Those of you familiar with reputable and fully regulated binary options brokers may recognise the “24option” brand. The very same team that brought you that brand, launched the dedicated Forex trading service in mid 2016, called 24FX. This venture was still parented by Rodeler Ltd, therefore it was highly regulated and reputable – as you’d expect. The new Forex brand was able to provide the same secure and widely accessible service offered exclusively to binary traders previously.
24FX was a new direction for the 24option team, and this forex services were originally run as a separate brand to 24Option’s binary options services. Once the company finished testing the forex services, it was incorporated into the 24option platform (as of March 2017). So now, when you trade at 24option, the “option” part doesn’t stand for binary options, it means you have the option of trading Binaries, CFD’s and Forex. This can also be done with the industry standard, MetaTrader or their browser-based WebTrader platforms. In short, this was a move by 24option’s management team, to provide an all-inclusive trading venue for all binary and forex traders.
The platform is also configured to work on multiple devices. Considering the popularity of mobile trading, this meant that both the MT4 and WebTrader platforms are setup to work with Android and iOS. Demo accounts are automatically offered to newly registered clients and can be personally configured to suit individual needs, without limitation on usage or funds – just ask your account manager for more info.
Licensing & Regulation
24option Forex is a brand that is owned and operated by Rodeler Ltd. This financial services company is registered in Cyprus, where its primary business address is Frema Plaza, 1st Floor, 39 Kolonakiou Street, Ayios Athanasios, Limassol, CY-4103. They are regulated and authorised by the Cyprus Securities Commission (CySEC) under license number 207/13. As per the guidelines set out by MIFID, their CySEC license extends across the EU, permitting traders from most regions, with exception to those in the US, Israel, France and Belgium. Please check with support if you are unsure of your country’s eligibility if you are unsure. Their constant regulatory adherence demonstrates 24option’s interest in financial transparency, and determination to establish itself as a legitimate and regulated competitor in the forex brokerage industry.
Accounts, Trading Platform & Features
24option has discarded its simple approach and now has a multi-tiered account classification system, providing a more diverse approach for traders with more specific requirements. The type of account best suited to you can be chosen by selecting a tab for either Forex, CFD’s or Binary Options. Once you chosen one of these, each tab offers five accounts; Basic, Silver, Gold, Platinum and Diamond. The minimum deposit for all areas is $100.
Uniquely here, which account type you are eligible for does not depend only on your deposit amount, (as with other brokers). Instead, you will work with your personal account manager to identify which range of each benefits packages suits you most. These packages include varying spreads & leverage, improved withdrawal times, VPS for MT4, support and education. Islamic Account are also available separately and provide a swap and commission free environment with no hidden fees, fixed spreads and special 24/7 support from an account manager. Also worth noting; regardless of your trading discipline being Binary, Forex or CFD’s, each is offered a free demo account.
All Forex and CFD accounts work in conjunction with 24option web based Forex platform for ease of use. This means you may register and trade within minutes on the company’s own browser based platform. Traders that prefer the industry standard MT4, may register, then connect using this platform, (once registered, you will receive your MT4 logins). 24option Forex allows for a demo account to be opened ahead of subscribing to a live account for both of these. The registration process for this takes a matter of minutes. Simply choose your platform trial from within the client portal area to be prompted to speak with your personal account manager. This will allow you to set up the demo account to your specificifications; choosing how long you want it to run for and how much virtual funds you want allocated.
WebTrader – This is 24option’s proprietary browser based platform, designed to suit beginners and most intermediary traders. As with their website, there are 12 language options to choose from. The company have developed this platform with features that include live visual analysis (Candelstick, Line and OHLC), and a trading area that summarises your chosen assets. This allows for the ease of quick investment decisions. Clients who trade using this platform will also benefit from one click order execution and the ability to view other traders’ choices, choosing to “follow” these trades if so desired. Webtrader is suited to traders who want to make the most out of trading on the go and are less concerned with the advanced technical aspects available to them through MT4. This is supported by mobile apps that mirror all functionality on both Android and Apple devices.
24option Forex MT4 – Experienced forex traders will be familiar with the MetaTrader4 platform. It has an excellent global reputation, offering a bounty of technical indices, charting tools and features, along with filtered analysis from reputable sources. The platform is multilingual, allows for self made strategies and provides a means to connect to VPS hosting for the use of Expert Advisors. Get access by downloading and installing it direct to your PC desktop. For those of you who use iOS, you will need to install a PC emulator, such as WINE or PlayOnMac, in order to configure your Mac to use this Windows optimised software. MT4 also has award winning mobile apps suited to both Apple and Android phones and tablets.
Banking is a straightforward task and eWallets are a welcome addition to your provider options. 24option allows for deposits to be made in USD, EUR, GBP or JPY, and the minimum deposit requirement is set at $100 (or equivalent in your currency), to begin trading live. There are no minimum withdrawal demands for any of the banking options, but independent fees may apply (see below). We noticed that withdrawal times are affected by your account type, rather than your chosen method or sum requested. This isn’t the best example of banking we’ve seen, with expected processing times ranging from 2 to 7 working days, however it is stable and reliable – and a few days seems a small price to pay for trust.
