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But 24Option has recently begun to offer CFD trading and forex in a bid to rival the more established brokers in the sector.
The similarities between the products meant 24option were able to build their own bespoke trading platform, and add new functionality for CFD and forex trades.
Binaries have now been removed completely. In terms of the trading platform used by 24Option, the broker previously used the binary options trading platform that was powered by TechFinancials.
However in their bid to extend their product offering, 24Option now uses a proprietary platform with the same login details called Scipio to provide CFDs and forex trading services.
In addition to the Scipio trading platform, 24Option has also integrated the popular MT4 trading platform for traders who wish to trade the spot forex and CFD markets.
The main attraction of the MT4 platform is the advanced trading tools that have been integrated into the platform.
So traders can use one of two platforms, each provides different strengths. MT4 is perhaps more complex to use, but includes way more analysis tools and also automation options.
The traditional platform is easier to use. Traders can of course, perform research on one platform, and trade on the other. Login details remain the same for both.
The app delivers all of the functionality of the main website, including many account management features. The app takes advantage of the strengths of each platform android or iOS in order to maximise the functionality on every device.
Using the app is slick and intuitive. The login process is quick but secure. Technical analysis becomes hard on smaller screens, but trading and amending details are straightforward and a real bonus for traders who need to react to events while they are away from their computer or laptop.
There are 4 different types of trading accounts available at 24Option for you to choose from. Are 24Option a scam, or are they trustworthy?
Their regulatory history suggests that they are a responsible company. As the CFD offering is relatively new, more markets will be added over the coming month.
Spreads are currently around. This new types of trade also include the option to set stop loss levels. This is a key part of risk management when using leverage.
The application has a very simple interface, with each stage of the trading process laid out in a clear simple process. Screens are large and easily useable.
As well as easy trading, the app can also display the trading history, and open trades. It is a slick trading app and is a great addition to the range of features offered by the brand.
It has been created with the trader in mind, but has been thoughtfully developed to ensure it offers a full range of functions across multiple devices.
As 24option have now withdrawn binary options, the payouts are not comparable with other binary brokers.
CFD and forex payouts will be scalable based on both leverage, and the price movement of the underlying asset. Traders can manage risk via tools such as stop losses.
They can also choose the level of leverage to use, per trade. With CFD and Forex however — losses can exceed initial deposits.
This is to comply with money laundering laws. If funds were deposited via credit card, details for that card will also be required for the withdrawal.
Withdrawal problems and complaints generally revolve around delays in this proof of identity process. This can avoid problems and ensure quick withdrawal times.
Gold and Platinum account holders can enjoy regular free withdrawals. Withdrawal requests can be made at any time. The trading area has now been redesigned in-house rather than the previous TechFinancial platform , and they have improved their platform to now include the option of trading CFDs.
While the initial offering is fairly limited, it is an interesting step from the firm, and is an area of trading which is likely to expand within the binary sector.