TraderXP Review
| Broker | TraderXP |
|---|---|
| US Traders Accepted | |
| Company Name | TraderXP |
| Headquarters | London, UK |
| Regulation | No |
| Bonus Type | Deposit bonus |
| Bonus Size | 35% |
| Max Payout | 75% |
| Out-of-Money Reward | 10% |
| Trading Platform | SpotOption |
| Deposit Options | PayPal, Skrill, wire transfer, Neteller, CashU, Western Union, Nordea, iDEAL, credit/debit cards |
| Deposit Currencies | USD, GBP or EUR |
| Minimum Deposit | $200 |
| Minimum Trade | $5 |
| Online Since | 2009 |
| Trading Instruments | Currencies, commodities, stocks and indices |
| Number of Trading Instruments | 85 |
| Binary Option Types | High/Low, Option Builder, One Touch, 60 Seconds |
| Customer Support Types | Phone (not toll free), live chat, email |
| Education Offered | FAQ, Features list, Dictionary, How to Trade page, Fundamental Analysis articles (several). Additional resources for Bronze, Silver and Gold account holders: account management, tutorials, online courses. |
| Tools Offered | Daily and weekly market analysis |
| Commission | Withdrawal by wire transfer costs 25 USD or EUR |
| Languages | English, Arabic, Russian, French, Spanish, Dutch and Norwegian |
| Demo Account | No |
TraderXP is a binary options broker which was originally owned by SpotOption, the developers of the popular trading software that powers so many binary options platforms. While SpotOption sold off the company years ago, TraderXP still uses the same platform which will be familiar to many binary options traders. The company accepts customers from the US, but does not allow them to trade currencies or commodities for regulatory reasons (the usual terms and conditions for US traders). TraderXP seems a bit inferior in terms of some of its offerings, though there are other areas in which the company excels.
Starting Out with TraderXP
Registration is free and takes only minutes; you have the option of requesting a phone call when you sign up so that you can receive immediate assistance (when customer service is available). The minimum deposit for a standard account is 200 EUR, GBP or USD. Bronze, Silver, and Gold accounts are also available if you are willing to invest more money. TraderXP offers bonuses of 10-20% on amounts up to $1,000 and 30-35% on amounts above $1,000 (you can also get referral bonuses). Bonuses take the form of leverage, not cash; you need to turn over thirty times the amount of the bonus in order to collect it. The higher tiers of accounts come with additional benefits such as account management, tutorials, online courses, and other educational resources.
Depositing money is easy; you can not only use the standard deposit options (credit card, Skrill, wire transfer), but also PayPal, Neteller, CashU, Western Union, Nordea, and iDEAL. Nordea is a service specifically used by Scandinavians, and the site is available in Norwegian (among more common language options), so TraderXP seems to be aiming services toward that market in particular.
Once you’ve registered, you can trade commodities, currencies, stocks or indices; there are around 85 different underlying assets you can choose from. The minimum trade size (for 60 Second trades) is only 5 USD. The maximum trade size is not listed on the site; live chat wasn’t staffed when we checked in (it was a holiday), but we sent an email and will update accordingly. You can only make up to 75% return on a trade which goes in your favor, and you can only receive back 0-10% on a trade expiring out of the money. These aren’t as good as the percentages we’ve found at most sites.
Still, though, TraderXP does offer a lot in terms of types of trades you can conduct and also additional features like double up and rollover which allow you to put more money into trades which are doing well. Types of trades include the standard High/Low along with Option Builder (choose your own expiry time and trade amount), One Touch and 60 Seconds trades. The versatility of the different options types is good since it provides you with more ways to make money.
TraderXP does not offer a mobile platform at this time, so if you are looking to trade away from your computer, this is not the best broker to choose at this point. They also don’t currently provide a demo account, so you’ll need to look for another way to test your trades in real time before you invest with real money. Not offering a demo account is a very common drawback, which is probably because binary options trading hasn’t been popular for long. It’s a good feature to look for, but if you don’t find it and still want to trade with a particular company, you might see if you can test somewhere else before investing your money.
Customer Service and Trading Resources
Customer service options include live chat, phone (not toll free) and email. When we tried to talk to a live chat agent, no one was staffing the desk, but this was unsurprising being as it was a holiday. We do like that when you sign up for an account, you’re offered the choice of requesting a call back so that you can talk to a real person before you start trading. Furthermore, it’s great that managed accounts are offered at the second deposit tier; this is usually a service you have to deposit a lot more money to enjoy. With just 400 USD, GBP, or EUR, you are given a personal account manager who can assist you.
Trading resources on the site are pretty average; there is a FAQ page, a list of features, a dictionary, a How to Trade page, and several fundamental analysis articles. Daily and weekly market analyses are available to everyone. If you pay a large enough deposit for a Bronze, Silver, or Gold account, you are also provided with tutorials and online courses. You’re given regular consultation time free of charge with your account manager, which is a great way to learn from someone who is a professional in the field.
Conclusion
There are a mixture of benefits and drawbacks to TraderXP. It would be nice if the broker was regulated and provided better percentages for trades won and lost, and it would also be great if they offered mobile trading and demo testing. While they don’t provide these benefits, they do provide other advantages. There is a ton of trading instruments, and you can choose from a number of binary option types to trade. The minimum trade size is very small, and therefore flexible, and there are more deposit methods for TraderXP than any broker we’ve reviewed. It’s also great that you have the opportunity to use double up or rollover to increase your investment in a trade which is going well.
There seem to be a lot of resources for customers who make larger deposits, and not necessarily that large; $400 isn’t a huge amount to deposit, especially if you’re going to be trading a responsible percentage of your account. At this level you’re given account management, which means better customer service, and if you pay a little more you get even more trading resources. TraderXP definitely seems like they’re worth a closer look.