Pros & Cons
- Regulated by CYSEC in Cyprus and IFSC in Belize.
- 40+ cryptocurrency pairs available to trade.
- Live chat option available.
- Educational center.
- Transactions protected by the SSL and COMODO.
- Fast and efficient ‘Scipio’ trading platform.
- Restricted to the US and a few other countries.
Our Expert Rating
Average User Rating
- Highly secure trading platform
- A wide range of trading instruments such as Cryptocurrency pairs, FX/CFD, Commodities, Stocks, and Indices.
- Multiple Account types.
- Website available in 4 different languages.
- Quick deposits and withdrawals.
- Country Where 24Option is Based
- Available Currencies
- 44 cryptocurrency trading pairs supported
- low to average
- Deposit Methods
- Withdrawal Methods
24option Cryptocurrency exchange – is it safe?
24option is one of the most experienced brokers in the industry. Established in 2009, 24option started as a binary options broker and now offers 100+ assets to trade on their platform. There are over 40 cryptocurrency pairs available on the platform. Users can trade cryptocurrencies for different fiat currencies on this platform. Usually, pairs like BTC/USD and ETH/EUR are available on the 24option platform. 24option is a regulated broker which offers a secured trading platform with multiple deposit and withdrawal options. 24option expanded their horizon to include Forex/CFDs and then cryptocurrencies as well. The broker uses a high-tech trading platform called Scipio which is very user-friendly in nature.
Why 24option is in the CoinTrust trust list?
When it comes to trading online, the most important thing to consider is finding a reliable and trustworthy broker. It isn’t as easy as it sounds to find a good broker or exchange for your trading activity. There are several factors to be considered before selecting a broker/exchange and eventually trade with them. Following are the reasons detailing why 24option is a trustworthy broker:
It is very difficult to choose a reliable broker if it’s brand new. It’s better to play safely while choosing an online cryptocurrency exchange which is experienced. 24option exactly fits the bill with nine years experience in the trading industry. Trading with such a firm could be a very good thing for your cryptocurrency trading.
A regulated broker is always a better option when compared to a non-regulated exchange. There are several regulatory boards around the world to oversee the trading activities of a broker/exchange. 24option is regulated by the Cyprus Securities Exchange Commission. It is also registered with the FCA, which is a British Financial Authority. In addition, 24option is also registered with the BaFin in Germany. Regulation can be an added layer of security for traders’ funds lying with the broker. Any dispute with the broker/exchange can be resolved at these regulatory authorities as long as your broker or exchange is registered with them.
24option uses a highly secured platform called Scipio which is custom-tailored for the high-end brokers like 24option. The platform is encrypted in order to combat any potential cyber threats. To keep the client’s funds and information safe, 24option uses high-security certificates of SSL and COMODO. 24option’s cybersecurity team constantly works on providing a secure trading experience to the traders. 24option has never been a victim to cyber hack attacks so far.
The ultimate goal of a trader is to withdraw their profits and enjoy them. So, a broker or exchange with quicker withdrawals is always a plus. 24option offers reasonably speedy transactions for both the deposits and withdrawals. They claim that their back-end team is always on the work to ensure quicker transactions to the clients. Deposits are always instant and withdrawals usually take a couple of hours to be processed.
24options offers a brief educational material that’s related to usage of the platform and trading guidelines in general. Several video series are available in the educational center for anyone to access. You don’t need to fund your account in order to access the educational center. Just a free account registration will do.
How does 24option work?
24option offers more than just buying and selling cryptocurrencies. You can trade them for different fiat currencies such as the dollar, euro, and pound. There are overall 44 cryptocurrency pairs available to trade on the platform. The top cryptocurrencies such as Bitcoin, Ethereum, Ripple, Litecoin and much more are available for trading on the platform. These cryptos are paired against the main fiat currencies and are available as trading pairs.
Trading at 24option depends on the spread factor of the pair you’re trying to trade. The spread is the difference between the bid price and ask price. Depending on the volatility of the market, spread usually varies from time to time. Spread is how the exchange makes money. It doesn’t charge any commissions on your cryptocurrency trades.
Trading at 24option
24option offers multiple versions of its trading platforms. There is a web platform which is fast, secure, and user-friendly. Any novice cryptocurrency trader can easily grasp the trading platform mechanism quickly. In addition, there is a how-to guide on using the platform. 24 option also offers a mobile version of its trading platform to Android and iPhone users. You can download the 24option trading application from the Appstore or the Playstore accordingly. I found the mobile trading app to be fast and easy to navigate through.
