24bulls is a binary options website operated by TradeCharge Limited, a company based in Limassol, Cyprus. The site has been operating since 2012 and still could use a bit of work so far as its layout and text are concerned, though there are a number of features that are of interest. The company provides a large number of trading tools and resources to its clients, even those who have a basic Starter account with the minimum deposit. They also offer specialized accounts for Muslims who are trying to abide by the Sharia Law set forth in the Quran and by the prophet Muhammad. Customers from the US are not accepted, but their services may be of interest to those who are elsewhere in the world, particularly in the Middle East.
Deposits, Withdrawals, and Account Tiers
The minimum deposit for Starter account is $250 or equivalent in Australian Dollars or Euros. The company accepts credit card, wire transfer, or Skrill as a payment method. There are no fees for deposits or withdrawals, and no minimum withdrawal amounts or wait times between transactions. This is excellent, since many brokers set high minimum amounts or charge you to withdraw more than a certain number of times each month.
The Starter Account gives you access to daily market updates and live support. Most of the benefits kick in at the Starter Plus level ($500 minimum deposit). This includes live tutorials and webinar invitations, a personal account manager, free training and support, and daily market updates. Standard and Premium accounts have even more advantages, such as a personal account executive and daily access to the analyst desk and dealing room. Other resources on the site include an economic calendar, glossary, FAQ, and basic how-to documents. You can get up to $2,500 in match bonus money, and there is a daily raffle to win an iPad 3. $350 referral bonuses are also offered to customers who bring in new clients.
We are impressed with the number of benefits that are conferred on clients who choose the Starter Plus account. Many other companies don’t provide these kinds of resources until you deposit more money than that. The commitment to provide training and one-on-one assistance makes it likely that this company takes its customers more seriously than most.
Trading with 24bulls
24bulls runs on the Tradesmarter platform. It isn’t the most common one out there, but its features are comparable to those you’d find on a more popular platform like SpotOption. There is unfortunately no way to trade on your Android or iPhone right now, and sadly 24bulls does not offer a demo account. So there is no way to test your trades before you go live.
The maximum payout on trades is 85%. The out-of-money rewards are a bit unusual. Standard 0-15% returns are available on trades, but depending on the promotions that apply to you when you sign up, you can get “insurance” on some trades up to 50%, which equates to a 50% out-of-money reward. This feature is unique as far as we know, and may be worth asking a customer service agent about if you are going to sign up.
The site says there are more than 90 different currencies, commodities, indices, and stocks to trade, but we counted 52. You can trade High/Low options, or you can use Option Builder to specify your own expiry time and other aspects of the trade. These are the only types of trades which are available at this time.
Customer Service and Reputation
Customer service can be reached via email, live chat, web form, or telephone. It was a Sunday when we did our review, so no one was at the live chat desk, but the site says that 24/6 customer service is available. 24bulls allows you to schedule a call-back for your convenience if you don’t want to wait on the phone. As always, we recommend you talk to the customer service team in person before you decide whether or not to trade with this broker.
As a relatively new company operating in the binary market, 24bulls doesn’t have much of a reputation yet and doesn’t seem to be very well known. There isn’t a lot of positive or negative information out there yet. The broker isn’t yet regulated, though as the Cyprus laws become more concrete in the coming years, like many other brokers they will probably eventually fall under those laws.
24bulls seems to offer some exciting benefits while still having some noticeable gaps in their website information and their other features. The site is a bit tricky to navigate right now, some of the controls are finicky, and there is a lack of mobile compatibility. A demo account would be good, especially since the trading platform may be less familiar to customers who have traded elsewhere than SpotOption would be. Demo testing is also a critical step toward becoming a profitable trader.
Nonetheless, 24bulls shows some promise, and seems to be making an effort toward standing out from the crowd. The fact that they offer so many resources means that they are invested in their customers’ success, and it’s great that you only have to deposit $500 to receive most of those benefits. We like their attitude toward customer withdrawals as well. They are very clear about the fact that there are no minimums or barriers toward getting your money out of your account. Funds are stored in a segregated account, separate from the company’s own finances, which is also praiseworthy.
The “insurance” policies that provide customers with larger out-of-money rewards also are intriguing. The turnover for bonuses is only 15x the amount, which is significantly less than we have seen elsewhere. We also like the inclusion of an account for Muslim traders who are trying to conduct their business under the Sharia. We will be interested to see whether this company grows in the future and adds some improvements which could make their services even more enticing to customers.