24Option opened up for trading in 2008, and they’ve already become one of the most respected binary options brokers on the web. Because of their innovations within the industry, the average trader will find a big selection of contract types here, complete with several different expiries. They also boast a live chat feature, which makes it really easy to set up accounts if you are having issues, and they can also walk you through setting up a live demo trading account, too, if you wish.
Types of Accounts
They offer three main real money account types in addition to their demo account; all of which allow you to actively place trades with funds and watch your assets move in price within a real world setting. You cannot open up a demo account until you’ve made a cash deposit, and at this point, you will have a choice of three different accounts: Standard, Gold, and Platinum. The Gold and Platinum have distinct advantages, including payouts that can be higher than usual by up to 4 percent.
The first tier begins at $250, which is also the minimum amount to trade here. You can open this up with U.S. dollars, euros, pounds, or yen. Once you choose a currency to trade with, you must stay with it while you trade. You can make trades of up to $20,000 in size per contract, which is a rare high price within the binary industry, which makes this a great broker for those traders that want to make just a few really big trades. Having an account of this size will aos give you access to the better account types, too.
24Option’s trading platform is web based (no downloads) and very easy to use. It has a simple, attractive, design, and it is geared toward helping you to avoid mistakes by being really easy to learn. Once you create an account and fund it, you can use the demo application and then practice in real time, but with fake money. The software is highly customizable. You can go through and select your favorite assets making them visible in chart form at any time you wish.
The payout for each asset you wish to trade is found right over the chart for your asset, and the time of expiration will be clearly marked with a vertical line on that chart right after you execute the trade. This will help you to visualize right when your trade will end, something that’s extremely helpful for short term trades that take place within a single day. You can also trade with 24Option on your mobile device as an app.
One of the best things about 24Option is their selection of educational content. On the site, there is a section devoted to educating you, with a heavy focus on instructional videos. These cover things like strategy, timing trades, and asset selection. They range in skill level from beginner to advanced. You will be able to access this content once you have an account with them, hopefully so that you can increase the number of correct trades that you have. Boosting your correct trade rate will lead to a higher profit rate, which is always good. There are five main sections: Instructional, Psychology, Money Management, Market Analysis, and Trading Platform Instructions. You can watch them whenever you’d like, and they have quizzes at the end to ensure that you have a firm grasp on the content. They also have a good selection of ebooks which take these topics into a bit more detail.
24Option doesn’t have as many assets as some other sites do, but they do have pretty much all of the major currency pairs , stocks, indices, and commodities. If you have an asset in mind before you sign up, make sure that you look at their list before you commit to the site. They have quite a few Forex pairs, but in reality, their list isn’t as long as it could be. Forex currency trades account for the majority of binary trading, so this is important. The currencies are available only during extended trading hours for the London session, unfortunately.
As far as commodities go, they focus on gold, silver, and crude oil. For most traders, this is enough, but if you do want to focus on commodities, this isn’t a big selection, even through a binary broker.
Like most other binary brokers, their stock selection is limited to tech, finance, and energy stocks. These see a lot of action in the stock markets, so it makes sense that they would be listed on a binary broker. They also have a huge selection of indices. They have most of the Euro indices, the Heng Seng, and Australia’s ASX. They also have the Dow Jones and the S&P 500–the two most common indices in the U.S. This focus is great for new traders since these should be their starting point in most cases.
Some things on the site are pretty new, such as their 2 and 5 minute trades. These go along with 60 second trades in the short term section.
24Option is a great site for most traders. Even though they have a small asset index, the ones that are excluded are done for a reason: most people don’t need them. They are ideal for new traders, but also for experienced traders that plan on taking out large positions on popular assets once in a while. Add these things to their learning material, their simple design, and the benefits that come with the bigger accounts, and you have a great binary options broker. 24Option remains one of the best in the business for a reason.