24option experience – 24option has been one of the most popular binary trading providers. Now, 24option is increasingly offering Contracts for Difference (CFD) and Forex products.
The reason for this lies in the now stricter regulations for binary options in Cyprus. The market there is controlled by CySec.
24option Review – The Start Of Trading
Directly after logging in to 24option, customers can choose between five different account models. The minimum deposit is EURO 250.00. In Forex trading and CFD trading, the individual account models differ in terms of the respective spreads. With 24option you can switch to a higher level account.
In the forex trading section of 24option, 48 currency pairs are offered at the start. These include well-known pairs such as EUR/USD and USD/CHF. 24option offers spreads between 1.5 and 3 pips for the most traded currencies.
In CFD trading at 24option, traders should be able to bet on a variety of domestic and international stocks. Indices such as DAX30 or US30 are taken as the basis, as are commodities such as gold or silver. 24option uses the trading platform MetaTrader 4, which can be downloaded to your own computer.
24Option – CFD Trading
Provider 24Option was one of the most popular binary options traders until it switched to CFD and Forex trading. According to the 24Option website, it is operated by the investment company Rodeler Limited. According to its own information, the company is registered in Cyprus, where its registered office is also indicated.
The Financial Services and Markets Authority (Belgium) and Ontario Securities Commission (Canada), however, have the operator of 24Option on their warning lists. The French Financial Markets Authority Autorité des Marchés Financiers went one step further.
24option bitcoin – the Trade with Crypto currency
In addition to the options already mentioned, 24option also offers CFDs of crypto currencies. The online broker claims to be among the first to offer this option. Currently, 24option offers the following digital currencies:
In addition, 24option offers so-called “advanced training” on the subject of crypto currencies. According to their own statement, so that their customers can trade “with higher confidence”.
However, trading with crypto-currency CFDs is by no means secure. Even on the website of 24option this can be guessed:
- The value of digital currencies usually changes very quickly. For this reason, there is no guarantee that the value of crypto currencies will remain stable
- Here we present the growing popularity of digital currencies. However, we warn our clients that there are some potential risks when trading CFDs in virtual currencies – the main risk is inherent volatility.
- The value of virtual currencies can fluctuate greatly (they are highly volatile) and can result in significant losses in a short period of time.
- Such products are complex and involve high risks, and for this reason, they carry a high risk of loss of your entire balance.
- The trading of these products is not covered by any European regulatory framework and is outside the regulated activities of the company, which is regulated by the EU Markets and Financial Instruments Directive (MiFID).
- These products are not suitable for all investors and therefore you should not trade such products unless you have adequate knowledge and experience and fully understand the specific characteristics and risks associated with them.
- Trading in these products does not give you protection from the Investor Compensation Fund (ICF).
24option Payout – Advice from a Law firm
If you go to one of the dubious providers, the only way out is often to go to a lawyer.
We have experience with many hundreds of cases of irregularities when trading CFD and Forex. Our law firm has been able to obtain repayments of deposits, withdrawals of profits and payment of legal fees. If you are also affected, please contact our law firm.
The provider 24option is an integral part of the binary options brokers’ landscape. Since 2010 private investors can invest there. They supposedly receive returns of up to 88% for successful trades. Does the platform 24option work seriously or is it fraud?
The stated goal of 24option is to offer the most intuitive system for newcomers and professionals. Accordingly, the trading platform offers a simple operation. The trading program is web-based and a software download is not necessary. The well-known program Scipio is used.
Via the browser of the smartphone or tablet, one can trade all over the world. Alternatively, apps for Android and iOS are available. It can be started with a free demo account. With your account you get access to all instructional videos.
The basic account type starts at $250 and offers charts and 82% payouts per successful deal. In addition, he offers customer support around the clock. Customers have access to the basic package of the analytics provider Trading Central.
Each account type updated at 24option also offers third-party trading alerts. These include information about events that could affect trading strategies. Payouts are automatically calculated by the system.
24option describes itself as a premium platform and leading broker for CFDs. The company also proudly presents its partnership with the Italian football team Juventus Turin. But is the platform as fair and secure as the advertising suggests or is it a rip-off?
Not all CFD providers are regulated by financial supervisory authorities. 24option is one of the providers that are monitored by the relevant regulatory authorities. As the broker is based in Cyprus, it is the CySEC . This is the supervisory authority of an EU member state and ensures that legal guidelines are adhered to.
24option – Ban in France
In August 2016, the French Financial Markets Authority prohibited 24option from offering services in France. The ban is aimed at Rodeler Limited, the company behind the platform 24option. The reason given was that the company had not complied with its obligation. Namely to act fairly and honestly in the interest of the customers. The ban affects both existing customers and new customers.
24option Experience Payments
With 24option different account types are available. These have different functions. With a silver status (deposit of at least $1,000), traders receive a daily market overview. With a Gold status (minimum $10,000 deposit), traders also receive more information about CFDs. However, investors can lose all their capital if their predictions are wrong.
