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24option Review | Security, Apps & Features | Invezz

24option is a CFD (Contract for Difference) trading platform that supports cryptocurrency trading. CFDs allow you to trade against the value of an asset without ever actually owning it (with CFDs you never actually buy any cryptocurrency). These trades are leveraged so you can maximise on potential profits. In addition to cryptocurrencies, 24option also allows…

24option Overview

What can I do with 24option?

24option is a CFD (Contract for Difference) trading platform that supports cryptocurrency trading. CFDs allow you to trade against the value of an asset without ever actually owning it (with CFDs you never actually buy any cryptocurrency). These trades are leveraged so you can maximise on potential profits. In addition to cryptocurrencies, 24option also allows for CFD trading in forex, stocks, commodities, and indexes.

Exactly what you can do on 24option depends on the amount you put into the platform. There are various account types that offer access to different extra features. Here’s a summary of them:

  • Basic account. This level requires a minimum deposit of £250. You will receive one free withdrawal request, free educational resources, and customer service round the clock. The basic account allows for trading under the MetaTrader4 in addition to their own proprietary mobile and web-based platform.
  • Silver account. To unlock this account, you must make a minimum deposit of more than £2000. On top of the benefits of the basic account, you are entitled to a one on one tutorial on trading analysis, explanations on common trading strategies, and the removal of maintenance fees, and will be able to assist you on trades.
  • Gold account. The Gold level offers the same benefits as the silver account but also includes: emails and SMS alerts through the trading center, one monthly free withdrawal, and a one on one MT4 (MetaTrader4) course. Your account will also be overseen by a senior manager. The minimum deposit needed for the Gold account is £25,000. Gold traders also benefit from an extra two percent return on each trade they make.
  • Platinum account. In addition to all the above features, the platinum level offers you access to a special research website as well as live training sessions. Withdrawals also become completely free. To unlock this level, you need a minimum deposit of £50,000. You also benefit from an extra 4 percent return on every trade you make. You will also be offered more profitable rates on spreads.
  • Diamond account. Diamond level traders are effectively Platinum users who have been personally selected to enjoy discretionary benefits from 24option, such as complimentary tickets to football matches for Juventus FC games. This level does not have any specific minimum deposit and can only be achieved at the discretion of a senior manager.

Which cryptocurrencies can I trade?

24option offers CFD trading for the following cryptocurrencies:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Bitcoin Gold (BTG)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Dash (DASH)
  • Litecoin (LTC)
  • Monero (XMR)

Payment methods

Before you can deposit funds and start trading on 24option, you will need to show proof of residence and identification on 24option. This will be covered in full below. 24option allows for a wide range of payment methods, including:

Bank Transfer

You can fund your 24option account through a simple bank or wire transfer. Funds can take up to 5 days before they show up in your account. Withdrawals usually occur within 7 days.

Debit/Credit card

Deposits made using this method are typically instant, whereas withdrawals depend on the processing time of your bank, and can take up to 5 days. The credit or debit card you use must be registered to your name.

Electronic wallets

You can fund your 24option account with Skrill, Neteller, Giropay, and Sofort. Deposits should arrive in your 24option account instantly, and withdrawals can take up to 7 days. Note that 24option does not support PayPal.

24option charges withdrawal fees unless you are a Platinum or Diamond user. The exceptions to this are if you are using your free monthly withdrawal as a Gold user, or if you are withdrawing for the first time as a Basic account or Silver user. The fees are as follows:

  • Credit cards. 3.5% fee
  • Skrill. 2.0% fee
  • Neteller. 3.5% fee
  • Wire transfers. €25, £20 or ¥3,000 depending on the currency used

What devices can I use 24option on?

24option support both web-based and mobile trading. Its web-based trading allows for Windows, macOS, and Linux users to trade easily. The mobile trading apps are also optimized for iOS and Android. You can, therefore, trade with 24option using:

  • Desktops
  • Laptops
  • Mobile phones
  • Tablets

How easy is it to use 24option?

