If you are looking for a quality binary options broker, one which you may wish to consider is TropicalTrade. TropicalTrade is owned and operated by a company called FLY Ltd., which is based in St. Vincent & the Grenadines. While this broker does not stand out in any unusual or distinctive way, the website is well-organized, easy to navigate, and very thorough when it comes to providing information. This transparency along with some nice features does seem to set TropicalTrade apart from its competitors.
Opening an Account on TropicalTrade
When you go to open your account on TropicalTrade, you will notice that the site unfortunately does not accept customers from the USA. If you are located abroad however, you can join and make your first deposit using your credit or debit card or wire transfer. A number of account currencies are available, including US dollar, euro, British pound, Canadian dollar, and Australian dollar.
TropicalTrade is only available in English, but you will notice that the educational section has a language drop-down with a number of options.
There are five different account tiers:
- Basic: Deposit $200+, receive a 20% welcome bonus.
- Pro: Deposit $2,500+, receive a 35% welcome bonus.
- Gold: Deposit $6,500+, receive a 70% welcome bonus.
- VIP: Deposit $50,000+, receive a 50% welcome bonus.
- Corporate: Deposit $100,000+, receive a 30% welcome bonus.
You will notice that the match bonuses climb towards the Gold account level, before dropping back down again for VIP and Corporate. This is because Gold is the most popular account package.
As is typical, there is a rollover requirement to claim the bonus of TropicalTrade. One thing I like about this website however is that in the Terms and Conditions, it is specifically stated that you have an option to accept or decline any bonus that you were offered, and that you will only receive the bonus after having a talk with your account manager. Most trading sites seem to be hoping that you will miss the fine print associated with bonuses, but TropicalTrade actually seems to want to educate you about the strings attached. This is admirable and inspires trust.
You will notice that there are a number of cool extra features available on TropicalTrade, most of which kick in at the Pro or Gold levels. Sadly TropicalTrade does not offer a demo account, but there are a few risk-free trades available at the Pro tier and higher. You can also get a limited amount of one-on-one training, as well as ongoing access to trading signals. At the top levels, these signals are personalized.
What about fees? There are a few, and they are fairly standard for the industry. For wire transfer withdrawals, you will have to pay a $30 fee. For withdrawals that you made using your credit or debit card, you will have to pay 3.5%. There is also a $50 minimum withdrawal threshold (a lot of sites that this higher at closer to $100). If your account is dormant for more than two months, there will be a $20 inactivity fee.
Trading on TropicalTrade
Right now, you can only trade on this website using your desktop or laptop computer. There is no mobile trading available as of yet.
TropicalTrade uses the Panda TS trading platform. While not as popular as SpotOption, more and more binary options brokers do seem to be using it. It is a simple interface and works quite similarly, so if you already have prior experience with SpotOption, it should be an easy transition to Panda TS.
On TropicalTrade, you can invest in currencies, stocks, commodities, and indices—68 trading instruments in all. The minimum trade size is just $5, which is excellent considering that most brokers set a minimum investment size closer to $25. The maximum trade size is $5,000. So this is a good wide range which should be ideal for both smaller and larger accounts.
There are four different types of binary options offered on TropicalTrade: High/Low, One Touch, Hyper, and Range. All of these are quite typical, though Range trading is not offered everywhere, so I’m always happy when I see it. This is the type of trade where you can make money even when the market is relatively flat.
I did not find any reference anywhere on the website to Double Up, Rollover, or Early Close, though I have seen a few other review sites mention that Early Close is available. Out of the three, Early Close is by far the most important tool when it comes to making a profit, so if this is the only one which the site offers, it is by far the best. Typical payouts range around 85%, and there does not appear to be any out-of-money reward.
In terms of customer service, you can contact TropicalTrade via live chat, telephone, web form, or e-mail. I did check the live chat while I was checking out the site, but nobody was there (which is not a surprise given that it was the weekend).
Conclusion: Feature-Rich and Worth Considering
Overall, TropicalTrade makes a good impression. There are some areas where this broker is lacking; it would be nice for example if they would offer demo trading, and it would be great if they were regulated or accepted traders from the USA. Despite this, they do have a lot going for them. One-on-one training is an excellent benefit, as is ongoing trade signals. The fees are reasonable, and the company seems to be transparent regarding their bonus policies.
For all of these reasons, I am willing to give TropicalTrade a tentative recommendation. Make sure that if you are thinking about trading with them, you contact customer service and test them with a few questions. Make sure that this is a company that you would feel comfortable depositing your money with before you pull out your credit card.