24option review. You can trade binary on http://bit.ly/trade-web with $10,000 demo!
We want to check on 24option and raise a valuable question: is 24option still one of the best binary brokers out there?
We know that 24option is the favorite broker of many traders. They simply love the simplicity, clean design and fast orders. It is really easy to start trading on the platform and the choice of assets is also great. Traders can find some custom types of binary options, which are not available on other platforms.
24option is a CySEC regulated company and has operated since 2010. Currently, we can say 24option is still a top choice broker among traders, but let’s see how they can really improve and become friendlier to the open public.
The platform has to offer some good tools for risk management, such as the “Early Closure”, which allows you to close the option before expiry. If your option is more likely to finish out-of-the-money, then you will be able to close it with a smaller loss. The “Early Closure” is available seconds after you purchase the options and up to 5 minutes before the original expiry.
When it comes to charts and graphs, 24option has much room to improve. The current charts are really small, and you can’t follow the price in candlesticks, which is really annoying. If you want to use graphical tools and indicators, you need to open a separate window, called “Professional Chart.” Actually, it is not very professional and you can find much better chart platforms. Our advice is you just use Meta Trader 4, where you can easily set up your strategy and place trades on the 24option platform.
The best part is that you can use all kinds of strategies at 24option because the broker offers a large number of trading assets with plenty of different expiry times. You can trade 60 seconds, 2 minutes, 5 minutes, End of the day or End of the month. The payouts are in the range of 70% to 85%. If you prefer to trade short term expiries, such as 1 or 5 minutes, the payouts are about 70% to 75%.
In our experience, you receive the best payouts when you trade 15 minutes up to 4 hour options. Our advice would be to set up a similar strategy if you want the optimal outcome.
When it comes to money management, you might have a problem. The minimum trade is $24, which makes your life on the trading platform a bit harder. If you want to place trades at 2% to 3% of your account, you should have over $1,000 deposited.
Considering that there are many brokers offering $1 trades, we believe 24option could lower its minimum trade to become a friendlier broker.
You will be also a bit disappointed when you discover there are no free demo accounts. You can’t just open account and trade with demo money. We know it is a bit frustrating, but unfortunately, it is still the practice for many binary brokers. They will ask you to make the minimum deposit before you have access to the trading platform.
This is also a policy 24option could change, and we know that many traders would appreciate it.
By virtue of its regulatory obligations, the company takes measures to safeguard clients’ funds. In this sense, the company cooperates only with banks authorized and regulated by EU member states and that are highly rated by credit rating agencies. In addition, as per regulatory requirements, the company deposits clients’ funds in segregated bank accounts.
Traders can use a number of e-wallets for deposits and withdrawals on the platform. The most popular wallets are Skrill, Neteller, PaySafe, CashU and Qiwi. Of course, you can also use credit and debit cards. Withdrawals are usually executed up to 3 business days, but if you use an e-wallet, the expected time is reduced to 24 hours.
24option support is really fast, and it works 24/7 via Live chat and Phone. Once you register an account, you might decide to have an account manager. He or she can give you general instructions on the trading platform, as well as information about the current market trends. It is important to notice that account managers cannot trade on your behalf as it is totally against the regulations. You can also select on what conditions your account manager can call you or send you e-mails. For example, you might ask him or her to call you before important market data is released.
Well, in our opinion, the broker must definitely improve on its trading platform, add a bigger screen and candlestick charts, and add some basic indicators, such as Moving Averages and Bollinger Bands. Allowing traders to have demo accounts is also necessary in our view.
On the bright side, we can congratulate them for developing one the best mobile apps for trading binary options. If you like trading mobile, the 24option app is a great choice. The web platform is also mobile. If you want to visit it, just click the link on this video. We wish you happy trading and kindly ask you to subscribe. More videos will come soon!