24option offers quite a simple, user-friendly trading platform, which is easy to use if you have some prior trading experience. After signing up and providing the relevant information, you can immediately start to look at CFD trading for cryptocurrencies by selectively filtering your assets on the top left corner of the page.

Intermediate and advanced traders can also have the option of trading with MT4 (MetaTrader4) if they wish. As a first-time trader, looking at a trading platform could be quite a daunting experience, which is why 24option provides a lot of educational tools and free advice, even on lower-tiered accounts. It is advised that users make the most of this before they attempt to trade and take advantage of the free demo offered by 24option.

Countries supported

24option supports all of the following countries:

  • Austria
  • Bulgaria
  • Croatia
  • Cyprus
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • Germany
  • Greece
  • Hungary
  • Iceland
  • Ireland
  • Italy
  • Latvia
  • Liechtenstein
  • Lithuania
  • Luxembourg
  • Malta
  • Norway
  • Poland
  • Portugal
  • Romania
  • Slovakia
  • Slovenia
  • Spain
  • Sweden
  • The Netherlands
  • United Kingdom

Regulation

24option is owned by Rodeler Ltd, a Cyprus Investment Firm (CIF) that operates under the jurisdiction of the Cyprus Securities Exchange Commission (CySEC), authorized and licensed under the CIF license number 207/13. Rodeler limited offers its services to all countries within the European Economic Area, except for Switzerland, France, and Belgium.

Account verification

Before you can fully operate a standard account at 24option, you will be required to verify your account by providing the relevant documentation for proof of identity (POI) and proof of residence (POR). These include:

  • A valid passport/national ID or a driver’s license. The relevant document and its contents must be fully and clearly shown on the photo you upload, including front and back sides if possible.
  • Bank statement/Utility bill. This document must be dated within the last 6 months, and must clearly show your address in full.
  • Credit/Debit card. Although 24option requires that you must take photos of the entire card (front and back), you can still cover the first 12 digits of your card number, as well as the CVV code.

Customer support

The customer support at 24option has been designed to cater for the global clientele and thus the website fully supports multiple languages, including English, Russian, German, French, Polish, Portuguese, and Spanish. You can find its support services 24/7 through the following means of communication:

  • Email
  • Live Chat
  • Web Contact Form
  • Telephone

CFD platform

First impressions

24option’s proprietary web-based trading platform has a sleek, simple, and intuitive design interface for traders. The platform provides a lot of educational content for first-time users who might struggle with understanding what they are looking at. You can look at all the available trading pairs right from the landing page, and their customer service is always one click away.

24option also offers the MT4 (MetaTrader4) trading platform as an alternative option, which might be beneficial to more advanced trading users. However, looking away from the website, a slight cause of concern is the history of fines that 24option has incurred from its regulator, CySec (Cyprus Securities and Exchange Commission), for breaches of conduct. These mostly date back to 2016, however.

What currency pairs can be traded?

All cryptocurrencies offered for CFD trading at 24option can be paired with USD, EUR, and GBP, with the exception of Monero and BitcoinGold, which can be paired with USD. The full list of available pairs are listed below:

  • BTC/USD
  • BTC/EUR
  • BTC/GBP
  • BCH/USD
  • BCH/EUR
  • BCH/GBP
  • BTG/USD
  • DASH/USD
  • ETH/USD
  • ETH/EUR
  • ETH/GBP
  • ETC/USD
  • ETC/EUR
  • ETC/GBP
  • LTC/USD
  • LTC/EUR
  • LTC/GBP
  • XRP/USD
  • XRP/EUR
  • XRP/GBP
  • XMR/USD

Are there trading fees with 24option?

There are no direct trading fees at 24option when you enter into a transaction, as 24option takes its cut from spreads. The concept of spreads is explained directly below. However, 24option does charge fixed withdrawal fees for some members.

