TradersRoom Review
| Broker | TradersRoom |
|---|---|
| US Traders Accepted | |
| Company Name | TradersRoom Ltd. |
| Headquarters | Nicosia, Cyprus |
| Regulation | No |
| Bonus Type | Match bonus |
| Max Payout | 75% |
| Out-of-Money Reward | 10% |
| Trading Platform | SpotOption |
| Deposit Options | Credit/debit cards, wire transfer, Western Union, WebMoney |
| Deposit Currencies | USD or EUR |
| Minimum Deposit | $250 |
| Minimum Trade | $5 |
| Maximum Trade | $1,500 |
| Online Since | 2010 |
| Trading Instruments | Currencies, Commodities, Stocks, Indices |
| Number of Trading Instruments | 48 |
| Binary Option Types | Call/Put (listed under "One Touch" for some reason), 60 Seconds |
| Customer Support Types | Phone, contact form (email), or live chat |
| Education Offered | Glossary |
| Tools Offered | Daily and weekly market review, tips from analysts (completely out of date, all of them). Under Silver and Gold accounts, breaking financial news and regular chats with experts are provided. |
| Commission | $10 for withdrawals of under $50 or for check withdrawals. No fees for wire transfers. |
| Languages | English, Portuguese, Spanish, Russian |
| Demo Account | No |
TradersRoom is one of the few binary options brokers on the internet that accept traders from the US and also takes customers from countries around the globe. The site is operated by Cyprus-based TradersRoom Ltd., though there is not a lot of information available on this company, and it is probably not regulated. TradersRoom’s main advantage is that it does offer services to US clients, but otherwise there is not a whole lot to make it an appealing choice. We’re not impressed with the website’s general lack of information, the inconsistencies we found in the trading platform, or the vague nature of the company.
Getting Started with TradersRoom
To get started with TradersRoom, it only takes a few minutes to register. You don’t even need to provide the name of the country you’re located in. You are then prompted to deposit money so you can start trading. You can trade in either USD or in EUR, and you can make your deposit using credit card, wire transfer, Western Union, or WebMoney. The minimum deposit is 250 USD or EUR, which is quite standard. One nice thing about TradersRoom is that there is no withdrawal fee if you withdraw the minimum amount of money (more than 50 USD or EUR), even with a wire transfer. Unfortunately there are a lot of reviews online that point toward withdrawal problems with TradersRoom. These complaints make us leery because being able to withdraw your money quickly and easily is one of the most important features of any trustworthy broker.
The TradersRoom platform is powered by SpotOption, which is one of the most popular trading platforms out there. Traders who have used SpotOption-based platforms elsewhere will already be familiar with the way that trading is presented on the TradersRoom site. TradersRoom has a unique feature where you can choose two different formats for the trading platform. One is a simplified version of the other, although both are quite basic and easy to understand. Note that TradersRoom offers no demo platform of any sort, so you will need to demo test somewhere else before you trade live.
One weird issue with TradersRoom concerns the way that types of binary options trades are labeled in their platform. There are two types of trades available, Call/Put and 60 Seconds trades. For some reason though, Call/Put are labeled as “One Touch” on the platform. When you select “One Touch,” you just get the Call/Put trade type. This is just a simple mislabeling, though it’s a bit misleading. You can trade indices, stocks, currencies and commodities, and there are around 48 trading instruments available.
The minimum amount you can trade is $5 on a 60 Second trade. The maximum amount is $1,500. The average out-of-money reward isn’t too bad; it appears to be a minimum of 10% (not an average, an actual minimum, meaning you always get something back if you lose). The average winning payout percentage is just 70-75%, which is lower than we’re used to seeing.
TradersRoom offers match bonuses when you deposit as well as several tiers of accounts. The match bonuses are leverage-type bonuses; you need to turnover the amount of the bonus 15 times in order to claim it for your own. This is a pretty low turnover requirement; many brokers require twice that turnover. There are also bonuses for loyal customers who trade a large volume. The three tiers of accounts are Bronze, Silver, and Gold. All three include an account manager and a monthly call. If you deposit $5,000 or more, you can get a daily call from your manager. All three tiers come with daily and weekly market review. The top two include breaking financial news and special bonuses. Gold account members qualify for faster withdrawals.
Customer Service and Trading Resources
TradersRoom has links at the bottom of their page to daily and weekly market reviews, but they haven’t been updated in a couple of years. There are also expert tips, but when you click on that link, you see only one tip, dated 2009. So these resources are either unavailable or they are only available as part of a paid service (i.e., you can access them if you are a Silver or Gold account member). Otherwise there is nothing in the way of educational materials, so that’s not so great.
Customer service can be accessed via telephone (there’s one number for the US and another for the rest of the world), live chat or web form. On a weekday during standard business hours we attempted to speak to an agent via the live chat and were unable to reach anyone. After waiting for fifteen minutes we were prompted to send an email instead. So we don’t know how often the help desk is actually staffed. Sadly this seems to be a plague among binary options brokers. We suggest you call up the customer service department before you make any decisions about trading with this broker.
Conclusion
There really isn’t a whole lot which impresses us about TradersRoom. We like that there isn’t a withdrawal fee for wire transfers—that’s pretty unique. But we’re bothered by the customer reviews we’ve seen online which say it’s hard to withdraw your money from this broker. It’s your money and you should have no problem getting it, even if there is a standard delay between your request and your receipt of the money. You have a right to expect timely and clear communication about your funds and to be able to swiftly withdraw them within a specified timeframe.
It also seems like there are a number of inconsistencies on the site that need to be remedied, including some inconsistencies in the presentation of the trading platform. The fact that there are no trading resources available directly on the page is less than impressive; the outdated information in the weekly and daily reviews makes us wonder whether the packages which include resources really do include them. We also would have liked to be able to reach customer service more easily during standard business hours. Overall, we wouldn’t readily advise you to trade with this broker.