24Option gets the job done!
The following is a full, hands-on, comprehensive review of 24option, one of the, if not THE biggest binary options broker currently in operation. So let's find out exactly why this is shall we.
|Summary of 24option main information|
|Maximum profit on regular options||Up to 89%|
|Available Bonuses||Up to 100% on deposit|
|Min. Deposit To Open An Accoun||$ 250|
|Smallest Trade Allowed||$ 24|
|Trading Platform||Tech Financials Ltd.|
24option have been offering binary options trading since 2010. This makes them one of the oldest binary options brokers currently available. They are headquartered in London, but have most of their operation running out of Limassol Cyprus. The reason for this that Cyrus are one of the only EU countries which offer both attractive tax schemes for businesses, and also have a regulation body CySEC for binary options.
Opening an Account
24Option make it very easy and simple to open an account. All you need to do is enter some personal details, choose a username and password, and you're good to go. Keep in mind that you need to enter you REAL details when you open an account. Due to regulations, 24option needs to verify that money they're sending is not going into money laundering activities or any other sketchy businesses, which is why they will ask you to send documents proving that your details are correct. If you do not provide these documents you will not be able to withdraw your winnings.
Customer SupportCustomer support is one of the most important aspects of a binary options broker. Being the largest broker in the world, 24option also has the means to maintain the best customer support staff as well. 24option offers live telephone support in 24 counties, in addition to email and live chat support (also avaialable in multiple languages). As part of this review, I decided to give their support a small test and tried them out. Unlike other brokers who try to guess which language you want your support in, 24option actually ASK you what language you want to chat in. If a speaker of the language you want is not currently available, they will tell you immediately so you can choose another language of preference. In total, there are currently 7 chat languages available to choose from. I chose English for this review, and the response was very fast. The support person on the other side answered all my questions quickly and to the point, and appeared to know what he/she was talking about. The chat system also provides the ability to upload files and images, which can be quite useful when you need to send a screenshot of something you're not quite sure of.
Anyone familiar with traditional binary options trading platforms may be a bit let down with the first impression of 24option. I mean, there are no fancy colorful graphs and graphics. The Tech Financials base which 24option uses is a more no-nonsense approach to trading. Instead of cluttering the screen with useless graphics and flashy colors, 24option decided to use the screen only to display useful information which will make it easier for traders to see what is happening in the market and recognize good entrance points for trades.
Main Trading PageThe initial trading page is very information rich and gives you all the currently available (and unavailable) assets for trade, including what their current position is and how much the payout for a winning option currently is. All of this information makes it very easy and convenient to find the exact asset you're looking for and know what will be the best trade for you at any given time. You can also change the expiry times on all the assets which is also pretty good. After you choose an asset (by clicking on it), a new section appears on the top of the screen, which includes the asset chart and of course, the ability to enter a trade on that asset. I have tested the accuracy of the 24option system a few times, both in the screenshot below and in a Youtube video which I have posted in the part, and I can say that the 24option quotes have always been pretty much spot on. The pricing is always the average of current bid and ask prices, to a degree of less than 1%. This is more than acceptable for binary options trading. If you're your margin of error for trades you're planning on getting into is less than 1%, you're gambling anyway so it really wouldn't matter in that case as well.
Payouts and Commissions
24option offers different payouts for different types of options and assets. However, it is safe to say that when compared to other brokers, they offer the highest available assets. None of the other large and reputable brokers offer payouts that reach 89% for regular binary options. The reason 24option allow themselves to do so is because they rely on extremely high volumes of trades in order to make their money, and do not try to pressure traders into entering trades that they do not feel safe in doing. 24option also offers higher payouts generally to Forex assets, since these assets are also the most traded assets. They also do not charge any commissions for any trades. When a trader wants to withdraw winnings, 24option does not charge any fee for the first withdrawal. There may however be be fees involved for additional withdrawals, depending also on which payment processor the trader wants to use.
24option is clearly the best choice today for anyone looking for a binary options broker. They are not only the largest broker currently, but also have the best, most responsive, and most reliable trading interface. This platform is for people who want to enter trades, and are not looking for a platform that is shiny and sparkly, with no real content. 24option also have great support and can be fully trusted by any means.Pros:
- Very good unique trading tools
- Very good trading interface
- No commissions charges for trades
- Very Fast and friendly customer support
- Limited NASDAQ stock trading
- Only one free withdrawal for some payment processors
What you should do to succeed in binary options trading
Trading binary options is a new money-making venture that anyone with some hundred dollars to spare could possibly get into. It demands trading stocks, but you don't have to get shares of stocks to get started on trading. What are the results when you trade binary option is that you simply speculate on how a firm's stocks will fare on the stock exchange at some point of the trading day. The nice part is, in case you guess how a stock will have correctly you can more than double the money you purchased. You may even see your money grow ten-folds a single day of trading when you get the drift of the binary options trading game. However, for you to achieve this venture, there's two important things you need. Continue reading to be aware what these two situations are.
To begin you off in trading binary options, you will need to register using a trading company or brokers (24option would be a fine example of this). Others refer to them as binary options trading platform. Whatever they are classified as, they are companies that you should join to start making profits. Some companies request you to deposit a minimum level of $200 so you ought to be willing to spend the your hard earned dollars. However, before heading ahead and invest your dollars, make certain the company you sell to is especially recommended. You have to be mindful that there are tons of binary trading options companies which have a very questionable reputation so you have to do your quest before getting one done having a specific company.
While we're talking about research, when you go into trading in binary options you will need to do a great deal of reading about the players in the stock market. You have to acquire knowledge how these firms are faring in trading stocks keeping abreast with all the news on the companies you are interested in. By doing all your research, it will be possible to speculate on how their stocks will trade on a daily basis. This will be relevant as trading binary options does not involve guess work alone. There exists more into it than what you know already just like any investor, you have to be experienced in what's going on on the market.