If you are a Platinum or Diamond member, you will not have to pay withdrawal fees. If you are a Gold member, you are entitled to one free withdrawal on a monthly basis. If you are a Basic Account or Silver member, you will not be charged a fee for your first withdrawal. If none of these apply to you, the fees are:

  • Credit cards. 3.5%
  • Skrill. 2.0%
  • Wire or Bank transfer. £35 / €35 / $35 / ¥4000

What is the minimum spread?

When trading assets on a CFD trading platform, the minimum spread is the difference between 24option’s offered ask (selling) prices for a given asset, in comparison to the market bid (buying) price. 24option doesn’t specify the level of its spreads, but they are clearly displayed when opening a trade.

Can I trade cryptocurrencies with leverage?

Yes, you can trade cryptocurrencies with leverage through 24option’s CFD trading platform. The platform offers a leverage of up to 1:5 for major cryptocurrencies like Bitcoin and Ethereum. Other coins like XRP/Ripple have a leverage of 1:3. Considering how volatile the cryptocurrency market is, it is always advisable that you work with as little leverage as possible in order to minimize potential losses as they can be as big as potential wins.

What are the margins required?

The margin is the minimum amount of money you need to put in in order to open a specific leveraged trade. Because of the volatility of cryptocurrency assets, margins on 24option are not fixed, so you will only be able to find what margins are required when you are looking at a specific trade.

Can I open long and short positions with 24option?

Yes. You can open long and short positions with 24option, courtesy of the fact that this it is a CFD platform. Opening a short (selling) position is advisable when expectations are that a given asset will drop in price. Contrastingly, a long (buying) position should be opened when you project that prices are due to go up in the near future.

Are there withdrawal and deposit limits?

Yes, the withdrawal and deposit limits depend on the payment method used. For a credit or debit card, the minimum deposit is £250, €250, ¥50,000. Electronic wallets like Skrill and Neteller also require the same minimum deposit as a credit or debit card. For a bank wire transfer, minimum deposits are £1,000, €1,000, and ¥100,000. 24option also have a set maximum daily withdrawal limit of €10,000.

Summary of 24option CFD trading

If you are looking to trade cryptocurrency using CFDs, then 24option is definitely a viable option, as they offer the ability to transact with a larger amount of cryptocurrency pairs than most rival CFD brokers. The level of leverage you can apply to trades is also one of the highest around when it comes to cryptocurrency, with some coins (such as Ethereum) allowing leverage of 1:5.

24option also provide extensive educational resources as well as 24/7 customer support, something that is quite uncommon to other platforms. However, traders can only trade 24/5 due to the lack of ECN (Electronic Communication Network) trading support.

General

Extra Features

Mobile apps

24option accommodates traders with smartphones through their fully optimized Android and iOS mobile apps.

MetaTrader 4 platform compatibility

24option allows for users to trade on the MT4 platform in addition to their own web-based platform. They also provide educational content on how to use it if you choose to become a Gold or Platinum member.

Conclusion

24option provides a simple and intuitive trading platform that caters mostly to new and intermediate traders. Experienced traders can make use of the MT4 compatibility as well, and trade on the MetaTrader 4 platform instead. The website also provides an abundance of educational information, as well as a free demo for more inexperienced traders.

Regardless, first-time users who do not wish to deposit large sums of money may feel that they cannot make the most out of 24option due to the lack of benefits for lower-tiered members. Alternatively, some users might feel more secure in making trades with 24option due to all the additional support that members receive when depositing more, which goes far beyond what most CFD trading platforms provide their users. Ultimately, 24option provides a large number of cryptocurrencies, with more currency trading pairs than most CFD platforms, making it a tempting option for traders.

The fees offered by 24option are competitive, and they offer some of the highest leverage on crypto CFDs of any platform around. This, combined with the number of coins you can trade on the platform, means 24option compares favourably to many other brokers out there.

