There’s another large broker for binary options we’d like to review at McBinary: 24Option. Like many other brokers it is located in Cyprus (Europe) and belongs to Rodeler Limited , a pretty large company with operations around the globe. It is authorised and regulated by the Cyprus Securities and Exchange Commission (“CySEC”) as a Cyprus Investment Firm (“CIF”).
You will immediately see the international focus of 24option when you take a look at all the languages they offer (15 languages in total at the moment). This international focus makes this broker one of the largest binary options brokers out there.
Trading Platform – How to trade
Types of trades
At 24option you can trade with high/low, one touch and boundary/range options.
You can trade with very short durations at 24Option. This broker was one of the first that introduced 60 second options making binary options trading very fast paced. But you don’t have to trade with such short durations and you can select pretty much anything between 60 seconds and a few hours. We recommend 60 second options for advanced traders only.
24Option really offers amounts for everybody. You can start trading with $24 up to $15,000 (high/low) for one single option! When you want to trade with other options than high/low the maximum is $5,000. Thanks to this large spread traders with any skill level can trade comfortably at 24Option.
Assets at 24Option
At 24Option you can choose between 50 different assets with the following categories: Currencies (Forex), stocks, indices and commodities. The offer for currencies is the largest. That’s also the case with most other binary options brokers.
Forex: You can trade all popular currency pairs like EUR/USD, EUR/JPY, USD/JPY, GBP/USD and USD/CHF.
Stocks: All major public companies with the largest market capitalization can be traded at 24Option. You can trade with European companies like France Telecom, Vodafone, BP or Societe General. But also with stocks like Apple, Amazon, Google or Facebook.
Indices: All popular indices like Dow Jones Index, DAX, CAC, SMI and more.
Commodities: You can trade binary options with the largest commodities: crude oil, gold and silver. You can also trade gold in EUR or JPY and that is very unique!
24Option pays between 70 and 85% for in the money options. Generally speaking, the more liquid an asset is, the higher the payout will be. For a currency pair like EUR/USD you can get 85% profit for options that expire in the money. With 60 seconds options you can make a 70% profit – not bad for one minute, isn’t it?
It’s not possible to describe all payouts in this review, they will change over time, new assets will be introduced etc. You should take a look at your payouts before you make your trade. All payouts will be visible in the trading platform, not only in the money payouts but also out of the money payouts.
Deposit, Withdraw and Minimum Deposit
The minimum deposit at 24Option is $250 in case you make your deposit with credit card or online payments like Skrill (formerly Moneybookers) or Liberty Reserve. If you want to deposit with wire transfer, minimum payment is $1.000.
When you make your first withdraw you’ll have to prove your identity. You can do it online with uploading a scan of your ID and a utility bill (for example an electricity bill). You have to make a cashout to the payment option you chose for your deposit. This is an anti money laundering procedure you have to accept and you will have to do that with every other broker as well.
You can withdraw also very small amounts like $10. One cashout each month is for free. For additional cashouts there’s a $30 fee.
There’s a very extensive FAQ section where almost all questions will be answered. If you don’t find the answers to your question you can contact 24Option through “live chat” or email. We recommend using their “live chat” as this is the fastest and most efficient way to get in touch with them.
Due to regulatory changes by Cysec, 24Option is no longer allowed to offer deposit bonuses at all.
24Option is another great broker for binary options and you should take a closer look at it if you want to be part of this fast growing market. However, we recommend 24option for both ambitious beginners as well as more advanced traders because of the $250 minimum deposit and $24 minimum option size and due to the fact that most promotions are targeted to traders with bigger wallets. If you’re a new trader ready to deposit a few hundred USD or even a couple of thousand dollars you’ll be extremely satisfied with 24Option!