In order to trade binary options online, you need to sign up and partner with a binary options broker. With the growth of this exciting and profitable form of trading, the number of brokers available in the market has increased dramatically leaving the task of checking the reliability and the reputability in the trader’s hands. When I first stepped into the trading arena without any prior experience, I checked online and noticed that although TraderXP had an exceptional reputation, there were some complaints about this broker on different forums. Since I am not the kind of person to judge based on the opinions of others, I decided to put Trader XP to the test and this TraderXP review will provide you with all the information you will require in order to establish for yourself if the TraderXP complaints are justified or not.
The TraderXP Website
The best place to start in order to verify the legitimacy of a broker is to visit their website. From the moment I entered the TraderXP website, I was very impressed with the modern design and I was able to navigate the site with ease. I liked the fact that I was able to find all the tools and features needed to trade binary options on the homepage of their site. This included opening a trading account, information on their mobile platform, access to their trading platform, FAQ’s, information of how to trade, live news by CNBC finance, access to a video tour and much more. As a new trader or a seasoned professional, having easy access to vital information and trading tools is definitely a plus. Another element which caught my attention is that the TraderXP site is offered in 11 languages including English, Arabic, Turkish, Russian, Spanish, Italian, French, Dutch, Norwegian, Chinese, and Japanese. This feature accommodates traders worldwide and it enables one to trade in their native language which helps to boost trading success. But a good-looking site isn’t going to convince me if a broker is a scam or not, so I decided to dig a little further.
How Do You Open A Trading Account With TraderXP?
In order to be able to access the trading platform, you need to register a trading account with the broker. So I decided to test this process. From the homepage of their site, you can complete the short registration form which asks for your full name, email address, country location and telephone number. You can also request to speak with a trading coach while submitting your details. Once you click on the ‘Open Account’ button, you are then redirected to another short registration form which allows you to create a password for your trading account. At this stage, you are also required to select the currency you want to trade in and your choices include British Pound Sterling (£), Euro (€), US Dollar ($) and the Chinese Yuan Renminbi (CN¥). It is important to remember that once you make this selection, you cannot change it at a later stage so make sure to choose your currency preference carefully. It is free of charge to open an account with TraderXP and you will only need to make a deposit once you want to access and use their trading interface.
At this stage of registration, TraderXP also gives you free access to their Option Guide eBook which covers detailed information on how to trade binary options. Once you have submitted the information, you are then redirected to a TraderXP trading account page which allows you to select the type of trading account you would like to open. I was very impressed with the fact that this broker clearly understands that no two traders are alike, and the option to choose a specific type of trading account is a great feature. So let’s take a look at these types of trading accounts and what features and benefits are included in each.
Types of TraderXP Trading Accounts
TraderXP offers three types of trading accounts, namely:
This trading account type from Trader XP requires a trader to make a minimum deposit of between $200 and $999. From this information, it was clear to me that the minimum deposit required by this broker to gain access to their trading platform was $200. This is not a bad amount since other brokers request up to $400 initial minimum deposit. Other features of a Trader Account include daily and weekly market reviews, an eBook, a full education pack as well as advanced Candlestick Chart training. I was very impressed by these added services and really felt like I was getting a real return on my small investment of $200. The added bonus of this type of account is that TraderXP is offering up to 30% bonus on your initial deposit which means that if you make a deposit of $500, TraderXP will give you an additional $150 in your trading account to trade with. The terms and conditions of this welcome bonus are outlined on the website, so make sure to check these details carefully. With the low minimum deposit requirement and the added features and services, this type of account is ideal for someone who has never traded binary options before.
The Executive Account from TraderXP requires a minimum deposit of between $1,000 and $4,999 and in return, the broker will give you up to 70% welcome bonus. Other features and services included in this account type include daily and weekly market reviews, access to a dedicated account manager, expedited withdrawals, one trading strategy, an eBook, a full education pack, money management trading and one risk-free trade. A risk-free trade means that you can trade and no matter what the outcome of the trade, that is, win or lose you cannot lose your investment amount. On the TraderXP site, this type of trading account is marked as ‘Recommended for Beginners’, and as a new trader like me, making an initial deposit of $1,000 is quite a lot of money and in my case, the Trader Account suits my pocket more.
With a Gold Account from TraderXP, you will need to make an initial deposit of between $5,000 and $10,000 and in return, the broker will give you up to 100% welcome bonus. Other services include daily and weekly market reviews, three trading strategies, professional trading analysis, VIP Academy membership, five risk-free trades, money management training, access to a dedicated account manager and expedited withdrawals.
So I selected the Trader Account type and within seconds, my trading account with the broker was activated. In order to login to the TraderXP account, you can enter your email address and password on the website. From within your trading account you can check your options portfolio which has details of all your trades and you can also deposit and withdraw funds. Then of course comes the most important part, the trading interface from where you can make your trades.
Until now, I have not found any reason to complain about TraderXP, nor is there any indication that this broker is a scam or a fraud, so let’s take a good look at the trading interface they offer.
