Guide to Opening an Account with 24Option
Whether you are a novice or a seasoned cryptocurrency investor, 24Option is an increasingly popular crypto broker, where users can buy and hold major cryptocurrencies such as Bitcoin and Ethereum as an investment. It is not a cryptocurrency exchange in the technical sense, as it only allows users to “buy” and “sell” the price of a digital asset.
When a user buys Bitcoin at 24Option, they don’t physically buy Bitcoins, nor do they have to use a cryptocurrency wallet. Instead, users take out “buy” positions on the market price of Bitcoin (BTC) and will profit if the price of BTC rises above the initial “buy” price. Accordingly, crypto investors using 24Option can lose money if the price of Bitcoin falls below their initial “buy” price. Ultimately, your profit or loss will be the difference in value between your first and closing orders.
What we have just described is contracts for difference (CFD) trading. 24Option is a leading CFD broker that allows investors to buy and sell cryptocurrencies based on their market value rather than using them as a digital currency. 24Option is fully regulated by the Cyprus Securities and Exchange Commission (CySEC). This means that, should the company go into administration, users’ funds are safe up to the value of $80,000.
24Option started out as an options broker for forex and binary trading back in 2008. However, once the cryptocurrency industry bore fruit, the platform started to also allow its traders to buy Ethereum, Bitcoin and various altcoins based on their market value. Today, cryptocurrency trading at 24Option is available 24 hours a day, five days a week. Margin trading is available, while 1:5 leverage is also on offer to allow investors to maximise their trading positions.
If you like the idea of buying and selling cryptocurrencies with a CFD broker like 24Option, follow our step-by-step guide to creating a new 24Option trading account.
5 Quick Steps to Open an Account with 24Option
- Create your free 24Option account by submitting your personal information
- Provide a telephone number to protect your account’s security
- Hit “Deposit” and complete your new 24Option profile
- Select your preferred payment method
- Fund your new 24Option account and start investing in cryptocurrencies!
How to buy cryptocurrencies with 24Option
24Option was one of the first brokers to offer CFDs on cryptocurrencies such as Bitcoin. Members of the 24Option platform that are new to investing in cryptos can take advantage of the platform’s Education Center, which aims to demystify the cryptocurrency industry and help you trade crypto CFDs with greater confidence.
The value of cryptocurrencies can fluctuate wildly, creating significant volatility in the markets. This means there are a plethora of cryptocurrency trading opportunities for 24Option users to profit from.
To start taking advantage of these trading opportunities and create your new 24Option account, follow the instructions below:
Step 1: Open account with 24Option
Visit the 24Option homepage and click the yellow “Sign Up” button in the top right-hand corner of the screen.
You’ll then get the option of setting up either a demo or real money account. Choose your preference and fill out the form as shown above. Click “Start Trading!” to process your account registration.
To start trading cryptocurrency CFDs, you’ll need to verify your trading account by uploading proof of your identity and address. Head to the site’s upload document page to confirm your identity. That helps to keep you and your crypto investments safe.
Step 2: Deposit funds
Once your 24Option trading account has been verified, you are eligible to deposit funds and start buying and selling crypto CFDs.
At the top of your account page, hit “Deposit” to bring up the list of available deposit methods on the left-hand side. Choose your payment method, the amount of fiat currency you wish to deposit and click “Deposit”.
If you are using an e-wallet such as PayPal or Skrill to deposit into 24Option, you will be taken to your PayPal or Skrill account to approve the transaction.
Step 3: Buy cryptocurrencies
Choose the trading pair you wish to trade (in the above example it is EUR/USD, but when trading Bitcoin it will be BTC/USD); choose the volume of the asset you wish to buy or sell and hit “BUY” or “SELL”. You can also set stop losses and take-profit orders.
Cryptocurrencies offered by 24Option
There is an ever-growing list of cryptocurrencies available to buy and sell at 24Option:
- Ethereum Classic