Are you considering investing with 24option?
Need a serious review about this binary options broker?
Learn everything you need to know about one of the largest and most comtroversial binary options companies on the market.
What is 24option?
24option is one of the largest and fastest growing binary options firms worldwide. Launched in 2011 and currently owned by CBay Financial Services ltd., 24option has changed legal ownership several times since its launching, a bad sign for any trader looking for stability from its financial investments firm. 24option has helped shape the digital option market in many ways, but has its influence been a positive one? Our 24option review will shed light on the true quality of services offered by this firm.
While the accusations of a Cedar Finance scam have been more recent and vehement, 24option might have set the tone for the behavior that has caused the binary field to be identified with fraud. Although it has toned down its marketing campaigns, this binary broker eagerly advertised binary trading as an easy and profitable investment, without mentioning the volatility and high risks involved.
24option Comparison to top brokers
With campaigns aimed at presenting binary options as a risk-free opportunity, 24option stopped being an attractive destination for traders who understood the advantages of working with more reliable and truthful brokers.
In spite of its Educational Center, 24option still does not offer the type of advantages that have made TopOption a favorite among binary options customers. Clients report of consistent improvement in their trading success as a result of the learning tools and the investment experts available to them. TopOption also provides the highest payout of the binary market, and a generous cash bonus promotion to enable you to trade with more while investing less. As far as quality brokers go, this is the most reliable selection:
OptionBit, perhaps the largest binary company worldwide, offers an amazing tool that is absent from 24option: Algobit, a free signals trading tool to help you make better decisions and create more profit. The Algobit software identifies special market opportunities and helps you increase your profits. This is an example of a binary broker willing to help you with by developing high-end trading tools:
Redwood Options is the largest USA based broker and one that offers more than 80 training videos, excellent guidance and risk-control tips. It is the only top broker that accepts American clients, since 24option, and all major binary corporations, do not. Famous for handing out generous cash bonuses for each of your deposits, Redwood Options is a broker with whom you can make a profit quickly and consistently while getting excellent customer services:
StockPair clearly explains to their clients how to manage the risk involved. More so, it offers the best one-on-one training sessions, another feature unavailable with 24option. You will learn how to trader profitably with the best financial guidance experts while enjoying the highest payouts available in binary trading, 95% per transaction. Furthermore, StockPair have the most advanced mobile site for online digital trading, with which you can use all the tools and assets to profit from immediate market trends from wherever you are.
24option Brand Identity
The origins of binary options trading are without doubt in the Forex market. Unfortunately, that field was marred by a terrible tendency to present currency leverage speculation as a risk-free opportunity to profit. More so, Forex companies assured that this rather sophisticated derivative was simple and required no prior knowledge.
Sadly 24option brought with it that mindset. Initially presenting binary options as a path to immediate wealth, targeting low income and generally less knowledgeable populations, this binary brokers incurred in the same error that lead the Commodity Futures Trading Commission to issue a fraud warning against the Forex industry. Hopefully, with the market shifting to a more professional and serious mode, this broker will learn from other binary companies about the need for transparency when offering speculative financial derivatives.
24option site improvements
After being punished by Google, and by unhappy customers, for its misleading marketing, 24option went the other way and began promoting and offering free learning tools to new traders. This is a welcome change we all hope will help 24option receive better reviews in the future.
As a white label of the Techfinancials trading platform, 24option already has at its disposal an accessible and well built trading environment. Having invested heavily in translating the site to several languages, 24option also has worldwide presence. Therefore, this broker still has a very large customer base to cater to, thus setting up and education center on the site. Since then, their set of learning tools has grown to include videos, online courses, interactive ebooks and more. Has this changed the way customers are approached?
24option Review – Customer Service
Though the 24option site is available in more than 15 languages, the company does not provide services in most of them. Nonetheless, the company prides itself for the abundant amount of material offered to traders that wish to learn binary strategies and trading techniques. Yet not having the necessary personnel to offer services to the markets you target, does not help this broker’s image.
When choosing your broker, one important factor is the feedback from other traders that have had experience working with a certain platform or investing through a specific binary company. While the assistance of such companies as TopOption, OptionBit or StockPair have been consistently praised, 24option, despite all the apparent tools, have not created such feedback.
In fact, scam allegations continue to plague this broker. Could it be that the so called education center is only a cover up for luring more gullible clients? Is it possible that 24option maintain the same mentality inherited from the flawed forex field? Although this 24option review cannot confirm that, the results do lead to believe that the company should at least revise their effort regarding customer service.
24option withdrawal complaints
Another problem faced by 24option is the complaints and warnings shared by traders on social sharing sites about the withdrawal process. One thing binary options brokers need to be very careful about is assuring clients receive their money when they request it.
The binary options field is not regulated, and furthermore, the fact that 24option is officially established in Cyprus, a country under serious financial strain which has recently needed a bailout to salvage its banking system, is a red light for any investor. Therefore, transparency and trust are key.
Under such circumstances, to be constantly linked to allegations that withdrawals are denied and delayed by multiple excuses only foments the fraud rumors faced by 24option.
24option payouts and assets
A review of the payouts and asset list reveals that 24option offer among the highest payouts in the market. Although not as high as EZTrader, the company still remains within the higher end of binary brokers rewards on investment.
The asset list is also quite complete. A varied list is fundamental for managing a portfolio that enables clients to take advantage of multiple market opportunities. Since binary trading is dynamic and fast-paced. Being able to select from a wide range of currencies, stocks and indices can increase the success rate.
Online digital options have only been a financial asset since late 2008. Considering how recent this market is, 24ption is an experienced company, and one advantage is that the functionality of their trading platform is good. Is that enough to select them as your choice for profiting from this financial derivative?
24option Review Updates
In the second half of 2013, 24option has launched a second trading platform under the brand-name GrandOption. This company has been set up in the British Virgin Islands, a tax heaven, and hardly the most reliable place for you to deposit funds in. With this move, 24option probably seek to avoid the restrictions imposed by regulation demands in the USA. Another reason to currently beware of this broker.
As of the end of August, Grandoption has failed to make any impact in the market, and one has to wonder if this move by 24option was not a hasty one. With so much criticism forwarded towards it and reviews pointing to a myriad of problems, maybe it would have been a wiser strategy to improve on the current trading platform, rather than expand to a new and additional brand.
24option Review Summary
- 24option is among the largest binary brokers
- The brand is well known for its aggressive marketing style
- Claims of a 24option scam have hurt the image of this company
- Although there is no actual fraud, traders have not had much praise for the 24option site
- The 24option education center has a variety of investment tutorials and learning tools
- These have not proven effective, and most clients consistently lose money
- At the end of the day, such results and attitude have helped serious brokers offering a different customer service approach
- The withdrawal process at 24option has also been criticized repeatedly in forums and social media
- When choosing where to invest your money, such signs should be a strong warning
- Binary options are a high risk speculative financial instrument, and only certain brokers have clarified this openly to clients
- Prefer binary options brokers whose transparency and trustworthiness enables you to trade without concern