24Option Quick reference
The long and very heterogeneous history of the company began in 2010. The take-off was high: a quick entry into the top binary options brokers, the license of the very decent regulator Cyprus Securities and Exchange Commission. The reputation from the start was generally good, but since then much has changed.
An important milestone is 2016, when the Cyprus regulator CySEC fined the holding of Rodeler LTD for 156 thousand euros, the part of which the broker was at that time. The next turning point occurred in 2018-2019: countries with a developed economic system carried out a real crusade against binary brokers. Their activities were banned on different continents. This turned out to be much simpler than putting things in order in this hectic area and scooping up the flow of complaints from affected traders. We recommend the detailed article that we wrote about regulating brokers working on Forex and with binary options.
Since then, 24Option has no license from CySEC, and global changes have occurred in the registration area. So, the broker changed the legal entity. Now the official website of 24optioncom is managed by an investment company Richfield Capital Limited, registered in Belize. In this offshore state, a broker was licensed by a local regulator, the International Financial Services Commission of Belize: document number IFSC / 60/440 / TS / 19.
The former Cypriot trail is still dimly visible. On the official website it is noted that the parent company has an agreement on payment services with Wonderbridge Services Limited. Which is registered in the South Cypriot Limassol at Kolonakiou 39, Frema Plaza, Agios Athanasios, 4103 with the HE351228 regnomer. However, now the Cypriot company acts exclusively as a payment agent and partner, and can no longer boast of licensing at CySEC.
Moving from Cyprus jurisdiction into small offshore Belize is a clear lowering the bar. And the mention of binary options from the official site has completely disappeared: now only the word «option» in the title reminds of them.
The support service works through the feedback form and online chat. There is no telephone.
Trading instruments and 24option Platform
The company currently offers trading exclusively in CFDs for the following assets:
- currency pairs on Forex,
Currently there is only one platform: the classic MetaTrader 4. Previously, the company worked through Yumarkets, but this is already in the past.
24 option com rates
There are four account options. Trading conditions for them are described according to the standard version: the higher the deposit you make, the more loyalty you get. Leverage up to 1: 500, floating and relatively low spreads, as well as access to Trading Central service and daily industry news are provided for all rates.
Basic account:. A minimum deposit of $ 250 is to be made for this account - the broker simply does not have a lower deposit. Such customers are provided wuth one basic lesson and two daily trading SMS signals. The first time you can withdraw money without a commission.
Gold account: a minimum deposit is from 25 000 USD. Two lessons, webinars and the possibility of free withdrawal of funds with a frequency of once a month are added to the options of the basic account.
Platinum account: It is available for a deposit of 100 thousand dollars or more. Such clients are encouraged by three basic lessons, 4 trading signals via SMS daily, and also allow free withdrawal of funds three times a month.
VIP account: it is opened with investments from 250 000 USD. Here is the most generous training package, which includes 5 basic lessons, 5 webinars per month, 7 signals daily in SMS. VIP clients can withdraw funds without commissions as they wish. And also on this tariff plan there are the lowest pips: 1.1 pips for EUR / USD currency pairs and from 1.1 pips for other popular pairs.
There is a demo account available only after registration. 100 thousand virtual units of the chosen currency will be put on it for training, mastering the platform and running in strategic plans.
Training with «24 option com»
The company is not too generous with customer training materials. Even for VIP account holders, there are only five basic lessons and webinars! Moreover, the “Training” section on the official website is extensive. It contains the following materials:
- selection of e-books about trading,
- collection of webinars,
- economic calendar,
- sections on fundamental and technical analysis,
- directory of all available assets,
- materials of the independent analytical company Trading Central,
- daily reviews of financial markets.
However, the vast majority of materials are available only to authorized users.
Registration and personal account with 24 option com
The filling form is long and multi-stage. It is especially important to specify the correct email address - the necessary information for logging in will be sent to this address. Through e-mail it will be possible to change or restore a forgotten password.
By default, the broker will try to bombard you with SMS and push notifications. If you decide that this is too tiring, you can unsubscribe through your personal account in the "My profile" tab, selecting "Change account information".
After registration, you will need to undergo verification by providing the following documents:
- utility bill up to six months,
- when paying by card - you need to provide its photo of both sides with CVV code.
Electronic copies of documents must be posted in your personal account: section "Banking Services", in the tab "Downloading Documents".