The TraderXP Trading Interface
The trading interface is 100% web based which means I did not need to download any software in order to trade. The broker also offers four types of trade options which include the standard binary options trade option, One Touch, Option Builder and 60 Seconds. What I liked about the trading platform is that it is easy to use. At the top of the page, you can access a video Guided Tour which gives you detailed information on how to trade on the TraderXP trading platform as well as a demo on trading. It is important to note that TraderXP does not offer an actual demo account which allows you to trade in a real live trading environment without the risk of losing any money. They do, however, offer a demo trading video which provides full details of how to trade on their trading interface. There is also a ‘Learn More’ tab which gives you additional information on how to trade so if you are new to this game, all the tools needed to start trading binary options can be comfortably found on the trading interface.
TraderXP also offers their new XP metagraphs from their trading interface and these provide detailed historical price charts for each asset which enables you to make more accurate predictions when trading. Another feature that I liked was that you can choose the layout of the trading interface. That is, the live trades can be laid out as lines, cubes or with detailed historical price charts of each asset. I think this type of flexibility and choice enables TraderXP to cater to both new and professional traders.
So my next big test was executing a trade and I decided to start with the standard binary options trade option. The assets that this broker offers are listed at the top of the trading interface and they are broken up into their different classes, namely stocks, commodities, indices and currencies. You can also select the asset you want to trade in from the dropdown asset box on the trading interface. You can then move on to choosing the expiry time of the trade which is also presented in a dropdown box. I then entered my investment amount and all that was left was to make my selection of ‘Up/Call’ or ‘Down/Put’ which is based on my prediction if I think the price of the asset I have chosen will move up or down by the expiry time of the trade. The whole process was easy and I was able to trade without any prior knowledge or experience which is a big plus for TraderXP.
While I was trading, I also noticed that TraderXP offers risk management tools, namely, Rollover and Double Up. The Rollover feature allows you to postpone the expiry time of your trade if you see that your trade requires more time to reach the desired asset price. When you click on the Rollover button, you can select a new expiry time for the trade. This is a very powerful stop loss strategy and while it may cost an extra 30% of your initial investment amount, you also have the opportunity of making 30% higher return on your investment should your trade end in-the-money. The Double Up feature enables the trader to capitalize on a strong trade position. That is, if you can see that your existing trade is going to end successfully, when you click on the Double Up button, a duplicate trade will be created giving you the opportunity to make double the profits when both trades end successfully. Both these features are an excellent way to reduce the risk of trading while increasing the profits.
My attention now turned to the assets offered by the broker. After all, if they do not offer a wide selection to choose from, this can affect my trading effectiveness.
Assets Offered By TraderXP
As I mentioned, you can choose an asset from the dropdown box available on the trading interface. The broker also offers a full Asset Index list on their website which provides detailed information on each asset they offer such as the Reuters code, the expiry rule and the trading hours. TraderXP offers a selection of 34 stocks such as, Google, Amazon, Barclays; 14 currency pairs such as USD/CHF, AUD/USD, EUR/JPY; 7 commodities such as Coffee, Sugar, Gold and 28 indices such as, S&P 500, Nasdaq, FTSE 100 and more. Another feature that I noticed on the homepage of the site, is that TraderXP also allows you to trade in Twitter stocks which is quite exciting.
Okay, so until now I feel very comfortable with TraderXP. I opened and logged into my trading account with ease and I was able to make a trade from their cutting-edge and intuitive trading interface. So my big question now is can you make money with TraderXP?
TraderXP Return on Investment
Let’s be honest now – when someone trades online, the core goal is to make money and TraderXP seems to meet these needs. The broker offers up to 75% return on trades that end successfully or in-the-money and they pay up to 10% on trades that end out-of-the-money. The One Touch trade option also offers the opportunity to make up to 600% return on successful trades and this trade option also allows you to trade on the weekends which are great features.
When it comes to money, another important feature of a broker is the withdrawal and deposit options. I want to be able to deposit money with ease as well as have access to these funds quickly when I make a withdrawal request so I decided to put TraderXP to the test.
Banking Options With TraderXP – Deposits and Withdrawals
On the homepage of the TraderXP website, they have a tab called ‘Banking’. When I clicked on it, I was immediately redirected to the banking options. These include credit cards such as, Visa, MasterCard, Diners, Delta, Visa Electron, Maestro UK (Switch) and Solo; debit cards, Nordea, MoneyBookers, iDEAL, CashU and wire transfer. The wide selection is impressive and I decided to make an initial deposit of $200 using my credit card. The funds were available in my account immediately which gave me the choice to start trading at once.
After a few winning trades, I then decided to withdraw money from my TraderXP account. In order to withdraw money from TraderXP, you can request a withdrawal from your trading account. You will also be required to send the broker verification information before they process your request. This includes a copy of your ID document or passport, a utility bill as well as a copy of both sides of your credit card. While I was a little surprised by this requirement, I was also quite impressed that TraderXP was checking my information and this gave me a sense of comfort that my money was in good, safe hands. TraderXP charges a $35 fee for each withdrawal request and you can withdraw a minimum of $100 and a maximum of $5,000 at one time. It takes the broker between 5 to 10 business days to process the request and within 7 days, the money I had withdrawn was credited back to my credit card.
