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24option Review

Details

Broker 24Option
Website URL www.24option.com
Founded 2010
Headquarters Cyprus
Support Types Live Chat, Support Mail, Support Phone
Languages English , French , German , Italian , Spanish , Russian , Arabic , Portuguese , Swedish , Dutch , Norwegian , Polish , Romanian , Korean , Finnish , Indonesian , Turkish , Latvian , Danish
Trading Platform TechFinancials
Minimum 1st Deposit $250
Minimum Account Size $250
Minimum Trade Amount $24
Maximum Trade Amount $100000
Bonus Up to 100% first deposit bonus
Payout 88%
Free Demo Account Yes
Regulated Yes
Regulation Regulated by Cysec
Fees Yes
Account Types Basic, Silver, Gold, Platinum, Diamond
Deposit Methods Visa, Mastercard, Bank Wire, Skrill, Diners Club, JCB, Discover Card, Liberty Reserve, Dankort, Cartasi, Laser, Visa Electron
Withdrawal Methods Visa, Mastercard, Bank Wire, Skrill, Diners Club, JCB, Discover Card, Liberty Reserve, Dankort, Cartasi, Laser, Visa Electron
Number of Assets 120+
Expiry Times 60sec, 2min, 5min, 15min, 30min, 1 hr, 24hr, End of Month
Types of Assets Currencies, Stocks, Indices, Commodities
Option Types High/Low , Boundary, Touch Options, High Yield Options
Account Currency USD, EUR, GBP, YEN
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes
Overall Score 4.9

Pros

  • Mobile Trading
  • Free signals
  • 60s option
  • Good deposit bonus

Cons

  • Doesn't accept US customers

Common Advice Given to Those Looking to get Involved with Trading Binary Options Online

This is not just a review of 24option.com. This is a review of some important tips to remember when considering trading online. 24option.com is like any other binary trading company. It is best to go into it with an open mind and sound logic.

Anyone can make money from it, as long as the person knows what they are doing. Below are 10 important tips to stay above the fray, avoiding the common mistakes and traps beginners get themselves into.

Do not be hasty with the setup

There is an old saying. “Haste makes waste”. This is true in the binary options trading world too. The market is going to be full of opportunities for many people. There are many beginners who will be eager to take the plunge and jump in with both feet. This is not the best option to take.

Every trader has to learn patience. The correct entry point is important. Therefore, patience is a key here. It is about supply and demand. The price will go higher as more watchers view the item. Think of it like shopping on Ebay. At some point, the price will go down. Every trader has to be a good judge as to when that time will be. It will get to a point where the seller will kick the price back down again. Keep close tabs on what is happening. Those who shop regularly on Ebay will have better luck with the “waiting game”.

Be realistic in the prices on 24option.com

This is another trap traders get themselves into. Traders have to know when to jump on the bandwagon and when to jump off. There is an expiration date. It is up the individual trader to know when that is. Sometimes a choppy market can give the trader a false sense of the prices ranges. Choppy markets have a way of blinding the person to when they have made their money and when they have not.

Each trader needs to set their own “expire date”. Each trader needs to know when it is best to take the money and run. Do not wait for the trading company to do it for you. They are in this business to make money off the person, not help them.

Social trading clubs

This is a good thing to get involved in. There is a difference between a good trading social club and a bad one. It is up to the trader to figure it out. Join a social club that brings out correct binary options signals. Many beginners join those clubs which give out false information. Want to know the difference? Get in touch with a binary professional from this company. Talk to them. They can guide the person in the right direction.

Demo is good

24option.com offers something called a “demo account”. It is better to start off with this type of account. Most only offer a “live trading” feed. This site and company will offer a risk-free way of doing it. This is a good way for beginners to get their feet wet.

This free account can serve as a training class. A person can make mistakes in the beginning without it costing anything. Think of this as a mental preparation for the real thing. This way the person knows what to expect when going into a “live feed”. The beginner can make all those rookie mistakes without worry or concern. There are very few binary trading sites and companies which offer this. Take advantage of it.

The other benefit is that there is no expiration date for it. A person can practice for as much time as they need. As the person transfers into the “live feed”, there will be a small opening balance for their benefit. It is usually about $50 or less.

Money management is important

Money management and risk is a valid key component here. Many traders do not go into this with a mindset of how much they can spend. They just spend on their binary options. It is best to have an idea of how far to go. Set a limit and stick with it. Poor money management will equal risk. This risk will put the person into a mindset of making bad choices. The more stressed out they get over losing a set amount of money, the more illogical their choices become.

Traders tend to do bad deals when there is a great deal of money at stake. traders who know how to manage their money in binary trading, they tend to become more of a success with it. Part of this management also is reliant on knowing when to stay in or get out. Those who make poor money choices often times will stay in when they should not.
Click here to get some more details on how to properly manage money.

Fear will hold a person back

This is mainly for those who have been practicing in demo form and are afraid to try the real thing. Most traders will know instinctively when it is time for them to hit the “go live” button. Do not be afraid to take that next step. Fear will hold a person back.

Each trader should look at their patterns of fear in life. There is a difference between having a “rational fear” and having an “irrational fear”. Those who have the second are those who are more resistant to moving forward. Train the mind to let go of the fear.

Players who have learned the basics and have taken all the necessary steps should have on issue with hitting the “transaction” button. Once again, it is mind over matter. Let go of the fear and the rest will come.

Do not overdo it

This is a common issue with beginners. They do not know when to quit. The over buy or oversell. It is equal to a person who is getting their driver’s license. They feel they have all the power. The opposite is true. They have knowledge, they do not have power. Think of it in this context. Ste up a daily routine. Set up targets and work to accomplish those things. A trader who becomes too overconfident will no doubt lose much of their money.

The right tools

Trading resources come in two categories. There are good tools and bad tools. Many beginners make the mistake of investing in the bad tools. They assume all tools are going to be good. A wise trader knows how to make the distinction.

The risk-reward platform

Every trading situation has a certain amount of each. The ratio needs to be 3 to 1. Risks need to be small. Rewards need to be big. This is true even when things are working for the person. It is better to bit the bullet when the trader is ahead, instead of staying in only to lose their shirt. Your risk and rewards platform should never be as high as 5 to 1.

Money a person can not afford to lose

Never trade with a “nest egg”. Never do this with the “rent money”. Get the picture? A person should only be using money that they can afford to lose. Anything else will fall into the window of “poor money management”.

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