Table of contents:
- 1 24Option payment methods: deposit and withdrawal of the broker in test
- 1.1 Payment methods as a valuation factor
- 1.2 24Option: Deposit and withdrawal not necessarily with the same method
- 1.3 No third-party and business accounts: Payments only through your own private account
- 1.4 24Option Deposit and withdrawal at a glance
- 1.5 The account model decides on payment costs
- 1.6 No bonus offers through 24Option
- 1.7 Conclusion: Diversity in deposits and withdrawals with 24Option, partly high costs
24Option payment methods: deposit and withdrawal of the broker in test
The Broker 24Option is still little known in German-speaking countries – contrary to what the name suggests, the company also offers the possibility of Forex and CFD trading. The Cypriot regulated broker can offer quite good conditions and a comprehensive trading offer. The choice of payment methods is also more than satisfactory. Thus, at 24Option, deposits and withdrawals are possible through a variety of channels, and those who wish to withdraw money at 24Option can do so without high minimum thresholds. Although 24Option does not offer PayPal, it does offer other eWallets that can be used for low cost transactions. Read more about 24Option payment methods in our review.
- 24Option minimum deposit of 250 Euro
- Payment among others by Visa or Mastercard, bank transfer, eWallets
- Almost immediate value date for some payment methods
- deposits and withdrawals are often subject to charges
Payment methods as a valuation factor
The majority of CFD and Forex brokerage experience reports focus on regulation, the trading offer and of course the conditions. Attention may also be paid to the contact possibilities and the trading platform. However, the payment methods offered by a broker are only listed in many reviews, at best a guide for the first deposit is given. This does not do justice to the fact that secure, transparent and convenient payment methods are an important criterion for every trader. Too high a minimum deposit makes it difficult for newcomers to access trading, too high minimum payouts tie up capital in the trading account. The costs and fees for payment transactions can significantly reduce even good returns. The payment options offered by a broker should therefore be examined in the same way as other services. Fortunately, many brokers are already very accommodating to their traders. For example, even with 24Option, deposit and withdrawal are possible using eWallets, traders are not limited to payments by credit card or the lengthy bank transfer.
Of course, some limitations also apply to the most comprehensive range of payment methods – these are measures designed to prevent money laundering. However, this does not limit the personal freedom of payment when trading.
- New payment solutions such as eWallets are naturally
- Many brokers require the same deposit and withdrawal method
- Traders can only make payments through their own private account
- Third parties cannot make deposits or withdrawals
CREDIT CARDS: IDEAL SOLUTION FOR FAST PAYMENTS
The range of payment methods on offer is of course also subject to the broker’s customer friendliness. There are still a few providers that only allow credit cards and, at best, bank transfers, while others allow payment via more than a dozen channels and even consider special regional payment service providers for certain countries. With a credit or debit card, however, traders can almost always pay. Mostly Visa and Mastercard, but Maestro is also accepted. The advantage of paying by card is that the amounts are often available within minutes, so that the trader can start trading immediately after setting up the trading account. With some brokers, a scan of the credit card is desired, and the customer can sometimes make some digits of the number sequence unrecognizable. Whether or not to deposit your card data is up to the individual and should be carefully considered beforehand. The transmission of data is secure in that most financial service providers use the necessary encryption measures. However, not every trader owns a credit card or wants to use it to capitalize the real money account. Under certain circumstances, the deposit is free of charge on the part of the broker, but the card provider charges fees. In this case, bank transfer is recommended as a secure transfer method.
BANK TRANSFER: VERY SECURE, BUT SLOW
SEPA credit transfers within the euro zone can be made from your own home banking and are often implemented within one working day. There are no costs from the bank. However, the situation is different if you make the transfer at the bank counter or order it by telephone. In this case the bank is allowed to charge fees and does so. When the actual value date will be, also depends on how long the broker estimates for processing a bank transfer. Depending on the broker, traders can expect a period of 2 – 5 days until the money is actually available. Deposit and withdrawal fees may also be charged by the broker, and if the provider is not based within the EU, there may be additional costs such as currency conversion or interbank fees.
