24Option com is a Cyprus-based investment firm that is authorized and regulated by the CySEC (Cyprus Securities and Exchange Commission) with a CIF number 207/13. One of the things you should know is that there is very little to no information about this broker online, even on its website, which indicates that we need to do a full 24Option review and show you more detail on this forex broker.
Since there is no information such as how long the company has been in business, who are its managers or owners, how many assets are under its management, and so on, many people think that 24Option is a scam. Our advice is to read the detailed 24Option reviews below to see whether that’s true.
24Option Forex Review: Is It Safe To Trade?
24Option is a forex broker with mixed reviews online – indicating that there is no 100% verdict saying it’s safe to trade there. You would want to think twice before depositing your money into 24Option. While the broker is regulated in Cyprus, that is their only regulation, still, an EU regulatory regime is legitimate but not as robust as some more developed regulations within the UK or Germany.
Among other 24Option reviews, you can also notice that there is a lack of guaranteed stop-loss trading outside of France. On a side note, the broker participates in an investor compensation fund if they become insolvent, and funds seem well protected with anti-fraud software, including ClickSSL and Thawte. The 24Option forex review shows that the prices within the platform are far from the best, but the broker is still okay if you want some basic education and need to set up a demo account to trade forex.
What Kind Of Trading Pairs Are Included?
On top of the standard investment pairs in forex that are core in this 24Option com review, we can see that there are Bitcoin forex pairs as well.
The broker has a solid reputation for great educational content plus reliable customer service.
Prices are higher than average, and if you don’t have a premium account, you won’t see the best prices out there.
Overall, the 24Option reviews and ratings show that the broker is best for traders looking for proper education, as well as people wanting to consider assets like CFDs, crypto, forex, commodities, spreads, and stocks. In that manner, 24Option delivers.
What About Deposits & Withdrawals?
The account minimum you need to have is $250. This is a key part of this 24Option forex broker review and something that puts away many investors.
Most people wanting to try their luck and get into trading are not ready to deposit $250, which is one of the disadvantages of 24Option. In the world of binary options, 24Option claims to be among the biggest players, priding itself on customer service, CFD, and forex trades.
Also, traders should note that 24Option is not available in Canada, Israel, Iraq, Belgium, Bosnia And Herzegovina, Australia, the US, Virgin Islands, Puerto Rico, American Samoa, Algeria, Ecuador, Iran, Myanmar, North Korea, China, Panama, Uganda, Ukraine, New Zealand, and Japan.
Other Fees On 24Option
One of the things we dislike about this broker, which is clear in this 24Option forex broker review is its vagueness when it comes to fees. The broker seems to have failed to outline everything properly, without any high spreads visible and a FAQ section that is not descriptive enough on swap rates or overnight leveraged positions.
When visiting the legal subsection and the PDF documents, you can see that there is also a suspicious inactivity fee that is “between €80 to €2,000” which is dedicated after the first month of inactivity. For many, this is a big deal and a sign to be careful when investing with 24Option. Transparency is not this broker’s core trading element, and the absence of a section that details all fees is another thing pointing to a potential scam.
Key Takeaways From Our 24Option Com Review
To sum things up, 24Option is a broker that began its journey in a binary options market, which was once notorious for fraud and scams. It also prompted global regulators to clamp down on the market for binary options. Regulators have voided the operating licenses, ending the dubious sector. 24Option had to transform into a CFD broker to regain its pride, but many still think that 24Option is scam despite the MetaTrader4 trading platform and CySEC regulation which was obtained in 2020.
Our verdict from this 24Option com review is that the broker is not entirely legitimate. There is a suspicious inactivity fee and a high deposit needed, which may discourage some traders. We also suggest that there are other alternatives you can look out for, especially ones that are regulated in more countries.
24Option is a Cyprus-based investment firm that is authorized and regulated by the CySEC (Cyprus Securities and Exchange Commission) with a CIF number 207/13. One of the things you should know is that there is very little to no information about this broker online, even on its website, which indicates that we need to do a full 24Option review and show you more detail on this forex broker.
- Good asset coverage (crypto, CFDs, stocks, spreads, commodities)
- Customers can also read daily financial news
- Bonuses and promotions for traders
- Not enough clarity on fees (or section for fees)
- PDF from website leads to document showing 80-2,000 EUR in inactivity fees (after 1 month)
- Only CySEC regulated broker
DC Forecasts Summary
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]