24option Spreads, leverage, minimum deposit Revealed

WikiFX | 2021-05-08 10:42

Abstract：24option, a trading name of Richfield Capital Limited, was previously a binary options broker founded in 2008 and registered in Belize, but now offers Forex and CFD brokerage services.

　　Note: 24options official site - https://www.24option.com/international/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.

　　Risk Warning

　　Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

　　General Information & Regulation

Feature	Information
Registered Country/Region	Belize
Found	2008
Regulation	Suspicious clone
Market Instrument	Forex currency pairs, precious metals, commodities, indices, CFDs, etc
Account Type	Basic, Gold, Platinum and VIP
Demo Account	N/A
Maximum Leverage	1:500
Spread	Vary on the account type
Commission	N/A
Trading Platform	MT4
Minimum Deposit	$250
Deposit & Withdrawal Method	VISA/MasterCard credit/debit cards, wire transfers, Skrill, and Neteller

　　24option, a trading name of Richfield Capital Limited, was previously a binary options broker founded in 2008 and registered in Belize, but now offers Forex and CFD brokerage services.

　　As for regulation, 24option holds a suspicious clone Financial Services Commission (FSC) license. That is why its regulatory status on WikiFX is listed as “Suspected Fake Clone” and receives a relatively low score of 1.52/10. Please be aware of the risk.

　　Note: The screenshot date is February 8, 2023. WikiFX gives dynamic scores, which will update in real-time based on the broker's dynamics. So the scores taken at the current time do not represent past and future scores.

　　Market Instruments

　　24option offers investors various financial instruments, including Forex currency pairs, precious metals, commodities, indices, CFDs, etc.

　　Account Types

　　There are four types of accounts available on the 24option platform: Basic (minimum initial deposit of $250), Gold (minimum initial deposit of $25,000), Platinum (minimum initial deposit of $100,000), and the VIP account(minimum initial deposit of $250,000). In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.

　　Leverage

　　Concerning the trading leverage level available, the maximum leverage offered by 24option is up to 1:500. Inexperienced traders are advised not to use a high leverage level as it is risky.

　　Spreads

　　All spreads with 24option are a floating type and scaled with the accounts offered. Just take the benchmark EUR/USD pair as an example, the spread starts from 2.5 pips on the Basic account, from 2 pips on the Gold account, from 1.6 pips on the Platinum account and 1.1 pips on the VIP account.

　　Trading Platform

　　24option offers traders several trading platform options: an in-house trading platform, the mobile app, and the MT4 trading platform, which is currently the most popular on the market.

　　Deposit & Withdrawal

　　24option supports traders to deposit and withdraw funds from their investment accounts via VISA/MasterCard credit/debit cards, wire transfers, Skrill, and Neteller. 24option has a high withdrawal fee of 3.5% for withdrawals via credit/debit card. The wire transfer fee varies by currency and is approximately $30. Neteller charges 3.5% for withdrawals and 2% for withdrawals via Skrill.

　　Customer Support

　　Customer support at 24option is provided on a 24/7 basis. Traders can reach the support team through email: info@24option.com, live chat or the telephone: +52-5541639019.

　　Pros & Cons

Pros	Cons
• Multiple tradable assets, account types and funding options	• Suspicious clone
• MT4 supported	• Website inaccessible
	• High minimum deposit requirement ($250)

　　Frequently Asked Questions (FAQs)

Q 1:	Is 24option regulated？
A 1:	No. 24option holds a suspicious clone Financial Services Commission (FSC) license.

Q 2:	Does 24option offer the industry-standard MT4 & MT5？
A 2:	Yes. 24option supports MT4.

Q 3:	What is the minimum deposit for 24option？
A 3:	The minimum initial deposit to open an account is $250.

Q 4:	Is 24option a good broker for beginners？
A 4:	No. 24option is not a good choice for beginners. Not only because of its unregulated condition, but also because of its high initial deposit requirement.