There are thousands of investments from which you can choose these days. There are mutual funds, IRAs, stocks and more. One option you may not have heard about or yet discovered is binary options trading.
Binary options trading is an alternative form of investment where you make educated guesses as to how a particular commodity, indice or stock will perform during a limited period of time. For instance, you might guess (based on a news release) that the price of gold will go up. If your forecast comes true, you ‘win’ that trade and earn a profit.
While it might sound like a gamble, it’s actually an in-depth science that has the potential to earn you awesome results. Sound interesting? To get started, all you need to do is choose a quality binary options trader like 24Option.
Half A Decade Of Success
Enter 24Option, a 4+ year-old company that operates out of Cyprus as a branch of Mika Holdings Inc. It was started by a team of financial industry experts who desired to not only earn a profit, but to also empower everyday men and women with the capability to quickly and effectively double, triple and quadruple their savings and investments.
Though it has only been operation since 2010, the company has already earned a solid track record from countless traders who managed to find success with 24Option’s innovative trading platform. Our goal today is to review this platform and help you decide whether it would be worthwhile to invest in binary options trading.
We want to start by noting that the company’s trading platform is based off the Web, meaning you can access it any from Internet-connected device. The company unfortunately does not offer a mobile application. However, a mobile version of the website has been produced and will show up automatically if you access the site from your Android or iOS device.
With the platform, you get a list of all commodities, indices and stocks. All you have to do is select a particular asset, choose an investment type (to be covered shortly), pick a direction and then enter the exact value you want to invest. You can then track and monitor the investment through your computer and phone. Most investments only last about an hour.
It’s very intuitive, though not perfect. We have encountered more intuitive platforms before. The main problem we have with the platform is that you have to click on an asset to bring up a separate screen with a chart. We would prefer if the charts and assets were combined into one page.
24Option offers four types of trades that we want to quickly review.
- High/Low Trades: This is the most basic type of trading option and involves predicting whether the price will simply go high or low. As soon as you make the trade, the platform records the value of the asset and tracks it for the duration of the trade period. Note that this duration is based on the expiry value you choose. It’ll usually be anywhere from 60 seconds up to 24 hours.
- One Touch Trades: This is a bit of a riskier trade, and so it’s not as popular. You basically decide whether the price of the asset will touch and cross over a particular target price within the trade duration. You can either invest in the possibility of it touching the value or invest in the possibility of it not touching the value. The expiry time is the same and ranges from an hour to a day.
- Boundary Trades: These sorts of trades are only applicable to currency assets. The way it works is that you ‘wager’ whether the currency pair will remain within a certain price range. We only recommend pursuing this option if you closely follow currencies, as this tends to be the riskiest of all the options available at 24Option.
- Quick Trades: These are special trades that expire within minutes. They’re rather risky, because prices tend to quickly fluctuate up and down within a span of minutes. We recommend going with the High/Low trades, because overall trends tend to remain present over a longer period of time like an hour or two.
24Option deals with a lot of assets, including indices, currency pairs, stocks and commodities. We counted a total of 36, which is not bad, though we want to note that there are brokers who offer more assets. However, we recommend choosing two and three assets to master. Learn everything you can about these assets to ensure that you make educated decisions that more often lead to a profit versus a loss.
The payouts range from 70% up to 89%. The actual payout will be shown when you make a trade. Generally, though, if you invest $100 and guess correctly, you will get $185 back. If you guess incorrectly, however, you’ll only get 15% back total. Therefore, in this scenario, you would get back only $15. These exact percentages will change depending on the type of investment you make.
The support offered by 24Option is rather impressive. First up, newcomers to binary options trading get access to a free e-course, a free trading book, a free interactive ebook, trading videos and more. There is more than enough material on the site to keep you busy for days. We suggest that you go through everything meticulously so that you learn the ins and outs of binary options trading.
The actual care service is just as impressive. You can receive care in 9 different languages, including English, Japanese, French and more. Plus, the company offers care lines in over 20 countries, including but not limited to Bahrain, Romania, Norway, the United States and more. You also get access to 24/7 email and live chat support. It’s quite impressive and comprehensive.
Frequently Asked Questions
- What deposit methods does 24Option offer?
24Option offers credit card and wire transfer deposits. It does not support Paypal or Bitcoin, which we find to be very disappointing in this day and age.
- What is the most you can invest for any single trade?
The most you can invest is $50,000 for a High/Low trade and $10,000 for all other trades. The amount is higher for High/Low trades because they are less risky.
- Is there a limit on the total trades you can make?
You are allowed to make an unlimited number of trades, so long as your total investment amount never exceeds $40,000.
- Is there a minimum deposit required to establish an account?
You’ll have to start with $250 if you want to trade and invest with 24Option. And unfortunately, the company does not offer sign-up bonuses, which is disappointing.
We are very impressed with 24Option. While the company has only been around for 4 years, it has done a tremendous job of establishing itself as a power player in the industry. It offers plenty of assets, as well as trading options. It hosts a decent-enough trading platform. And the educational resources available on its site are incredible!
A lot of binary options brokers just throw you into the wolf pit without any training. What makes 24Option shine to us is the fact that its staff is dedicated to empowering you with the knowledge to succeed. The company will make money regardless of whether you make successful trades, but obviously, the company prefers that you succeed.
It is for these reasons that we give our full recommendation to 24Option. If you’re ready to invest your money into the binary options game, then we recommend you choose this broker!