24Option Review in South Africa and Malaysia

There are changes always happening in the online broker world and as such traders need to stay informed to ensure they are up to date with these changes. By checking through reviews of the various online brokers, users can discover the perfect combination that works for them. The two brokers on the cards here are IQ Option and 24option. Each of these have certain factors that have made them competitive platforms and it is up to the individual traders to decide on which works best for them. Overall, there are a number of factors that play a role in this decision, so let us cover as many of these as possible.
August 20, 2020
UPD: April 6, 2021
24 Option broker will no longer accept any new clients since 2020
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An Introduction to the Brokers

To begin with, let us take a look at the basic structure of each of these brokers. 24 option was started as far back as 2010, providing them with many years of experience in the field. For a while in the beginning, 24options was well-known for their binary options, but recently they have fallen somewhat from their high perch.

IQ Option on the other hand, has shown only growth since their inception in 2013. As one of the fastest growing brokers, this platform has quickly become a popular name in the trading game.

With similar roots, it is easy to see why these two brokers have competed for a while, but recently this has shifted toward the side of IQ Option as it takes the world by storm with their high quality trading options. Still, there are many sides to any competition and there is much more to either of these platforms.

Signing Up

Before we get into the specifics of each of these platforms, let us take a look at their sign-up experience. For either broker, the process is initially the same. Users must navigate to the necessary page, whether it is one of IQ Options main pages or 24option.com, and then register an account. The requirement for this is simply an email address and then the account is created. To begin trading on either IQ Option or 24 options however, users must make the required initial deposit.

There is also the option of downloading any of the apps for IQ Option, so users can connect through this system rather than through a browser. For 24option trading users can also download their mobile app. Either way, creating an account across either of these platforms is an intuitive and straightforward process that users should manage with ease.

After this, the IQ Option and 24option trading platform differ in their experiences. Each has their own account setup and differing options for the users to select. Let us explore these particulars now.

24option Review

This online broker offers a range of options for users to tailor their experiences. Each of these are designed to provide a well-rounded system through which to navigate the marketplace.

  • Account Options. 24option trading has an impressive number of accounts. There are five unique account types, with increasing deposit requirements and offerings attached to each of them. The first account is the basic, which is an intro account, for those starting out. Silver, Gold, Platinum follow this one, each requiring an increasing entry deposit. Additional information can be found on 24 option.com, with a bit more on each account.

Finally, there is the Diamond account, which is the most prestigious of the available options. Each progressive rank of these options has of course got an increased general offering to the users. The more prestigious the account, the better trading spreads and advantages will be imbued to the users.

  • Minimum Deposits. With so many differing accounts, it would be assumed, during a 24option.com review, that this platform would have a low minimum deposit. However, their basic account requires users to invest $100 at the lowest level, to start trading for real. This is a high ask for an entry account, especially as they are generally used to get a feel for the platform and its offerings. The other account options require even more deposit.

  • Practice Account. Fortunately, the 24option demo offers a practice account alongside their wide variety of other accounts. This demo works to give the user a chance to experience the platform and the marketplace, see what is available and move accordingly from there. This helps mitigate some of the risk attached to the significant minimum deposits that this system has employed.

  • Training Materials. Many online brokers provide tutorials and training for their users and 24option is no different here. With a range of materials to help improve trading potential, users can learn a good deal while they navigate the trade room. This allows them to get more comfortable with the various trade options at their disposal. With each rank of the accounts, users get access to more material to help them make more complex trades.

  • Platforms Offered. This has become an important step on the path to being a top online broker and unfortunately 24option can be found somewhat wanting in this regard. They offer their system across the popular MT4 platform and through most browsers. However, they do not have a dedicated application for their trade room.

  • Financial Instruments. Perhaps the most pivotal aspect of an online broker, the available instruments to trade on define the offering more than most other aspects. With 24option, traders have access to Stocks, Commodities, Forex, Indices and some other CFDs. This is a decent offering, with over 50 currency pairs and almost 100 shares form stock markets around the world. Unfortunately, they do not have many 24option binary options anymore, which was something they were popular for in the past.

  • Payment Options. There are not too many methods for deposits and withdrawals with 24option, though the basic ones available can provide a good service. These include credits cards, Skrill, a popular eWallet, and bank wire transfer. These are secure in their operation but rather limited relative to some other platforms. With withdrawals these options are much the same, only Skrill is omitted.