How to replenish account and withdraw funds with 24option
Depositing money begins by clicking on the “Deposit” tab in your account. Further, the trader will be offered several options:
- bank transfer,
- Visa, Mastercard cards,
- Skrill, Neteller, Qiwi, Webmoney payment systems.
The list changes periodically. Updates on the site may be late, but there will be relevant options in the user's account.
Deposit of funds, at least for the first time, will have to be confirmed.
1. If you deposited from a credit card, the broker will require a photo of it on both sides with the first 12 digits readable and the CVV code.
2. If you have used an electronic payment system or wallet - prepare a screen for the transaction.
3. If you have made a deposit via bank transfer, attach an electronic receipt.
Money withdrawal must be ordered in your personal account, in the "Banking services" section, by selecting the "Withdraw funds" tab. You will need to indicate the amount, withdrawal channel and fill in a few more fields. The choice of "where to withdraw" is only formality, since you can withdraw funds exclusively the same way as you deposited them.
The withdrawal request is processed within 24 hours, and it will take up to 5 banking days to execute. When ordering a withdrawal, it is recommended to immediately attach documents confirming the deposit - this will help to speed up the process. If there are not enough documents, the withdrawal order is sent to the “Pending requests” tab of your personal account.
Data on all transactions is stored in the "Banking Services" section, in the "History" tab.
The minimum withdrawal amounts depend on the chosen method. For bank cards, these are:
- 120 USD,
- 100 euros,
- 80 pounds,
- 100 Swiss francs,
- 7000 rubles.
Deposits are accepted in the same currencies. Only verified users can withdraw money. Withdrawal fee is 3.5%.
«24 Option» bonuses and promotions
The program is complex, with many conditions and reservations. As, in other matters, it is with most brokers. This one didn’t even bother to translate it. The provision on bonuses on the official website is presented exclusively in English, and even in pdf format, so auto-translation in the browser will not help either. The key provision of the document is as follows: the company offers a bonus scheme in the form in which it considers it necessary and for the period that it considers necessary. And the broker also has the right to disqualify participants in the promotional program at any time without explanation. Customers are also allowed to stop using bonuses at any time, but at their own expense and through a notification to the manager.
The program is available only to verified users. The connection is not automatic: first you need to specifically notify the personal manager that you want to participate, and confirm the phone number specified during registration.
Bonuses up to 50% of the sum of the deposit are claimed, but there is a limit on the amount: not more than 500 dollars. Points cannot be withdrawn; they can only be used for trading. And then, provided that you open the threshold volume in lots, calculated according to the formula bonus USD x 0.02. When calculating, only basic assets in the form of currency pairs, gold and silver are taken into account. If in 30 days you do not reach the volume in lots, the bonus is canceled.
That is, here and there a situation happens when, for the sake of being able to realize the bonus, it is proposed to first deposit more real money in a bigger amount than before. In general, the promotional program is not generous, but for brokers it is quite typical.
Feedbacks about 24option: scam or not?
During the period of the broker working with binary options and the Cyprus regulation, customers left mostly positive feedbacks. Money was withdrawn regularly, and losses fit into typical risk statistics when working with binary options.
After this sphere of trade in civilized countries has been outlawed, the broker is desperately trying to survive. The company hid itself in a small unpretentious offshore, gave up on BO, began to offer a legal set of financial instruments. However, the flow of complaints only grows stronger.
Old clients come to the conclusion that the broker has completely got worse and it is pointless to continue cooperation for the sake of past merits. Earlier rare complaints about problems with the withdrawal of funds and ignoring the technical support of such appeals became more frequent. There are many stories about the imposition of consulting services from analysts, with the help of which you can only accelerate the waste of a deposit.
Conclusion about «24 Option com»
There is a reason to believe that the best times for this broker are already behind. There is no longer a prestigious license of the Cypriot regulator, nor the right to offer binary options in civilized countries. The broker did not go underground, but moved to an offshore with lower regulation. We add a point for trying to maintain legal work, but we remind you that Belize’s license outside of it will not help anyone.
The long history and struggle for survival deserve sympathy and respect. But we would refrain from investing our own funds here in the next couple of years. In addition, deposits for such a precarious situation are objectively high: in our rating there are brokers standing firmly on their feet, available with investments from $ 100, rather than $ 250, as here. But it is interesting to watch whether the company will come up and how long it will last without native binary options.