EWALLETS: LOTS OF CHOICE, FAST PROCESSING
PayPal is the pioneer of electronic payment solutions. The eBay subsidiary, designed as a payment method for the use of the online trading platform, was the blueprint for other providers such as Skrill, Neteller or GiroPay. Dozens of providers, some of them only available regionally, promise their users a combination of convenient payment even via mobile phone, buyer protection and low costs – while at the same time providing fast value. So it’s no wonder that more and more Forex and CFD brokers are including electronic payment services in their offerings. Of course, the bandwidth is different, the particularly widespread options, namely Skrill and Neteller, IMMEDIATELY and GiroPay are almost becoming standard. PayPal on the other hand is only rarely offered. This is probably due to the rather high costs for merchants that come along with the use of PayPal.
Many of the electronic payment methods are not only associated with favourable conditions, but also allow for quick transfers and therefore draw level with credit cards. Some eWallets also allow larger sums to be deposited or withdrawn. However, the limits and costs are quite different and traders should be aware of them before choosing an electronic payment service provider.
24Option: Deposit and withdrawal not necessarily with the same method
For many brokers, the exact examination of the payment conditions is therefore all the more important as customers are very committed to their choice. Often withdrawals have to be made through the same channels as deposits, changes are not possible or only possible with the involvement of customer service. Flexibility and the possibility of combining different methods is a major exception. If, with 24Option, traders want to make withdrawals or deposits using a different payment method than the one previously selected, this is possible in principle. For withdrawals, however, a new verification must then be carried out by presenting a valid identification document and proof of address. A little cumbersome, but at least customers are not locked into one method forever.
No third-party and business accounts: Payments only through your own private account
Restrictions on payments are also imposed by international legislation against money laundering, terrorist financing and organised crime. Therefore, users who do not have a credit card and would like to immediately fund their account cannot use the credit or debit card of a friend or relative. In general, payments from third parties are not accepted, this applies to both deposits and withdrawals, and is not handled differently even with 24Option. Business accounts are also unacceptable as reference accounts. As a reference account, regardless of the payment method, traders must use a private account in their own name.
24Option Deposit and withdrawal at a glance
Traders who are interested in getting to know the services of Broker 24Option in view of the trading offer and conditions can do so first of all by means of a demo account. The free demo allows to get to know the financial instruments as well as the trading platform and services of the provider without any risk. If a real money account is then to be set up, the procedure is similar with most brokers. In addition to personal details and contact information, some information about the financial situation, but also about the trading experience is the rule. Verification is also required. This is done by presenting a valid identification document. Proof of residence can be provided by presenting a utility bill. Once all documents have been verified by the broker, the trading account is activated and in order to start trading, the 24 option minimum deposit of 250 Euros is now required. This can be done through a variety of channels, including Visa and Mastercard, but also bank transfer, Skrill and Neteller, as well as GiroPay and Sofort-Überweisung. The footer of the website lists other options such as PostePay, Ideal, AstroPay or Qiwi, but the FAQ only lists Skrill. However, the bandwidth is large enough to give traders in Germany enough choice.
- Account capitalization by credit or debit card
- Bank transfer or instant bank transfer
- Neteller, Skrill, GiroPay
- Other suppliers
When choosing a payment method, however, it is not only availability that is decisive. The fees that are charged for deposits or withdrawals are also an important factor. 24Options does not charge any deposit fees based on the information provided on the website, but there may be charges from the payment service providers.
24OPTION DEPOSIT FROM THE PERSONAL CUSTOMER AREA
As with other brokers, the deposit is made to the trader’s own trading account by logging in to 24Option with his access data. Once logged in, users can specify the payment method via the deposit option. Depending on how the deposit is to be made, further entries are then required at the card provider, in the online banking of the house bank or via the interface of an eWallet. However, these are no different from other transactions carried out via the same channel and therefore do not pose a problem. Attention with bank transfers: here brokers specify a bank account which must be entered correctly in online banking, likewise the customer number or the number of the trading account with the broker should be entered as the intended purpose. In this way, payments by bank transfer can be easily tracked later.
DIFFERENT VALUE DATES
When the funds arrive on the trading account at 24Option depends primarily on the payment method used by the trader. Credit card or electronic payment is of course the quickest way, sometimes trading can be started within 30 minutes. For bank transfers it can take longer, between one and three business days. In addition, there is always the processing time by the broker. Some providers also need 48 (!) hours for credit card payments to be waved through. With a SEPA transfer, you can wait up to five days for the amount to arrive.
