24option Broker Review

Author By Jeffrey Cammack
Updated: September 7, 2022
Overall Rating
2.99 2.99 / 5
Rated #66 of 68 Recommended Brokers
🏦  Min. DepositUSD 100
🛡️  Regulated By
💵  Trading Cost 
USD 25
⚖️  Max. Leverage500:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 
AlertAccepts 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.
Last updated on September 7, 2022
by Editorial Director Jeffrey Cammack
Jeffrey Cammack

75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website you agree to our Terms of Service.

Our verdict on 24option

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.

🏦  Min. DepositUSD 100
🛡️  Regulated By
💵  Trading Cost 
USD 25
⚖️  Max. Leverage500:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Overall Summary

Regulation
110.5002.5/ 5
Trading Conditions
110002/ 5
Trading Platforms
111104/ 5
Deposit & Withdrawal
111003/ 5
Education & Research
10.50001.5/ 5
Assets Available
11110.54.5/ 5
Customer Service
111104/ 5
Beginner Friendly
Poor
Welcome Bonus

Account Information

Base Currencies
EUR, ZAR, GBP, CHF, RUB
Number of FX Pairs
46
Crypto Pairs
5
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Account

Trading Conditions

Account Name
Trading Desk
Commission
Fees Included in Spread
EUR/USD
1.10 pips
GBP/USD
1.40 pips
USD/JPY
1.40 pips
Negative Balance Protection

Company Details

Company Name
Richfield Capital Limited
Founded
2010
Website Language
English, Chinese, Portuguese, Polish, Swedish, Arabic
Support Language
English, Chinese, Portuguese, Polish, Swedish, Arabic
Office Locations
Cyprus, Belize

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.

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Group Regulators
Trading Desk
Website
Year Founded
Office Locations
Additional Fees
IFSC
Market Maker
2010
Cyprus, Belize
$200/mo inactivity fee after 6 months

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

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Fx Pairs
CFD Investments
46
Commodities
Cryptocurrencies
Forex
Indices
Stock CFDs

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.

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Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Commission
24option
110002/ 5
EUR, ZAR, GBP, CHF, RUB
2.50 pips
USD 25
1.10 pips
1.40 pips
1.40 pips
USD 0
IQ Option
111003/ 5
EUR, GBP, USD
0.80 pips
USD 8
0.80 pips
1.30 pips
0.90 pips
USD 0

Account types:

All accounts have access to Trading Central and have leverage up to 1:500.

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Display Name
Min. Deposit
Max. Leverage
Min. Spread
Commission
Basic
USD 250
500:1
2.50
Spread Only
Account Details
Gold
USD 5000
500:1
2
Spread Only
Account Details
Platinum
USD 10000
500:1
1.40
Spread Only
Account Details
VIP
USD 50000
500:1
1.10
Spread Only
Account Details
  • 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

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Broker
Beginner Course
Advanced Course
Well Structured Education
Education Quality
Webinars
24option
Low
IQ Option
Medium

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.

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Broker
Research Team
Daily Market Commentary
Forex News
Analysis Webinars
24option
None
IQ Option
In House

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.

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Broker
Platform Choice
Copy Trading
Platforms
24option
111104/ 5
IQ Option
111104/ 5
IQ option

Trading Tools

24Option has a basic economic calendar, and provides clients with free access to a premium tool called Trading Central. 

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Broker
Economic Calendar
Autochartist
Trading Central
Trading View
Free VPS
24option
IQ Option

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.

AlertAccepts 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.
Visit Broker
Overall Rating
2.99 2.99  / 5
Rated #66 of 68 Recommended Brokers
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24option Financial Regulation

Regulator License
Regulator License

24option Trading Cost Comparison

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