24Option is one of the more popular binary options brokers. I have been trading “traditional” asset classes such as forex, stocks, commodities etc for many years. However binary options is something new to me.
It is getting so popular in recent years that I have decided to explore and try it out. My friend recommended 24Option to me and I opened an account with them.
It is authorised and regulated by Cyprus Securities and Exchange Commission (“CySEC”) and European Union (EU). This put me at ease that my money is safe with this broker. I shall share my review with you over here.
Information You Must Know:
- Official Site: https://www.24option.com
- Minimum Deposit: $250
- Minimum Trade Amount: $24
- Does NOT accept US clients
- Contract Variety: High/Low, One Touch, Boundary, Short Term (30 sec, 60 sec, 2 min, 5 min)
24Option platform’s layout is very neat and intuitive to use. You won’t need a user manual to learn how to use. Within a few minutes of logging into my account, I knew how to navigate around it. Below is a screenshot of the platform once you are logged in.
The platform is web-based. You don’t have to install any software or application. This means that as long as you have an internet connection, you can log in and start trading. You can also trade on your mobile phone as the site is optimised for mobile browsers too. Mobile app is available too – in both Android and Apple App Store.
The payout rate is one of the most important factors when choosing a binary option broker. The payouts for the high/low trades can be as high as 89%, which is higher than other similar brokers. If you are trading the most liquid currency pair EUR/USD at peak periods, the typical payout for the high/low trade is about 83%.
89% payout means that if you invested $100 and win the trade, you get back $189.
It also offers payouts up to 310% For Above/Below + One-Touch and Boundary and payouts up to 500% for High-Yield One-Touch. The probability for you to win in such trades is very slim, that’s why the payouts can be so high. Of course the broker is not stupid and there is no free lunch. So, normally I won’t be trading these high-yield trades.
24Option Trading Strategy
As mentioned earlier, you can trade High/Low, One Touch, Boundary or Short Term. There is no way I can explain every one of them in detail from this review. For more information on how does each type of binary option works, you can visit here.
I will show you what I normally trade and my strategies on how to trade them.
I mostly trade High/Low and Short-Term 5 min on EUR/USD
You will need to know how to read price chart and technical analysis. I use the advanced pop-out chart from 24Option and look at the 5-min time frame chart. This is how the chart will look like:
I do NOT trade 30 sec or 60 sec binary options. Such short time frame is just too crazy for me. It is no different from gambling and most likely you will lose.
Trading 2-min or 5-min gives more time to analyse and you will have a HIGHER chance to win. I trade to win (make money) and not for “fun”.
I do not have much success with Boundary or One-Touch. So, I stick to the High/Low, which also gives me ample time to analyse the chart.
I trade only EUR/USD because it’s the most liquid currency pair. You don’t have to trade too many different asset classes. You can profit from just one currency pair only. I normally trade $30 or $100 per contract.
Below is the screenshot of my trades results:
Funding Methods / Withdrawals:
The minimum deposit is $250 and you fund your account via Credit Card, Wire Transfer and other online payment methods such as CashU, Webmoney/QIWI/AstroPay, China Union Pay, Neteller, Skrill or Perfect Money.
You can choose between the four most popular currencies for depositing funds: USD ($), GBP(£), JPY (¥), or EUR (€). Please note that once chosen, your trading currency cannot be changed.
The minimum withdrawal amount is $10. There are charges and the fees are as follow:
- CREDIT CARD: 3.5%
- Skrill (Moneybookers): 2%
- PayPal & Neteller: 3.5%
- Wire fee: 30USD / 25EUR / 20GBP/ 2500JPY.
- Minimum wire withdrawal amount: 100USD / 100EUR/ 100GBP/ 10,000JPY/ 611CNY
So it doesn’t make sense to do a wire transfer if your amount is less than $1000 and 24option’s policy for withdrawal is that all withdrawals will be processed to the original source of the funds.
Any Complaint or Dissatisfied Customers?
No matter how good a binary option broker is, there are bound to have some complaints. However, I found that the positive reviews are so much more than negatives one. Those who wrote the negative reviews mentioned that they have issues withdrawing their money. However, most of the traders have good experience with 24Option. Below is a screenshot of real user reviews I gathered from a popular forex portal:
Is the Customer Support Good?
The customer support is actually very comprehensive. You can contact them via phone, email and live chat. I tried their live chat and I got my questions answered promptly. For email, you can contact them at [email protected]
Extensive Trading Education Provided
Their trading education is one of the best I have seen. They provide:
- Trading ebook
- Interactive ebook
- Trading Videos
If you are a novice, I strongly recommend you go through their training videos thoroughly which cover the following sections:
- Introduction to Binary Options
- Trading Psychology
- Financial Management
- Market Analysis
- Trading Platform Tutorial
Does 24Option Provides a Demo Account?
Unfortunately, 24Option does not provide a demo account outright. At their website, on the “Trade” tab, you can view their platform with live price feeds, but you are not able to place a demo trade.
In order to get access to a demo account, you will need to fund your account first. So I suggest you fund your account, practise on the demo account first and get used to the platform before placing your real money to trade.
Pros and Cons In a Nutshell
- Regulated by CySec and EU
- User-friendly platforms
- High payout of up to 89%
- Good customer support
- Extensive trading education provided
- Relatively high withdrawal fees
My Personal Verdict
24Option is an established and one of the more reputable binary option brokers out there in the market. It is definitely not a scam. Good payouts and customer support. Novice traders would find their trading education videos extremely helpful. I am pleased with them so far. I would give them a 4.8 / 5 rating.