Unfortunately, 24option is not seen as a particularly transparent or professional CFD trading platform. The platform was fined for several breaches of regulation by CySec (Cyprus Securities and Exchange Commission) in 2016, with regard to their binary options trading services. This is not a good look for a trading platform, particularly when there are alternatives brokerages that carry cleaner records. Users should take heed of this information before they make their decision regarding which CFD platform they might want to trade with.

How to set up an account

Decided to sign up for 24option? Great, here’s how it’s done:

  1. Go to 24option’s official website and click on ‘sign up’ located on the top right section of the landing page.
  2. You will be directed to a new window where you can choose to sign up for either a demo or real account. The demo account is free, but f you want to head straight to creating a real account right away, you will need to deposit at least £250.
  3. Signing up for a demo account is straightforward, all you need is to fill in your full name, email, and phone number.
  4. If you want to move on from using your demo account, you can do so by clicking on ‘upgrade to real account’ on the top right corner of the trading page.
  5. To create a real account, you will need to submit specific verification documents to prove your identity and address, including:
  6. A government issued ID card, passport photo, or driver’s license
  7. Utility bill or bank statement dated within the last 6 months
  8. Copy of your credit card (including the back and front). You can choose to blank out the first 12 numbers of your credit card number, as well as the CVV code
  9. After gaining verification approval, you are now ready to start trading!
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Forex Trading Knowledge Questions and Answers

Forex Trading Knowledge Questions and Answers

Forex Trading Knowledge Questions and Answers

What Is A Demo Account?

Demo accounts enable new investors to test their ideas and learn how to use trading technologies without risk. Users can use the demo account to trade with simulated money and see what their returns would be if they traded with real money. Demo accounts are often used in schools and universities to teach investing and compete in trading competitions.

Demo accounts are commonly used by stock traders, currency exchange traders, and commodities dealers, but not by long-term investors. A demo account is less effective since the longer it takes to produce earnings from an investment, the more time it takes away from compounding real money.

 

How Does A Demo Account Work?

Using demo accounts, investors can practice trading on a platform without putting their own money at risk. You will not be exposed to the dangers associated with live trading platforms on a demo account. As a result, you can learn how platforms work without putting your money at danger.

A demo account guarantees that you will not lose money, but it also guarantees that you will not make money. To reduce risk when trading on the real market, traders must learn discipline and establish techniques.

How to Open A Demo Account?

In general, opening a demo trading account is pretty simple. Choose a Broker – Most brokers provide demo trading interfaces to help you become acquainted with the features and create techniques. Choose which broker to use initially.

Registration is necessary, and you must provide your personal information. Name, address, and financial information will be requested. Your identification will almost certainly have to be validated as well.

Once you’ve decided on a broker, you can install MetaTrader4. Once you have decided on a broker, you will require a trading platform. MetaTrader 4 and MetaTrader 5 are the most popular trading platforms.

You will obtain login details after registering with a trading program. You will be able to open an account.

How Long Do Demo Accounts Last?

Traders can use a demo account to test out a program for up to three months before deciding whether to purchase the complete edition. The three-month term is basically offered to guarantee that the prospective buyer has enough information to make them desire to buy.

Why Is It Necessary to Open A Demo Account?

Traders can use a demo account to test out a program for up to three months before deciding whether to purchase the complete edition. The three-month term is basically offered to guarantee that the prospective buyer has enough information to make them desire to buy.

What Are Advantages of A Demo Accounts?

Demo accounts are an excellent method to learn about various trading tactics and software. Paper trading is a lot safer way for a beginner investor to make technical mistakes than real trading. Investors can benefit from the customised trading software provided by each firm.

A demo account lets you to test methods without risking any money, whether you are a novice or an experienced trader. Trading on a demo account allows the trader to test the approach before trading with real money.

Even though many traders begin with equities, commodities and Forex can be profitable. The same strategies, however, may not be applicable in all three asset groups. A demo account allows experienced traders to experiment with several asset classes.

