24option: The crypto exchange test
Quality
speed
cost
There are now several crypto exchanges and they enjoy great popularity among crypto fans. Anyone looking for crypto exchanges on the internet will have to work their way through a large range of offers. The question is which of the crypto exchanges is serious and which offer should rather be rejected.
More and more people are turning away from traditional financial products and devoting themselves to the field of cryptocurrencies. For many of them, the crypto market is completely new territory and therefore choosing the right crypto exchange without comparison values is not so easy. Because between the many great and recommendable crypto exchanges, there are of course also some not so great offers. Those that take money out of investors' pockets and are by no means good platforms for trading cryptocurrencies. In order not to fall for fraudulent providers, the various offers should be compared and examined carefully before investing in a crypto exchange.
In order to take a closer look at a crypto platform, various factors can be used for evaluation. On the one hand, the providers themselves should be located and on the other hand, investors should closely examine the crypto exchange itself. The various test reports, testimonials and reviews are also a good starting point to get a rough overview and first impression of the crypto platform.
In the case of 24option, we will take a close look at what the offer is all about. Who is behind the crypto platform, how secure is the base, what features does the crypto exchange offer and how reputable is the offer? Is 24option a scam or a good offer? We find out by taking a look behind the scenes of 24option! We find out whether the investment in 24option is worthwhile and what 24option has to offer its users.
Serious or should be treated with caution?
Before investing in a crypto exchange, the question should be answered whether it is a reputable provider or rather a scam. The first step to get a little closer to the answer to this question is to evaluate various test reports, experience reports and reviews from users on the internet. It is important to use information from independent test reports, because we do not want to be misled by clever advertising. User experiences in particular are a great way to get a comprehensive picture of what is on offer. In combination with the evaluation of test reports, which usually give a good overview of the special features of the platform, users can get a first impression.
Various test reports offer basic information about 24option. The platform has existed for about five years now and has apparently been able to build up quite a large customer base during this time. In various reviews, users can read that 24option has a partnership with Juventus Turin. This has probably contributed to the increase in awareness, which is of course enormously important for a crypto platform. According to various reviews, users can trade various cryptocurrencies, indices, shares, currencies and commodities on the base. This broad offer should be quite tempting for many users. Overall, 24option seems to be a thoroughly recommendable offer. Whether this information corresponds to reality, we will check in more detail later.
In the reviews of various users, however, a somewhat different picture of 24option emerges. Here, users report negative experiences with the customer service and the refusal of withdrawals. The users also repeatedly mention that the customer service is extremely aggressive and would urge the users to make high deposits. This gives the initially good impression from the test reports an insipid aftertaste. We will find out more in our test at a later date.
The offer
To take a closer look at the offer, interested users should first go to the website of 24option. When opening the website, a banner immediately catches the eye that warns of the high risk involved in CFD trading. This already speaks for the provider, because often not so reputable providers like to conceal this fact. As a trader, you should be aware that there is a high risk of loss associated with your investment in cryptocurrencies and trading with digital coins or similar. Even the best crypto platform cannot eliminate this risk and you should therefore think carefully about whether this form of investment suits you and your risk tolerance.
On the positive side, other languages are also available: English, French, Italian, Spanish, Polish, Arabic, Portuguese, Danish, Dutch, Norwegian and Russian. A wide range of services that not every crypto platform offers. On the homepage you can read that the trading platform is MetaTrader 4. This is a well-known trading software that offers users a number of advantages. Simple design, easy use and clear features enable even the inexperienced trader to have a pleasant trading experience. In addition, there is a "further education" section on the platform. Here, users receive various information about the crypto market, trading strategies and the like. Users can also take advantage of interesting webinars on the 24option offer.
Another thing that is immediately apparent is the customer service, which can be reached by phone, email and live chat. Only a few platforms offer such a large communication base. The company behind 24option is Rodeler Limited, based in Cyprus. The Cypriot financial supervisory authority CySec licenses and regulates the broker. This financial supervisory authority monitors numerous online brokers and is well-known in crypto circles.
