The short history of 24option began in 2010, when the company quickly became one of the top brokers for binary options. Starting with a high rise, the company obtained a license from the Cyprus Securities and Exchange Commission regulator. At that time, the company’s reputation was good, but over time, much has changed.
One important moment was in 2016, when the holding company Rodeler LTD was fined 156 thousand euros by the Cypriot regulator CySEC, to which 24option belonged at that time. In 2018-2019, countries with developed economies began actively combating binary options, prohibiting their use on various continents. This turned out to be easier than dealing with the abundance of complaints from traders.
As a result, the CySEC license was revoked, and the company moved from Cyprus to the offshore jurisdiction of Belize. The new legal entity of the company is Richfield Capital Limited, registered in Belize. The website states that the parent company has a payment services agreement with Wonderbridge Services Limited, registered in Limassol, Cyprus.
Trading Instruments and Platform
Currently, 24option offers trading in CFD contracts on Forex currency pairs, indices, stocks, and commodities. The platform used by the company is MetaTrader 4.
24option Account Types
The company offers four account options with various privileges depending on the deposited amount. All accounts have leverage up to 1:500, floating spreads, and access to the Trading Central service.
Basic Account: Minimum deposit – $250. Includes one basic lesson and two daily trading SMS signals.
Gold Account: For deposits from $25,000. Additionally includes two lessons, webinars, and free monthly withdrawals.
Platinum Account: Available for deposits from $100,000. Clients receive three basic lessons, 4 daily SMS trading signals, and free withdrawals three times a month.
VIP Account: Opened with a deposit of $250,000. Includes 5 basic lessons, 5 webinars per month, and 7 daily SMS signals. VIP clients can withdraw funds without commissions and receive the lowest pips.
A demo account is available for learning, providing 100,000 virtual units for practice and education.
Education at 24option
The company offers various educational materials, including a collection of e-books, webinars, an economic calendar, analysis materials, and financial market reviews.
Registration and Personal Cabinet
Registration requires filling out a lengthy form and confirming the provided email. After registration, verification is required by providing the necessary documents.
Deposits and Withdrawals
Deposits can be made through bank transfers, Visa/Mastercard cards, and payment systems Skrill, Neteller, Qiwi, Webmoney. Minimum withdrawal amounts depend on the method and are: $120 USD, 100 euros, 80 pounds, 100 Swiss francs, and 7000 rubles.
Promotions and Bonuses
The company’s bonus program has many conditions and restrictions. To participate, you need to inform your personal manager and confirm your phone number.
Reviews and Conclusion
Reviews of 24option have been diverse. After changes in the company’s structure, some clients expressed dissatisfaction, noting issues with fund withdrawals and service quality. Overall, the decision to collaborate with this broker requires careful consideration and analysis of the current market situation.