 

The Differences Between Demo & Live Accounts

A forex demo account is distinct from a genuine account in that it is utilised as a training account for traders to practise trading without putting real money at risk. Real accounts, on the other hand, use actual money, and traders put their own money at risk. A demo account enables users to trade with fictitious money in order to imitate the earnings they would receive if they traded with real money. Demo accounts are often used in colleges and institutions to teach investing and compete in trading competitions.

However, studies have shown that even if a person has obtained extensive trading expertise through the use of virtual accounts, things may turn out differently when real money is involved. Because you are not putting anything at risk  is more accessible when dealing with virtual money than when trading with actual money.

Can I have Multiple Forex Demo Accounts?

You may be able to open up to five demo accounts depending on the broker. Some, however, provide up to 19 demo accounts. There is no way to predict how many demo accounts are available at any particular time. All brokers do not limit the number of demo accounts.

If your broker has a demo account limit, you can contact their customer service via email or live chat to request more demo accounts.

There are brokers who will only allow you to open one account of each type per email address.

As a result, you are not able to establish any additional accounts until you give them with another email address or open a new account. Traders do not benefit from this practise because it requires them to spend their resources on opening new accounts rather than allowing them to open as many as they like.

In most circumstances, you won’t need more than five accounts, and depending on your plan, one may enough.

In any case, you should practise on a demo account until you are really proficient.

Is A Demo Trading Account Free?

Demo platforms are usually free. There is no risk of losing money because you will not be dealing with real money. As a result, there are no deposits, withdrawals, or training fees involved.

 

How to Choose Forex Accounts?

Different accounts have different settings. Before you open a trading account, you should answer the following questions:

How much money do you want to put down? You should keep in mind that trading with money you cannot afford to lose is not a good idea.

What is your level of risk tolerance? If you are a cautious trader, you can open a micro account and trade micro-lots. However, if you wish to trade more aggressively, you should open a regular account.

Do you require any specialised equipment? Many forex brokers provide their best trading tools to its professional clients, which may include cutting-edge news analysis or access to a diverse set of indicators.

Once you’ve determined what kind of trader you are, your trading objectives, and your risk tolerance, you’ll be able to choose which account is best for you.

Can I Take Money Out of a Demo Account?

Unfortunately, the answer is no. Demo accounts are only for practise purposes. You do not deposit anything because the account is not funded with real money.

As a result, any profits you would have made would be ineligible for withdrawal.

Forex Trading Knowledge Questions and Answers

Forex Trading Knowledge Questions and Answers

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AvaTrade introducing 3 new crypto pairs

crypto trading with Avatrade

AvaTrade introducing 3 new crypto pairs – updating 3 others

AvaTrade has yet again improved their cryptocurrency trading offering.

AvaTrade is introducing three new cryptocurrency pairs: NEOUSD, EOSUSD & MIOTAUSD in addition to the 15 crypto assets already on offer.

These new pairs have been available since July 1st, 2019 and provide an excellent opportunity to diversify your clients’ portfolios and increase their exposure to this vibrant 24/7 market.

AssetTypical SpreadLeverageMarginMin Nominal Trade Size
NEOUSD1.5% Over-market2:0150%10
EOSUSD2% Over-market2:0150%10
MIOTAUSD1.5% Over-market2:0150%10

To unify their cryptocurrency instrument labels, They are relabeling their existing Ethereum, Ripple & Litecoin instruments, by replacing the existing instruments with new USD labelled ones:

AssetOld SymbolNew Symbol
RIPPLEXRPXRPUSD
ETHEREUMETHETHUSD
LITECOINLTC_MiniLTCUSD

These new pairs have also been available since July 1st,

The trading conditions for each one is identical to those of the older respective assets they replace.

Effective immediately, new positions are only available on the new pairs.

Avatrade Clients will not be able to open new positions on the old assets, but those already open will remain unaffected until July 29th.

