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The field of binary options was only founded in 2008, and with a respected web presence since October 2009, there’s no question that TraderXP is a binary options broker that has grown with the industry. During the scope of our TraderXP review, we were impressed to see that the site was created not just by financial analysts, but by people who have a clear vision and ability to create a user-friendly website. Whether you’re an experienced trader looking to diversify your trades or a novice trader looking for a simple trading process, TraderXP might be just what you’re looking for. Read our full TraderXP review to decide for yourself.
Founded in: October 2009
Headquarters: British Virgin Islands
Minimum Deposit: $200
Maximum Per Option: $1500
Languages available: English, Russian, French, Arabic, Spanish
TraderXP offers three different account types which are based upon the deposit amount. The company’s Bronze, Silver and Gold accounts are actually quite similar to accounts of the same name offered by Forex broker eToro. A specialized Platinum account is available for investors who deposit over $20,000. TraderXP’s accounts work as follows:
Bronze Account – Traders who deposit $299-$999 will be able to enjoy a 15% welcome bonus, a 10% redeposit bonus, access to breaking news and market reviews both weekly and daily.
Silver Account – TraderXP’s mid-level package offers a welcome bonus of 20%, a redeposit bonus of 10% (or $1000 for traders who deposit at least $1000 3 times), access to the company’s news and market reviews and free access to the company’s online course.
Gold Account – If you’re planning on depositing $5000-$19999, you’ll enjoy TraderXP’s premium package which includes a 25% welcome bonus, a 25% redeposit bonus, expedited withdrawals, and access to the trading course and news updates that are found in the other packages. Gold members will also have a professional account manager that can respond to questions and offer advice when necessary.
A significant advantage offers by TraderXP’s trading platform is that it is based entirely online, so there is no software to download. The company offers multiple ways to trade, so that traders with different preferences can enjoy a trading platform that is best suited to their specific preferences. All of the platforms are located within a singular structure, so that it’s easy to switch between the platforms as you see fit. The three platform options are Binary Options, Option Builder and One Touch trading. The most traditional of these options is the Binary Options platform, which is available in Pro Trader and Fast Trader versions.
The Binary Options Pro Trader platform offers four windows in which to trade options simultaneously in 15 minute intervals. Similarly, the Fast Trader platform offers similar capabilities with 9 windows shown on one web page and trade intervals of 5 minutes, so that you can trade multiple items as quickly as possible, while keeping an eye of all of your options concurrently.
Binary Options Fast Trader Platform (Click image to enlarge)
Binary Options Pro Trader Platform (Click image to enlarge)
The One Touch platform allows you to maximize your profits by predicting whether the offered bid will reach a specified level within the time frame provided. Although this type of trading is riskier than standard binary option executions, it offers the potential for up to 500% returns.
One Touch Platform (Click image to enlarge)
The Option Builder allows you to customize each trade by choosing your assets, expiry time (in 5 minute intervals), setting your risk preference and investment amount all in one centralized place.
Option Builder (Click image to enlarge)
It may sound funny, but during the scope of our TraderXP review, we nearly overlooked the features offered by this binary options broker because we were so enthused by the trading platform – and because the information is hidden all the way at the bottom of the website. Nevertheless, we found TraderXP’s features to be worthy of a higher placement, as they were truly interesting propositions. Among our favorites were the “Rollover”, a feature wherein traders can delay their trade expiry if that market hasn’t fluctuated in their favor. Rollovers can be used once per option, and must be executed within 10 minutes of expiry, so traders must make sure to pay attention carefully. Still, this flexibility can be critical for those who look like they may lose on the trade.
Another feature we especially liked was the up-to-the-minute market review provided by TraderXP, an analysis that should be standard, but is notably lacking in many other binary options sites. This information can be critical for traders who prefer to make educated investments instead of impulsive executions.
Finally, TraderXP offers the ability to “Double Up” on trades that look like they’re going to be profitable, by recreating the original trade scenario and potentially earning double on any winning trade.
TraderXP offers customer service via chat, email and phone. The company sets itself apart by offering phone support access in multiple countries, so that traders can get help by making a local call. We tested TraderXP’s chat service multiple times and found the agents to be extremely polite and helpful. However, when we attempted to email the company we received repeated error messages and were not able to get through.
Chat with TraderXP (Click image to enlarge)
Ease of Use
On the whole, we found TraderXP to be one of the easiest binary options providers. Registering for the service was short and simple. Each of the company’s platforms was easy to use, and the web-based platform was especially pleasant. We especially enjoyed the “How to Trade” box that is found in the right side of most of the company’s web pages, so that new traders can have a constant reminder of how the site works. Likewise, TraderXP’s account portal was extremely intuitive and easy to use.
TraderXP Account Portal (Click image to enlarge)
The primary problems we had with the site were an inability to email the company and the fact that supplemental explanations of the platforms were hidden in the footer of the homepage and not available at all times. It should be noted, however, that accessible chat support (almost) compensated for the lack of email support.
We were also happy to see that TraderXP accepts perhaps the most payment options of any broker we’ve reviewed. Payments can be made via one of eight major credit cards, Moneybookers, and wire transfer. Traders from the Middle East and North Africa can also deposit funds via CashU, while Scandanavian traders can transfer funds through Nordea Netbank, and Dutch users can use a similar service called iDeal.
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Review info: TraderXP
Review Date: 2014-11-26
Rating : 1.5
Reviewed By : Sara Patterson (Google+)