Looking for a binary options broker that accepts traders from Singapore? You are not going to need to look for very long. Singapore is an exciting and growing market when it comes to the short term trading that binary options trading provides, and a lot of brokers have moved into this territory. The problem that you likely face isn’t finding a broker, but finding a great broker, one that is dedicated to helping you out. This is one of the reasons why we like 24Option.
But don’t just take our word for it. We have put together a brief 24Option review for you here so that you can get a better feel of what this broker provides. And if you are still uncertain about 24Option after going through this, please go on and check out their platform for yourself.
What they Offer
24Option is a binary options, Forex, and contract for difference broker. They offer short term trading in both of these platforms. CFDs and Forex trading are both a great products, but they are slightly different from binary options and a bit more complex to master. We suggest that you gain some experience before you test out either of these. Depending on where you are in your trading education journey, either of these things can be helpful, though. All three are accessible to traders in Singapore.
As far as binary options choices go, 24Option offers a variety of different stocks, indices, commodities, and Forex currency pairs for you to choose from as underlying assets. Stocks are heavy on U.S. and European companies, but a handful of Asian companies are also represented by this broker.
Expiries range from 60 seconds up to a week in the future.
24Options has a number of different tools that they offer to their traders. This is one of the strongest features of the broker, especially for those that are just starting out. They have a few different technical analysis tools built into the site, an economic calendar, a blog, and a very thorough education section, complete with videos and other tutorials. We encourage you to check these features out.
How to Deposit?
If you decide that 24Option is the right broker for you, then you will need to make a deposit if you want to start trading. You can do so in a number of different ways. Most people find that using a credit card is the easiest way to get started here. Visa, Discover, and MasterCard are accepted by 24Option. In addition to this, you can use a wire transfer directly from your bank or a number of different e-wallets. Current available e-wallets include Skrill, Sofort, iDeal, Giropay, Neteller, Qiwi, and CashU, just to name the big ones. Depending on what works for you, any of these are acceptable methods for deposit.
When you create your account, you need to select a currency that you will use for your trading. You can choose from the U.S. dollar, the Japanese yen, the British pound, the Russian ruble, and the euro. For most traders, choosing their currency is very easy. Just know that once you select a currency, you will not be able to change it later.
The minimum deposit at 24Option is $250, 250 euro, or 250 pounds. If you’re using yen, the minimum is 25,000. For rubles, it is 10,000.
How to Withdraw Funds?
Once you’re ready to make a withdrawal, there are a few steps. First, make sure that you’ve filled out and successfully turned in all of the necessary paperwork. You will need to scan a copy of your passport or another government issued ID with your photo on it, a copy of your utility bill showing your street address, and if you made a deposit with a credit card, you’ll need to scan a copy of the front and back of your credit card so that the last four digits are visible.
As a rule, you need to make your withdrawals by the same method that you used for your deposit. This is tricky if you made a profit and you are using a credit card. You can only withdraw as much as you deposited with the card and no more. After this, you will need to use an alternative method.
24Option does charge for withdrawals. The fee varies a bit from method to method. Credit cards stand at 3.5 percent, while a wire transfer costs $30 USD. E-wallets vary from 0.9 percent to 3.5 percent. Unfortunately, the fact that the charge for all withdrawals is one of the downsides of using 24Option to trade binary options in Singapore. While they are a strong broker in all other regards, most other brokers allow you a limited number of free withdrawals.
The minimum amount that you can withdraw from your account is $10.
All financial transactions at 24Option are protected with 128 bit SSL encryption. They have state of the art security measures in place to make sure that their clients can trade their money in a safe setting.
24Option is regulated by the Cyprus Security and Exchange Commission (CySEC) under license number 207/13. CySEC is considered to be one of the top regulators in the world of binary options. There are strict guidelines that need to be adhered to for a broker to keep their status under this broker, and as far as this review was able to determine, 24Option has a perfectly clean record.
Trading binary options is an exciting and potentially profitably way to use your money. In Singapore, we have a lot of different financial products to choose from, and the number of binary options brokers that are available for us to use can be overwhelming. 24Option has a few downfalls as far as brokers go, but they are a highly respected, safe, and reputable broker to use. This puts them far above most other brokers.
Binary options trading is tough, and there’s a lot of risk involved. Many traders in Singapore lose money because they don’t acknowledge this risk. One of the first steps to handling this is to choose a strong binary options broker, and 24Option fits this description. They have a strong standing in the financial world and they are continuously improving the quality of the product that they supply. If you’re looking for a broker to trade with and you are based in Singapore, 24option might be the right broker for you. We encourage you to check out their website and find out for yourself if you still have remaining questions. If you can’t find what you’re looking for, a customer service rep can help you find what you need.