24option is a newcomer in the online binary options world, having been established in 2010. Owned by Mika Holdings, who are the same company that own optionfair, they are registered in the British Virgin Islands but have their registered headquarters in Cyprus. In the short space of time 24option have been operating in, they have grown at a rapid rate and have established themselves as a binary option broker that offer high returns and a simple platform popular with both new and experienced traders.
There is no download required with the 24option trading platform and all that is needed is to log in. This enables trading from any computer without having to about possessing administration rights or having to share a computer.
Although 24option use the same platform software as optionfair, there is a cleaner and more modern look and feel to the platform than what is found at optionfair. The platform at 24option is uncluttered and simple to navigate, making the whole trading process easier and very user friendly.
24option also offer mobile trading which can be used with either a smartphone or an iPhone. As with the platform for the PC, there is no download required for the mobile trading platform, just a simple log in and you are ready to make a trade.
The platform is offered in 17 languages; a larger than usual number of languages, making it a truly global binary options broker.
24option offer the same trading methods as optionfair, providing a good variety that caters for every type of trader. There are three main trading types available with the new 60 second option adding further variety.
High / Low
High / Low – Choose ‘High’ if you think the underlying asset price will be higher than the current price at the time of the contract expiry. Choose ‘Low’ if you think the underlying asset price will be lower than the current price at the time of the contract expiry.
In the High / Low trading tab there is also the Above / Below which offers a higher yield. If your prediction is ‘in the money’ you could receive a return of up 250%.
One Touch – Choose ‘Touch’ High’ should you believe the underlying asset price will touch a target price at any time before the specified expiry time of the option. Choose ‘No Touch’ High’ if you think the underlying asset price will not touch a target price at any time before the specified expiry time of the option.
With the One Touch trading screen, there is also the High Yield touch which offers returns similar to that of the Above / Below High Yield type of trading in the High / Low platform simply by predicting if the price of an underlying asset touches a target price before the contract expiry.
Boundary – Choose ‘In’ should you believe the underlying asset price will finish inside the range formed by the upper and lower target prices at the time the of the contract expiry. Choose ‘Out’ if you think the underlying asset price will finish outside the range formed by the upper and lower target prices at the time the option expires.
The Boundary platform also has a High Yield Boundary method of trading which allows the trader to receive high rewards for predicting whether or not the underlying asset price finishes outside a target range of prices.
24option was one of the first brokers to add the 60 second trading type. This relatively new type of trading allows a contract expiry of one minute, helping to add to the fast paced, high reward nature of trading at 24option.
Contract Expiry Times
Having added the 60 second trading option to its trading offerings, you can have contract expiry times of anywhere between one minute and a week at 24option. This provides a good choice to investors to choose from, catering for the many different types of binary options trader.
Minimum / Maximum Trade Amounts
24option has a minimum trading amount of $24. This amount varies between country and currency but remains one of the very lowest in the binary options industry. Trading the High / Low option has a maximum investment amount of $20,000 whilst everywhere else, the maximum investment amount is $5,000. Once again, this can vary between country and currency.
24option Screen Shots
Mobile trading at 24option:
The 24option trading platform:
24option Asset List
24option has a respectable asset list to trade. Split into the four categories of
- Euro – US Dollar
- British Pound – US Dollar
- Euro – Japanese Yen
- British Pound – Japanese Yen
- US Dollar – Japanese Yen
- British Pound – Euro
- Australian Dollar – US Dollar
- US Dollar – Canadian Dollar
- Euro – Turkish Lira
- Swiss Franc – US Dollar
- US Dollar – Turkish Lira
- Crude Oil
- British Petroleum PLC (BP)
- Barclays PLC
- Google Inc.
- Apple Inc.
- Telefonica SA
- Societe Generale
- Dow Jones
- Nasdaq Composite
- IBEX- 35
- CAC 40 Future
- S&P 500
- Nikkei 225
- SMI FUTURE
- MIB-40 FUTURE
- S&P 500
- ASX 200 Future
- Hang Seng Future
24option have a wide range of payouts should your prediction finish in the money. Trading the most popular assets at 24option can generate returns of up to 85%, whilst trading the 60 second options can produce returns of up 70%.
