24Options
24Option.com is an online binary options trading platform that is currently owned by Mika Holdings. It is worth mentioning that Mika Holdings also owns OptionFair. However, 24Option boasts a more proven history, as it was first established as far back in 2010. While the holdings company is based out of the Virgin Islands, their corporate headquarters is centred in Cyprus. Let us take a closer look at some of the main characteristics of 24Option.
Underlying Assets
24Option offers a wide variety of stocks, indices, commodities and currencies. Silver, gold and oil are the three commodities traded (note that this is a slightly lower number than similar platforms). Twelve currency pairs are offered and major stocks such as Vodafone, Apple, Google and Lloyds are all listed. Ten indices are available and these include most of the major exchanges in the world. The trader will simply choose the asset that he or she wants and select the expiry period. Of course, the expiration periods will vary depending on the needs of the customer. Below is a full asset index for 24Option.
- Commodities: Gold, Silver, Oil.
- Currencies: EURUSD, GBPUSD, EURJPY. GBPJPY. EURGBP, AUDUSD, USDCAD, EURTRL, USDCHF, USDTRL.
- Indices:FTSE-100, DAX-30, 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.
- Stocks:Vodafone, Lloyds, British Petroleum PLC (BP), Barclays PLC, Google Inc, Apple Inc., Telefonica SA, France-Telecom, Societe Generale.
Types of Available Positions
As with comparable platforms, there are four main trade types that can be chosen at 24Option. These include:
- High/low binary options
- Boundary binary options
- Early closure
One-touch binary options
Notwithstanding the traditional high/low position, there are several unique features in regards to the other trade types. The one-touch option will allow the trader to profit on a projected price as soon as this price is reached. This is irrespective of if the value subsequently drops. As the name hints, the boundary choice will enable one to be in the money as long as an asset remains between two predetermined values upon expiry. Early closure binaries will enable the trader to close the trade before its threshold; thus ensuring a profit. However, the payout is lower, as one only receives a proportion of the overall amount. Note that long-term trades are available as well as sixty-second positions on 24Option. Significantly, there is currently no options builder on this site.
Expiry Times
24Option mirrors many other online platforms in reference to a choice of expiry times. Obviously, sixty-second trades will be associated with the shortest time periods. There are also daily, hourly and weekly (long-term) choices.
Deposits, Payouts and Bonuses
The minimum deposit to open a trading account is two hundred and fifty dollars. In all trading schemes, the maximum payout can be as high as eighty-nine percent (a figure that rivals some of the best binary trading platforms currently on the market). Keep in mind that these are all in-the-money payouts. Those positions that incur a loss receive a payout not exceeding fifteen per cent. Note that currently, 24Option does not accept clients from the United States. The minimum trade amount is twenty-four dollars and 24Option offers a maximum daily deposit of an impressive ten thousand dollars. The monthly deposit limit is forty thousand dollars. The payout structure on 24Option closely mirrors that of other Tech Financial white-label platforms. The payouts are as follows:
- The 60 Seconds Option, the Touch/No Touch option, the High/Low option and the regular boundary option offer a payout of between 65% and 80% of he invested amount for successful trades.
- The High Yield Boundary Option and the High Yield Touch option offer payouts of between 380% and 500% for successful payouts.
In regards to bonuses, there are several bonuses and promotions available on 24Option. Many of these are account opening bonuses which are awarded to traders based on the category of account opened. Traders can open Standard, Gold or Platinum accounts, and each account confers unique benefits to the trader, with the Platinum account holders getting more benefits such as free withdrawals irrespective of the number of times the trader withdraws from the account. E-wallet withdrawals attract various fees which start from 1% to 3% of withdrawal amount. All traders are given an account opening bonus, with Standard and Platinum account holders getting special bonuses as well.
Financial Deposits and Withdrawals
One of the most advantageous features of 24Option is that there are a number of deposit methods available. All of these have been proven to be SSL encrypted and thus, they are highly secure. Broadly speaking, there are three methods of transaction available on 24Option are:
- Credit card/debit card: With $250 minimum, a trader can fund his account using a card from MasterCard, VISA, Diners Club, and JCB. The minimum funding amount allowed with credit cards is $250 while the maximum daily limit for withdrawals is $10,000. Maximum monthly limit for withdrawals is set at $40,000. All transactions are processed instantly.
- E-wallet: Traders can fund and withdraw from their accounts using Skrill, MoneyGram, Western Union, MonkeyBooks and Liberty Reserve. A minimum deposit amount of $250 is required. Information about the maximum amount that can be transferred with this method is provided by the account officer.
- Bank wires can also be used as a transaction method. The minimum amount that can be used to fund an account with bank wires is $1000. Information about the maximum amount that can be transferred with this method is provided by the account officer.
It is said that a greater number of deposit methods will be available in the near future. The available currencies supported are the dollar, the euro, the yen and the British pound. The minimum withdrawal amount through 24Option is one hundred dollars in any twenty-four hour period. It is important to note that this platform will provide the trader with some of the quickest withdrawal time frames in comparison to other top online binary trading sites. Although some requests may take up to seven days to clear into an account, it is not uncommon for the funds to arrive well in advance; sometimes within two to three business days. Therefore, 24Option is said to be one of the more liquid trading systems available. However, it should be recognised that withdrawals will come with a price. A withdrawal fee of thirty dollars is applicable to wire transfers and credit cards.
The Trading Platform
One of the advantages of this system is that the trading platform is completely based in the Internet; there is no need to download any software. Also, 24Option provides a clear visual layout and all new bonuses can be easily seen on their homepage. The main dashboard offers an easy-to-follow chart on the upper right-hand corner of the screen along with one’s current position and whether or not it is “in the money”. These features make it quite simple to react to any sudden changes. There is a conservative use of colours (black and gold dominate) and this will also lend less confusion to the portal. There are a number of user-friendly advantages that are specific to 24Option. These include a handy trading manual, a glossary of common terms and other features such as:
- Expiry calculators
- An explanation of binary options trading
- An asset index
- A detailed banking page
Additional amenities include: Current market news A live chat service always visible Mobile phones are supported
Customer Service
Another distinct feature of 24Option is that its customer service is said to be one of the best in the business. This company can be contacted by phone, email and a live chat widget built into the homepage and the trading portal. Additionally, no less than nine different phone numbers are available for various regions around the world. 24Option currently supports seven different languages as well.
Analysis
Due to the youth of this platform, many feel that 24Option will be adding additional features such as an options builder. This will place the site on par with the majority of systems that have existed for a great deal longer. Still, the maximum payout percentage of eighty-nine per cent is impressive and their one-touch trading feature rivals the position that other portals currently employ. If we combine these features with a robust level of customer support and a dashboard that is both streamlined and clear to read, many new traders will find 24Option to be of great value.
The only downsides seem to be a rather sparse choice of commodities (only three) and the aforementioned withdrawal fees. However, a quick payout time may offset the negative effects of such charges. These are some of the primary reasons as to why 24Option is proving to be one of the most popular binary trading platforms currently available. As this site continues to evolve and improve, it can be assumed that 24Option will become a major player in the world of online binary options trading.
24Options Summary: 9.5/10