $250.
And with money in your account, you’re now ready to trade.
Are You a Beginner? No Problem!
Don’t let being a beginner stop you. 24Option has an education center that teaches you what binary options are, how to trade and basic strategies. Here is what you’ll find:
- Webinars – They run a webinar two times per week, on Thursdays and Fridays in the early afternoon.
- eBook – This covers basic things like what binary options are, how to use 24Options’ platform, types of trades and investment styles.
- Interactive eBook – This is a fancier version of the ebook which covers mobile trading, an intro to binary options, trading psychology and market analysis.
- V.O.D – This is another video-based trading that covers more of the basics.
- Early Closure – This tells you how to close out trades early to minimize the losses you might take.
What I like most about how they educate their uses is how they use different types of media. Not everyone learns the same way. If you prefer to read, there’s an ebook. If you’re a visual learner then watch their videos.
By the time you’re done you’ll be ready to make real-money trades of your own.
Assets & Trading Options
24Option has no shortage of assets here – more than 100. You can see the entire list on their Asset Index page. But their categories include: Currencies, Commodities, Stocks and Indices.
What’s even more interesting than their assets are all the types of trades you can make:
- High / Low – Predict whether the asset will rise or fall in value at any point.
- One Touch – So long as the asset ‘touches’ the desired price point – even if it falls afterward – you’ll have made a winning trade.
- Boundary – The goal is for your asset to land between two points and stay there.
- Early Closure – Close early to lock in a profit (at the cost of a piece of your profits).
- Short Term – These options expire anywhere from 30 seconds to 5 minutes.
There is a $24 minimum per trade.
Their platform looks real easy to use – even for a beginner. The widget (where you make your trades) has a filter so you can quickly find the assets you prefer to trade.
My biggest complaint is their website isn’t mobile-responsive. They do have a mobile website and mobile apps (for iOS and Android), but it didn’t look like you can make trades from mobile device without using an app.
What Are The Pros & Cons?
Well, here are some pros and cons to consider:
- They’re an older platform, thus more trustworthy.
- They have 100+ assets to trade.
- They’re licensed and regulated.
- They use the TechFinancials trading platform. Users say it’s well-designed and intuitive to use (which I agree with, with my limited experience).
- They use real quotes from Leverate, a firm used by major forex companies such as Saxo Bank.
- Users complain about their support. When I emailed them I got a response fast – it just lacked a human touch.
- The minimum trade is high ($24) compared to other platforms (as low as $5).
- They’re not an ideal platform for short term trades according to more seasoned traders. This is more an issue with TechFinancials (the platform) than 24Options. There is a 2-3 second delay that results in you getting a slightly worse price than you expected. For example, if you placed a trade on EUR/USD, you might see 1.29030, but because of the delay you’d get 1.29050.
With all this being said – should you trade at 24Options?
The Bottom Line (Is 24Option the Best? Yes They Are)
Pros & Cons
Yes, they are arguably the best. From my point of view I see no reason why you shouldn’t check them out. They’re licensed, regulated and other traders like them. They pay their traders, too.
I came across a forum post where a user said he was able to withdraw $10k (which included a bonus) within a month. That’s music to my ears. And I wasn’t able to pinpoint any legit scam claims or complaints. And definitely nothing with proof. Most people just had nice things to say about them.
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