Hi! My name’s Mo Shakeel. Are you new to Binary Options trading? So am I.
Read my “Newbie Trader” blog entries that detail my experiences investing with the leading Binary Option brokers. I will tell you all the juicy details about the ins and outs of every binary options broker on the market and share with you the all the new tips, tricks and strategies I am learning along the way. I will help you separate what really works from what is just hype and hearsay.
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TraderXP is the binary options broker that I will review today. On first glance, when I arrived on TraderXP’s site today I immediately noticed that they have a well-organized, good-looking website. The company is based in Cyprus and is backed by Reuters signals, which is one of the best signal providers in the industry. Another positive thing I noticed on first glance is that TraderXP offers a web-based trading platform that enables you to trade options without downloading any software on your computer, which is always a major plus.
As I began to register for an account I noticed that their sign in process is very streamlined and very simple (as per tradition with binary options brokers). After entering my basic information I was able to immediately login to my new binary options trading account, so no snags there. The only information you need to enter in order to open an account is first name, last name, email, phone number and country.
TraderXP looks pretty flexible as far as payment options are concerned. I used my credit card to deposit $300 into my new account, but I saw on their payment form that they accept most major credit cards, debit cards and wire transfers as well as the popular payment processors Moneybookers and CashU.
Their minimum deposit for TraderXP is $200 bucks to start a real trading account. While this minimum deposit isn’t an issue for most people, those who think $200 is a bit high for starting a real account should think twice about if they really want to trade binary options – since trading with anything less $200 would be hard to make a significant profit with. In any case, the payment processing was quick and efficient. After I charged $300 to my credit card, the funds were instantly available to trade with, so that part was pretty straightforward.
Each trade you make must be worth a minimum trade amount is 25$, which is why its a good idea in any case to lstart with at leas $200 when you start trading binary options.
I see that TraderXP offers a pretty good variety of binary options types including Digital options, One Touch options and Option Builder. Option Builder is probably the best feature that TraderXP offers since it enables traders to open custom trades. This means you can open trades on any asset at any time for different risk levels. If you reduce your risk level your profits will be lower, but if you increase risk level your profits will be higher. So for more advanced traders than me, this could be a really useful feature.
Trader XP offers a variety of 83 assets to be traded that includes 33 stocks, 15 currencies pairs , 28 indices & 7 commodities. There is a separate menu for hot assets which means the most used assets, so with one click you can reach most traded assets.
Double Up and Roll Over are 2 extra features offered by TraderXP.
If you are close to your expiry time, and you think that the direction you predicted is on a roll, then you have the chance to “do it again” by clicking on Double Up. By doing this, you can create a new trade with the same conditions, for the current price of the asset. In a nutshell, when things look good, Double Up gives you the opportunity to increase your investment and thus, double your profits.
Rollover is a powerful stop loss strategy that allows you to postpone the expiry of your option. When the market disagrees with you, that is – when it looks as though your prediction is not going to be on target by the upcoming expiry date, activate Rollover with the click of a button. This gives you another opportunity to finish in-the-money.
You can earn up to 70% profit on digital trades and up to 450% profit on One touch trades. On currency pairs, most of the trades expire after each 15 minutes during peak trading hours.
A good feature is that even if you lose your trade, TraderXP will return around 10% of your traded amount. I lost 3 trades of 25$ each and each time I got back 2.5$.
I also noticed that if a certain asset is moving to clear direction then that asset won’t not be available to trade for the current expiry time but will be available for the next expiry time.
Making trades is very easy since you only have to click Call or Put, enter an amount and click to approve. You can open 3 different assets in each category at same time. For example if I click on Currencies at top menu then I can open 3 different currency pairs for monitoring purpose and it is the same for commodities, stocks & indices.
The day I traded, i have to admit that i was lucky since my first 4 trades were successful in a row. I made 11 trades of 25$ each and out of 11 trades I won 8 trades and lost 3. At the end of day my balance was 277$.
TraderXP requires verification documents in regard to withdraw funds from your trading account. I was required passport copy, utility bill and debit card images of both sides. I sent required documents to my account manager that were accepted.
There is a guided video tour for new traders. With this demo you’ll be able to learn easily what binary option trading is and how to trade on TraderXP.
The TraderXP website is available in different languages including English, Russian, Arabic, French, Turkish and Spanish. You can also reach them via local phone numbers of many countries that include Cyprus, USA, Switzerland, Mexico, Canada, Hong Kong, Singapore, Bahrain, South Africa, Norway, France & United Kingdom.
You can contact TraderXP support via email, Live Chat and phone. I was able to reach them via Live Chat but unluckily I did not get any reply when I sent them an email for a withdrawal problem. Even after a week till writing this review I did not got any reply from them via email. So that was my only major disappointment with TraderXP.
What I like
Wide variety of trading assets
Good rate of returns
Option builder feature
What I Dislike
Bad customer support
Slow withdrawal process
Overall TraderXP is one of the best brokers that I have reviewed so far. They have a very well-organized and easy to use site, a good variety of options to trade with and the option builder feature is a major plus for more advanced traders who really want to take Binary Options trading to the next level. My only complaint with TraderXP is that their customer support seemed to be a bit weak, which I have to admit has been a problem with quite a few brokers out there. I eventually got a hold of the guys at customer support and told them my problem and they solved in within a few minutes, but it did take them over a week to get back to me in the beginning, so even though they fixed the problem, they still get mediocre marks on customer support for taking so much time.
I hope that my review will help you to find the broker that is the best fitted for you. Follow my blog on binaryoptionsnow for more reviews. For more binary options news and information, follow me on Twitter!
Good luck trading!
March 2012 Update: We can no longer recommend TraderXP as a reliable source for binary trading due to several recent complaints from traders regarding this broker’s services.
Both brokers use the same platform (SpotOption) however GTOptions offers superior account conditions, better customer service and higher bonuses – including $100 free for new clients – and is overall a more reliable broker.