Welcome to my 24option scam review.
In this review, we will take an in-depth look at 24option and see if this a legit forex broker or a scam.
Throughout my review, there is no affiliate link to 24option. This is because I do not promote products that I don’t recommend. You can rest assured to get an honest and unbiased review from me.
This review will try to answer the following four questions. It should give you a clear understanding if 24option a scam or not and whether it’s worth your money.
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WHAT IS 24OPTION?
Program Name: 24option
Price: $250 to $50,000 investment
A company-owned 24Option from Cyprus called Rodeler Limited. It is a forex broker founded in 2010.
24Option was the second biggest player, outsized by a company called Banc de Binary. It is an Israeli company that got shut down due to fraud charges.
In the past few years, 24Option has changed as it no longer offers binary options to their clients.
They recently added more investment, and their customer service has also been expanded to manage big investment portfolios better and provide better technical support.
24Option is currently focused on Forex trades, also include cryptocurrency forex pairs and CFD trades.
The website has little information about the company compared to other websites that are notable forex brokerages.
Because of the lack of transparency, it makes the company look untrustworthy.
However, that doesn’t seem to be the case. The Cyprus Securities and Exchange Commission regulates 24Options.
HOW 24OPTION REALLY WORKS?
Accounts and Pricing
24Option has four different account types ranging from $250 to $50,000.
The higher-tier account types have a better offer and fees.
If you are a new trader and you want to try out 24Option, the basic account is for you.
The required minimum balance for this account is $250, and with that, you get access to some educational materials.
You will also get a free lesson with the basic account, but you won’t have access to their webinars.
This account type also includes daily news and one free withdrawal.
With this account, you also get a good demo account with $100,000, so you can try the platform out.
The demo accounts are available with all accounts.
If you want to get a better price and trading the Gold account is the one.
With this account, you’ll get two basic lessons and one monthly webinar.
The minimum deposit is $5,000, and you can make one free monthly withdrawal.
The Platinum option requires a deposit of $10,000, and it offers all the same perks as the previous account, with slight improvements.
With the Platinum account, you can get three advanced lessons and two monthly webinars.
You can also make three free monthly withdrawals from their Platinum accounts.
The VIP account is the most expensive one that requires a deposit of $50,000.
With this account, you’ll get the best pricing, and you’ll also get five advanced lessons and five monthly webinars.
You can withdraw unlimited amounts with the VIP account without fees.
Also, the more you deposit, the more you get.
24Option has high-quality educational resources.
On their website, it has articles topics like daily market and technical analysis, that can be viewed for free.
You can find everything that you need to know about their trading platform on their website.
There are free webinars as well where you can only get it if you become a member of 24Option.
Once you become a member, you have access to some of their video lessons.
In the video lesson, it explains both basic and advanced concepts like the basics of CFD trading, managing risk, calculating pips, different kinds of analyses, and more.
If you are a beginner, this will be good for you because of the vast educational resources that the 24option has.
24option also has a content that is focused on forex trading for beginners that includes a glossary.
With 24option, you can reach them by phone, email, and live chat in case if you need help.
However, they are not available during the weekends.
You can reach the customer support 24 hours a day from monday through Friday and the live chat only available during work hours.
The live chat doesn’t work on Mozilla, and it only works on Chrome.
Range of Offerings
24Options has stopped offering binary options, that was once their focus.
Right now, the company offers a broad spectrum of cryptocurrency pairs like BTC/GBP, BTC/EUR, BTC/USD, etc.
However, not all currency pairs are available, not like you find with other forex brokers, and other products like gold and oil have the average price.
Whether it’s commodities, currencies, or spreads, 24Option keeps up with the competition.
Does 24Option Have An App?
Yes, 24Option has an app where you can download it through your mobile phone.
But let me show you first the use of desktop and the app.
With the desktop, you can place trades and make watchlists with ease.
It also has great charting tools, and the interface is very customizable as well and not just that you can also see the positions of other traders.
The company offers you the MetaTrader 4 software, which is very common in the industry, although its desktop platform seems to be better.
For the mobile app, the software can be optimized for Android and iOS, and it has fingerprint authentication.
The functionality of the mobile is just the same as its desktop counterpart.
There are many features like charting, and streaming quotes are very accessible, and adding data like moving averages to your charts is quick and straightforward.
However, there is no daily news on the mobile app, and it also lacks in alerts compared to other mobile platforms.
The company doesn’t have the lowest fees s they are higher than average.
If you get a premium account, it can decrease the cost of trading in higher volumes, but there are no discounts for high-volume trading.
If your account is inactive for six months, you will be charged up to $200 per month.
The account maintenance costs $10 a month, and the withdrawal fee is 3.5%.
Also, you will get a number of free withdrawals each month, depending on what account type.
The VIP account has an unlimited number of free withdrawals.
24Option has no financing or commission fees.
IS 24OPTION SCAM OR LEGIT?
I can’t say if 24Option is a scam or not, but one thing that I can say is that I don’t recommend you join this company.
As you can see, the account is very expensive as it costs around $250 to $50,000, which is very expensive.
Investing is a hit or miss because there is a chance that you might earn some money or lose your money.
If you are a risk-taker, then you can try it out, but if you are looking to earn more money than spend it and wait for your money to come, I suggest you check my number 1 recommendation.
Let me remind you that 24Option is not available in Canada, Israel, Iraq, Belgium, Bosnia And Herzegovina, Australia, U.S.A, Virgin Island, Puerto Rico, American Samoa, Algeria, Ecuador, Iran, Myanmar, North Korea, China, Panama, Uganda, Ukraine, New Zealand, and Japan.
- Has good educational resources.
- Multiple account types.
- Has a wide range of investment products.
- The prices are higher than average.
- The company is regulated in Cyprus.
- No high-volume discounts for basic accounts.
- Average trading platform and research tools.
IS THERE SOMETHING BETTER?
Now you know about 24option and on why I don’t recommend this to you.
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If you have any questions or thought as to whether 24option is a scam, feel free to leave a comment below and I will always reply!
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