-
Editor Rating
- 5/5 – Excellent
- TraderXP Review
- Website:
-
Review Summary:
-
Trading binary options is a relatively new way of investing your money. It was not until the middle of 2008 that websites offering you the ability to trade these options first became available. Now, it seems there are hundreds of sites to choose from. To help you sift through all of these sites, we are reviewing them, so you can make an informed decision on how you want to trade. In this entry, we cover TraderXP.
Table of contents
TraderXP, conveniently located at traderxp.com, first opened its doors relatively early in the binary option website game in 2009. They were pioneers in the industry helping to democratize the trading for binary options among private individuals. Trader XP Limited is the owner of Trader XP, and their offices are located in Limassol, Cyprus.
About TraderXP
When it comes to trading binary options, TraderXP is perhaps the most objective and professional platform available. Traders who are looking for fast, user friendly, and simple ways to make money often go to TraderXP because of their platform. To help their clients maximize their profits, they offer a large variety of features, tools, and assets to trade.
According to the company, the only way to measure if an online binary options brokerage is any good is to look at the success of their clients. That is why TraderXP strives to provide their clients with all of the tools needed to make good investments. They provide traders with tips and information to make their knowledge as extensive as possible.
Top Features of TraderXP
Using software technology called SpotOptions, TraderXP makes binary options trading simple. When you start using the platform, you can just pick out which asset you want to trade. Then, you decide whether you think the asset will Put, the price will fall before the expiry time, or Call, you think the price will rise by expiry. After that, you can just watch the asset and collect your profit if you are correct.
TraderXP is geared toward more upscale clients. This is why they have minimum opening positions of $25. You can open up a real account for a $200 minimum deposit. And, since Trader XP was one of the first companies to offer binary trading online, they offer more than 80 different underlying assets. These assets include:
- Commodities – platinum, coffee, silver, oil, sugar, wheat, and gold.
- Stock indices – NASDAQ100, TOPIX, IBEX, S&P500, STRAITS TIMES, Nikkei 225, ASX Australia, among others. 28 total.
- Currencies – NZDUSD, EURJPY, GBPUSD, USDBRL, USDZAR, USDCAD, GBPJPY, AUDUSD, EURUSD, and more. Fifteen total.
- Shares – 33 options to choose from.
Online chat, telephone, and email are all options you can use for contacting TraderXP’s customer service 24 hours per day, seven days a week. They are not only there to make sure everything is functioning properly, they also help you to improve your investing. They have financial experts on hand at all times to provide counseling.
In order to take advantage of trading opportunities while on the go, TraderXP offers apps that work with your mobile device. I found this incredibly useful because I am constantly on the go, and it is annoying to have to use a web browser on a tiny screen. Of course, the website is still an option on all devices that can access the internet.
As far as I could tell, TraderXP does not offer different account types based on how large of a minimum deposit you make. Most other binary options brokers do offer this. I kind of like that because I do not have a ton of money to deposit, yet I still want to access all of the features the broker has to offer. Of course, I am sure that TraderXP gives the VIP treatment to anyone who makes an inordinately high deposit.
TraderXP offers a 75 percent rate of return. Their return on loss is about ten percent. As mentioned above the minimum position is $25. The maximum is $500.
TraderXP offers a wide array of trading options on their web based platform. With speed trading, you can trade on options that have a 60 second expiry. They offer the standard Put/Call trading. There is also one touch trading where you can decide if an asset will reach a certain amount by expiry. And, there is zone trading, which involves deciding on whether an asset will finish inside or outside of a particular zone of values.
The Downsides of Using TraderXP
TraderXP does not offer a free demo account, where beginners can use fake money to get the hang of binary trading. They do offer many other options to help beginners get up to speed, but it would still be nice to see a tool that would give them some realistic experience.
Also, some high rollers may be put off that TraderXP does not explicitly offer special treatment for those who deposit large sums. But, that just means those who have less many to start with will have access to the same resources as those with lots of dough. Of course, TraderXP, like any other binary options brokers, may still provide preferential treatment to their larger accounts without saying so outright.
Trader XP Customer Support
As stated above, TraderXP’s customer service is available seven days a week, 24 hours a day via their live chat, phone, and email. There are also customer service reps available to help in Arabic, English, Russian, French, and other languages. TraderXP also offers an extensive library of tutorials. We called the customer service early on a Sunday and were greeted by a cheerful and intelligent customer service agent. I was also able to talk to an experienced account manager.
Conclusion
TraderXP was one of the first binary options brokers available online. They continue to stay ahead of the curve. It is clear that they want their clients, located all over the world, to succeed. So, they provide them with the tools to do so. I strongly recommend TraderXP to anyone interested in breaking into binary options trading. This is also a great broker for the more seasoned veterans as well.
