- Amazing 24/7 support
- No trading fees
- Air-tight security
- Complex investments
- Trading CFDs instead of currency
The world of cryptocurrencies is a turbulent place, where every shift has to be carefully monitored before one makes a potentially fate-changing decision. The same goes for Bitcoin exchange sites.
However, our subject for today is 24Option, a trusted Bitcoin website with several years of experience and a solid customer base that keeps expanding. Before we start our 24Option review, let’s do a quick rundown of what you might expect on the Bitcoin exchange market in general.
When you want more variety beyond being able to trade Bitcoin, for example, you may run into problems. There are a lot of websites out there but not all of them allow the exchange of other coins.
You might run into some of the following issues:
- Trouble funding your purchases: There are not a lot of exchanges that support the right applications for you to purchase Bitcoins by card. In fact, only a limited number allow this in the world of Binary trading websites. This usually means that you will have to trade some Bitcoins first to fund your purchase.
- You cannot buy all your coins on one crypto exchange: There are exchanges that act as intermediaries for others, and although some allow you to purchase all in one place, they do charge a fee for this service.
- Legal limitations: Almost every American Bitcoin exchange is bound to put limits in place when it comes to the transactions you’re allowed to conduct—these are in place for legal reasons and should be adhered to.
- You need a wallet: Exchanges are great targets for hackers. Here’s some great advice you won’t find in any other 24Option reviews in 2019—keep most of your coins in cold storage and not on the Bitcoin trading platform, as it can be prone to hacker attacks.
24Option is a widely recognized name in the CFD and forex industry, but it also acts as a platform that exchanges cryptocurrencies. The site was created by Rodeler Limited and has established a great name for itself since it started in 2010. Rodeler has come up with a digital currency trading site that operates flawlessly and is highly secure.
Are you ready to learn more about 24Option.com?
24Option Key Features
Security: The trading software, MT4, and Web Trader provide a high level of security.
Liquidity: The site is popular, so liquidity is pretty high. There are large volumes of trades moving in and out on a regular basis. This is a well-frequented site.
Trading Tools: There are several different trading tools and features that can come in handy. We really like the app the company provides to make trading on the go easy. You can use it with Android or iOS systems. You can also test the waters with a 24Option demo account to ensure that you know exactly how things work without putting money on the line.
Markets: You have access to CFDs, forex, and crypto-trading markets. There’s a total of 43 stocks, 30 currencies, 19 indices, and 11 commodities to choose from, so there are plenty of choices.
Fees: The fees are reasonable. You are allowed one withdrawal per month free of charge. You pay between 2% and 3.5% for most withdrawals. With wire transfers, you pay a fixed fee depending on how much is being wired. There are no commissions or fees charged for trades. The 24Option spread section, however, is a totally different story. We go into fees in more detail further along.
Help: The Education Center is where you turn if you need help. It is one of the most comprehensive in the business. You are given access to a range of different ebooks, tutorials, videos, etc. This helps traders at all levels get the most out of the experience.
24Option Currencies: The options regarding cryptos are limited to the following:
24Option Signup and Levels of Access
Before we go on with our 24Option review, we have to start off by registering for a free trading account. All you need to do to begin is to enter your full name, email address, and then your phone number in international format.
The above screen then comes up, and if you complete the steps correctly, you will receive a demo account that has €100,000 in it—ideal for getting to know all the perks and traits of Bitcoin trading before you have to commit any real money.
The site will send an acceptance email to you and give you a 24Option login password and link for a questionnaire to complete. This includes questions like what currency you plan to deposit and what country you are a resident of.
Once you complete the questionnaire, the following screen will pop up:
To complete the registration process, you need to upload the following:
- Proof of ID: A government-issued identification document must be scanned through.
- Proof of residence: Either a utility bill in your name or a bank statement can be used.
- A copy of your credit card if that’s what you’re using to deposit or withdraw to: This one never really sat well with us as Binary trading options reviewers, but it’s done for security reasons to ensure that you are in physical possession of the card.
You can upload the documents by scanning them into your phone or on a proper scanner.
If you want to check the details that they have on you already or want to change your password, this is quickly done by clicking the appropriate tab in the box as shown above. Once registration has been completed, you will be given your dummy account to practice on and hone your Bitcoin trading skills.
There are several different account types on this binary options trading platform, and each offers its own unique levels of access. The account you have will depend on your opening deposit.
The Basic Account
This is the simplest account and features a lot of tools and options that you can use to trade with. You can leverage up to an amount of 1:200, allowing you to speculate with even smaller actual levels of cash.
The account gives you access to the various currency pairs—minors, majors, and exotics. You can use the MT4 platform or the web-based platform. There’s one little feature we’d like to mention in our 24Option review: one-click trading for when you’re in a hurry.
You also get the Trading Central basic analyzing tool, 24/7 access to customer support, and a single free withdrawal once a month.
The Silver Account
This includes all the same options that you have with a basic account, but you also have access to spreads, the mobile app, and support any time, night or day. You will get to use the Trading Central analysis tool, but you’ll also have access to the Personal Coach. This feature lets you ask questions about trading.
A nice little bonus worth mentioning in this part of our 24Options review is that you get a free withdrawal once a month.
The Gold Account
This comes up as the most popular of all the account types. They give you all the same features as the previous accounts, and to be honest, there is not much of a difference between this account and the others.
