Tradorax Review
| Broker | Tradorax |
|---|---|
| US Traders Accepted | |
| Company Name | AM Capital Ltd. |
| Headquarters | Marshall Islands |
| Regulation | No |
| Bonus Type | Match bonus |
| Bonus Size | 200% |
| Max Payout | 85% |
| Out-of-Money Reward | 0% |
| Trading Platform | TechFinancials |
| Early Closure | |
| Deposit Options | Credit/debit cards, wire transfer, Neteller |
| Deposit Currencies | Euro, US Dollar, British Pound, Japanese Yen, Russian Ruble |
| Minimum Deposit | $250 |
| Minimum Trade | $25 |
| Maximum Trade | $5,000 |
| Online Since | 2016 |
| Trading Instruments | Forex: AUD/CAD, AUD/CHF, AUD/JPY, AUD/NZD, AUD/USD, CAD/JPY, CHF/JPY, EUR/AUD, EUR/CAD, EUR/CHF, EUR/GBP, EUR/JPY, EUR/NZD, EUR/USD, GBP/AUD, GBP/CAD, GBP/CHF, GBP/JPY, GBP/NZD, GBP/USD, NZD/JPY, NZD/USD, USD/CAD, USD/CHF, USD/DKK, USD/HKD, USD/JPY, USD/RUB, USD/SGD, USD/TRY Indices: ASX-200 Future, BUX, Bombay 30, CAC-40 Future, DAX-30 Future, DUBAI, Dow Jones, Dow Jones 30- Future, FTSE 100 -Future, Hang Seng Future, IBEX -Future, Kospi 200, Kuwait Index, MICEX, NIFTY-Future, Nasdaq 100- Future, Nikkei 225-Future, Qatar Index, RTSI, S&P 500-Future, SMI-Future, South Africa Future, TADAWUL Commodities: Coffee, Copper, Corn, Gold, Gold/EUR, Gold/JPY, Gold/Silver, Oil, Platinum, Silver, Sugar, Wheat Stocks: AXA, Adidas, Alibaba, Amazon, Amex, Anz, Apple, BBVA, BHP Billiton, BNP Paribas, BP, Baidu, Barclays, CITIGROUP, Cisco, Coca-Cola, Deutsche Bank, Disney, EXXON, Ebay, FERRARI, Facebook, Gazprom, GoldCorp, Goldman Sachs, Google, IBM, ICICI Bank, Intel, JPMorgan Chase, Linkedin, McDonalds, Microsoft, NIKE, Netflix, Orange France, Pfizer, Priceline, Renault, Rio Tinto, Royal Dutch, Samsung, Sberbank, SilverWheaton, Societe General, Sony, Sumitomo, Tata Motors Ltd, Telefonica, Tesco, Twitter, Verizon, Vodafone, Westpac Banking, Yahoo |
| Number of Trading Instruments | 121 |
| Binary Option Types | High/Low, One Touch, Short Term, Boundary |
| Customer Support Types | Email, live chat, phone, web form, paper mail |
| Education Offered | FAQ, glossary, videos |
| Tools Offered | Personal broker, trading signals, cash back, risk-free trades, early close, double up, rollover |
| Commission | First withdrawal of the month is free, there are fees after that |
| Languages | English, German, Russian |
| Demo Account | No |
With more and more binary options brokers accepting regulation by CySEC, there are fewer binary option brokers that still operate without any regulation. Most of those sites are pretty low in quality. Tradorax is an exception to the rule. It is an unregulated broker based in the Marshall Islands and owned by AM Capital Ltd. Tradorax is not a perfect broker—there is no demo account and you have to jump through hoops to talk to customer service—but the website is sophisticated, the trading platform is comprehensive, and there are a ton of assets to trade.
Getting Started on Tradorax
You can join Tradorax in a matter of minutes. After you create your account, you need to deposit at least $250 to start trading. As the minimum trade size is $25, I suggest that you deposit more than this for reasons of sound money management (you do not want to go betting 10% of your account on all your trades).
Four different account tiers are offered:
- Mini
- Silver
- Gold
- VIP
All four levels include access to the web platform as well as the Education Center. Note that you only get access to the first two video lessons at the lowest account tier. When you deposit more money, you get access to more lessons. This is a slight drawback over some other brokers, but there are some other great trading tools and features that make up for it.
At the Silver level and higher you get access to trading signals, cash back, and higher return percentages on winning trades. These are all excellent features, and they are not offered by all binary options brokers! Another cool feature at the Gold and VIP levels that you will seldom find offered on other sites is the chance to take a couple of risk-free trades every month. This is a common promotion for new traders, but very few sites offer it as a recurring benefit.
There are great bonuses for signing up too. You can qualify for a match bonus up to 200% (which is huge), as well as five risk-free trades.
Wondering about the withdrawal policy? It is not the best I have seen, but it is far from the worst. Your first withdrawal of the month is always free, after which you need to pay for subsequent withdrawals.
Trading on Tradorax
Tradorax is powered by TechFinancials, not SpotOption as most other sites are. While SpotOption is a nice platform, it is a bit minimalist, and TechFinancials is arguably better in terms of layout and information provided. This makes it easier and more enjoyable to trade on the site.
On that note, while you are browsing Tradorax, you will notice that the site as a whole is much better designed than most. Every page and form loads correctly, links take you where they say they will, and navigation is easy. The actual content on the site is above par. This is not just another recycled white label design. Tradorax has put real time and effort into making a functional trading site and service.
As mentioned previously, the minimum trade size is $25. The maximum trade size is $5,000. This is a much wider range than you will find on most other sites, and will help you out as your bankroll increases. There are 121 different stocks, indices, currencies, and commodities you can invest in. Trade types include High/Low, One Touch, Short Term, and Boundary. Boundary trading is an awesome way to make money in markets that are not particularly volatile. Not nearly enough binary sites offer these trades, so it is excellent you can take them here. You can get out of your trades early or stay in them past the original expiry time using early close, rollover, and double up.
What if you need help at any point while you are trading? Customer service is available through telephone, live chat, web form, email, or paper mail. I did test out the live chat feature. It is only available on weekdays, and appears to be staffed somewhat sporadically.
When I did manage to talk to an agent, my feelings about the experience were mixed. On one hand I was pleased at how quickly an agent staffed the line. On the other it annoyed me that the interface did not tell me whether an agent was on the way or where I was in line. And when the agent did arrive, she refused to answer even simple questions unless I provided a phone number. This seemed like a pretty hard sales tactic. Obviously this would not be an issue once you signed up since you would expect to give your number anyway, but it seemed pushy as I was only investigating.
Conclusion
There are a few things that I dislike about Tradorax and a lot of things I really like:
Pros:
- Signals are provided at most account tiers.
- Not only are welcome promotions generous, but so are ongoing promotions (including monthly risk-free trades at the top two account levels).
- Cash back and higher payouts are both awesome benefits.
- TechFinancials is a robust platform.
- The range of minimum and maximum trade sizes is more flexible than you will find on most broker sites.
- The overall design of the website is superior to most.
Cons:
- No app is available for iOS mobile trading.
- There is no demo account to practice on risk-free.
- Customer service is a bit pushy.
You can see how even with some criticisms, the advantages of Tradorax seem to outweigh the disadvantages. This is a site that I can recommend, especially for traders seek brokers that provide trading signals. Normally, there is not a big choice in the niche. I do suggest however that you test out customer service and make sure you are happy with the agents before you commit to depositing money in an account.