24Option is a broker running a race to win a trader’s trust without satisfying the traders’ needs. They are running in a futile existence of turning out to be a chief broker in the market. The financial firm is lacking the quality of the services it provides to the trader. So let’s have a look and find the review of 24 Option.
Is 24Option for you?
24Option allows CFD trading on various financial sectors such as forex, digital currency, business sector and other commodities but at a higher and huge rate. Trading at 24 Option is risky and puts the funds of the client in jeopardy. In 2016, it was regulated by Cyprus securities and exchange commission. Still, due to the controversial conflict by 24 option, it has shifted its registration under the International Financial Services Commission and got its registered licence number 00319/38.
The firm does not guarantee to trade in geo-restriction location. It also does not allow additional features like Social Trading.
Is 24Option Scam or Safe?
24Option is authorised under the International Financial Service Commission by the international. In 2016, the company licence was cancelled by CyrusSecurities and Exchange Commission due to regulatory agreement issues, which makes it credibility and durability on risk in the market.
Also, the firm does not guarantee stop-loss online trading. Even users here are not protected with the price changes and with data. There is also a lack of published data on the website about the firm.
And most importantly, it is difficult to trust the company that is regulated by one governing body. Over the past years, the company is just running after increasing its trader and not giving any due care and attention to its existing trader.
The company only provides economic calendars, which also don’t update regularly. The company also doesn’t provide material such as report session calendar, daily news and trading signals.
The broker provides restricted leverages on tradable products. They do not have various types of financial markets available. The leverages on the cryptocurrencies are low, which leaves customers in a state of total disappointment.
The Broker does not provide anything special in education. They offer the link to outworn webinars. The broker does not provide clients with ebooks, tutorials, video, and articles. As compared to the other brokers, 24 Option provides nothing.
24Option: Account Types
The company provides the clients with five different accounts: Basic, Silver, Gold, Platinum and Diamond. Their minimum deposit is high. The accounts do not increase in requirement and feature progressively.
The Broker provides a rigid account opening. The company account opening is full of various formalities at each stage. When traders open their account with it, they have to wait for 5 to 10 days of verification.
When a client deposits their amount while opening the account, it charges an extra convenience fee and inactivity fee. Not only that, the company provides a limited option of deposit. The company lacks in providing proper security when we have entered data on the company account dashboards.
The trading platform at 24Option- MetaTrader 24 does not offer updated features like live streaming news, price alerts and market analysis. This platform does not allow advanced charting analysis.
The company doesn’t offer demo accounts to the traders as well as Islamic accounts. The trading platform is not flexible and versatile. This makes it very hard for experienced traders.
24Option: Tradable assets
The company does not offer forex and crypto trading, which is one of the biggest blockages for traders to do trading in most of the leading financial markets of the world.
Withdrawals and Deposit
The withdrawals and deposit policy of the broker revolve around a lot of formalities. They also charge a high deposit and withdrawal fee. The broker has the same withdrawal methods as a deposit.
As compared to other brokers, 24option has the policy of handling all withdrawals back to the original payment method. In situations where the withdrawal amount is more than the deposit sum made by credit card, the rest of the amount is transferred through a wire transfer.
The minimum withdrawal amount is 10 dollars, and the maximum limit is the funds that are available in the trader’s account. The trader can make withdrawal anytime, yet, 24option processes the withdrawal requests during business hours.
Commission and Fees
The company charges Inactivity and maintenance fees, which is very unfair for traders. 24Option charges additional fees.
Customer Support Team
The Broker does not offer efficient customer service. They never provide proper solutions to the consumer for their query. Most of the time, the team doesn’t pick up the clients phone nor reply to their email. The customer care team has a history of disappointing its customer.
Their toll-free number always comes busy, and they never care to reply to the customer by mail or message. The company live chat function is also poor; it is just for publicity. The working environment of the team is really exasperating.
Cons of investing in 24Option
- The company charges an excessive withdrawal amount.
- The company still uses MT4, where the financial world has switched to MT5 technology.
- It does not provide an efficient user interface.
- The clients receive low leverages on trading with cryptocurrencies.
- The official website of the company is complex.
- The broker provides very inferior and unsatisfactory customer service.
- The users can access the internet content, website and tradable platform due to restriction on the user’s geographical location.
- There is only one trading platform which is MetaTrader4.
- Users cannot access the live news, updates and streaming on mobile and desktop trading platforms.
- The licence of the company was discontinued by CySec because of the fake celebrity endorsements and illegal rules and measures.
- Desktop and mobile platforms do not offer live streaming news.
- The company doesn’t provide fundamental research.
- The demo account is available with an initial deposit of 250 dollars.
The broker has not made its clients available to much latest technology and online tools. They are still using MetaTrader 4. Other than this, there is uncertainty about its regulation. The company also provides a complex trading environment for its consumers with no proper tutorials and modules.
The deposit rate is high as compared to the other trading organisation. It provides consumers with unfavourable risk disclosure. The company also offers a low- cost cryptocurrency leverage ratio and charges excessive withdrawal amounts.
After considering various points about the broker, we won’t recommend investing in this tradable company. There are some top and renowned brokers, such as ROinvesting, TradeATF, PrimeFin, where you can invest your money. These companies provide a fine quality of services and users friendly trading environment.
Frequently Asked Questions
Which Tradable platform broker makes available to the client?
The broker makes client MT4 available, which is an old trading platform. Most of the company has switched to the latest technology MT5 platform.
Is 24Option a legally valid company?
Though the company is registered under the licence number 00319/38 with the International Financial Services Commission, there has been huge doubt about its framework. In 2016, it was suspended from Cyprus securities and exchange commission because of its illegal framework and speculative activities.
Where is the company headquartered?
The company headquarters is located in Belize. The address is Unit 303, No. 16 Cor. Hutson and Eyre Streets, Blake Building, Belize City, Belize.
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