24option Review

Author By Jeffrey Cammack Author Information Updated: November 6, 2020
Overall Rating
2.99 2.99 / 5
Min. Deposit
USD 100
Regulators
Trading Desk
Trading CostTrading Cost Information
USD 25
Website Language
English, Chinese, Portuguese, Polish, Swedish, Arabic
Support Language
English, Chinese, Portuguese, Polish, Swedish, Arabic
AlertAccepts Australian Clients. Average spread EUR/USD 2.50 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 platform supported. 24 Option is regulated by the IFSC.

Summary

24Option started life as a binary options provider but now only offers CFDs for Forex, Commodities, Stock and Indices. Regulation is poor, with oversight from the Belize IFSC only – meaning that 24Option is not permitted to take clients from Europe and a number of other countries.

The minimum deposit at 24Option is 250 USD, and support is provided for its proprietary web-based trading platform as well as MT4. Spreads are relatively wide for a market-maker of this type and educational material is restricted to active traders.

Reviews

Regulation
110.5002.5/ 5
Trading Conditions
110002/ 5
Trading Platforms
111104/ 5
Deposit & Withdrawal
111003/ 5
Education & Research
10.50001.5/ 5
Assets Available
11110.54.5/ 5
Customer Service
111104/ 5
Beginner Friendly
Poor
Bonuses

Account Information

Base Currencies
EUR, ZAR, GBP, CHF, RUB
Number of FX Pairs
46
Copy Trading
Yes
Hedging Allowed
Yes
Scalping Allowed
Yes
Islamic Account
Yes

Trading Conditions

Min. Spread
1.10 pips
Commission
Fees Included in Spread
EUR/USD
1.1
GBP/USD
1.4
USD/JPY
1.4
Max. Leverage
500:1

Company Details

Company Name
Richfield Capital Limited
Founded
2010
Office Locations
Cyprus, Belize

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.

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Display Name
Min. Deposit
Max. Leverage
Min. Spread
Commission
Basic
USD 250
500:1
2.5
None
Account Details
Gold
USD 5000
500:1
2.0
None
Account Details
Platinum
USD 10000
500:1
1.4
None
Account Details
VIP
USD 50000
500:1
1.1
None
Account Details

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.

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the 24Option product offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

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.

AlertAccepts Australian Clients. Average spread EUR/USD 2.50 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 platform supported. 24 Option is regulated by the IFSC.
Scroll for more detailsPreviousNext
Overall Rating
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
110.5002.99/ 5
USD 100
Market Maker
Commodities, Cryptocurrencies, Forex, Equities
46
5
  • Wide range of assets
  • Wide spreads
  • Limited education
  • Limited market analysis
  • Poorly regulated
110.5002.5/ 5
110002/ 5
111104/ 5
111003/ 5
10.50001.5/ 5
11110.54.5/ 5
111104/ 5
83.29% of retail investor accounts lose money when trading CFDs with this provider
500:1
1.10 pips
Yes
Yes
Basic, Gold, Platinum, VIP
Yes
MT4
Bank Transfer, Visa, Mastercard, Skrill
Fees Included in Spread
1110.503.33/ 5
AUD 50
Market Maker
Commodities, Cryptocurrencies, Forex, Equities
47
16
  • Well regulated
  • Good for beginners
  • Innovative trading tools
  • Limited education
  • Wide spreads
11110.54.5/ 5
110.5002.5/ 5
111104/ 5
110002/ 5
10.50001.5/ 5
111104/ 5
111104/ 5
71% of retail investor accounts lose money when trading CFDs with this provider
400:1
1 pips
Yes
Yes
Professional, Standard
Yes
etoro
Bank Transfer, Skrill, Paypal
Fees Included in Spread
1110.503.73/ 5
AUD 500
Market Maker
Commodities, Forex, Equities, ETFs
48
0
  • Good range of accounts
  • Wide range of assets
  • Wide spreads
  • Limited education
  • Limited market analysis
  • High minimum deposit
111104/ 5
1110.503.5/ 5
11110.54.5/ 5
11110.54.5/ 5
10.50001.5/ 5
11110.54.5/ 5
111003/ 5
69.7% of retail investor accounts lose money when trading CFDs with this provider
400:1
3 pips
Yes
Yes
Gold, Islamic, Mini, Platinum
Yes
MT5, Sirix
Bank Transfer
Fees Included in Spread
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