Titan Trade (No Binary Options) Review
Titan Trade is no longer a binary options broker. The review below is presented for the archiving purposes.
Titan Trade is a binary options website operated by Titan Capital Limited in Victoria Mahe Seychelles. This broker is very new, having only just begun offering its trading services in 2013. The company does accept traders from the United States, and in fact appears to cater to them (United States is automatically selected from the country drop-down list by default at signup). The only supported language for the site right now is English, though customers from other countries around the world are accepted.
Right now, the Titan Trade website appears to be a mixed bag. Some information is very easy to find, while other information is a bit more challenging to hunt down. The company appears to have actually gone out of its way to create a distinctive site, which is a good thing. There are a lot of trading resources, which is also great, as well as several types of trades which you can participate in. Customer service appears to be slow or nonexistent, however, which is a serious disadvantage.
Signing up on Titan Trade
When you first open an account, you can choose from one of five account tiers. A number of currencies are listed for trading, but right now the site only lets you deposit in US Dollars or Euros. You can start out with $250 or equivalent, but the first account tier starts out at $500. This is the Micro/Test Account, and comes with a 20% match bonus on your first deposit, as well as copy of a free eBook. Additional benefits are available along with higher bonuses as you deposit more money.
The largest account is the VIP Trading Account, for customers who deposit $10,000 or more. With this account, you get a 75% match bonus, VIP market review, risk management portfolio, financial portfolio, VIP brokerage personal services, additional educational materials, daily trading tips and more.
The only fees listed are $30 for wire transfers. There is a minimum withdrawal threshold of $100, but this is not nearly as much of a concern with Titan Trade as it is with other brokers. Titan Trade states plainly that if you are closing out your account and you have less than $100, you may withdraw the full remaining amount. In other words, your money isn’t forfeit just because you’re under the threshold. Your money is yours. With most brokers, this is a loophole through which you could potentially lose money.
Trading on Titan Trade
On the trading platform, you can trade stocks, indices, currencies, and commodities. There are 79 assets in total, several different ways to trade. Along with High/Low binary options, there are also One Touch trades, Pairs, 60 Second trades and Long Term trades. The Long Term trades which were available when I dropped by were only for several days, but it is still great that Titan Trade offers this type of trade for swing traders. Long Term trading is becoming more popular in the binary options world, and is great for beginners.
The minimum trade size is $25, and the maximum trade size is $2,500. Rollover and double up are available, as is buy-me-out.
There are a lot of materials on the website which can help you learn how to trade, even before you sign up for an account. You’ll find a number of trading articles, not just on the basics, but also on advanced strategy for money management and trade placement. If you sign up for the Trading Academy, you get access to even more, including training videos. And the higher your account tier, the more free information you receive.
Absent Customer Service
Customer service is apparently accessible via telephone, paper mail, email, or web form. A live chat link on the site is also available, but when I clicked on it and waited for half an hour, nobody was available. This was during standard business hours on a weekday. This was disappointing, considering that in many other ways, the site actually is quite nice. The layout is good, and there aren’t that many gaps in the information available. The trading resources are excellent. But the customer service problems represent a serious drawback.
At the bottom of the website, you will see a stamp which states that Titan Trade was voted “Most Trusted Broker 2013” by DailyForex. When you click on the stamp, however, it takes you not to a DailyForex awards page (which I could not find through Google), but to a relatively new review posted on the site. The review is favorable, but somewhat inaccurate, indicating that a demo account is available, when this is not actually the case. Some of the account tiers include a risk-free trade, but this is in no way equivalent to a demo account. Also note that mobile trading is not currently offered either, but there is a “Coming Soon” page which indicates that this will soon be available.
Conclusion: Worth Checking Back
When I first started looking through Titan Trade, I was initially impressed. The site design is easy to navigate, and you will easily find most of the information you are looking for. The company has taken steps to educate traders about risk and other important aspects of trading. Their willingness to return money below the minimum withdrawal threshold to customers closing out accounts is a sign of honesty and fairness. Their failure to staff the live chat line was a disappointment though, and the somewhat misleading page on DailyForex is also a bit dubious.
The absence of customer service could have been a fluke, but if not, it would be a major detractor. The last thing you ever want to do is send your money to a company that is inaccessible when you need them. Titan Trade is still relatively new, and is probably still working on perfecting their services. While we cannot give them a strong recommendation now, it may be worth checking on them a few months down the road to see if they have ironed out their customer service problems. In many other respects, they are well on their way to establishing themselves in the industry.