XPMarkets is a binary options website operated by Markets XP Ltd., a London-based company. The company doesn’t appear to be regulated, but does offer their services to US customers. With a trading platform powered by TradoLogic, their site is relatively user friendly and they offer a number of different ways to trade. The company was founded in 2011 and still isn’t very flexible in terms of deposit methods and seems lacking in some other areas as well. Trading resources are almost nonexistent, which is a major drawback, and customer service is questionable at this stage.
Getting Started With XPMarkets
You can register in a matter of minutes with XPMarkets, assuming you can get the form to work. We tried it in two browsers and discovered the phone input field is currently malfunctioning. You have to enter in far more digits than your phone number can possibly consist of to get the form to take you to the next page and register you. Hopefully they’ll get this fixed soon. After that you can choose how much to deposit (minimum deposit is 200 USD, GBP, or EUR). Deposit methods at this point only include credit card or wire transfer. Weaknesses like these are probably accounted for by the relatively young age of the website.
The deposit page isn’t particularly exciting. There are no account tiers. That means that if you deposit more money than the minimum, you aren’t offered any additional benefits for investing more money. The match bonus offer is pretty substantial. The company will match your initial deposit up to 100% on as much as €10,000 or equivalent. You need to turn over the amount 30 times before you can claim the money as cash, so this is a leverage-style offer. It’s one of the highest offers we’ve ever seen. Trading with a bonus like this entails risk, however, so choose with care whether to accept. You can lose just as quickly as you can win. There is no protection offered on your trades either; if your trade expires out of the money, you’ll lose 100% of your investment. This gives XPMarkets a bit more of an edge (as in a house edge) over its investors than many other companies.
As mentioned before, TradoLogic powers the trading platform. There is no mobile platform available at this time, and also no demo account offered. Demo trading is an important part of becoming a successful binary options trader, so we strongly suggest you demo with another broker before you go live with this or any other broker. Once you are ready to trade, you can trade as little as $5 or as much as $1,000 on a trade, and there is no exposure limit, which is quite flexible. You may choose to trade stocks, commodities, currencies, or indices. There are only 30 trading instruments available as of this point, though this isn’t necessarily a huge weakness since you don’t need to trade all that many instruments to become successful.
There are several ways you can trade binary options with XPMarkets. You can either trade the Digital Options (High/Low) , Range Options (Boundary style trades) or Touch Options. This is another area where XPMarkets offers some flexibility. Boundary trades are a particularly nice offering, since this gives you a method for profiting in ranging markets which is quite unique to binary options. Early close and rollover are both available, which gives you added control over your trades. These are excellent features. So from a trading standpoint, XPMarkets does seem pretty thorough. We’re just not entirely sure how reliable they are as a business yet.
Trading Resources and Customer Service
Trading resources and customer service are two areas in which XPMarkets fails to impress us. We didn’t find any trading tools on the site, unless you count rollover and early close. There were no market analyses or calendars or so forth. We also found very minimal educational resources. There is nothing obvious beyond a glossary and a how-to page. An eBook is referenced on the site, but we didn’t actually find it anywhere (it wasn’t in our welcome email either). Presumably you can get it if you ask for it directly. The only other reference to possible education we found was an email address for customer service which was specifically set aside for financial queries. We assume this is a sort of consultation service, though we don’t know if it costs extra.
There are two email addresses for customer service, the other being a general customer service email address. There are also phone numbers and a live chat desk which is supposedly staffed 24/7. We tested this out and we didn’t find anyone online, though to be fair they may have meant 24/5 (it actually states “24H/24” on the site, which is clearly a mistype of some sort). We sent a message through with the couple questions we still have. So at this point we can’t really make a call on whether the customer service is timely and reliable or not.
The main reason you’d consider trading with XPMarkets is probably that you’re from the US and are looking for a broker who will accept you. There are still other better options out there if this is the case. We can’t say for certain that XPMarkets isn’t a good broker, but at this point they are still very new and probably are working on getting their services up to par with other binary options websites.
We would have a greater confidence recommending them if they offered more in terms of trading resources and tools, and we would like to see some pricing tiers which provide traders with additional benefits for higher deposit amounts. The bonus, while very high, is not valuable enough when compared to dedicated management and other great services which competing websites offer high paying customers. Not everyone benefits from high leverage in their accounts. XPMarkets may be worth taking a closer look at, but we recommend giving them a few months to see if they make some improvements.XPMarkets,