23Traders is a fairly new binary option broker whose company slogan is “By Traders. For Traders”. According their website, 23Traders was first created by combining insights from 23 different traders about what makes up ultimate trading service and brand. They decided that the five core components that do this include; being user friendly to beginner traders, having a personal trainer available to its customers, being able to share information with others, providing a variety of trading tools and assets, and having a platform where you can trade anywhere at any time. They currently are using the SpotOption trading platform which is becoming the norm for many of these new binary options brokers. At this time, they have 86 different instruments for people to trade off of and also offer a variety of different binary option types such as FX/CFD, Speed Options, Long Term, One Touch, Pairs, and Ladder.
Before you can start trading, you must first open an account. 23Traders has six different account types that they offer. The first is called their Basic Account. This account requires minimum total net deposits in the amount of $1,000. The payout with this account is up to 78%. Maximum trade amount is limited to $1,500 and withdrawals are executed within 5 working days. The second account is the Bronze Account. With this account you can get up to 80% payouts. The minimum deposit is $5,000 and maximum trade allowed is $2,000. You get all the benefits of the basic account, but can also get a 10% welcome bonus, have the ability to attend webinars, and receive one on one coaching. The third account that is offered is called the Silver Account. With this comes a minimum deposit of $20,000. People that go with this account can make maximum trades in the amount of $2,500. The welcome bonus is 20% and the highest payouts for trades are 82%. Traders get even more educational resources then previous accounts with access to events and trading alerts. The next type of account is the Gold Account. This has a minimum deposit is $30,000 and has a 50% deposit bonus. All withdrawals are processed within 4 days. Payouts go up to 85% and the maximum trades are limited to $10,000. A very nice benefit of this account is that it also offers a special expert advisor to come up with a trading strategy. The penultimate account type is their VIP Account. This has a minimum deposit of $50,000 and has bonus of 90%. The withdrawals are executed within 3 business days and the maximum trade amount is $10,000. Features of this account type include sports and entertainment tickets and assistance of special financial experts. Lastly, (and most expensively), they have their Elite Account. This requires a minimum deposit of $100,000. The maximum trade that can be made is $20,000 and all withdrawals are processed within 2 business days. The welcome deposit bonus for this account is 100%. This account has the benefits and features of all the other account type combined. As you can see, 23Traders has many different accounts for all kinds of traders. However, it’s important to mention that there is no demo account. So if you are new to binary options trading, make sure to do your research and choose wisely before selecting an account.
Withdrawing and Depositing
23Traders provides many different options for depositing funds. The minimum deposit amount for credit cards is $250. Visa, MasterCard, Maestro, and American express are all accepted debit/credit cards. Along with this there are also online alternatives that can be used to deposit funds. Neteller, Skrill, CashU, and EcoPayz are all also available to use. Lastly, wire transfers are also accepted. The minimum deposit amount for this method is higher at $500. For both credit cards and the alternative methods, funds are made available instantly to your account. Wire transfers will usually take between 2-5 days. To withdraw money from your account you must use the same method that was used for funding that account in the first place. There is no minimum or maximum withdrawal limit when using a credit card and can take up to 5 days from the approval date to transfer. The minimum withdrawal limit when using a wire transfer is $100. There is no maximum withdrawal limit for wire transfers and can take up to 5 days from the approval date to transfer. The amount payable will be paid directly into the client’s bank account.
There are many different educational resources offered by 23Traders. They offer more useful information than most brokers do and that can be a great reason for beginner traders to choose them. To start, they have e-books, webinars, and video tutorials that explain a wide range of topics. From simply learning about the different types of options available to developing specific trading strategies, there is plenty of helpful information offered. Another great resource is their personal instructors that will give one on one lessons. These instructors will teach you how to choose an asset, how to use the trading platform, and provide tips to become a profitable trader. Even more, they have a daily market review which can help you stay informed about what is happening in the markets. All of the resources combined are powerful tools to help improve anyone’s trading.
Overall, 23Traders seems like a decent binary options broker. The two major drawbacks of using this service is that they don’t offer a demo account and their minimum deposit amount is higher than many other brokers. This may deter new traders. However, they offer many great resources to learn from and provide a solid trading platform by using SpotOption. For those reasons, this is a broker that should be considered when choosing a platform to trade on.