Existing positions on XRP, ETH and Litecoin-mini that remain open on July 29th will be automatically replaced with corresponding positions on the new pairs, , at the same opening price and at no cost to clients.

as any broker that values their clients would do , Avatrade makes sure that the clients will not be affected by the change.

Visit Avatrade NOW

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Neteller Launches Cryptocurrency Exchange Service

Neteller Launches Cryptocurrency Exchange Service

Neteller  one of the most known Digital fiat currency wallet provider , has started allowing its users to buy, sell, and hold cryptocurrencies including BTC, BCH, ETH, ETC, and LTC.

They do this on the large scale with a pilot in 10 countries and soon another 50 countries to join . They understand that if you do this effort it will only succeed if you can do this on a global scale.

Neteller and Cryptocurrencies

Neteller is a service which is operated by Paysafe Financial Services Ltd.,

paysafe

paysafe

founded in 1999, Paysafe Financial Services entered the market with the mission to provide an online alternative to the known traditional payment methods.

Most of the traders aiming us now neteller as one of the companies through which we made our deposits and if we had any profits also our withdrawals. A couple of years ago they left the Forex and Binary industry behind since the charge-back issue became just too expensive.

But as any companies knows, if you do not adept you die. The binary option market is all but dead and the Forex industry has moved also into the directions of the cryptocurrencies. thus, neteller understands that this is where the future is.

So Lasts week they announced that they are now offering a wallet with buy and sell cryptocurrency options.

As of today, Neteller users can buy, hold and sell cryptocurrencies via a recognized cryptocurrency exchange including bitcoin, bitcoin cash, ethereum, ethereum classic and litecoin, purchased using any one of 28 fiat currencies available in the Neteller wallet.

It may not seem so exciting but for many users that love this service it actually is. More and more currencies will be added making them an true exchange in the near future.

Now one is able to fund their neteller account through many different means (Mobile, Epay, Paysafecard, local bank deposits, and bitcoin)

We think that will make the threshold for many people, who would want to buy or sell cryptocurrencies, lower. This in return is a good thing for the overall acceptance of the cryptocurrencies in the mainstream of every day life.

Conditions for buying and selling cryptocurrencies through Neteller

The rates offered are somewhat in the lower middle of the current market making them go for the save route. The average market rates on the major cryptocurrency exchanges differ all in all not that much anyways, as this is not the main reason to choose to buy Bitcoin through Neteller

The minimum cryptocurrency purchase or sale amount is “approximately equal to 10 EUR,” the firm clarified, adding that the maximum amount depends on the transaction limits associated with each account.

When You open an account with Neteller you have to choose your default currency. This is of course for most people in accordance on their geographical locations, people in Britain will go for the pound most Europeans go for the euro and pretty much the rest of the work goes for the US Dollar, thou other currencies are available

The fee is 1.5 percent for purchasing and selling cryptocurrencies from wallets with EUR or USD as the default currency.

The fee rises to 3 percent for wallets with other default currencies.

Neteller  | Why is this a good move for neteller and one that we should expect from other online Payment providers as well ?

At this moment till last week Neteller users can pay, get paid on thousands of sites, and send money around the world through their system.

The company claims to have “millions of point-of-sale, ATM and online locations” for users to withdraw or spend their cash.

Last July 25, Paysafe ( which as you remember is the company that owns Neteller and Skrill)  announced that another digital wallet provider in its group, Skrill ( formerly known as moneybookers), started allowing customers to “instantly buy and sell cryptocurrencies, including bitcoin, bitcoin cash, ether and litecoin, using any one of the 40+ fiat currencies available in the Skrill wallet.”

We could now see that this was like their test run on this concept.

We do not know the numbers that Skrill produced since they offered this service but it must have been encouraging enough for Paysafe to include their flagship brand in this endevour.

We will see where this leads but we are hopeful that this is the next step in global acceptance to the cryptocurrency revolution. Let me know what you think

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