After landing on the 24 Option homepage you are met with a dark background but with shiny gold trim, it’s not immediately clear to me where everything is in terms of pages I am looking for so in that sense I would say it is not too easily navigable.
One thing I do notice is that they are a sponsor of Juventus Football Club. It could be a sign of them being a reputable company. But it doesn’t guarantee that they are a quality broker.
The website is available in 12 different languages, so it is easily accessible around the globe.
24 Option is owned and operated by Rodeler Limited in Europe. It is an investment company based in Cyprus, they are authorised by the Cyprus Securities and Exchange Commission (CySEC). While the international branch of the company is operated by Richfield Capital Ltd , an investment firm based out in Belize. They are also regulated by IFSC (International Financial Services Commission).
The only country in the EU that 24 Option do not provide any services to is Belgium.
Their Platform And Technical Information
24 Option is available via the online platform which you can log into via their website, via their mobile app which is available on Android or iOS and in conjunction with MT4 which can be downloaded via their website giving you a variety of different ways to manage your account.
The web platform that they provide is a simple but effective. Designed with similar branding colours to the website and is easy to use.
The mobile app is again simple to use and has the same style as the web trading platform. It is also available in 12 different languages just like the site.
In terms of instruments that can be traded there are a few. It ranges from forex to commodities to indices to stocks.
When opening an account with them you will notice that there are four different account types available.
The first is a basic account. The minimum deposit for a basic account is $250. The standard EURUSD spread for this account is as low as 2.5 pips but it can fluctuate higher (although 2.5 pips is still relatively high). It also contains one basic lesson as part of their education package and one free withdrawal.
Secondly, there is a gold account which requires a minimum deposit of $25,000. The standard spread for the EURUSD will be 2 pips. It’s getting down towards a normal spread for this pair but still far too much on the high side. With this account you receive an educational package. It consists of two basic lessons, one monthly webinar and one monthly free withdrawal
The platinum account has a minimum deposit size of $100,000 with the spread starting at 1.6 pips (getting there, slowly). The educational tools provided for this account are three advanced lessons and two monthly webinars. They also allow 3 free monthly withdrawals.
Finally the VIP account requires a minimum deposit of $250,000. With this you get a minimum spread of 1.1 pips on the EURUSD pair (still not good enough), five advanced lessons, five monthly webinars as part of their education package and no withdrawal fees at all.
Deposits can be made in a variety of different methods from credit and debit cards, to wire transfers to online wallets, there are many options available for this.
Withdrawals can be made via the same processes, however there are some rather high fees for withdrawals of up to 3.5% and around £30 for wire transfers.
As mentioned when going through the account options 24 Option does offer training to their customers, having found one of the videos online I can say it is very professionally delivered and clear to understand.
As for the webinars they are scheduled for the traders to attend each month and again as mentioned above the amount of webinars you can attend is based on your account size.
24 Option can be contacted by phone, email, web chat, or via their online contact form. They are available from 9am to 9pm Monday to Friday.
When initiating their web chat function they were very responsive and provided a positive service although my queries were general ones.
So How Reliable Are They, What Have Customers Said?
Now this is where it gets interesting to me, after looking at their company and who they are regulated by I was still undecided as although they are regulated by certain bodies they are also unregulated, for example they offer financial services to customers in the UK even though they are not regulated by the Financial Conduct Authority (FCA) when they should be and this leads me to believe that they are a broker that should not be trusted.
After reading some customers reviews online I can see there are a lot of fake (good and bad) reviews but of the legitimate ones I was able to find the majority were on the negative side.
The problem seems to be that there are a lot of fees involved when trading with 24 Option and the customers are complaining that these fees have eaten into profits or accounts, this leads me to believe that while the company may be acting in good faith they have some practices that do not align with other more reputable brokers.
For me there is something about 24 Option that makes me feel as though I would avoid depositing my money into one of their accounts, while they do seem a professional company and seem to be acting in good faith, it seems their business setup and extortionate fees are not inline with other brokers. Although I was not able to find anything regarding inactivity fees it does seem that there is some sort of charge for that.
In conclusion my verdict for 24 Option would be to proceed with caution.