2.99
Accepts Indian Clients. Average spread EUR/USD 2.50 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 platform supported. 24 Option is regulated by IFSC.
Pros
- Wide range of assets
Cons
- Wide spreads
- Limited education
- Limited market analysis
- Poorly regulated
Is 24 Option Safe?
24Option is operated by Richfield Capital Limited, a Belize investment firm, authorised and regulated by the International Financial Services Commission of Belize with license number IFSC/60/440/TS/19. Currently, 24Option has no oversight from any of the major regulators (FCA, CySec or ASIC) so we would urge caution before opening an account here.
24Option is a market maker broker with a dealing desk where your orders are matched internally and the broker is the counterparty to your trade. In this execution model when you make a profit you are profiting from the broker’s loss and not from the interbank market. Since your orders are kept internally on the broker’s book there is potentially a conflict of interest.
Regional Restrictions: Richfield Capital Limited does not offer services within the European Economic Area and Switzerland as well as in certain other jurisdictions such as the USA, British Columbia, Canada and some other regions.
Investment Offering
Trading Conditions
24Option began life as a binary options broker but now offers its clients a variety of Forex account types. With 24Option you have the following four types of accounts, depending on your minimum deposit. With the increase in minimum deposit, you will receive better trading conditions – specifically tighter spreads, but also free withdrawals, free education and webinars and trading alerts via SMS from Trading Central.
Account types:
All accounts have access to Trading Central and have leverage up to 1:500.
- Basic Account: The minimum deposit to open a basic account is just 250 USD – spread on the EUR/USD is quite wide at 2.5 pips on this account.
- Gold Account: This is the most popular trading account, but the minimum deposit is 5,000 USD – spreads on the EUR/USD are 2 pips. With a Gold Account, you will also have a monthly free withdrawal so you don’t need to pay any fees when you withdraw your profits.
- Platinum Account: The minimum deposit is a little bit too steep at 10,000 USD but spreads tighten further to 1.6 pips on the EUR/USD.
- VIP Account: For this type of account you need to commit 50,000 USD but spreads are down to 1.1 pips on the EUR/USD and
Educational Material
Research & Market Analysis
In addition to structured educational material, Forex brokers offer perform a variety of market research functions to help clients from new trading opportunities.
Platform Choices
You can trade through 24Options proprietary web-based trading platform, which is fairly easy to use, or use the industry-standard MT4. A free Demo account with 10,000 USD 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.
Trading Tools
24Option has a basic economic calendar, and provides clients with free access to a premium tool called Trading Central.
Overall
24Option is a basic market-marker broker with wide spreads, poor regulation and no permission to offer services to EU citizens. Withdrawals are charged, platform choice is limited and spreads only tighten to decent levels with a very high minimum deposit.
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