The payouts at 24option are above average and are an important factor when you consider that making exactly the same trade at any another platform, in say the EUR / USD can generate a return of up 25% lower that can be returned at 24option. An added bonus at 24option is that even if an investment finishes out of the money, you can still receive a refund of up to 15% of your investment. This is risk-limiting feature that is very popular with novice traders seeking to keep losses at a minimum whilst they are learning to trade.
The high yield options can offer an industry-busting return of up to 310% which is considerably higher than what many of 24options’ competitors offer.
Minimum Deposit and Payment Methods
There are three ways to fund your account at 24option.
Credit Card: $250 minimum or the approximate equivalent in local currency.
Electronic Payment: $250 minimum or the approximate equivalent in local currency.
Wire Transfer: $1000 minimum or the approximate equivalent in local currency.
The maximum deposit amounts are:
Credit Card – Daily Limit: $10,000 or the approximate equivalent in local currency.
Monthly Limit: $40,000 or the approximate equivalent in local currency.
To make a withdrawal you will need to send in ID, which is very much in line with current procedures for many binary options companies, even if they are not yet licensed as is the case with 24option.
24option Customer Support
24option provide a high level of customer support via email, a live chat facility, post, fax and telephone with local numbers provided in 13 countries. The live chat is available in English, Turkish, French, Italian, German, Japanese and Spanish. Upon using their live chat facility I found their support to fast, professional and very helpful. Sometimes the service offered by a binary options broker can make all the difference when comparing platforms, and in the case of 24option, the support offered was absolutely first class.
Although no bonuses are advertised on the 24option site, from time to time special promotions and bonuses are offered. A scan of the bonus terms and conditions will tell you that up to 50% first deposit bonus is on offer at 24option. This is something that should be advertised more and you should always discuss what first deposit bonus is currently being offered by contacting customer support.
What really makes 24option stand out from most other brokers is a comprehensive education section that is far superior to what can be found elsewhere. 24option have gone the extra mile offering an easy to use education guide which includes video tutorials and a trading simulator. Also included in their education center are three different e-books and explanations of the major market indicators that can have such an impact on an assets movement.
As well as a complete education guide with something for every level of trader to sink their teeth into, there is also weekly and monthly market reviews to help educate traders. What must warrant a mention is the excellent daily news and commentary, complete with charts, forecasts and analysis that would not be out of place in the very best investment analysis sites. From the daily news, a binary trader can get all the information needed to make an informed trade in the day and can really play a significant part in a daily trading strategy.
There are three types of account on offer at 24option. These are dependent on deposit levels with the more deposit, the more you can get back in return. The 24option Gold Account offers an extra 2% payout as well as a personal trading session with a market expert, whilst the platinum account holders at 24option get a 4% payout, a personal trading session with a market expert and access to a personal trading coach at anytime
Pros and Cons
- High Payouts
- Professional Platform
- High level of customer support
- Superior Education Centre
- Quality market news and analysis
- Higher than average trading amounts
- Weekend trading
- Asset list could be expanded
- Bonuses and Promotions hard to locate
Despite being one of the new kids on the binary options block, 24option has forged a strong reputation amongst traders. High payouts combined with a simple to use platform make this a binary broker that appeals to everyone. What really sets 24option apart from nearly all the other brokers is an excellent education centre laden with quality educational books and videos designed to give the novice trader a sound education in binary options.
The asset list needs improving upon if it is to be regarded in the top tier in the binary options trading world, but as it is a relatively new company, it is improving all the time and there isn’t anything to suggest that the asset list will not be expanded.
The payouts are very good, but the bonuses can be hard to locate, however what ensures a loyal returning client base is excellent news and analysis provided on a daily basis and a reliable, easily navigable platform that is backed up by professional multi-lingual customer support.