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Headquarters: Limassol, Cyprus
Languages available: English, French, Italian, Dutch, Spanish, Russian, Korean, Japanese, Portuguese, Armenian, Chinese
Minimum Deposit: $200
Minimum Trade: $20
A very sleek, streamlined look is what you get when you first arrive at 24bulls’ landing page; though the landing page opens in English, 24bulls website also supports quite a few other languages. All trading is web-based, and while trading activity is supported by the various languages, it should be noted that other pages on the website, such as Funding Methods and FAQ, for example, are strictly in English. However, customer service is available via live chat, email or telephone 24-hours a day, 6-days a week and this service is also available in a number of languages.
From the 24bulls’ landing page a prospective binary trader can immediately begin trading options. For example, if you were interested in trading EUR/USD, you could choose any of four 15-minute options that will be expiring within the hour; as with any binary options platform, you click on call if you think the price is going up and you choose put if you think it will go down. An hourly chart embedded in the trade box helps you visually see what the pair has been doing. For stocks, indices and commodities futures trading, the trade box will only be available if that particular market is open and you will be apprised of the opening time.
The account opening process is simple, and afterward 24bulls encourages you to view their brief tutorial which is worth a few minutes of time. It explains better in the video than elsewhere on the website about 24bulls “riskometer” which allows a trader to adjust their potential payout for a maximum payout on a successful trade to a maximum rebate on an unsuccessful one.
Like some other binary options brokers, 24bulls promises high payouts, in this case up to 81%. New customers could receive up to a $2,500 welcome bonus, among the highest in the industry but of course dependent upon the initial deposit amount and with certain restrictions. New customers can forego the bonus and take trade insurance on their deposits, which serves as a kind of loss protection. With trade insurance, traders can recover as much as 50% of their initial sign-on deposit, though exactly how much varies and the caveat is that though it doesn’t expire it is only redeemable once and with certain restrictions that an account manager can better explain.
During our 24bulls review we came across two types of starter accounts, one called “basic” and the other dubbed “starter plus,” with the difference being the initial deposit amount. Both types of starter accounts include email updates of daily market conditions, online trade execution and live chat support 24-hours a day, 6 days a week. There are notable differences between starter packages; from the website it appears that the Basic account only offers trading of Forex, stocks and commodities but not indices, which is available only to the Starter Plus account holder. Starter Plus accounts are also entitled to tutorials and invitations to webinars, free support and training and a personal account manager.
Beyond starter accounts there are standard accounts which require a minimum deposit of $1000, and premium accounts which require a minimum deposit of $2,500. 24bulls also offers an Islamic account, which according to their website “complies with Sharia Law and does not operate under elements of Riba.”
24bulls offers the standard fare of currencies, commodities, stocks and indices; currency pair offerings include the EUR/USD, GBP/USD, USD/CAD, and others. Commodities include oil, gold and silver but also include gas, copper and platinum. Stocks available to trade include notable names like Apple, MasterCard, Google, Barclays Bank, Sanofi Aventis, etc. Major indices are from around the world, including Wall Street’s S&P500 and the Dow Jones Industrials, London’s FTSE, Germany’s DAX, as well as indices from Dubai and Saudi Arabia. Unlike other binary options brokers, 24bulls’ index of assets traded is much more comprehensive than just a mere name; each asset is thoroughly explained and in the cases of stocks, for example, a trader will know which market it is traded in and the applicable trading hours.
Existing customers can create a favorites page which will enable them to see all of their favorites in one place and quickly trade their chosen assets to take advantage of market conditions or sentiment rather than clicking through a list of available assets. An account holder will also be able to see all of his open account activity on a single screen and know immediately which trades are in the money and which ones are not.
Under 24bulls tools and resources tab is the standard fare and explanations of the different asset classes. But it also has one thing which is relatively unique among binary options brokers and that is an economic calendar. While non-account holders cannot access the calendar, it is widely viewed as a very valuable tool for any serious trader in order to better gauge a specific asset’s direction.
Overall, 24bulls is a good place for any trader, and especially a new one, to begin their foray into binary options trade. The platform is simple to use, the website is sleek, and the availability of a whole host of languages means no one gets left behind.
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Review info: 24bulls
Review Date: 2013-07-15
Rating : 1
Reviewed By : Sara Patterson (Google+)