24Option is one of the binary options trading brands which operate out of Cyprus. The brand is owned and operated by Rodeler Ltd, operating with license number 207/13 from the Cyprus Securities and Exchange Commission (CySEC). 24Option offers its traders a binary options white-lab label platform from technology provider, Tech Financials Ltd.
Bonuses and Promotions
24Option offers some of the most innovative bonuses and promotions of the binary options brokers out there. Some of these are as follows:
- Welcome Bonus: There is a welcome bonus on 24Option. This welcome bonus is dependent on the account type opened on the 24Option platform.
- Special Bonuses: Special bonuses refer to bonuses which are issued at certain seasons of the year such as during the Easter, Thanksgiving, New Year or Xmas holidays. These bonuses are also given out to encourage traders to start trading during times of extreme market volatility. For instance, bonuses have been given when gold prices were experiencing their rally, and when the Eurozone debt crisis was at its peak in 2010-2012. One special bonus given out on 24Option is the opportunity to win a ticket to a game involving Juventus FC of Turin, Italy on opening an account with $500 and participating in a raffle.
- Competitions: 24Option is presently running a $100,000 trading competition which involves traders registering for an account for free and aiming to score winning trades, which will then be transformed into a points scoring system. This competition has received endorsement from tennis legend Boris Becker.
Payout Structure and Trade Type
Traders have the opportunity to bet on several bet types on the 24Option platform. The trade types available on the 24Option platform are as follows:
- High/Low: This is the bet type which mandates the trader to make a choice based on the trend of the asset (upwards or downwards). There are two versions of this trade type. The conventional High/Low trade uses the market price as the benchmark strike price for the trade, while the Above/Below version of this trade uses a price different from the market price as the benchmark strike price. The payout structure for this trade pegs the payout at between 65% and 90%. The actual payout depends on when the trade is set, the expiry time used (shorter expiry times have larger payouts), use of the Loss Return function (which allows a trader get back some invested capital).
- Boundary: The boundary trade is the In/Out trade. This trade also has two variations. The conventional In/Out trade uses the market price as the strike price, and two price boundaries located above and below the market price. The High Yield variation of the Boundary bet uses the market price as the benchmark, as well as two price boundaries located far above and below the market price, thus creating a more challenging boundary bet which is rewarded with a high yield payout of between 250% and 500% for a successful high yield boundary bet. The payout for the conventional In/Out bet is between 70% and 90%. The same conditions that apply for the payout in the High/Low bet also apply here.
- One Touch: This is a bet type which tests accuracy of price direction as well as the ability of the asset to hit a price target located either above or below the strike price (market price). This trade also has two versions on 24Option: a High Yield version which pays out between 250% and 500% because of an aggressive price target set for the trade, and a Touch/No Touch variety where the trader bets on whether the asset will touch or fail to touch the price target. The Touch/No Touch trade type pays out between 65% and 90%. Again, several factors already identified for the High/Low trade will determine the final payout given to the trader for a successful trade.
- Short Term: The short term trades are unique to Tech Financials Ltd platforms such as that used by 24Option. This is a High/Low trade with expiry times of 30 seconds, 60 seconds, 2 minutes and 5 minutes. The payout for this trade is between 65% and 90%.
The assets that are available for trading on the platform of Redwood are:
- Commodities: Gold (XAU), Silver (XAG), Copper, Platinum (XPT), Oil, Corn, Coffee, Sugar, XAU/JPY, XAU/EUR, XAU/XAG
- Currencies: GBP/USD, EUR/JPY, GBP/JPY, USD/JPY, EUR/GBP, AUD/USD, USD/CAD, EUR/TRY, USD/CHF, USD/TRY, NZD/USD, AUD/NZD, AUD/JPY, CAD/JPY, CHF/JPY, EUR/CAD, GBP/CAD, AUD/CHF, GBP/CHF, CAD/CHF, NZD/CHF, EUR/AUD, GBP/AUD, EUR/ZAR, USD/ZAR, USD/RUB, USD/MXN, EUR/NOK, USD/NOK, AUD/CAD
- Indices: TA 25, JSE40, FTSE-100, MICEX30, KOSPI 200, DAX-30, Dow Jones, Nasdaq Composite, IBEX- 35, NIFTY, ASX 200, CAC 40 Future, S&P 500, Nikkei 225, SMI, Tadawul, MIB-40 FUTURE, S&P 500, Hang Seng.
- Stocks: Vodafone, PetroChina, British Petroleum PLC, BMW, Barclays PLC, Deutsche Lufthansa, Samsung Electronics, Google Inc., Apple Inc., ANZ, Royal Dutch, France-Telecom, BHP Billiton, Societe Generale, BBVA, Gazprom, Amazon, Nike, Rio Tinto, Citi Group, E.ON, Baidu, Amex, Westpac Banking Corporation, Facebook, Coca Cola, JPMorgan Chase, Microsoft, IBM, Exxon, McDonald’s, BNP Paribas, Fiat, AXA, Sony, Sumitomo, Tesco, ICICI, Tata Motors, Disney, Beiersdorf, ThyssenKrupp, Rosneft.
Deposits and Withdrawals
Channels of depositing and withdrawing to a 24Option binary options account are:
1) Credit card/debit card: With a MasterCard, VISA, Diners Club, and JCB card, you can start trading with a minimum deposit of $250. Daily and monthly limit for withdrawals is set to $10,000 and $40,000 respectively.
2) E-wallet: Minimum deposit with Skrill is $250.
3) Bank wires are also used, with minimum deposit of $1000.
Pros and Cons
- A wide array of trade types can be traded on the platform.
- 24Option also has a wide choice of tradable assets from several regions of the world, giving traders across the world the opportunity to trade assets which they are familiar with.
- A robust bonus/promo structure is available.
- Restrictive policy on demo accounts where only live account holders can apply for a demo.
- Not many trade tools available for traders to analyze assets before trading.
Binary options brokers should be regulated, and should provide a good experience for their clients. 24Option satisfies the basic requirements that traders desire in binary options brokers and even provide some extras. This is a broker whose services are worth considering.