General Support. There is always a need for online support with trading platforms such as these. With 24option this support is offered throughout the trading experience, which often runs according to the European trading windows. This support comes in the form of email and live chat, which can be used to enquire about all sorts of problems or queries users might have on a particular facet of the marketplace.

IQ Option Review

Having gone through the list of features attached to 24option, it is time to look at those available with IQ Option. This platform is a comprehensive example of the top online brokers available today, with all the necessary bells and whistles required to build a reliable and welcoming platform.

  • Account Options. Unlike the five options that 24option provides, IQ Option has just two main account types for users to engage with. Their basic account and their VIP option. The latter provides a few more supporting features like webinars, advisors, and better spreads. However, the basic option also provides all the necessary aspects of the platform in a complete experience.

  • Minimum Deposits. In this regard, IQ Option excels above most, with their standard account requiring just $10 to begin trading. Once connected, users can make individual investments starting at just $1. This allows anyone to get going with the available trades and access the market with real money easily. For the VIP account, users must deposit $1900 to gain access and the privileges this includes.

  • Practice Account. When it comes to free demos, IQ Option beats out every competitor. The reason for this is they offer a refillable $10 000 virtual account that can be used to access a good portion of the trading options. On top of this, users can seamlessly switch in and out of the demo and their primary account, using it to develop and test out strategies and then taking them across to trade for real.

  • Training Materials. Like other online brokers, IQ Option also delivers to their users a wide range of learning tools to help them better their trading experience. This not only involves webinars and tutorials but also live news updates and expert advice from their supporting staff. With the VIP account, there is even more support available, with access to more complex trading teachings.

  • Platforms Offered. Another facet of the experience that IQ Option has capitalised on is that of the diverse platform offering. With a high-quality application designed to operate their trade room, this system can be accessed through desktop, laptop, tablet or mobile. There is also browser access, but the application is far more streamlined and efficient, providing easier and better access to the marketplace.

  • Financial instruments. In the important field of financial instruments, again IQ Option excels. With over 500 assets to trade on, there is no real limit to the variety found here. These include the likes of Forex, Stocks, ETFs, Cryptocurrencies, Indices and of course their ever-popular options. The latter involves both binary and digital options. There are various spreads included with these and live updates to demonstrate changes in the market for each instrument.

Binary and digital option trading has grown very popular in recent years and is a facet that IQ Option has dedicated a lot of their efforts toward developing. As such, it has a comprehensive range of trading and features that make the experience both entertaining and profitable. With profits up to 90% for their binary options and up to 900% for their digital ones, users can really earn significant amounts through this intuitive trading instrument.

  • Additional Tools. On top of their array of instruments, IQ Option also has graphical tools to accompany their beautiful charting displays and demo account. With these tools, users can plot out their trading plans and better gauge their projections. It also allows users to view multiple trades simultaneously and set stop and go orders on others. In terms of setting up involving trading strategies, this is the way to go.

  • Payment Options. With the trades on the table, it becomes about getting access with real money investments. IQ Option has traders around the world covered with over 20 different payment options to use. This not only demonstrates the global reach of this platform but allows it to stretch even further as users everywhere can connect with their preferred payment systems. This list includes credit cards, eWallets and certain bank transfers.

General Support. Like with 24option, IQ Option also provides a good deal of supporting features for their users. Whether it be through email, text or live chat, users can request support 24/7. Available in a range of languages, these supporting staff are there to help with problems, questions and even strategies. The intention is clearly to make sure their users are progressing comfortably.


Is 24option a scam?
The complete list of regulators, that have approved trading with 24options can be found below – all of these official authorities have said "24Option is NOT a scam," and gave them regulations.
Can I use 24Option in Malaysia

Closing Thoughts

There is ultimately a lot that goes into creating a complete trading platform and to a greater extent both IQ Option and 24option have done this. As times change, so too will their offerings shift, with some platforms growing and others shrinking. Currently, IQ Option is on the up, growing rapidly each and every day. 24option on the other hand, has recently seen some decline and may soon change its shape due to changes in the market and the level of intense competition available at the moment.

The key here, like with most things online, is to keep checking the status of the various offerings. Seeing what is changing and what is not is the best way to stay on top of the curve and enjoying the very best broker experience available.

IC Markets is the trading name of International Capital Markets Pty Ltd, which is also known by other entities.

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