The industry of binary options is relatively new as it is founded in 2008 and became popular on the web since October 2009. Along with the development of the industry, TraderXP is a binary options broker that has strived to grow during the period. During our research into the broker for writing a review, we were surprised by the fact that TraderXP was founded by a group of financial analysts who happened to have a clear vision as well as the ability to craft a user-friendly website. TraderXP may be an ideal destination for both seasoned traders wanting to diversify their trades and beginners wanting to try a simple trading process. We are giving you a detailed review on TraderXP to help you with your decision.
TraderXP Account Types
At TraderXP, there are 3 different account types. These 3 types are based on the deposit amount you make. The 3 account types Bronze, Silver and Gold at TraderXP is relatively similar to those of the same name offered by forex broker eToro. There is also a special Platinum account only for investors who deposit more than $20,000. The account types work as follow:
- Bronze Account – for traders who deposit from $299 to $999. Benefits include a 15% welcome bonus, 10% deposit bonus, ability to view breaking news and read daily and weekly market reviews.
- Silver Account – mid-level package for traders who deposit from $1,000 to $4,999. Benefits include a 20% welcome bonus, 10% redeposit bonus (or $1,000 for those who make at least 3 $1,000 deposits), ability to view company’s new and market reviews as well as access to the broker’s online course.
- Gold Account – premium package for traders who deposit from $5,000 to $19,999. Benefits include a 25% welcome bonus, 25% redeposit bonus, expedited withdrawals as well as access to numerous trading courses and news updates like other packages. Traders with gold accounts will also be provided with a professional account manager who is prepared to respond to all the problems and give advice when needed.
Because TraderXP’s trading platform is based entirely online, traders are not required to download any software to trade. Traders are offered many ways to trade so that they can pick one that best suits their trading style and preferences. Traders can also switch between all the platforms easily because they are all located within a singular structure. The 3 platform options that TraderXP offers are Binary Options, Option Builder and One Touch Trading, with the first one being the most traditional type and available in both Pro Trader and Fast Trader versions. In the Binary Options Pro Trader platform, there are 4 windows for simultaneously trading options in 15-minute intervals. In the Fast Trader platform, similar features are offered with 9 windows and the intervals are within 5 minutes, best for fast trading while keeping an eye on all of your options. In the One Touch platform, traders will be able to maximize their profits. With this type of trading, traders will have to predict whether the asset price will reach a pre-determined level within the period provided. Despite being riskier than standard binary options, One Touch trading allows returns up to 500%. In Option Builder, traders will be able to customize each of their trades by choosing the desired assets, expiry time (in 5-minute intervals), risk preference, investment amount, etc. in one place.
When we researched the broker for this review, we were so indulged in the trading platform that at one point we almost overlooked the offered features. Another reason is that this information is hidden all the way at the bottom of the website. With that being said, the features at TraderXP are truly interesting. One of our favorite features is ‘Rollover’, which allows traders to delay the expiry time of their trade in case the movement in the market has not been in their favor. This feature can be used once for each option, and traders must use it within 10 minutes of expiry. ‘Rollover’ may come in handy for traders who are about to lose on their trade. Beside ‘Rollover’, another great feature from TraderXP is the up-to-the-minute market review. This feature should be the standard, but many other binary options brokers are still lacking in it. Market review is essential for traders who prefer to invest in a planned way rather than execute trades impulsively. The next great feature of TraderXP is the ability to ‘Double Up’ on trades that are likely to be profitable. Traders can do this by recreating the original trade scenario and therefore earning double on any potential winning trade.
Ease of Use
Overall, we think that TraderXP is one of the easiest-to-use binary options brokers. It is easy to register for the service, and the web-based platforms are both user-friendly and pleasant. What we really enjoyed about the website is the ‘How to Trade’ box on the right side of the page, which serves as a reminder of how the site works. TradersXP’s account portal is also easy to use. The main problems with the broker, like stated above, were that we could not access customer service via email and that the supplementary explanations of the platforms lay at the bottom of the homepage and were not always available. The accessible chat support, however, somehow compensated for the difficulty of email support. It is a plus for TraderXP to allow most payment options: you can make payments using one of the eight major credit cards, or wire transfer, or Moneybookers. Traders who live in the Middle East or North Africa are able to deposit using CashU, whereas traders from Scandinavia can make deposit via NordeaNetbank, and Dutch traders are able to use a similar service named iDeal.
Customer service at TraderXP can be accessed via email, phone or chat. One unique feature about TraderXP’s customer service is that the phone support is available in multiple countries, so that traders can receive support just by making local calls. As for the chat service, we tested it several times and we are convinced that the staff at TraderXP is very helpful and polite. The email support is not as good. We tried to send emails to the company but we received repeated error messages and were not able to get through eventually.