The meta trader is a popular platform among the traders all over the world including forex traders. The platform comes with loads of options that can be used for both charting and trading the markets. It has several technical analysis tools and the one-click trading option. Stop loss levels and take profit levels can easily be set on the platform. 24 option offers its own version of meta trader platform for all its members. It’s free to download and use, which is something that I have personally found useful. The platform features several charting options such as candle charts, bar charts, line charts, and many more. It can be a great asset while analyzing the crypto markets.
Every trader who registers for an account with 24option is allocated a free demo account. Traders can utilize this option to practice and develop their trading skills with no cost of money. Every demo account is loaded with a virtual currency balance of over 100,000 dollars or any equivalent currency. It is more than sufficient for a trader to practice their skills for free. Users can trade forex, stocks, and cryptocurrencies with the demo account.
Multiple deposit & Withdrawal methods
While trading cryptocurrencies, it is important to look for multiple options to transact your money. A broker/exchange with multiple deposit and withdrawal options can prove to be handy. Currently, 24option offer deposits and withdrawals in only fiat currencies. They’re thinking of adding crypt options as well, but we may need to wait and see how long it takes to be able to deposit and withdraw with cryptocurrency wallets.
There is no fee for the deposit but there’s a little fee involved in the withdrawals. Following are the different levels of fee for different withdrawal methods:
Credit card, Debit card, and Prepaid card – 3.5%
Wire transfer – 3000 JPY, 20 CHF, 30 USD, 24 EUR, 1800 RUB, 183 CNY, 20 GBP.
Neteller / OKPAY – 3.5%
Perfect Money / Skrill – 2%
Qiwi – 3.5%
Webmoney – 0.9%
24option charges a dormant fee if the trading account is inactive for a certain number of consecutive days. Make sure that you avoid such fee by logging back into your account for every couple of weeks.
Additionally, there’s a maintenance fee involved which is charged per every month. The feel is a small sum of €10.
24option Account Types
24option offers several types of accounts from which you can choose the appropriate one for your cryptocurrency trading. There are overall 5 types of accounts that are available at 24option. Each account type different set of characteristics and comes with several perks.
$100 is the minimum initial deposit amount for this type of account. The client is awarded a 25% welcome bonus in addition to their deposit amount. One free withdrawal and 24/7 customer service are provided with this account type.
You need to deposit over $2,000 to acquire this type of account. You will get a bonus of 30% on your deposited amount. The first withdrawal is free of any charges/fees.
This type of account is the most preferred one by a lot of traders. A deposit of $25,000 is required to get this account. All the first month withdrawals are free. A welcome bonus of 40% is awarded to the client with a personal coach assigned to them.
$50,000 is the required amount of deposit money in order to get this category of account. The welcome bonus is 50% with this account type. The withdrawals are free of charges forever with this account tier. Some special features like Advanced Educational materials and Live training webinars can be unlocked with the platinum account.
The most advanced account tier that 24option offers to the traders. A sum of $50,000 deposit money is needed to qualify for this account tier. The welcome bonus is 100%.
In addition to several tiers of accounts, 24option also provides an Islamic account for the traders from Muslim countries. These accounts don’t have any fee or interest attached to them. The bonus part here is, the educational material is in Arabic.
Customer Service at 24option
24option has a strong team of customer service representatives who’re professional, dedicated, and reliable. The exchange offers multiple customer service options such as the live chat, e-mail customer support, and phone support. A trader gets a personal account manager assigned. An account manager helps in all aspects of cryptocurrency trading at the 24option. Their support staff can be reached via the live chat option for instant help or via phone and email. Email tickets are usually handled promptly in a matter of minutes.
24option is also very active on the Twitter. They constantly update their twitter feed with the important information about the updates and vital information about the financial markets. Follow them on twitter to get updates directly to your feed.
For the traders who enjoy trading cryptocurrencies for fiat currencies, 24option could potentially be the best option to trade with. An experienced broker with a strong backend team and a highly knowledgeable team of account managers makes 24option ideal for cryptocurrency trading. Give it a try by registering for a demo account and then judge whether it’s a good choice or not. Don’t forget to install their meta trader, it can help when it comes to cryptocurrency market analysis.
David is a forex trader and writer who has spent the last few years giving his opinion and spreading news about oncoming markets and trading tips. Besides from being a trader he is also a lifelong Everton fan and enjoys spending free time watching his beloved team in the premier league.