1. Bitcoin Trading Offer
The main Bitcoin trading page for 24option is unusual in that it devotes a lot of space to describing the history of the cryptocurrency rather than its own offer. For many traders, this information is probably already known, but for those who need some additional context, it will be welcome.
The website page does outline information specific to 24option’s Bitcoin trading offer to clients, however. The most crucial nugget of information is that Bitcoin is traded as a contract for difference (CFD) on this site, rather than as an actual asset which changes hands. A CFD differs from a traditional asset because it derives its value from the underlying market without actually conferring ownership. This means that in some ways it is easier to trade. However, there are other benefits: it can be traded on margin, which means that the standard gains that you could make from buying normal Bitcoin can be increased through a CFD without further deposits. You can instruct the broker to increase your stake, as well as your risk, without having to pay more. It should be noted though that you may stand to lose more if the trade doesn’t go your way.
2. Bitcoin Trading Costs
Unfortunately, it is difficult to ascertain exactly how much it costs to trade Bitcoin in particular. Information regarding fees is not readily available on the 24option site. What is clear is that there is a tiered system of leverage in force. Retail clients are able to access leverage of 1:30, while professional traders can access a very high leverage amount of 1:400.
In terms of other fees which the 24option service can charge, it is important to point out that withdrawals from an account operated by 24option are especially expensive. A fee of 3.5% can be charged in order to perform a withdrawal to a debit card or a credit card, while 30 USD or 30 EUR can be charged for those who arrange a wire transfer. Certain e-wallets, such as Webmoney, offer low withdrawal fees of 0.9%. However, inactivity fees can soon mount up with this broker, and a fee of 500 EUR per month can be charged if an account is left inactive for more than a year.
3. Accounts
There are many different account types available at 24option, and the one that choose for yourself will largely depend on the amount you have to deposit and the benefits you want to derive from your trading experience. The basic account will require you to make an investment of €250 or a similar amount in another currency. This is the minimum amount you’ll need to deposit in order to trade, and for many traders this may well be enough to get started with.
For those users who want a more advanced trading experience, there are other account types on offer. The gold account level requires a deposit of €5,000, while the platinum account needs a deposit of €10,000. The VIP account, which is the highest on offer, requires a deposit of €50,000. There is no public information available about how each account type affects the floating spreads of cryptocurrencies like Bitcoin, but for those who are planning to buy both Bitcoin and another asset – such as forex – on 24option, opting for a more sophisticated account package could be cost-effective in the long run. The floating spreads for forex pairs decrease as the account tiers are scaled, and VIP traders can expect to see spreads of 1.1 pips on some forex pairs. The other benefit of the more advanced accounts is that they entitle the trader to an improved education package. Platinum traders, for example, receive two webinars per month and three advanced lessons.
4. Bitcoin Trading Platforms and Mobile Trading
The key advantage of 24option is when it comes to the trading platforms on offer. This broker has compatibility with MetaTrader 4, which is one of the most well-known and well trading platforms on the web. It has a number of great features, such as a diversity of trade execution modes, capacity for trailing stops, 30 integrated technical indicators, and more. While 24option does not offer the more recent version, MetaTrader 5, it is clear that users who want to make the most of MetaTrader’s earlier technical analysis tools will be able to do so. In addition, there is a web trader system which you can use if you don’t want to download MetaTrader 4 or if you need to log in and check trades from a device which does not allow downloads.
The 24option team has also worked hard to ensure that mobile trading is possible. In an age of Bitcoin volatility, having the option to check the value of your investment no matter where you are is a boon. The mobile app is available both for Android phones through the Google Play store, and for Apple smartphones and devices through the Apple App Store.
5. Usability of the Website
The 24option website is fairly easy to use, although it is not the most simple and clear of sites – so if ease of use and navigability is something that is highly important to you, this broker might not be the best option. On the homepage, users are greeted by handy information such as a list of the week’s most popular assets as well as a link to download the MetaTrader 4 platform. There are lots of different languages available on the 24option site, including English, French, Spanish, Russian and Swedish – and it is possible to move from one to the other by using the dropdown toggle at the top of the page.
There are four key sections in the top menu bar: Trade, CFD, Education and Legal. There are also two clear buttons which can help you take decisive action to get your Bitcoin trading with 24option underway: these are “Log in” and “Sign up”. The menu system opens up a large box with links in it on the desktop version, and this can make it somewhat clunky. It is easy to reach the appropriate place for trading Bitcoin though. It takes just two clicks, from “CFD” to “Cryptocurrency trading”, to get there when using the menu bar. Finding out how much it costs to trade Bitcoin, and information on fees which are specific to Bitcoin trading, is one of the most challenging aspects of navigating the 24option website. Traders who want specific and detailed information on this may have to contact the broker directly.