CREDIT & DEBIT CARDS: VISA / ELECTRON / MASTERCARD – Withdrawal fees are set at 3.5% across the board for cards. Deposits should be recognised in your account within 1 working day.
BANK / WIRE TRANSFER – The best option for the movement of larger sums, direct transfers kill off the security risks in favour of a slower processing time. Transfers are subject to a processing fee of around $30 USD. Movement of funds in and out of your account using this method may take longer than other options, depending on your chosen bank and location.
NETELLER / OKPAY / SKRILL / PERFECT MONEY / QIWI / WEBMONEY – These eWallets provide an excellent on-the-go banking option for those of you who like to keep things quick and convenient. Withdrawals will encounter varying service fees depending on the provider, ranging from 0.9% – 3.5%. Deposits should see your trading account instantly loaded with funds.
Fees & Commissions
24option Forex accumulate commission from their spreads. These are already factored into the prices listed and are variable depending on the instrument at hand. They offer fixed spreads from 1.5pips on major forex pairs, and variable spreads for commodities, indices and stocks, from as little as 0.011pips. The maximum leverage offered is 1:200, although variable spreads may be offered as well. Access to the tightest spreads depend on your account classification. Please discuss your exact requirements with your account manager.
Education Resources & Support
24option provides its clients with an account manager to guide them through the trading process. They have also provided appropriate learning material within their Education section. This divides all educational items to a set of universal (for binary, forex and CFD) tools and resources such as, Market News, Binary Options Daily updates and Strategy, Financial News and an Economic Calendar – essential for currency trading. This is further added to by the VOD (Video On Demand) sections in boith Binary Options and Forex/CFD’s. These handy little videos help teach a number of skills from the most basic, to some great advanced strategies in Binary. The VOD section for Forex and CFD’s covers the more introductory/basic concepts, but is somewhat lacking in the same depth as the binary section (at the time of writing this – March 2017). We expect this to improve over time, so please do feel free to check in on this area regularly. In the meantime, the 24option forex eBook outlines the familiar questions often asked by novices such as the importance of technical and fundamental analysis. Worthy of note are the areas highlighting risk management techniques and the responsible use of leverage.
Practical learning elements can be discovered through use of either platform in demo mode, and through watching the tutorials provided above, or with the use of extensive webinars held throiughout each month. We highly recommend you take advantage of this feature as the webinars cover an extensive range of subjects/topics and are highly relevant to traders of all skill levels.
In terms of support, we found that the live chat facility was fantastic at dealing with enquiries about registration and basic platform features. Anything slightly more involved will get you a prompt to speak with your account manager after registration. The account manager will be capable of helping/answering much more, and registration is free – so this approach is recommended if you require support from a more experienced individual. Email responses to requests and questions were good, but took a little more time. For best guidance throughout your experience of 24option Forex’s services, we highly recommend phoning their service agents directly using the local number listed at the top of the website homepage. When using this route, we found that customer care was valued, with a support team that were highly energetic and happy to help. Although the number isn’t toll free, you could always request a call back directly over the phone or through email. Support can only be provided for in English at this time.
Note: 24option claimed their Support team was under heavy demand due to an overwhelming surge in clients as the business had grown exponentially in late 2016/early 2017. We suspect this is true as many unregulated brokers closed down in this time and traders sought more reliable places to trade. We also imagine the relocation from Israel caused some instability. Either way, the group promise to improve support services in 2017 and we have no reason to suspect otherwise.
Why Trade at 24option Forex?
Expanding into the forex industry, the 24option brand has taken steps to ensure its client base continues to be one that is educated and given plenty of opportunities for success when trading. The broker provides an impressive list of assets, spanning over 150 stocks, indices, commodities and all the main currencies pairs. Not to mention access to competitive prices and margins that improve according to your account eligibility. Advanced investors can benefit from VIP packages that include faster withdrawals access and tighter spreads – all packaged together by your personal account manager. Although practical, the multi-tiered account system feels a little excessive/convoluted. It simply exists to show that all features are customisable, and you can optimise your features/package to suit your needs. A feature we appreciated.
We felt that the basic livechat support wasn’t anything to shout about, but they were responsive and helpful. The phone support was the winner here as these are promptly managed by friendly representatives. The educational and demo account facilities provide a sturdy trading foundation, maintaining that inexperienced traders don’t head into the volatile markets blind.
Although heavy regulation provides much-needed security, it does mean that leverage is limited, bonuses aren’t offered and some major territories aren’t supported. The broker is also yet to add multilingual support, however this is not an issue for English traders.
The reasons above mean that we rate 24option as one of our recommended forex brokers, giving them 4 out of 5 stars for their services at this time.
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