TraderXP ReviewAugust 7, 2012 // No Comment
Founded in 2009 TraderXP is on one of the veterans of the binary options business and offers a solid trading proposition for potential trading clients.
The web based trading platform based on the core Spotoption engine offers a range of contract types for the trader including the increasingly popular One Touch and Sixty second contracts.
Clients will also find a wide range of educational materials provided to assist them in their trading including regular market analysis, tutorials and dedicated personal account management.
|Accepting US Traders||Yes|
|Trade Types||Call/Put, Option Builder, 60 sec, One Touch|
|Deposit Offers||Up to 50% deposit bonus|
The trading platform offered is web based and makes use of the higher popular SpotOption core trading engine. This is one of the more popular dealing platforms offered by brokers. It offers a wide range of different trading features and also allows for a lot of different assets to be offered.
The usual range of contracts are offered by TraderXP in line with other dealers who operate this platform. This means that as a client you get the opportunity to trade ‘classic’ higher/ lower options, One Touch contracts and the fast 60 second binaries. The Option Builder tool is also on hand if you want to create and customize your own trading contracts. The payouts offered are OK, mainly over 70% for most basic contracts. You will however find that you can get higher returns elsewhere. .
For those people who want to trade two asset prices against each other, it is also possible to place ‘Pairs’ contracts. This feature looks to be newly implement so there are at present only a limited range of assets that can be traded in this way. Other features of note that are on offer are the ability to ‘Roll Over’ and ‘Double Up’ on open contracts that you have placed in your account.
Accounts registration is straightforward and can carried out online via a simple sign up form. The minimum deposit requirement is USD200 or EUR200, depending upon the currency that you want to operate your account in. The maximum deposit amount is $5,000 via a credit card although it is possible to fund an unlimited amount by Wire transfer.
All clients gain access to live market updates and daily market analysis. A free trading guide is also provided for new signups. You can also gain access to professional trading assistance from the companies account executives.
Deposits and Withdrawals
A good range of deposit methods are on offer to allow you to fund your account. These include credit card, debit card, wire transfer, Nordea, iDEAL, PayPal and CashU. Wire transfers can also be used for funding but must be for a minimum of $500. Wire transfers can take up to5 days to reflect in your account balance. Transfer amounts below this level will attract a $25 processing fee.
Withdrawals can be made for free either via a credit card or Cash4U. Bank wire transfer withdrawal requests are at $25. Request are generally processed in three working days and can take up to 5-7 to reflect in your account.
You can access the company website directly from any mobile device. However at present no dedicated mobile applications are available for dealing.
Levels of support are generally good with questions quickly responded to. The website is provided in six languages (English, Arabic, Russian, French, Spanish, Norwegian) and an international support email address is provided. In addition sixteen regional office telephone numbers are also provided so allow you to quickly get in touch with this broker. Online chat is also available directly from the main website.
A key feature to note is the wide range of assets offered for trading. In particular you can access a wider range of market indices and Forex pairs than are available with most brokers. The total assets available for trading in each class are 28 Indices, 15 Forex pairs, 7 Commodities and 33 Stocks.
TraderXP Review – Verdict
The trading platform supplied to clients allows Trader XP to provide a good set of trading conditions. A number of different contracts are offered for trading and the range of assets available (particularly Indices) is very good.
The lower payouts offered on in-the-money contracts does however mean that if the assets you want to trade are available elsewhere, then it would be wise to look at some of the other SpotOption based brokers. Banc de Binary or TradeRush are two obvious choices here. They offer access to the same core trading platform but will pay out you out higher returns for in-the-money contracts.