You do, however, get an additional tool that allows you to get trading signals. You can opt to have these sent to your smartphone or if you don’t have a smartphone, sent to you via SMS instead. The website also grants you assistance from your account manager—not available in the lower levels. As for the binary options, you can trade them using the app, and you also get one free withdrawal a month.
The Platinum Account
This is one of the premier account types. You have access to a much wider range of tools that the site offers. These help give you the most up-to-date financial information to base your trading decisions on.
Let’s face it, not everyone is a cryptocurrency trading wizard. That’s why they’ve compiled a decent amount of material as part of their mission to bring the world of cryptocurrency trading to the average Joe. You can access the learning material by the 24Option app or the browser version. Anyway, it’s very useful and will help you in your Bitcoin trading adventures.
Platinum members have full access to most of the other features available in the lower packages. They can choose to speak to their account manager or coach or go through support for assistance.
If you choose platinum, you’ll have access to all the trades available on the site. As a member, you’ll also have access to all its learning materials, including live training. The material can easily be compared to those found at a Binary trade group website by its quality.
All withdrawals from these top accounts are free.
The Diamond Account
This is the highest membership level. It comes with all of the tools that the site has on offer and is ideal for the serious trader. You get the same perks as Platinum members, and in addition, if the trader qualifies, they are able to get Juventus tickets.
The other advantage is that you get access to a platform that you can customize to your needs. Withdrawals are free here too. This is a good option for those who want to take trading to the next level.
The interface is fairly clean and simple, but it is not the easiest way to learn to trade if you’re a beginner. There’s a lot of cryptocurrency jargon used, which is where beginners could become confused. Also, because the site trades in CFDs and forex as well, you will need to set the filter to “Cryptocurrencies.”
Here’s a quick rundown of terms you should know:
CFDs: Contract for Difference is one of the more popular, albeit mundane, trading options today. You essentially make your money on the difference between the asset’s starting and closing prices. It is a rather vanilla form of binary stock trading, but you need to know a lot about the market to get this right.
Forex: In this case, you trade currency trading pairs with the aim of making a profit from movements in the rates going forward.
Cryptocurrency Trading: What makes 24Option unique is that this was one of the pioneers when it came to crypto CFDs. You can trade in five of the major cryptos—Ethereum, Bitcoin, Litecoin, Ripple, and Dash.
Note that this is a speculative investment on whether their value will go up or down. For example, you can set up a CFD for ETC trading, and in time you can pick up your earnings in cash.
24Option Trading Tools
They have two different options here:
- The Web Platform: It has a simple enough interface, and we felt that it was easy to use.
- The MT4 Client Platform: It’s an industry standard used by professional brokers, as well. If you download MT4 for the site, you can access more features and information than the web platform.
How to Make a Deposit
Here are the most commonly used options:
- Wire Transfer
- Credit/Debit Cards
All you have to do is to open your account on the site and then transfer money through your chosen method. The 24Option website sets the minimum deposit at $250.
How to Make a Trade
You simply log in to your account using the app, the web browser, or the MT4 software and go to your Dashboard. From there, select the “Trade” option. On the left-hand side of the screen, you will find various options, depending on what type of trade you want to make.
Click the appropriate tab, and then select the appropriate currency or item from the list. Move over to the right-hand-side of the screen, set the high and low prices, and then click on the “Buy” button.
24Option users won’t encounter any withdrawal problems.
You can expect to pay as follows if you are a Basic, Silver, or Gold member:
Debit Card: 3.5%
Credit Card: 3.5%
Skrill/ Moneybookers: 2%
Wire transfers: €25 or $30 or £20 or ¥3,000 or the equivalent in your local currency if applicable.
Note that there are no trading fees for making trades.
24Option Trading Limits
This will depend on whether or not there are basic trading limits imposed in your region. 24Option will present you with available options since you already provided your ID during signup. You must make an initial deposit of $250, and trades must be at least $26.
24Option Wallet Security
Being regulated ensures that it has to keep clients’ money in a separate, non-trading business account (i.e., they cannot just dip into your funds when their cash is a little low). They use SSL encryption tech to ensure that the site is secure. In addition, the MT4 trading software also adds another layer of security for transactions.
24Option Customer Service
This is an exchange that believes in customer service. You have access to general support 24/7 via:
- Email support
- Support tickets
- Live chat
- Customer support
- Telephone support
The eight languages to choose from on the 24Options Bitcoin trading website are:
There are brilliant training resources on the website and a large collection of frequently asked questions. If you cannot find the answers between the site and support, then you are asking the wrong questions.
Overall, this is not your typical crypto exchange. We find the site impressive with a wide range of investment options. You do need some understanding of the investment industry because the investments here are more complex. However, there is ample training material, so you’ll have the opportunity to learn.
The 24Option site is compliant to USA laws and well regulated. It takes security seriously and is an ideal way to test the waters when it comes to these kinds of investments.
24Option Review FAQ
Q: Can I buy cryptocurrencies here?
A: No, you buy CFD based on the price of the crypto instead.
Q: Is this an easy way to make money?
A: It can be if you know what you’re doing. However, it is not the kind of thing you should enter into without conducting proper research.
Q: Can I buy an ICO here?
Q: Are there other trade options available?
A: Yes, standard CFDs, Forex, and Crypto CFDs.
Q: Do I need a large investment to start?
A: No, a basic account starts at $25.