With all this talk about money, I started to wonder if my personal and financial information was safe with TraderXP and after checking their website, I found information on this topic on their FAQ’s page. TraderXP states that they use an internationally accepted security system SSL (Secure Sockets Layer) which encrypts all credit card payments over the web. Since this system is automatic, if your browser does not support it, you will receive instant notification. This gave me peace of mind that TraderXP was taking the necessary steps to protect my interests which definitely would not exist, if the broker was a scam.
Let us look at other features and services that TraderXP offers and we will move on now to their educational trading tools.
TraderXP Trading Tools and Education Center
From the homepage of the TraderXP website, you can access their Education Center. Here you can access their live course which includes videos on important topics of binary options trading such as, introduction to binary options, trading psychology, financial management and more. Access to this live course is free of charge. TraderXP also offers an eBook which is called the TraderXP Options For Success. This eBook is also available free of charge and it covers important topics such as the advantages of the trading platform, capital management, market analysis, trading strategies, glossary of terms and much more. A great feature of this eBook is that each section is followed by a short exercise which gives you the opportunity to check if you understand the basic concepts.
Other information that is available in the Education Center is a full asset index as well a video guided tour of the TraderXP platform. You can also access the broker’s blog which has extensive news and information on trading binary options. But the trading tools do not end there. TraderXP also offers daily and weekly market analysis on their site as well as information on how to trade each type of trade option offered on their trading interface. You can also access their comprehensive FAQ’s section as well as their dictionary which provides explanations on important trading terms. TraderXP also provides a full fundamental analysis section which covers important topics such as interest rates, retail sales, GDP, PMI, NFP and Unemployment Rate and more. TraderXP also offers an extensive article section with a wide selection of articles covering important topics such as digital options, Forex binary options, trading platform and more.
So when it comes to the complaints department of TraderXP, so far I have no complaints. My next test was going to be the mobile trading platform offered by this broker which I had read about on a TraderXP forum.
Mobile Trading with TraderXP
From the homepage of the TraderXP site, it is clearly advertised that this broker offers mobile trading. That is, with the TraderXP app, you can trade binary options with this broker at any time and from anywhere. The mobile trading platform is for iOS and Android devices and the broker is offering a $500 bonus if you download their app. In order to be eligible for this bonus, you need to make a deposit through the app. So I decided to put this mobile trading to the test. You can download the app from the App Store or from Google Play and once it was installed, I was so impressed that I could trade options from my mobile phone. The trading platform was the same as the web version so there was no learning curve and I was also able to access my TraderXP trading account from my mobile with ease.
While I can easily understand that it is simple to call TraderXP a fraud, I always believe in looking at the facts. Until now, the facts have clearly shown me that this broker is reliable and reputable and that they offer top-notch trading tools and features. After all my investigations, it seems though that TraderXP has more to offer with their refer-a-friend program and their affiliate program.
Trader XP Refer-A-Friend & Affiliate Program
Trader XP rewards loyalty and their refer-a-friend program offers traders a reward of $50 per friend that you refer to this broker. If your friend signs up with TraderXP and makes the initial minimum deposit of $200, both you and your friend will each receive $50 bonus to your trading account. The exciting part about this offer is that there is no limit to the number of friends you can refer so the sky’s the limit when it comes to the money you can earn.
Another exciting program is the TraderXP affiliate program which offers affiliates 100% reliable payouts, top CPA’s and more. If you are an affiliate, then the TraderXP affiliate program will provide you with all the marketing and creative tools needed to succeed.
In my final test of the reliability of TraderXP, I decided to check their customer service. For me, it is very important to be able to make contact with the broker at any time.
TraderXP Customer Support
TraderXP is located in Israel yet they have satellite offices based all around the world. On the homepage of their website, you can access their Live Assistance and when I tested out this service, I was highly impressed. Within minutes I was connected to a customer service representative who was professional and who responded to my questions with ease, providing accurate and relevant answers. When you click on the ‘Contact Us’ tab on the website, you are redirected to the contact page which enables you to contact TraderXP via email or telephone. A contact telephone number is available in a wide range of different countries such as Australia, France, Cyprus, Los Angeles, Turkey, Germany, Singapore, South Africa and many more. On this page, it also clearly states that the TraderXP customer service team is only available between 8:00am and 5:00pm GMT. While I would prefer access to my broker 24 hours a day, 7 days a week, I liked the fact that TraderXP managed my expectations by informing me when their customer service was available. TraderXP also has a Twitter and a Facebook account which also provides important information about the broker and market movements.
After reading the different TraderXP reviews online, I was left with an unsure feeling of the legitimacy of this broker. After doing my own review and analyzing the site and the services offered by this broker in depth, I am confident in saying that I have no complaints about TraderXP and that they are definitely not a scam. Instead, TraderXP is a top binary options broker that offers a state-of-the-art trading platform and elite trading tools and services.