The fees
Every crypto platform has to finance itself somehow. Therefore, fees are incurred at some point when using this platform. It is definitely worth comparing the costs of different crypto platforms. Especially users who trade regularly and with high amounts can save a lot of money by choosing a cheap online broker.
At 24option, opening an account is free of charge. This is also usual, because after all, you as a user have not yet used any service at this point. However, there is a monthly maintenance fee of 10 euros when using 24option. This is not the case with many crypto platforms. Annual costs of 120 euros are therefore already incurred without active trading. Those who leave their account dormant for longer than two months have to reckon with an inactivity fee of 80 euros. From an inactivity of three months, it costs the users 120 euros and from six months of unused account, the users have to pay 200 euros. This is quite expensive compared to other platforms. The aim is to encourage users to trade regularly, which can of course bring in large sums for the operators.
There are also fees for withdrawals.
In terms of fees, 24option is quite expensive and traders should think twice before accepting these financial takeaways. After all, there are plenty of other crypto platforms with quite similar offerings and much lower fees.
The fees in summary
Comparing 24option with other competitors, it can very well be said that very high fees are charged here.
The higher the fee, the lower the return, of course. High fees can significantly reduce any profits.
What deposit and withdrawal options are accepted?
Deposit
24option deposit methodsUsers have various deposit options at their disposal.
Bank transfer: The classic bank transfer should of course always be part of the deposit repertoire. And so it is with 24option. Please note that there are fees for the classic bank transfer. Also, a waiting period of several days until your account is topped up is not uncommon.
Credit card: Unlike the bank transfer, there is no long waiting time when depositing by credit card. What is incurred, however, are fees!
Neteller, Skrill and Qiwi: When depositing via these financial service providers, there are also fees that are not too small.
Payout
Withdrawal at 24option is possible via:
Wallet
Bank transfer
It should be noted that there is also a certain waiting time.
The advantage is that the amount paid out is then automatically transferred to the bank account in euros.
The platform
Your security as a user should always be at the top of your priority list. And accordingly, you should inform yourself about the security measures at 24option. Payments at 24option are protected by SSL encryption. This is also the minimum standard that a reputable provider should fulfil. Because the security of the users should also be a high priority for the provider.
Until now, private investors could use binary options on the platform of 24option. This is no longer possible due to a change in the legal regulations. Nevertheless, trading with Forex, CFDs and cryptocurrencies is still available for users. Trading takes place either as instant trading in the browser or users download MetaTrader 4 and then trade via the software itself. As a user, you can access a free demo account to get to know the platform better. This also speaks for the seriousness of the provider. With the demo account, you can explore the platform without any financial risk and get to know the various features. Please note, however, that the charts displayed there do not represent real sales figures in most cases.
The rich offer on the platform
Traders can then trade with over 200 underlying assets. Among the digital currencies, well-known names such as Bitcoin, Ripple, Litecoin and Etherum are on offer. The crypto traders can trade the cryptocurrencies with a leverage of up to 1:5. The range of indices is even larger. Among others, users have access to the FTSE-100, the Dow Jones, the Nikkei 225 or the S&P 500. The range of stocks is also large and investors can access Deutsche Lufthansa, Barclays, BMW, Vodafone, PetroChina, ANZ or Royal Dutch, among others. At 24option, the commodities are also impressive. Besides sugar, coffee, corn, copper or oil, there are several other interesting products. The currency pairs available include EUR/CHF, NZD/JPY, EUR/USD, GBP/USD or USD/JPY.
Four account models to choose from
On 24option, traders can choose from four account versions. Unfortunately, as a user you cannot really choose the account model, unless you adjust your investment to your account preferences. The account models are dependent on your deposit. The higher your deposit, the more extensive your account and the more features you have access to. The smallest account model is the Basic account. Here you receive a platform introduction and contact with a dedicated account manager. Attention! Several users here have described the contact with the account manager as harassing and overbearing. Some users have felt pressured to deposit large amounts of money. So be particularly vigilant in your contact with the staff and don't let yourself be persuaded to make large deposits. As a Basic Account customer, you can also participate in webinars and trainings.
