One of the best ways to trade binary options effectively and profitably is to learn as much as possible first, and with 24Option, you can do this with ease as you ramp up your trading. They have several strengths that place them near the top of the list of binary options brokers in the web, and of you fall into these categories, this should be a beneficial site for you to advance your trading career.
24Option has a lot of educational material. Whatever stage you are at in your trading experience, they have something that will benefit you. Their primary focus is on instructional videos, which range from learning how to use their software platform and make basic trades, to more advanced topics, like money management and trade execution timing. You will also find little quizzes at the end of these just to make sure you retained the information. For those that want more than this, they also have ebooks and demo trading accounts. These are both great was to reinforce the theory and better ensure that you are using your knowledge to expand your trading options.
You will also find that 24Option has benefits for advanced traders, too, even the very big ones. They have one of the highest per trade limits of any binary broker; up to $100,000 for a single trade. This is great if you want to make a few trades now and then on the most popular assets. Making trades of this size will also help you to qualify for one of their premier accounts. These often have rates of return up to 4 percent higher than their standard sized accounts have.
Also, they have promotions, bonuses, and contests to take part in. One of their current contests has a top prize of up to $100,000. If the site is going to meet your needs anyway, these could be very lucrative things to take part in. Just remember that bonus cash needs to be unlocked before you can withdraw it. Their trade through rate is 50 times the bonus awarded. This is actually pretty high compared to other brokers, but it is still free money, which is always good.
Like any other broker, there are a few negative aspects to 24Option’s brokerage. Perhaps the biggest downside is the size of their asset index. They do not have a huge list, and they are especially light on the Forex side of things. Most sites focus on Forex heavily since many former Forex traders are moving to the binary market. If you have a specialized focus, this is not the right site for you.
Another negative is that, as mentioned above, 24Option has a high trade through rate. You would need to trade 50 times the bonus you receive in order to keep it. That means that if you get a $1,000 bonus, you would need to make $50,000 worth of trades before you can keep your $1,000. It’s a huge amount of risk to take on for that little money, so while the bonus might seem like a great idea, it’s really only worthwhile if you are a profitable trader already trying to increase your cash by a tiny bit. It’s not worth joining the broker if this is your main purpose, although it can be a nice little perk if you’re going to join anyway.
Who is This Broker Best For?
There are two main groups of people that will benefit from this site. The first are new traders that will be focusing on the most popular of assets, especially indices. There are a lot of resources for people new to trading, and binary options trading in particular. And because so many large, predictable, indices are offered, this is a good focal point for most without prior experience. You can also get a feel for the site quite easily with a demo account, and use their top notch customer service department as well, if you need it.
The second group of people that can use the feature of the platform are the ones with experience and knowledge. These people will be wanting to focus on major underlying assets such as currency pairs, the three big commodities (oil, gold, silver), or tech stocks, then this site is a great spot, they have great rates of return per successful trades, and higher trade limits than most other sites. It sets the stage for huge traders to see potentials, especially when combined with their premier accounts and the periodic bonus.
If you fall into either of these two categories, this is a great broker to check out. If not, they still might help you, but you should definitely do your homework either way and make sure that you are putting your money in the best possible spot to make it grow for you.