24option Broker Review

Is 24 Option Safe?

24Option is operated by Richfield Capital Limited, a Belize investment firm, authorised and regulated by the International Financial Services Commission of Belize with license number IFSC/60/440/TS/19. Currently, 24Option has no oversight from any of the major regulators (FCA, CySec or ASIC) so we would urge caution before opening an account here.

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24Option is a market maker broker with a dealing desk where your orders are matched internally and the broker is the counterparty to your trade. In this execution model when you make a profit you are profiting from the broker’s loss and not from the interbank market. Since your orders are kept internally on the broker’s book there is potentially a conflict of interest.

Regional Restrictions: Richfield Capital Limited does not offer services within the European Economic Area and Switzerland as well as in certain other jurisdictions such as the USA, British Columbia, Canada and some other regions.

Investment Offering

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Trading Conditions

24Option began life as a binary options broker but now offers its clients a variety of Forex account types. With 24Option you have the following four types of accounts, depending on your minimum deposit. With the increase in minimum deposit, you will receive better trading conditions – specifically tighter spreads, but also free withdrawals, free education and webinars and trading alerts via SMS from Trading Central.

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Broker

Trading Conditions

Base Currencies

EURUSD (Standard)

Trading Cost (Standard)

EURUSD (Best)

GBPUSD (Best)

USDJPY (Best)

Commission

24option

2/ 5

EUR, ZAR, GBP, CHF, RUB

2.50 pips

USD 25

1.10 pips

1.40 pips

1.40 pips

USD 0

CM Trading

4/ 5

EUR, USD

1.50 pips

USD 15

1.70 pips

2.60 pips

1.70 pips

USD 0

IQ Option

3/ 5

EUR, GBP, USD

0.80 pips

USD 8

0.80 pips

1.30 pips

0.90 pips

USD 0

Account types:

All accounts have access to Trading Central and have leverage up to 1:500.

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• Basic Account: The minimum deposit to open a basic account is just 250 USD – spread on the EUR/USD is quite wide at 2.5 pips on this account.
• Gold Account: This is the most popular trading account, but the minimum deposit is 5,000 USD – spreads on the EUR/USD are 2 pips. With a Gold Account, you will also have a monthly free withdrawal so you don’t need to pay any fees when you withdraw your profits.
• Platinum Account: The minimum deposit is a little bit too steep at 10,000 USD but spreads tighten further to 1.6 pips on the EUR/USD.
• VIP Account: For this type of account you need to commit 50,000 USD but spreads are down to 1.1 pips on the EUR/USD and 

Educational Material

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Broker

Beginner Course

Advanced Course

Well Structured Education

Education Quality

Webinars

24option

No

No

No

Low

Yes

CM Trading

No

No

No

Medium

Yes

IQ Option

No

No

No

Medium

No

Research & Market Analysis

In addition to structured educational material, Forex brokers offer perform a variety of market research functions to help clients from new trading opportunities.

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Broker

Research Team

Daily Market Commentary

Forex News

Analysis Webinars

24option

None

Yes

Yes

Yes

CM Trading

In House

Yes

Yes

Yes

IQ Option

In House

Yes

Yes

No

Platform Choices

You can trade through 24Options proprietary web-based trading platform, which is fairly easy to use, or use the industry-standard MT4.  A free Demo account with 10,000 USD is automatically activated upon registration. Additionally, you can also receive SMS alerts, which means you’ll always be up-to-date with the market movement.

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Broker

Platform Choice

Copy Trading

Platforms

24option

4/ 5

Yes

MT4

CM Trading

4/ 5

Yes

MT4

IQ Option

4/ 5

No

IQ option

Trading Tools

24Option has a basic economic calendar, and provides clients with free access to a premium tool called Trading Central. 

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Broker

Economic Calendar

Autochartist

Trading Central

Trading View

Free VPS

24option

Yes

No

Yes

No

Yes

CM Trading

Yes

No

Yes

No

No

IQ Option

Yes

No

No

No

No

Overall

24Option is a basic market-marker broker with wide spreads, poor regulation and no permission to offer services to EU citizens. Withdrawals are charged, platform choice is limited and spreads only tighten to decent levels with a very high minimum deposit.

Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She is the Senior Editor for FXScouts.  She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers. She has a passion for Forex trading and over a decade of editorial experience researching Forex and the financial services industry, producing high-quality content. She hosts a weekly podcast, “Let’s Talk Forex,” alongside her colleague, Chris, and has produced over 100 Forex educational videos for the FXScouts YouTube channel. She also writes weekly technical analyses and has tested and reviewed over 100 Forex brokers.

 

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.