DEPOSIT LIMITS WITH 24OPTION
Few brokers do without a minimum deposit altogether, but most providers know that a small minimum deposit helps to pave the way for retail investors to trade, and keep their requirements here within reasonable limits. With 24Option, the minimum deposit for the standard account is 250 euros. This is regardless of the payment method the customer ultimately chooses. In addition to the Euro, US Dollar, Ruble, British Pound or Japanese Yen can also be used as account currency or for deposits. The maximum possible deposits are also predefined, and are 10,000 euros per day for credit card payments with 24Option and 40,000 euros per month for private customers. Possible maximum amounts for other payment methods depend on the respective platform.
24OPTION EXPERIENCES: PAYOUT
Withdrawals at 24Option are also made from the personal customer area after a corresponding login. In principle, withdrawals can be initiated at any time; the broker does not provide for minimum payout amounts. However, the following fees apply for withdrawals with the standard account:
- Card payment 3.5%
- Perfect Money / Skrill 2%
- Neteller 3,5%
- Bank transfers 24 Euro each (here with minimum 100 Euro payout)
Customers of the Broker can take advantage of more favourable conditions for payouts if they have a VIP, gold or platinum account. Traders with a VIP account can generally withdraw for free, holders of platinum accounts have three free withdrawals per month available, those who open a gold account have at least one. Additional fees may be charged by the payment service providers in individual cases for withdrawals. Withdrawals can be made for the total balance, but less the amounts required for positions still open. The broker does not specify the maximum amount that can be withdrawn with 24Option withdrawals, but this could be due to the specifications of the payment service provider.
PROMPT PROCESSING WITH 24OPTION
Most Forex and CFD brokers undertake to process withdrawal orders from their clients as quickly as possible. How long is as fast as possible in individual cases depends greatly on the provider. 24Option does not commit itself, but only ensures that payouts are processed promptly. This is supplemented by the fact that correct verification with the submission of valid documents is required for speedy processing. Traders are reminded that the documents are valid not only at the time of verification, but also at the time of withdrawal, or otherwise must be resubmitted. In plain language, this means that a submitted ID that has expired by the time of the first payout will cause a delay in processing, i.e. it must be renewed and resubmitted. Furthermore, the broker will of course check that the payout does not cause a coverage gap for open positions.
The account model decides on payment costs
With 24Option, the choice of account model determines not only the broker’s services made available to the trader, but also the costs associated with payments. While deposits with this broker are free of charge, 24Option charges fees for withdrawals, some of which are quite high. Traders with a standard account can make only one withdrawal free of charge, all subsequent transactions are subject to charges.
- Standard account with 250 Euro minimum deposit
- Gold, Platinum and VIP accounts with higher specifications
- More free payouts per month depending on account type
- Services and conditions of the broker depending on the account model
In addition to the standard or basic account, customers of the broker can choose between a gold, platinum or VIP account. With a gold account, one payout per month is free of charge, with a platinum account there are already three, and those who set up a VIP account (for a minimum deposit of 50,000 euros) can generally pay out free of charge.
The VIP account also gives users access to five lessons for advanced traders and the opportunity to participate in five free webinars each month at 24Option.
No bonus offers through 24Option
Based on older reviews of the broker, new customers may get the impression that setting up a trading account with 24Option means the prospect of bonuses or welcome money. So, in the past, the broker seems to have used these funds. In the meantime there are no more bonuses, because in Europe 24Option operates under Cypriot regulation and must therefore act in accordance with the binding requirements of the MiFID directive. This includes, among other things, that bonus payments as advertising material for Forex and CFD brokers are now prohibited. However, in the event of a change in the legal situation, future bonus payments cannot be categorically excluded.
Conclusion: Diversity in deposits and withdrawals with 24Option, partly high costs
The Broker 24Option, regulated by CySEC, which has been little known in Germany up to now, offers among other things Forex and CFD trading with a large trading offer, whose underlying assets include crypto currencies and ETFs. Private traders who wish to enter the market with a real money account can choose between different account models. Those who opt for the basic account pay a minimum deposit of 250 euros, VIP traders, on the other hand, are eligible for 50,000 euros. The offers of the broker in the education and analysis area are free of charge for all users.
Deposits to the trading account can be made by credit card, bank transfer, but also by means of a common electronic payment service provider and are free of charge on the part of 24Options. The situation is different for withdrawals: here only the first withdrawal is free for basic customers, beyond that there are fees. If you want to withdraw free of charge, you should have at least a gold or even better a platinum account to withdraw one to three times a month for free. After all, the broker does not specify a minimum payout amount – only for bank transfers 100 euros must be instructed, with costs of 24 euros per transaction. The sometimes high costs for payouts have a negative effect on an otherwise interesting provider.