Website Design 80
Asset Diversity 100
Trading Platform User Friendliness 100
Money Management 100
Customer Support 100
Mobile Trading 0
TraderXP is a rising broker in the binary options market. The broker’s primary advantages include a simple yet well-organized and information rich website that provides a behemoth amount of information to traders and potential traders. The broker is best known for its wide range of educational materials which can be used by everyone for free to learn about the options market and options trading as a whole. With several trading instruments and money management features, the broker is perfect for both experienced and novice traders. However, there are some drawbacks that are really hard to ignore.
Website of TraderXP
The official website of the broker is very clean and organized. Links to all necessary information are made visible in a very categorical manner. The website provides live financial news from CNBC and live financial data feed from Reuters. Asset index, market reviews, banking options, new trader registration, live demo for options trading, live chat options, video tour etc. are all available right on the homepage of the website. The homepage also shows as snapshot of the trading platform that the registered traders use when logged in. As said, it is only a snapshot and traders cannot trade from there. They need to be logged into get full access to the trading platform. The major problem with the website is its visual elegance and the unprofessional use of fonts. Certain fonts are too small to be clearly visible and the overall color scheme of the website is quite repulsive.
The website has a VeriSign SSL certificate logo towards the bottom. This means that the website is protected by SSL encryption technology to prevent any kind of unauthorized access to crucial customer details. SSL encryption is necessary to ensure that all monetary transactions are encrypted and that cybercriminals cannot access information like credit card and debit card details, banking details, username and passwords etc. These are highly sensitive information and any data breach and mean financial losses for the customers of TraderXP. To prevent such episodes, the broker uses backed encryption technology.
Trading Platform of TraderXP
To access the trading platform, the traders need to login to their trading accounts. The homepage of the broker’s website has a small login panel for easy login. Once logged in, the traders will see their financial dashboard and the trading interface. The financial dashboard give details of all trades executed by the traders, the profits and losses they made, the standing account balance etc. The trading interface is where the traders execute their trades. This platform gives all trading tools, asset list, real time financial data feeds, live market news, market trends and more so that the traders can trade with confidence.
The trading platform is completely online and does not require any kind of software download. Unlike the other speculative trading formats, the trading platform of TraderXP radically simplifies the trading methods. The traders are not really required to go through complicated dynamics of the financial market or even memorize the difficult terminologies. They can trade based on simple speculations using the available trading tools. Because the platform is completely online, any trader can login to his or her account from anywhere in the world from any computer with an Internet connection and trade! The trading platform of TraderXP uses the popular SpotOption financial software that is trusted by millions of traders all over the world.
Registering with TraderXP
The registration process with TraderXP is very simple and quick. The potential traders need to register using the simple registration form available on the website of the broker. Upon completion of the form, they will get a welcome email from the broker. The email will contain a verification link. Once the applicants click on the verification link, the registration process will be concluded. The registration process is free. Once the registration is complete, the traders can now browse through the trading platform and they can deposit money only when they feel comfortable.
Money Deposit with TraderXP
Money deposit with TraderXP is simple and hassle-free. There are multiple banking options available that can be used by the traders to quickly deposit money to their trading accounts.
The currencies accepted by TraderXP are USD and EUR. The trading currency must be selected during the registration process and this cannot be changed later.
Minimum and Maximum Deposits
The minimum deposit allowed by the trader is USD or EUR 200 depending on the currency chosen during registration. The maximum allowed is USD or EUR 10,000.
The banking options available with TraderXP are Wire, Western Union, Visa Electron, Visa Debit, Visa, Switch, Solo, Skrill, Nordea, Master Card, Maestro Card, iDEAL, Diners Club, CashU and PayPal.
Account must be validated before depositing money. Government issued photo ID and an address proof will be required. For credit card deposits, photocopy of both sides of the card bill must be sent with the middle 8 digits of the card number and the CVV numbers blacked out. Fax can be used or users can also email the scanned copies of documents.
Trading with TraderXP
Trading with TraderXP is easy and convenient. The trading platform lists all the assets and available trading tools as well as the money management features. The overview of the aspects are listed below.
The broker allows trading in 83 world class assets that are traded globally. These 83 assets include 28 indices, 34 stocks, 14 currency pairs and 7 commodities.
