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24Option was created in 2008 and worked with binary options in the beginning. It is now a leading CFD and FOREX platform owned by Rodeler Ltd. It is a Cyprus based financial firm serving multiple parts of the world with proper regulations and restrictions. Traders from EEA (European economic area) are monitored by a separate company called Richfield Capital Ltd based in Belize.
24Option is authorised and regulated by Cyprus Securities and Exchange Commission (CySec) with CEF license number 207/13. Binary options trading was completely removed from 24Option which was supported by a trading platform provider called TechFinancials. Now they use an advanced trading platform to provide CFD and Forex trading services named Scipio.
24Option did the right thing by giving away the most questionable and controversial trading system called binary options from its trading platform. This step makes 24Option to be high in reputation, standard and a responsible trading company.
24Option is regulated under the Investor Compensation Fund. So, the investments of the traders in 24Option are more safe and secure.
Cyprus securities and exchange commission (CySEC) regulates the 24Option under the CIF license number 207/13 issued to Rodeler Ltd. The International Financial Services Commission of Belize has authorised 24Option under the IFSC registration number IFSC/60/440/TS/15-16.
The antifraud software including both ClickSSL and Thawte are included to protect the client’s funds. And as per EU Regulation, Negative balance protection prevents clients from losing more than their initial deposit.
The 24Option provides two different trading experiences, one is the web/online platform named Scipio. Another one is to download and use, called the MetaTrader 4 (MT4) platform which is an industry-standard. MT4 allows the traders to do advanced analysis and charting. But these specialized features in MT4 are slightly complicated to beginners when compared with the Scipio web platform.
The Scipio online platform has customized charts with “indicator wizard” and a watchlist. In the watchlist section, you can select and add your favourite currency pairs. Choosing your favourites wisely from the huge variety of currency pairs makes your trading and execution easy.
24Option displays other clients’ positioning which makes it more transparent to traders to know how other traders feel (Bullish or Bearish) about any instrument. This is considered to be social trading.
Traders can leave conditional orders, have stop-loss and take-profit trading options that allow for hedging. Automated trading or back-testing certain trading strategies are only available in MT4.
24Option provides a free mobile trading app for both iOS and Android. But it is not that appealing like that of Scipio’s online experience. The mobile trading app is not configured with any extra security factor like OTP from the broker side.
Some important features which are present in the Scipio web version are also available in the mobile app, such as the steaming quotes. The traders can check where the assets are traded and a mini chart for the short-term trend is available in the Steaming quotes.
The mobile application also has the watchlist feature which is the best feature of the Scipio online version, lists your favourite currency pairs for faster trading and speedy execution. Leave conditional orders, stop-loss and take-profit orders are also available in mobile applications which makes the trader have full control over their positions.
The mobile app also offers different technical indicators and technical studies such as moving averages. This can be added to the mobile charts to monitor trading opportunities and existing positions.
The 24Option provides four different types of trading accounts for the traders, namely, Basic, Gold, Platinum and VIP. Depending upon the trading account the minimum deposit, spreads, lessons and classes like webinars, tutorials will differ. The image given below from 24option gives the specifications of different account types. The traders can choose the trading account according to their requirements.
Image 1: Different types of trading accounts in 24Option broker platform with its minimum deposit amount.
24Option provides 24-hours support through phone and email five days a week. Online chat is available for both new and existing clients. This direct support provides auto-answer robot support. It can answer many frequently asked questions.
Image 2: FAQ list from 24Option website.
24Option offers trading in over 160 individual stocks. This makes the trader have a huge variety of options in choosing stocks. They provide currency pairs like the other providers in the market, and it has extensive coverage also in cryptocurrency trading (including major crypto/fiat currency pairs such as bitcoin/USD, bitcoin/EUR, bitcoin/GBP, etc). Other trading products such as gold, oil standard, and other range of commodities are provided at competitive spreads.
Image 3: Screenshot from 24Option showing Currency pairs.
Education on products and trading in 24Option is quite appreciated. Videos that explain concepts such as CFD trading, pending orders, trend analysis, risk management, calculating tips, support and resistance trading helps beginners to have some knowledge on trading.
Webinars are given to the trader based on the account type they choose from. It provides about 2 to 10 webinars per month.
24Option provides comprehensive technical analysis with entry and exit points, trading charts and recommended positioning. A separate unique section is focused on CFD trading and its key terms called the CFD-Glossary is also available.
Image 4: Asset calculator from 24Option website.
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