Home / Best Forex Brokers in South Africa / 24option Broker Review

24option Broker Review

FX Scouts By Jeffrey Cammack Updated: February 16, 2020
Overall Rating
3.54 / 5
Min. DepositUSD 100
Max. Leverage30:1
Min. Spread1.1 pips
RegulatorsCySEC,IFSC
Regulator Origin CySEC IFSC
Broker TypeMarket Maker

Summary

24Option started life as a binary options provider but now only offers CFDs for Forex, Commodities, Stock and Indices. Regulation is poor, with oversight from the Belize IFSC only - meaning that 24Option is not permitted to take clients from Europe and a number of other countries.

The minimum deposit at 24Option is 250 USD, and support is provided for its proprietary web-based trading platform as well as MT4. Spreads are relatively wide for a market-maker of this type and educational material is restricted to active traders.

Reviews

Trust Rating
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
Beginner Friendly Standard
Bonuses
Our Review Process

Trading Conditions

Minimum DepositUSD 100
Base currenciesUSD, EUR, ZAR, GBP, CHF, RUB
Number of FX Pairs46
Hedging Allowed Yes
Scalping Yes
Swap-Free Accounts Yes

Average Spreads

EUR / USD1.1
GBP / USD1.4
USD / JPY1.4

Company Details

Company nameRichfield Capital Limited
Founded2010
Website Visit Website
TypeMarket Maker
RegulatorsCySEC,IFSC
Office locations Cyprus, Belize

Deposit & Withdrawal Methods

Supported Platforms for 24option

Most retail CFD accounts lose money. Your capital is at risk.

Compare CFD Brokers

Overall Rating 3.54 / 5 4.34 / 5 4.43 / 5
Minimum DepositUSD 100USD 100USD 5
Regulation
CySEC CySEC
IFSC IFSC
CySEC CySEC
FCA FCA
ASIC ASIC
FSCA FSCA
FCA FCA
ASIC ASIC
DFSA DFSA
Broker TypeMarket MakerMarket Maker/ECNECN
Trading InstrumentsCommodities, Cryptocurrencies, Forex, Indicies, EquitiesCommodities, Cryptocurrencies, Forex, Indicies, Equities, FuturesCommodities, Cryptocurrencies, Forex, Indicies, Metals, WTIs
Forex Pairs468580+
Crypto Pairs551
Read Full Review Read Full Review
Trust Rating 3.5 / 5 5 / 5 5 / 5
Trading Conditions 3 / 5 4.5 / 5 4.5 / 5
Trading Platforms 4 / 5 4 / 5 4.5 / 5
Deposit & Withdrawal 3 / 5 4.5 / 5 4.5 / 5
Education & Research 3 / 5 4 / 5 4.5 / 5
Assets Available 4.5 / 5 4.5 / 5 4.5 / 5
Customer Service 4 / 5 3.5 / 5 3 / 5
% Lose with this broker 81.27% of retail investor accounts lose money when trading CFDs with this provider 75.35% of retail investor accounts lose money when trading CFDs with this provider 67.7% of retail investor accounts lose money when trading CFDs with this provider
Leverage30:1500:1500:1
Spread1.1 pips1.0 pips0.1 pips
Hedging Yes Yes Yes
Scalping Yes Yes Yes
Account Types
  • Basic (Standard)
  • Gold (Vip)
  • Platinum (Vip)
  • VIP (Vip)
  • VIP (Vip)
  • Live Fixed Spread (Standard)
  • Live Floating Spread (Standard)
  • Live Zero Spread (Professional)
  • STP/ECN No Commission (Professional)
  • STP/ECN Zero Spread (Professional)
  • MT4 Pro Account (Mini)
  • MT4 Standard Account (Mini)
Swap Free Yes Yes Yes
Trading Platforms MT4 MT4 MT4, MT5
Funding Methods Bank Transfer, Visa, Mastercard, Skrill Bank Transfer, Visa, Mastercard, Maestro, Skrill, Neteller, Unionpay, Fasapay Visa, Mastercard, Maestro, Skrill, Neteller, Bank Transfer
Trading Commission Fees Included in Spread Zero Accounts 7 USD / lot - PRO account
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Overall Rating 3.54 / 5 4.34 / 5 4.43 / 5
Minimum DepositUSD 100USD 100USD 5
Regulation
CySEC CySEC
IFSC IFSC
CySEC CySEC
FCA FCA
ASIC ASIC
FSCA FSCA
FCA FCA
ASIC ASIC
DFSA DFSA
Broker TypeMarket MakerMarket Maker/ECNECN
Trading InstrumentsCommodities, Cryptocurrencies, Forex, Indicies, EquitiesCommodities, Cryptocurrencies, Forex, Indicies, Equities, FuturesCommodities, Cryptocurrencies, Forex, Indicies, Metals, WTIs
Forex Pairs468580+
Crypto Pairs551
Read Full Review Read Full Review
Trust Rating 3.5 / 5 5 / 5 5 / 5
Trading Conditions 3 / 5 4.5 / 5 4.5 / 5
Trading Platforms 4 / 5 4 / 5 4.5 / 5
Deposit & Withdrawal 3 / 5 4.5 / 5 4.5 / 5
Education & Research 3 / 5 4 / 5 4.5 / 5
Assets Available 4.5 / 5 4.5 / 5 4.5 / 5
Customer Service 4 / 5 3.5 / 5 3 / 5
% Lose with this broker 81.27% of retail investor accounts lose money when trading CFDs with this provider 75.35% of retail investor accounts lose money when trading CFDs with this provider 67.7% of retail investor accounts lose money when trading CFDs with this provider
Leverage30:1500:1500:1
Spread1.1 pips1.0 pips0.1 pips
Hedging Yes Yes Yes
Scalping Yes Yes Yes
Account Types
  • Basic (Standard)
  • Gold (Vip)
  • Platinum (Vip)
  • VIP (Vip)
  • VIP (Vip)
  • Live Fixed Spread (Standard)
  • Live Floating Spread (Standard)
  • Live Zero Spread (Professional)
  • STP/ECN No Commission (Professional)
  • STP/ECN Zero Spread (Professional)
  • MT4 Pro Account (Mini)
  • MT4 Standard Account (Mini)
Swap Free Yes Yes Yes
Trading Platforms MT4 MT4 MT4, MT5
Funding Methods Bank Transfer, Visa, Mastercard, Skrill Bank Transfer, Visa, Mastercard, Maestro, Skrill, Neteller, Unionpay, Fasapay Visa, Mastercard, Maestro, Skrill, Neteller, Bank Transfer
Trading Commission Fees Included in Spread Zero Accounts 7 USD / lot - PRO account

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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Most retail CFD accounts lose money. Your capital is at risk.

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