6. Customer Support
Traders who need to access some assistance while they are using the 24option platform have several options. The first option is to call one of the broker’s offices or one of the agents who work alongside the firm. Offices are maintained in Germany, Romania and Cyprus, and there are a series of both phone numbers and fax numbers for each. Depending on the location, there may be specific phone numbers to call depending on whether you are an affiliate or a standard customer. There is a generic email address which you can use to get in touch with the firm, which is [email protected].
There are several other options which you could use as well. There is an online form which can be filled out in order to reach customer service, while there is also a live chat service which could come in handy if you need an instant answer and are unable to place a phone call. Overall, there are lots of options available for customers who need to get in touch with 24option.
7. Methods of Payment
24option has a wide range of payment methods available to choose from, which is a big plus point for those who like to have flexibility in the way that they conduct their trading business. It’s worth remembering that only deposits which come from personal accounts that are explicitly in your name can be used for deposits, as part of the firm’s commitment to anti-money laundering. Credit card is one option that you can use, provided that the card is either from MasterCard, Visa or Discover. Transferring from a bank account is also an option, although that has an added layer of administration because it requires speaking to your account manager once you have signed up. While the e-wallet Skrill is accepted, PayPal – which is one of the most famous and widely available e-wallets – is not accepted.
In terms of the deposit process, the minimum amount that you will have to deposit will differ based on the method that you use. If you choose to use your credit card or to make a payment from an e-wallet, the minimum amount accepted will be $250, or £250 or €250. There is also a maximum deposit amount in place, which is £40,000 or €40,000 per month or £10,000 or €10,000 per day. Details of how these levels are calculated in other currencies is available on the 24option website.
It’s also wise to take into account the obligations 24option has to pay you, as well as vice versa. Withdrawals on this site may take some time to occur, and that’s due in part to the rules that 24option must follow. There are several verification steps which you will need to go through in order to get your cash. You will need to provide photo ID, such as a driver’s license or an identity card issued by the government. You will also need to confirm your address to the company and prove it by providing some sort of utility bill or card statement. In addition, you may need to confirm your card method by sending over precise information like the expiry date. 24option also asks its clients to fill out a questionnaire when requesting a withdrawal. As a consequence, it may be worth keeping some time spare to perform all of these tasks and avoid unnecessary payment hold-ups.
8. Additional Offers
There is a whole section on the 24option website, which is dedicated to education, so if you need to train yourself in Bitcoin trading prior to actually depositing cash and buying some Bitcoin CFDs, this is ideal. The education section contains a number of sub-sections. The daily market report section, for example, offers advanced market analysis which provides price charts, candlestick indicators and more. It also provides an economic calendar, which may not be helpful in its entirety to Bitcoin traders, as it also covers other events from other parts of the economy such as data releases. However, any posts which relate to foreign exchange trading could be handy given that these events can cause market fluctuations in crypto prices. Those who are still deciding whether to focus on technical analysis, which involves looking at Bitcoin price charts, or fundamental analysis, which requires looking at other information about the wider market conditions, can access tutorials which explain these distinctions. You can also opt to attend some webinars, which might be handy if you learn best in a lecture format.
9. Regulation and Deposit Protection
24option bitcoin is based in Cyprus, and as a result it is regulated by the Cyprus Securities and Exchange Commission – otherwise known as CySEC. It is regulated under the name of the company which owns it, Rodeler Limited. Its license number from CySEC is 207/13. There is a long list published on the 24option website which makes it clear exactly what activities the broker is authorised by CySEC to perform, including portfolio management and execution of client orders.
24option is also authorised by a wide variety of other regulators across Europe. From the Austrian Financial Market Authority to the Croatian Financial Services Supervisory Agency, 24option has been regulated and approved for trading activity by organisations in numerous countries. One notable exception from the list is Belgium. 24option does not operate in Belgium and does not have approval to operate there. There is no clear indication on the 24option website as to whether or not this broker keeps client funds in a separate account from the account which contains its own operational resources.
10. Awards
24option is well respected in the industry – and while the lack of crypto awards schemes more generally means that there are few opportunities for the firm to gain the recognition it deserves in the specific field of Bitcoin; recognition has occurred for other assets. According to the Forex Award website, 24option was a nominee alongside a number of prestigious brokers from across the industry – indicating that this is an up and coming broker with an increasingly well-known public profile.
Conclusion
In summary, buying Bitcoin from this broker is a good choice. There are many reasons to trust 24option; it is a highly regulated service based in an EU member state, and it provides lots of additional benefits like educational resources, a number of useful deposit methods, a live chat system for customer service, and more. The clunky and unclear nature of its website plus particularly high fees on withdrawals are downsides, but if you are able to work around problems like these then it is likely that 24option will transpire to be a good broker for your basic Bitcoin purchasing needs.
PEOPLE WHO READ THIS ALSO VIEWED:
