Out of Business
GEOTradex no longer offers binary option trading.
GEOTradex is a binary options website owned by Wickham Financial Ltd., a BVI-based company. The company accepts customers in the US and offers their site in English and German. Their site is pretty well organized and it’s easy to find information in the FAQ, and customer service seems to be better than that we experienced over at some other platforms. In terms of features, GEOTradex offers a lot of trading instruments and some useful tools, but isn’t very flexible about withdrawals or investment amounts. When we started working on this review, there wasn’t much about this site which we thought was worth getting enthusiastic about, but by the end, we were pleased with the customer service enough to think that this broker might be a good choice for investors with small accounts.
Opening an Account with GEOTradex
You can register free on the site within minutes and then deposit into your account using wire transfer, credit card, or Skrill. Currencies available to trade in include Euros, Rubles, and US Dollars, and the minimum is $200 or equivalent. There are some generous match bonuses available; the company will match your initial investment up to 100%, but keep in mind these are leverage style bonuses. You can also get $50 for referring a friend. GEOTradex doesn’t offer different account tiers and benefits for customers who deposit large amounts of money, nor is the broker particularly suitable for traders who have large bankrolls because of the investment amount limitations.
Withdrawals are fairly restricted with GEOTradex; you can only withdraw amounts $100 or more, and there’s no mention of fees for withdrawing smaller quantities of money, so that may mean you can’t do it at all. There is a possibility your money could become locked up in your trading account. In terms of fees, this site is pretty standard; the only fees we found were for wire transfers ($25).
Trading with GEOTradex
GEOTradex doesn’t offer a demo account, which is inconvenient, but not unusual for a binary options broker. If you can, it’s best to choose a broker which allows you to do some free trades first so you can familiarize yourself with the process and check how your strategy works when you try it out in real time. You also can’t trade on your mobile device with GEOTradex at this point, so that’s another annoyance.
The trading platform itself is intuitive and simple to get used to, especially if you’ve already done binary options trading before. SpotOption is among the most popular binary options trading platforms on the web, and a ton of different brokers use it, so it may even be something you already know how to use. You’ll find more than 80 different trading instruments including currencies, commodities, stocks, and indices, which means there are many different opportunities to search for the best setups.
One area where GEOTradex is pretty inflexible is trade size. The minimum trade size is $10, which isn’t bad, but the maximum trade size is only $1000. So if you have a large bankroll and you want to place trades that are bigger than that, you won’t be able to trade on GEOTradex. You can ask customer service if there is a higher exposure limit (the total amount you can invest on all trades at once), but that doesn’t necessarily solve the problem. So this company would be best suited to traders with small accounts. This may be one reason there aren’t account tiers offered.
The types of trades which are available include High/Low, Option Builder (choose your own expiry time), One Touch, and 60 Seconds. This is a nice selection and gives you a lot of different ways to interact with the market. Double up and rollover are two tools available to you should you decide you want to increase the amount of an investment which you’re in while it’s active.
Resources at GEOtradex
GEOtradex isn’t entirely minimalistic as far as resources go, but neither do they stand out for offering a ton of educational material. There’s a FAQ, which we do have to admit is pretty thorough, basic how-to pages, and an education center, which as it turns out isn’t really a “center” for anything, just a glossary. Daily market updates and market commentary are offered on the site as well. These resources can help fundamental traders to keep abreast of what’s going on in the financial world, but remember that learning how to trade requires a lot more resources than just the ones you see on the GEOtradex website.
Customer Service and Conclusion
Customer service can be accessed via phone, email, web form, or live chat. We contacted the company via live chat and were put on hold for ten minutes. We were pretty sure that this was going to go on indefinitely, but we were pleasantly surprised when an actual human being did answer the chat line and respond to our inquiry, albeit not particularly thoroughly. Still though, this is worlds better than what we’ve experienced at many other sites. At first we didn’t think the company was regulated either, but that was precisely the matter that the live chat cleared up. The chat agent didn’t know the license number and offered to email it to us, and was very polite and even stayed on the line when we weren’t at the computer when our hold time ended.
GEOtradex has its drawbacks, and we don’t remember being particularly excited about some of the other sites we looked at which hosted the SpotOption platform. Despite this, this binary options website offered a number of pleasant surprises, particularly in terms of navigability, transparency, and good customer service. If you’re thinking of trading with SpotOption, this may be the site you should consider most seriously. As always, we suggest that you read other reviews, especially those of paying customers, and decide for yourself whether GEOtradex might be the right broker for you.