As a Silver account customer, you can access an explanation of risk management, personal tutorials and explanations of trading strategies. The Gold account comes with access to a more experienced account manager and a personal MetaTrader4 course. The Platinum account gives you access to all the features and add-ons, free withdrawals and other benefits.
Mobile App
The platform is complemented by a practical 24option app. Here, traders can also trade while on the move. The app can be found in the various app stores or on the official 24option platform. Basically, the 24option app is equipped with all the necessary features, offers an intuitive user interface and the possibility to contact customer support. Deposits and withdrawals can also be set up via the app.
24option also offers a Metatrader account
An elegant thing about the registration is the following: Those who create an account are sent access data to MetaTrader directly - the account is created automatically. Trading via 24option and MetaTrader 4 or 5 is therefore extremely simple.
What are the testimonials like?
The testimonials are mixed. What users often criticise are the extensive terms and conditions. These comprise around 13 documents (Client Agreement, General Terms and Conditions for Bonuses, Risk Disclosure, Handling of Interest and Order Execution, Data Protection Provisions, Company Information, Handling of Conflicts of Interest, Terms of Use, Client Categorisation Policy, Investor Compensation Fund, Complaints Procedure for Clients, Pillar III Disclosure, General Fees). According to some user opinions, the terms and conditions contain some clauses that are not client-oriented.
There are also some bad reviews in the AppStore, some of which speak of a 24option scam and 24option fraud. The criticism here is that payouts could not be initiated in some cases and investments were thus lost. The request for a payout of remaining amounts was not complied with by the provider.
The operators of the platform have attracted negative attention in the past due to a lost dispute in court. A customer had successfully sued for his investment of 125,000 euros. The reason for the lawsuit was that the injured party had allegedly been systematically put under pressure and thus pushed to make high deposits. The operators had already had to pay a fine of 156,000 euros. The reason for this was the established non-compliance with several legal regulations and guidelines.
The whole thing does not put 24option in the best light. However, the test reports on the various crypto blogs all give a pretty good impression of 24option. In the end, you as a user have to decide for yourself which voices you want to believe. After all, the financial risk lies solely in your hands and you bear the responsibility. If you decide to try out the 24option platform, you should not invest more than 250 euros, which is the minimum deposit amount. Also keep in mind that trading cryptocurrencies and CFDs is associated with a high risk of losing the entire investment. Especially considering the many negative user opinions, you should exercise the utmost caution when investing in 24option.
Our conclusion: there are better providers for trading cryptocurrencies
eToro is one of the most popular trading platforms worldwide and is very popular among investors for trading crypto CFDs. The clear platform, the free demo account and the low minimum deposit of just 180 euros are particularly convincing.
In addition, a whole range of other assets, such as indices or commodities, are available.
24option Conclusion
The evaluation of the various factors has revealed a mixed picture. On the one hand, the test results report a great crypto trader, on the other hand, users report encroaching customer service and high lost sums due to missing payouts. It is not always clear how independent the testers are and whether the users are simply disappointed investors. Overall, however, the basic offer of 24option is great and should leave nothing to be desired. However, the high fees are just as much of a deterrent as the many negative reviews.
24option can convince on several levels.
Pros
Cons
Conclusion:
Our conclusion is that you should not necessarily go for this offer. There are truly more recommendable crypto platforms with happier customers and lower fees. Fortunately, the range of crypto trading exchanges is large and you do not have to rely on 24option. If you still want to test this crypto exchange, then you should not invest more than the required minimum deposit of 250 euros. And basically, you should never invest money that you could still use in the next few years or whose loss you cannot cope with. As a general rule, you are responsible for the security of your finances. Therefore, do not rely on embellished test results, tempting advertisements or similar, but evaluate the offers very critically and strictly before investing.
