24 Option Forex Review

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$100
Minimum Deposit
400:1
Maximum Leverage
3 pips
Minimum Spread

7.8 TradeForexSA
Pros
  • More than +130 tradable instruments.
  • Trade un-leveraged crypto currencies like Bitcoin, Ethereum, Ripple, Litecoin and Dashcoin.
  • Dedicated support to assist you.
  • Education center.
  • Daily Review and Economic calendar
Cons
  • The spreads are a little bit too high. For example, you get a 3 pips spread on EUR/USD.
  • Leverage is offered depending on an evaluation of the trader, so beginners are not able to start at a 400 leverage, whilst are being offered 1:50-1:200. Overall 1:50-1:400 is available.
Summary
24Option was founded in 2009 and has expanded to take a strong presence in the Forex trading market. They are fully regulated by main European regulatory body CySEC in Cyprus. You can open an account with 24Option with a minimum of $100 and trade Forex and CFD contracts through MT4 - one of the most popular trading platforms among retail traders. With trading offices around the globe, including South Africa, 24Option has established a strong presence in the financial markets.
Account Types8
Free Services7.5
Support8
Deposit & Withdrawal7.5

24Option is a market maker broker or a dealing desk. In a dealing desk environment, your orders are matched internally and the dealing desk broker takes the other side of your trade. In this execution model when you make a profit you actually make money off of your broker and not directly from the interbank market. Since your orders are kept internally on the Broker’s book there is a conflict of interest against you.

Account Types Available to Traders

24Option offers their clients a variety of account types which can accommodate the needs of all types of traders. With 24Option you have the following 5 types of accounts that are based on your account balance. With a larger account balance, you’ll need different features so the accounts are tailored to suit the needs of each individual trader.

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.

  • Basic Account: The minimum deposit to open a basic account is just $100. You can use this option to test them out and get your feet wet first before depositing more.
  • Silver Account: The minimum deposit is $2,500 and it comes with extra features like the “Sentimental, Fundamental, Technical analysis one on one Tutorial” or the “Short, Medium, Long term explanation of common Trading strategies.” At the same time with this type of account, you’re no longer required to pay any maintenance fee and you can trade the maximum available lots.
  • Gold Account: This is the most popular trading account, but you need to put aside $25,000 to be able to access it. With a Golden account, you also have the privilege of a one-on-one MT4 Course. You also have free withdrawal so you don’t need to pay any extra fee when you withdraw your profits.
  • Platinum Account: The minimum deposit is a little bit too steep at $100k. However, if it fits your needs and you are able to commit that kind of money you can give it a try. It comes with the same features as the Gold account, but you have lower spreads.
  • Diamond Account: For this type of account you need to commit $250k. Ultimately, you have the same features as the Platinum account.

Regulatory/Reputation Background

24Option is regulated by the CySEC (Cyprus Securities and Exchange Commission) one of the biggest regulatory bodies in the EU. This means 24Option also complies with the EU financial regulation laws.  However, 24Option is not yet regulated by the FSB (Financial Services Board) the main regulatory body in South Africa. But, 24Option clients still benefit and are protected by the CySEC which means your funds should still be safe.

Other Highlights

Opening an account with 24Option takes a matter of few minutes. You can trade and navigate the market through their proprietary trading platform which is fairly easy and intuitive to use.  A free Demo account with $10.000 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.

Conclusion

24Option is tailored to fit the needs of a variety of traders so no matter of your trading style, they have the right tools for you. They are fully regulated, which means your funds are protected against any potential fraud.

24Option is a well-established and well-grounded broker. If you’re looking for a broker that offers a variety of markets, including cryptocurrencies then 24Option is a very good choice.