So who is 24Option.com? From our research, we found out that 24Option.com actually is owned by Mika Holdings Inc, the same comany that owns optionFair. However, unlike optionFair, 24Option began their operation in late 2010. Although the holding company is based in the British Virgin Islands, 24Option corporate headquarters is actually located in Cyprus Samos Business Center 2nd floor 67 Spyrou Kyprianou Street Potamos Yermasoyia, Limassol CY-4043, and is being regulated CySec.
The trading platform for 24Option is 100% web based. For those who are new to trading financial instruments online, this actually means that you have the added benefit of trading from anywhere in the world. As long as you have a computer and internet connection, you can log on to the24Option.com website and trade. Design wise, the look and feel of 24Option.com trading platform is actually quite similar to the optionFair’s trading platform but perhaps more professional.
As you can see from the above screenshot, the layout of 24Option.com homepage is not crowded. There is nothing fancy here. Everything that you need to start trading is right in front of you and you don’t have to spend your time searching for the various links. The prices of the assets are also shown further down the home page (Check out the screenshot #2 below).
The platform is in fact the same platform as used by optionfair. The problem with this is that there are no charts instantly available. You need to click on the asset type for the chart to open. I find this a little problematic as I want the information in front of me before I have to click open the asset.
For those who are new to the trading, if you scroll down the page, you can find a trading manual to download and peruse. There is also a trading simulator that teaches you the concepts of binary option trading.
As for trading, things couldn’t be simpler. All you have to do is select your underlying asset, decide on the instrument type (High/Low, One Touch or Boundary), the direction which the prices will go and then select the amount that you want to invest.
The payout offered by 24Option varies on the kind of trade that you are making. They can range for 70% to over 85%. Actually, it is easy to find out what your actual return for your trades will be. The trading platform will immediately show you the possible return if you expire in the money for your trade. The example below illustrates that a $200 investment on the EUR/Dollar will yield a return of $354 if you expire in the money. That is an amazing return of 77%! For out of the money trades, traders can still recover 15% of the original amount that they invested.
Although 24Option pride themselves as offering a wide range of assets for traders to trade in, personally I think the asset list could be more diverse. Below is the asset index that is offered by 24Option.com.
- Euro-Dollar: EUR/USD
- Pound-Dollar: GBP/USD
- Euro-Japanese Yen: EUR/JPY
- Dollar-Japanese Yen: USD/JPY
- Pound-Japanese Yen: GBP/JPY
- Pound-Euro: GBP/EUR
- Euro-Pound: EUR/GBP
- Australian Dollar-USD: AUD/USD
- USD-Canadian Dollar: USD/CAD
- Euro-Turkish Lira: EUR/TRY
- Swiss Franc – American Dollar: USD/CHF
- American Dollar – New Turkish Lira: USD/TRY
- British Petroleum PLC (BP)
- Barclays PLC
- Google Inc.
- Apple Inc.
- Telefonica SA
- SOCIETE GENERALE
- Dow Jones
- Nasdaq Composite
- IBEX- 35
- CAC 40 Future
- S&P 500
- Nikkei 225
- SMI FUTURE
- MIB-40 FUTURE
As for reliability, withdrawal of profits is actually quite a straight forward matter. You can receive your money through your credit card or wire transfer. The initial withdrawal might take a little longer than usual due to the verification process. However, once the trading account has been verified, traders can receive their money usually within a couple of days. 24Option.com like most binary option traders, provide one free withdrawal per month. But subsequent withdrawals are subjected to a service fee of $30 per withdrawal.
- Simple and easy to use trading platform.
- High returns up to 85%
- Comprehensive support system
- High service fee charged for withdrawals of money for subsequent withdrawals within the month.
- Asset list not as comprehensive as offered by some binary options traders.
- Bonus and benefits are only redeemable once a trading volume of 20 times the volume of the bonus value has been met.
Comparatively, 24Option.com gets a fair rating from me. I would say that they are well above average in comparison to other brokers. The fact that they have been established for slightly over a year can account for why their asset list is quite limited when compared to those more established in the market. Their bonuses are very fair, and infact they offer you the chance to get an ipad if you make a minimum deposit of $10,000. Very tempting.