Is 24 option a scam or it’s real company with great background? 24Option was started 10 years ago and now belongs to Rodeler Ltd. 24Option is a brokerage company based on contract for differences principle.
The basic idea of a contract for differences is that the seller has to pay the difference between the price of a commodity, currency or whatever asset it is, at the moment of signing the contract and its current price.
The difference can be either positive or negative, but what remains is that it is always paid in cash. Contract for differences, or CFD, is a popular tool among brokers. Although the company is officially registered in Limassol, Cyprus, it is legally allowed to operate in the UK and Germany as well. However, 24Option was banned from operating in several countries, including France.
Product Name: 24options
Official Website: 24options.com
Type: Binary Option Broker
Cost to Join: $250 for Deposit
Owner: Rodeler LTD
Feature: Training videos and eBooks related to trading
Support Quality: 24/7
Best For: Intermediate & Expert Forex Traders
Overall Rating: 8 Out of 10
What is 24Option & How It’s Different from Other Brokers?
Trading – no matter how much money you are going to invest – is a considerably risky business. That`s why it is vital to find a legitimate company you can trust, because you don`t want to invest in a scam. And in order to find it, you need to do some research. Good news is that I have done it instead of you, so relax and continue reading my review.
I had some difficulties finding out when exactly 24Ortion was started, all sources name a different date, however, all of them claim it was founded around a decade ago. It belongs to Rodeler Limited and has an official address in Limassol, Cyprus and obtained an official license valid in Cyprus.
What About the Platform?
Traders at 24Option operate on the Tech Financials platform. If you take a look at this trading platform, you will see that 24Option brokers work with more than a hundred assets, including a huge number of currency pairs.
To start trading at 24Option, you will need to put in a deposit of minimum $250. You can use almost any platform for that – Qiwi, WebMoney, Skrill, you name it! After that you are free to start trading, just remember that the trade shouldn`t be less than $24 and can`t exceed $100,000. I have to admit that 24Option offers very attractive trading conditions, and probably that was the reason for its worldwide popularity.
If you decide to sign up at 24Option, you will get access to several training options which are meant to help you succeed. An ebook designed specifically for binary options traders is among them. The ebook will help you to not only receive a comprehend the whole idea of binary options, but also learn how 24Option works – starting with how to sign up on the website and ending with what you need to do to achieve the best possible profit using 24Option.
Apart from the ebook, you will also have an opportunity to participate at webinars which are held two times a week which is also a great opportunity.
What Trading Options You Have Access to in 24Option?
24Option offers a great variety of binary options to trade and it`s quite easy to get lost. However, below I`m going to highlight several most popular binary options which you can start with.
- Boundary Binary Options. This kind of trade requires you to predict whether an asset is going to increase or decrease. In order to succeed in trading this option, you need to predict correctly the range within which the price of the asset is going to change and enter the period of time in question. However, if the price changes outside you price limit, you will lose the money.
- Early Closure Binary Options. The good thing about this binary option is that if you are winning in this trade you can close the trade even before its closing date to save the profit you have made and avoid the risking of losing the money in case the situation changes. The only thing you should pay attention to is that you won`t receive the whole profit, but just an estimated amount corresponding the actual time of the trade.
- High Low Binary Options. Trading this binary option is probably one of the most common and popular ones on the market. While placing this trade, you are required to predict if the price of the asset is going to increase or fall during a certain period of time. There is no need to add the price margins here like in boundary binary options what makes it less risky and the profit – more likely.
- One Touch Binary Options. In order to trade this kind of binary options, you need to decide which asset is going to reach the determined price in a determined period of time, no matter whether the price is going to increase or decrease. Then, if you prediction is right, you will win the trade, even if the price changes again.
Pros & Cons – Is it Safe to Invest in 24Option?
Although you might have seen some ads on the Internet claiming that trading binary options is a safe and easy way to make money, it is not. Trading is a vast area which has its own rules and strategy – and it`s a lot to handle for an ordinary person.
And proper training is not the only requirement that can lead you to success. Choosing the right broker or the right platform is of very high significance here. First, you should look for a platform which can legally operate in your country. For example you can`t work with 24Option if you are US resident.
Moreover, you need to find a company which not only provide good profit on the trades, but also can give you a proper assistance and point out all the risks you may face trading. And unfortunately, 24Option is not one of those companies.
My Final Verdict – Is 24option a Scam Really?
There are several facts about 24option that I’m going to list here and I believe these facts helps you determine if 24option is a scam or not.
- It’s one of the leaders in binary option trading world but since a big risk included in any kind of forex trading, it’s not recommended to newbies who aren’t familiar with foreign exchange market.
- The first fact is that I’m not calling 24option a scam because of all information I gave you about this company above but since there is a high potential risk involved behind this system, it’s not my recommendation too.
- While door of 24option is open to customers from Asia and Europe, it’s closed to people from United States. They lose a great potential with this decision and this is a big cons for a company which claims that it’s an international brand.
- GrandOption is another new company which started working under 24option’s brand but I could not find any more information about GrandOption which shows what’s it exactly and what was the aim of running it.
- 24option tries to help new members with providing training materials but since the goal of this company wasn’t being a training center, it does not a good job in this field.
- It does not matter what type of trading you want to enter, there is always risk you should expect in forex market; to keep this in your mind, some brokers remind this to you every now and then and some others like 24option don’t remind it at all which may result losing of your investment.
- Although 24option tried to provide best service to customers but the fact is that because of limited numbers of available packages, it loses game when it’s compared to well-known brokers like OptionBit or FXCM.
All in all, 24Option is a well-known broker in forex industry and its legality has been proven before so you don’t need to worry about this and I can recommend it to both advanced and beginner traders because there are many features you can take advantage of in this broker. Also it’s recommended by some famous forex companies around the world and this is the second reason why I call it a legit broker.
So because of this they never sell their credibility cheap because they’re monitored by different agencies constantly. Also their user-friendly interface make their website a suitable place for people who just started to learn about trading in foreign exchange market, forex.
They also give you a totally free demo account which let you start trading in forex market with zero risk and finally I should tell about their above-standard support. Hopefully they did a great job with providing quality customer support so if you need any help in any step of your trading, there’s always someone available to help you.
The same as other high standard brokers, their support is provided 24 hours a day and 7 days a week which we call 24/7 support normally.
And the last but not least is their training center which let you have access to wide range of books related to Forex trading which you can use for free to move your trading skills into the next level.
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