The broker offers 4 trading tools which are just enough for both novice and experienced traders. The trading tools offered by the broker are briefly discussed below:
The simplest form of online trading in binary markets is binary options which is also sometimes referred to as digital options. If the traders want to use this tool, they will simply have to predict whether the current market price of the asset traded will go down or will increase. If the trader speculates an increase in the market price, he or she will have to use the CALL option and if he or she thinks that the price will go down, he or she will have to use the PUT option. The trader will have to select a time frame for the trade. The time can be as small as 15 minutes. If the trader’s predictions turn out to be true, he or she wins or the trader will lose the trade.
Using this options trading tool, the trader will only have to speculate whether the current market price of the asset being traded will reach/touch a speculated price at least once during the trading period. The speculated price can be below the actual market price or above the current market price. The price of the asset need to cross the speculated price. Only touching the price once will lead to an in-money or winning trade.
This is the same as Binary Options trading tool. TraderXP introduced this tool recently. In this form, the trader will have to speculate whether the price of the asset will increase or decrease compared to the current market price within the trading time frame. Here the trading time is only 60 seconds or 1 minute. Traders can realize profits or lose a trade in just 60 seconds.
In this form of trading, the traders will have the flexibility to control every aspect of their trading which will include the amount of money they want to invest, expiry time for the trade, asset they want to trade in etc. This tool gives full control to the traders. In this method risks are very high and the method is generally used by very experienced traders to hedge their trades for profit maximization.
Money Management Tools
TraderXP offers a couple of money management tools as well. These tools allow the traders to either increase their profits or minimize their risks. The tools are briefly discussed below:
This is a stoploss tool that allows the traders to increase their trade expiry time in case they feel that their trades will end out-of-money. The rollover option appears 10 minutes before the trade expiry time and can be used only once. Using this option will forfeit a part of the investment.
Designed for doubling the profits, double up is used when the traders feel that their speculations will hold good until the trade expires. They can use this option to execute an identical trade within the same expiry time and can have two winning trades and hence double profits.
Payouts and Refund
The broker offer 68 to 75% payouts for winning trades while the losing trades have refund policy of 5 to 10%. For One Touch options, winning trades can yield up to 500% profits on investment.
Withdrawals with TraderXP
The broker has defined minimum for withdrawals. Credit card withdrawals are free but wire transfer withdrawals attract a small processing fee. Traders are free to cancel their withdrawal requests even if the requests have been processed.
Customer Support of TraderXP
TraderXP provide a strong customer support. The support staff of the broker is very well trained. Traders can contact the support department using Live Chat, International phone support and Web Form. For live chat, there may be a long waiting period depending on the number of support requests.
Extra Features of TraderXP
The broker provides up to 30% welcome bonus for new registrations. This is a one-time bonus. So, if a trader deposits $100, he or she will have another $30 credit to his or her account.
Friend Referral Program
The broker also has friend referral program in place. A trader can make $50 for every friend he or she refers. There is no limit to the number of friends that can be referred. However, there are conditions that must be satisfied. The referred friend should not have had an account with the broker previously and the referring trader needs to be an existing registered trader (before referring the friend) and must have completed at least one trade.
TraderXP does not provide demo account for practice. This is definitely a drawback because a demo account can help traders to get accustomed to the trading interface and different strategies that can be applied while trading without risking real money.
This is one of the strongest features of the broker. There are different well-defined educational material available that can be used by traders for learning options trading.
This is where we were really disturbed. We asked a chat rep about mobile trading feature and the reply was really disappointing. You can find the chat script at the end. The rep was actually unsure about mobile trading and hence, we will count it as non-existent!
TraderXP is located in Bulgaria but is completely unregulated. This is a risk factor because if for some reason the broker become broke or bankrupt, there are high chances that the traders will lose their money.
Maria Carmen: Hello,
Maria Carmen: How may I help you?
you: Do you have mobile trading? Are you regulated? Where exactly are you located? Do you have satellite offices in other countries?
Maria Carmen: i think there are mobile applications but i don’t know alot about them. we are not regulated. we are located in Bulgaria. we have various locations around the world.