24option – Canada Traders No Longer Allowed 7/28/16
Official URL = https://www.24option.com/
Among the more promising binary options brokers we’ve reviewed is 24option. This trading site is owned by a company called Rodeler Limited, which is located in Limassol, Cyprus. This is one of the few binary options brokers that is actually regulated, in this case by CySEC. 24option has customers in Canada, and throughout the world. There are a lot of exciting features which provide value to this website. We’re going to give you the full tour so you can see why so many reviewers and third party ratings sites give top marks to 24option.
24option.com Quick Guide
- Office in Cyprus
- Free demo account once deposit of at least $250 is made
- Mobile trading included
CA traders allowed(No longer allowed for CA 7/28/16)
- 60 second options
- Match bonuses, typically 50%-100% depending on deposit amount (terms and conditions apply!)
- Daily Specials
- Payouts up to 88% per successful trade
- Trading alerts with silver level account
Bonus terms and conditions apply
Step 1: Account Creation/Opening a Demo Account on 24option
Registering on 24option is free, but before you can use the demo account to place risk-free trades or trade using real money, you’ll need to make your initial deposit. Where is this demo account? You’ll notice that for whatever reason, 24option doesn’t openly promote the demo account on the site. We’re not sure why, since it’s such a superlative feature, but regardless, you can gain access to the feature by making a deposit and getting in touch with customer service. Once you’ve got a customer service agent on the line, you can request that a demo account be opened up for you.
Why do we always recommend you demo test before trading for real money when you have the opportunity? The first reason is that you’re able to get to know your way around the trading platform without risking real money. Would you hate to lose money because you misunderstood how the interface works and not because you were wrong about a trade? The second reason is that the trading strategy you have tested on historical data is going to play out a bit differently when you try to use it in real time. You need to be able to identify potential problems and solve them without risking real money. The fact that 24option offers a demo account to new traders tells us they are interested in clients who will be around for the long term.
Step 2: Funding Your Account
You’re given four currencies to choose from for your account when you deposit: EUR, USD, JPY, or GBP. You need to deposit $250 or equivalent, and may do so using your credit card, an electronic payment source or a wire transfer. The only fee we found was a withdrawal fee if you try to withdraw from your account more than once a month. While this fee is an annoyance, one thing we do like about withdrawals is that you’re allowed to withdraw as little as $10 or equivalent. Some brokers demand you wait until you have $100 or more to withdraw. So you don’t need to worry about your money getting stuck.
24option also offers some nice match bonuses. These can vary depending on how much you’re depositing and on which day, but usually they fall between 30-50%. They also post daily specials; the bonus we saw up for grabs on the day that we checked was for a 250% match bonus. Take note before you decide to accept a bonus offer that these are not cash bonuses; they’re only available after you’ve turned over the bonus amount a certain number of times, so they act as leverage until you do.
Bonus terms and conditions apply.
Trading Options at www.24option.com
Clicking on “Trade” in the menu in the upper right part of the screen will take you to the Trade page. 24option is powered by TechFinancials, a very popular trading platform that is used on a lot of other binary options sites. So if the interface seems familiar, that’s probably why; you’ve likely seen and maybe even used it before. The 24option site has a nice, sleek look to it with the dark grey backdrop and the gold headings. You can select the type of trade you’d like to do on top (High/Low, Above/Below, One Touch, Boundary, or 60 Seconds). After you select a type of trade, you can choose from one of 24option’s 36 trading instruments, which include currencies, commodities, stocks, and indices.
Maximum Trade Amount and Early Closure Option
A couple of great features concerning trading are the maximum trade amount and the early closure option. Early closure allows you to exit a trade early if it’s going against you, which can help you to reduce your losses. The maximum trade amount is $15,000. The reason this is awesome is that it’s much higher than the typical cap on trading binary options, which is often closer to $1,500 on other websites. So if you have a large account, you can make large trades!
Trading Features Available
- Trade $24-$200,000
- Payouts up to 88 on successful trade%
- Early closure available
- Trade on your mobile device
- Demo trading available
- Educational resources included
- Regulated broker
Is 24option a Trusted Broker?
There are a lot of outstanding features that give us cause to believe that 24option is one of the better binary options brokers out there for traders in Canada and elsewhere in the world. We love that they offer mobile and demo trading, and we’ve had better luck getting hold of customer service with 24option than we have with most other brokers. If you try to use live chat, the site will actually tell you which help desks in which language are currently staffed—and it’s accurate! There are also a cornucopia of resources which can help you learn about trading, like a free eCourse, two eBooks on trading, video tutorials, Major Market Indicators and more.
Since 24option offers all these educational materials as well as a demo account to customers who inquire, we think they are interested in customers who they can hold onto, not just throwaway customers who will lose all their money overnight. This, along with the fact that they’re regulated, conveys a sense of trust.
Always read other reviews and chat with customer service yourself before deciding where to trade, but we highly recommend giving 24option a look.