A total of more than 110 underlying assets can be traded. These include currencies, commodities, shares and indices. Traders can choose between classic to exotic and potentially risky trading opportunities.
Basically, the trading software is easy to use. Nevertheless, 24option gives traders several ways to set prices and products.
There are not only the classic order variants. There are options where prices must reach a certain value within the specified time period. 24option offers possible returns between 82% and 88%. There are one-touch options, high-yield options and short-term bets under 60 second options. Easy Closure is designed to enable traders to limit losses.
How does CFD Trading work?
CFD Trading gives investors the opportunity to participate in the following price movements:
- Raw materials
With CFDs, the price difference (spread) between the time of entry and exit is traded via a contract for difference.
Investors can profit particularly from the so-called leverage effect in CFD trading. The term leverage comes from trading with warrants. Leverage indicates the ratio in which the warrant tracks the price movement of the underlying asset. The simple leverage is calculated by dividing the prices. This value indicates the number of warrants that investors can purchase at the current price of the underlying asset.
Investors can trade two types of CFDs:
- those of rising prices (long CFD),
- who profit from falling prices of the underlying instrument (short CFD).
Compared to share trading, CFD trading requires relatively little capital to be invested. Nevertheless, investors can participate in all price movements.
CFDs are offered through brokers with a margin account. CFDs cannot be bought from a broker or sold to another broker. Existing positions must be redeemed or closed out with the current broker.
Brokers are usually responsible for CFDs as market makers. The account and business conditions of the CFD broker usually demand a certain amount. This is intended to serve as collateral (margin). This security deposit exists in the form of money or securities.
It is used to settle liabilities arising from forward positions at any time. Investors must deposit a certain percentage of a trade. The remaining position is financed or leveraged by external financing in CFD trading.
24option – What you should look for in Providers
Many aspects are important for trading with Contract for difference (CFD). This includes:
- the stability of the CFD trading software
- good support
- and the services offered, such as a telephone order facility
However, it is much more important to choose a reputable provider first. Because there are many black sheep in the rapidly growing CFD trading market.
The following questions should be asked by investors before they decide on a provider:
- Are clients’ funds kept separate from the CFD broker’s funds?
- Is there a deposit insurance with the CFD trading provider and how much is it?
- Which financial supervisory authority monitors the CFD trading provider?
- Where is the CFD broker’s head office located?
- Are there any negative reports from customers?
CFD providers have the obligation to inform investors comprehensively about the high risks. With an insufficient consultation or missing references claims for damages exist. Likewise the back completion of the business can be required.
Authorisation of 24option
Platform 24option is operated by Rodeler Limited. The company is based in Cyprus. There the company is registered with the stock exchange supervisory authority CySEC. It can be found there under the license number 207/13 – as a Cypriot investment company.
The fact that the company has a license is generally positive. This suggests that the supervisory authority can exercise some control over the company.
24option – Terms of Business
The terms and conditions of 24option are available online. They contain many clauses that are not customer-friendly. The scope of the terms and conditions is also problematic – a total of 13 documents can be found:
- Customer contract
- Terms and conditions for bonuses
- Risk disclosure
- Dealing with interest and order execution
- company information
- Dealing with conflicts of interest
- Client Categorisation Policy
- Investor Compensation Fund
- Complaints Procedure for Clients
- Pillar III Disclosure
- General fees
Very few users are likely to read and understand all the terms and conditions. This means that problems are virtually pre-programmed. Some clauses might also be considered as not clear and understandable in the sense of § 307 BGB. This can lead to their invalidity.
24option App – Payouts
The app from 24option has now been installed over 100,000 times on Google Play. There you can also find many bad ratings and reviews. There are often reports of rip-offs and fraud. Some users complain that their money was suddenly gone as soon as they hadn’t acted for some time. In some cases, profits were not paid out despite several requests. Many users report negative experiences, contrary to what one might expect from promising advertising.
The lawyers of the Herfurtner law firm will be happy to answer your questions about CFD, Forex and 24Option. We are also at your disposal for the enforcement of your repayment claims.
What can be traded at 24option.com?
- Currency pairs
- Euro Dollar
- Pounds Dollar
- Euro-Japanese yen
- Dollar – Japanese Yen
- Pound – Japanese Yen
- Pound – Euro
- Euro – Pound
- Australian Dollar – USD
- USD – Canadian Dollar
- Euro-Turkish Lira
- Swiss Franc – American Dollar
- American Dollar – New Turkish Lira
- British Petroleum PLC (BP)
- Barclays PLC
- Google Inc
- Apple Inc
- Telefonica SA
- France – Telecom
- Societe Generale
- Dow Jones
- Nasdaq Composite
- CAC 40 Future
- S & P 500
- Nikkei 225
- SMI Future
- MIB-30 Future
- Nifty Future
- ASX 200 Future
- Hang Seng Future
In the comments you can share your unadulterated experience with other affected parties or potential new customers.
Our competent lawyers will be happy to answer your questions.