24Xp is one of those binary options brokers that offers traders a ton of features and benefits, yet doesn’t quite hit the mark with a lot of what they offer. The advantages of 24XP, such as their free demo account and their incredibly large selection of options, are tempered by issues like their clunky website, lack of regulatory control, small asset index, and limited availability of customer service.
Software and Features
There is currently no 24XP download software, the trading platform is purely online and can be accessed from anywhere. Additionally, members with higher-tiered accounts can trade on smartphones and tablets through mobile apps. The 24XP.com site itself is somewhat confusing and encumbered by annoying automatic videos. Numerous spelling and grammar errors plague the site as well. Finally, customer service is only available by phone during business hours, with no live chat at all.
However, hiding behind these issues is a perfectly good trading platform full of charts and easy-to-use features. 24XP has also provided educational videos and other training resources along with economic calendars and market analyses. On top of that they offer a completely free 5-day demo so new traders can get their feet wet and see how trading works at the 24XP broker platform.
Options Types Offered
Another drawback to trading at 24XP is that the list of assets is quite small compared to other online brokers. With just a few dozen currencies, commodities, indices, and stocks available to trade, expert trades might find themselves somewhat limited. On the other hand, in addition to up/down options, they also offer one-touch and boundary options and the ability to close options early at reduced percentage losses or gains.
Account Types Offered
There is an account to fit each and every type of trader, as 24XP offers 6 different levels of accounts, with the smallest available with as little as a 200 EUR deposit. As with other brokers, the more a trader deposits, the better their account is. Basic accounts have very few benefits and only bring profits of between 75-85%. As traders deposit more and move higher, they gain access to additional benefits such as a percentage return on losing trades, higher profits, personalized coaching, and a chance to participate in 24XP bonus offers.
There are plenty of thing to like at 24XP, such as their wealth of educational resources and low minimum deposits. However, customer service is only available for a limited amount of time each day, there are relatively few assets to trade, and the 24XP.com site can be frustrating. Ultimately, their free demo account is their best feature because it allows traders to try out the site and make their own decision, risk-free.