24option is one of the world's leading binary options brokers. With a platform that is designed to be simple enough for beginners to understand while intricate enough to appease experts, the company attempts to appeal to traders of all levels. With high-quality customer service, a trading platform that's believed to be one of the best in the industry and educational resources that are designed to turn the beginner trader into a pro, 24option seems like a great broker at first glance. Today, we'll take a close look at the broker to decide if their features live up to their curb appeal.
At first glance, it's clear that 24option has taken the elegant approach to design; and after digging through the platform, it's clear that the approach has worked out well. Through testing of the platform, I found that everything needed to trade was incredibly easy to find. Perhaps more importantly, the tools were easy to understand and use; ultimately leading to an overwhelmingly positive user experience. While the trading platform is relatively simplistic in nature, it doesn't lack key features that experts will need to execute intricate trades. All in all, I was incredibly impressed with the platform at 24option.
- Basic – up to 82% payout with monthly withdrawal fee, 24/7 customer support, professional chart, trading central (basic).
- Silver – up to 82% payout with monthly withdrawal fee, 24/7 customer support, professional chart, trading alerts, trading central (basic) and personal coach.
- Gold – up to 84% payout with monthly withdrawal fee, 24/7 customer support, professional chart, trading alerts, trading central (basic), SMS/Email alerts, personal coach and live trading with experts.
- Platinum – up to 86% payout with monthly withdrawal fee, 24/7 customer support, professional chart, trading alerts, trading central (basic), SMS/Email alerts, personal coach and live trading with experts, financial expert sessions, research website, Forex and higher trading limits and exposure.
- Diamond – up to 88% payout with monthly withdrawal fee, 24/7 customer support, professional chart, trading alerts, trading central (basic), SMS/Email alerts, personal coach and live trading with experts, financial expert sessions, research website, Forex, Juventus tickets, customize platform and higher trading limits and exposure.
Deposits & Withdrawals
Minimum Deposit – One of the factors that seems to turn off beginner traders is high minimum deposits. While 24option's minimum deposit isn't the highest in the industry, it's also not the lowest; which could prove to be a problem for beginners with limited trading assets. The deposit minimum depends on the type of deposit you plan to make…
- Credit Card – The minimum deposit for credit cards is $250.
- Electronic Payment – The minimum deposit for electronic payments like Skrill is $250.
- Wire Transfer – The minimum deposit for wire transfers is $1,000.
Withdrawals – Withdrawals are sent to the same account that funds were deposited from. It's also important to mention that there are fees to withdrawal. Those fees depend on the account type used to withdrawal funds…
- Credit Card – 3.5%
- Skrill (Moneybookers) – 2%
- Neteller – 3.5%
- Wire Transfer – 30USD, 25EUR, 20GBP, or 3000JPY
There are different withdrawals charges associated with certain account types:
- Basic– first withdrawal is free
- Silver – first withdrawal is free
- Gold – one free withdrawal per calendar month
- Platinum – every withdrawal is free
- Diamond – every withdrawal is free
Customer Support & Education
When it comes to choosing a binary options broker, customer support and educational tools are some of the most important factors. After all, a good broker will have support staff ready and willing to answer questions while providing educational resources to teach beginners how to properly use their account. When it comes to customer support and education, I was incredibly impressed by what 24option offered. Their support is available via phone, email or chat and incredibly knowledgeable. On the educational resources side, I was also very impressed. 24option offers a host of training materials via articles, videos, and more. After going through some of the educational resources, I have to say that 24option clearly put incredible effort into this area; making it one of the best places to find binary options education online today.
Aside from features that most other binary options brokers would offer, I was also able to dig up a few features that are unique to 24option. They include…
- High Profit Potential – With profits that can go as high as 89% on average, 24option offers one of the highest return rates on the market today.
- High Limits – Big money traders like to trade large amounts to maximize their profits. 24option offers trades limits of $50,000 per trade; making it one of the highest in the industry and maximizing profit potential.
- Demo Account – The 24option demo account gives traders the ability to test their strategies before risking their available funds!
Overall, I was impressed with what 24option has to offer. However, I do have to say that there was one area in which I was less than pleased. That area is deposits and withdrawals. First off, high minimum deposits could hinder beginners from getting started. Also, fees associated with withdrawals are also a bit of a concern. However, with stellar customer service, incredible educational resources, and a trading platform that's beyond user friendly, I ended up with a positive opinion of the broker overall.