Note: 24options official site - https://www.24option.com/international/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information & Regulation
24option, a trading name of Richfield Capital Limited, was previously a binary options broker founded in 2008 and registered in Belize, but now offers Forex and CFD brokerage services.
As for regulation, 24option holds a suspicious clone Financial Services Commission (FSC) license. That is why its regulatory status on WikiFX is listed as “Suspected Fake Clone” and receives a relatively low score of 1.52/10. Please be aware of the risk.
Note: The screenshot date is February 8, 2023. WikiFX gives dynamic scores, which will update in real-time based on the broker's dynamics. So the scores taken at the current time do not represent past and future scores.
Market Instruments
24option offers investors various financial instruments, including Forex currency pairs, precious metals, commodities, indices, CFDs, etc.
Account Types
There are four types of accounts available on the 24option platform: Basic (minimum initial deposit of $250), Gold (minimum initial deposit of $25,000), Platinum (minimum initial deposit of $100,000), and the VIP account(minimum initial deposit of $250,000). In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.
Leverage
Concerning the trading leverage level available, the maximum leverage offered by 24option is up to 1:500. Inexperienced traders are advised not to use a high leverage level as it is risky.
Spreads
All spreads with 24option are a floating type and scaled with the accounts offered. Just take the benchmark EUR/USD pair as an example, the spread starts from 2.5 pips on the Basic account, from 2 pips on the Gold account, from 1.6 pips on the Platinum account and 1.1 pips on the VIP account.
Trading Platform
24option offers traders several trading platform options: an in-house trading platform, the mobile app, and the MT4 trading platform, which is currently the most popular on the market.
Deposit & Withdrawal
24option supports traders to deposit and withdraw funds from their investment accounts via VISA/MasterCard credit/debit cards, wire transfers, Skrill, and Neteller. 24option has a high withdrawal fee of 3.5% for withdrawals via credit/debit card. The wire transfer fee varies by currency and is approximately $30. Neteller charges 3.5% for withdrawals and 2% for withdrawals via Skrill.
Customer Support
Customer support at 24option is provided on a 24/7 basis. Traders can reach the support team through email: info@24option.com, live chat or the telephone: +52-5541639019.
Pros & Cons
Frequently Asked Questions (FAQs)
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