In this review, we’re going to look at the broker 24 Option. Despite this not technically being an exchange, it is a viable place to buy Bitcoin and to hold it as an investment.
We do an in-depth review of all our brokers and exchanges to find the most suitable for our users. This includes highlighting the platform, fees, safety, reputation and many more.
Originally from Cyprus, 24 Option was founded in 2008 and was designed to be a Forex and binary options broker. Since the worldwind, that is cryptocurrencies, hit the world it has altered slightly and now offers many cryptocurrencies to its users. It is fully regulated by the regulatory board CySEC, meaning that your money is safe when you deposit.
Not only do they offer the normal brokerage services that give everyone access to the financial markets but they also place an emphasis on education by providing seminars, webinars and analysing the market.
Regulation & Safety
As we have already highlighted, 24 Option is a fully regulated broker by the CySEC regulatory board. This safe guards users funds because it means that should the company go into administration their funds are safe up to $80,000. This will bring a lot of security to those who have investments in the broker and is considerably different to near enough all exchanges who do not have any type of regulation.
Exchanges not being regulated means that should the exchange decide to go under or turn out to be a ponzi scheme, your funds can be lost instantly, which is obviously a huge concern for prospective investors into the cryptocurrency space.
24 Option has had no history of scams or of any hacks which again is a big plus for any exchange or broker.
When you open a 24 option account, you have the choice of 5 different accounts. They are as follow:
Basic: up to $2.5k. This all trading functionality including stop loss and take profit orders which are essential for successful risk management..
Silver: $2.5k – $25k. This has the same benefits as the basic account however it does not charge maintenance fees.
Gold: $25k – $100k. This is the account where you can really become the trader you want to be. It offers the full range of educational material, which can really make a positive impact on your accounts P/L.
Platinum: $100k – $250k. In the platinum account you get all of the features mentioned in the previous accounts whilst also getting tighter spreads. This means that you pay less for every trade you take.
Diamond: $250k +. Despit there being no additional features to opening a diamond account, there is a chance that you will be very well looked after. High stake account holders are always important to brokers and they like to make sure they are happy.
You will be charged a small amount to withdraw from your account but this is usual with brokers. The other fees you are charged are all included in the spread. This is the small commission the broker takes on each trade. you will notice that when you take a trade you are automatically offside, that is because you get in just below the market price.
The spread will vary depending on the market you are trading. For instance the more volatile the asset the more likely the spread will be wider, so Ripple will likely have a wider spread than bitcoin.
Deposits and Withdrawals
There are various methods you can deposit with 24 Option, they include credit card, electronic payments such as Skrill and through a wire transfer.
The minimum deposit amounts are:
Credit card: $250
Electronic payment: $250
Wire transfer: $1000
Withdrawals will be charged depending on the method you intend to withdraw. For security reasons, you must provide verification to ensure that it is you trying to take your money.
Payment methods on withdrawals are the same as deposits and you must withdraw the same was you deposited.
The withdrawal process will be conducted as quickly as possible however there may be circumstances where withdrawals may take longer than expected. this might include banks opening hours for example. To make sure the process is quick, it’s advisable to keep your verification documentation up to date before you make your request.
You can contact 24 Option via various communication avenues, namely phone, chat and email during the regional business hours. As 24 Option are a worldwide company they have offices around the world and so they can cater for most geos.
How to Sign Up in 5 Quick Steps
1- Click here
2- Enter your name, email and phone number.
3- Click Deposit and complete your profile.
4- Choose your payment method
5- Fund your account and buy bitcoin!
Pros and cons of 24 Option
There are lots of advantages to choosing 24 Option.
- No hacks or data breaches
- CySEC regulated
- Buy cryptocurrencies in real time
- Liquid market makes entry and exit easy and at the price you want
- You can sell bitcoin and other cryptocurrencies without owning it
- Worldwide company, offices based around the world
- User friendly platform
- You do not own the underlying asset
- Not available in the US or Canada
- Withdrawal fees can be relatively high on some payment methods as they’re a percentage
- Small amount of cryptocurrencies available
All in all we think that 24 Option is a good option to use when looking to buy bitcoin. Yes, when you buy bitcoin you do not actually own the underlying asset however you can still profit from the price fluctuations that are still making headlines. Their customer service also makes the experience very pleasant. If you are still not sold on using 24 Option, it might be worth checking out our eToro review who can boast a few more benefits to 24 Option.