WhiteTrader Review
| Broker | WhiteTrader |
|---|---|
| US Traders Accepted | |
| Regulation | No |
| Max Payout | 75% |
| Out-of-Money Reward | 10% |
| Deposit Options | Credit/debit card, wire transfer, CashU, Nordea, iDEAL |
| Deposit Currencies | US Dollar, Euro |
| Minimum Deposit | $100 |
| Minimum Trade | $25 |
| Maximum Trade | $1,500 |
| Trading Instruments | Forex, Commodities, Stocks, Indexes |
| Number of Trading Instruments | 83 |
| Binary Option Types | Call & Put, One Touch, Option Builder |
| Customer Support Types | E-mail, phone call, on-line chat service (not working) |
| Education Offered | How-to-Trade Page, Demo Video |
| Tools Offered | Daily Market Review, Weekly Market Review, Expired Rates, Expiry Rates Rules, Live Financial News |
| Commission | $25 fee is applied to a wire transfer withdrawals |
| Languages | English, French, Spanish |
| Demo Account | No |
WhiteTrader claims to offer professional assistance to all traders in a 24×7 environment to help trade with a minimal risk, but their online chat service is not working nor do they reply to your emails. In such a case, one may not get even some of the basic information about them, and expecting professional assistance from them can only be nothing but an unwise idea. Thus, their claim of being a reliable trading partner can be very difficult to be trust upon by any sensible trader. They, however, claim to offer trading opportunities even when the market is closed. They provide up to 80% profit and traders can trade in Forex, Commodities, Stocks, and Indices from around the globe. WhiteTrader offers a safe banking system with a fast withdrawal process. They provide daily market reviews to the traders helping them to execute successful trading of instruments in a profitable manner.
WhiteTrader claims that their trading platform is 100% web-based, and thus one can instantly trade from anywhere in the world. There is absolutely no need to download or install any software. However, they do not reveal the name of their trading platform; neither do they provide a demo account. So, unless you open a real account with them and deposit funds, you will remain clueless about their trading platform. They have a Demo Video on the site and which may give you a little idea about trading with them. In a nutshell, content and information are critically lacking with WhiteTrader, and this may restrict traders from starting a business relationship with them. For example, they do not provide any information regarding their company name, company location, licensing and regulatory status etc. Any sensible trader will prefer to have such key information about a company before investing their money with them.
Neither one would have any idea for how long they are in this business. They support three languages English, French, and Spanish, but only a lucky person can take advantage of their customer support. Yet, they maintain a good banking system, and one can deposit money in two currencies of US Dollar and Euro. WhiteTrader offers a number of simple deposit options such as credit, debit cards, bank transfers and online deposits such as CashU, Nordea, and iDEAL. They also provide a fast and commission-less withdrawal facility. Only in case of withdrawal through a bank, a processing fee of $25 will be applicable. You can deposit a minimum amount of $100 or 100 euros and can start trading with them. The minimum amount of trading is $25 while the maximum limit is of $1500.
Trading Choices
WhiteTrader maintains a long list of instruments for their clients. They offer 83 financial instruments to their investors, and this could be one plus point that a trader may find appreciable with them. WhiteTrader offers a fair earning opportunity. The average In-the-Money for their regular binary options ranges between 68% and 75%. At the same time, they offer an average out-of-money reward between 5% and 10%. So, a good earning opportunity with an out-of-money guarantee could be an attractive feature for many traders, who are not particularly concerned about the credibility issues of a binary options broker. WhiteTrader also provide money making options through their “Option Builder” and “One Touch” options. By investing in “Option Builder”, one can earn up to 80% at a 10% insurance.
WhiteTrader cannot be considered as a very friendly broker when it comes to offering bonuses to the traders. They offer bonuses as onetime trading credits which could be rewarded to the trader as a part of their promotional programs. They maintain a strict bonus withdrawal policy where a trader is required to execute a minimum trading of 30 times of the bonus amount in order to withdraw it. They do not offer any deposit bonuses and a small investor can hardly expect to earn some bonus from them, keeping in mind the bonus withdrawal policy they maintain.
Technical Analysis
WhiteTrader tries to extend several types of technical analysis and tools to their clients, which may not be sufficient for all types of traders, particularly who are new in the industry. A newbie will highly depend on the technical tools for making profits, when they do not have an opportunity to open a demo account. WhiteTrader provides Daily Market Review and Weekly Market Review to the clients to help them assess the market movements appropriately. They also provide Expired Rates and Expiry Rates Rules so that traders can stay profitable while investing their money in chosen assets. They also offer Live Financial News which can help traders to stay updated about ongoing market developments.
Learning & Support
The learning becomes very crucial, particularly when the support mechanism is not very efficient. Yet, WhiteTrader has only How to Trade and Demo Video in the name of learning resources. For newbie traders, these educational resources may not prove sufficient. Even an experienced trader may require better resources, as they do not reveal the name of their trading platform.
The support part is extremely poor. Their online chat service is not functioning and they do not reply to your e-mails. However, they claim to offer professional assistance through online chat where one can chat with professional traders. But this seems to be just a blank promise, as their chat feature is non-existing.
Conclusion
There are several types of credibility issues that are associated with WhiteTrader, which any sensible trader cannot ignore. First, there is no information about the company, their location, their regulatory status and then, they do not reply to your emails. Still, if someone makes up his mind to trade with them, they do not offer any demo account nor they reveal the name of their trading platform. Moreover, their learning resources are also not comprehensive enough to offer all the desired knowledge one would require for successful trading. Both beginners as well as experienced traders may find it difficult to start trading with WhiteTrader to make profits. However, they offer a good payout of up to 80% and a wide variety of assets that can draw the traders to them. But their strict bonus withdrawal condition may again distract the traders who prefer to open an account keeping in mind the deposit bonuses that they will get from the brokers. In short, both experienced as well as newbie traders may prefer to choose other brokers than WhiteTrader, which offer better services and features to their clients.