TraderXP Broker Review

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.

We urge all interested in the trading platform TraderXP offers to go to GTOptions.com which is offering a Free $100 no deposit bonus for all new clients.

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.

Click here to get $100 free at GTOptions.com

Click here for our full review of GTOptions

Those who are nevertheless still interested in our original TraderXP review can read it below:

Broker Review: TraderXP

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Anyone who wants to get into the exciting world of binary options should take care when picking the right trading platform. This review will cover one option – TraderXP – and take a look at the strengths and weaknesses of the site.

Overview

TraderXP is a popular online trading platform that is owned and operated by Spot Option. The website bills itself as a “secure, simple platform” for binary options trading, and is known for its sleek and versatile user interface and nice bonuses.

TraderXP offers options contracts on the following assets:

  • 16 stocks, including: Apple, BP, Citigroup, Coca-Cola, Gazprom, Google, HSBC, Microsoft, Nike, Reuters, and Turkcell
  • Currencies: USD/ZAR, USD/SGD, AUD/USD, USD/EGP, USD/RUB, USD/BRL, USD/TRY, EUR/GBP, EUR/JPY, USD/CAD, USD/JPY, GBP/USD, EUR/USD
  • Commodities: Gold, silver, platinum, oil
  • 22 indices, including: NASDAQ and NASDAQ Futures, S&P 500 and S&P 500 Futures, Bombay SE, Hang Seng, Dubai, Shanghai Stock Exchange, Micex 10, FTSE 100, and Dow Jones

By far, the wide and often exotic slate of choices and assets offered by TraderXP is one of the largest and most varied offerings in the business. Seasoned traders may like the opportunity to try their hand at lesser-known currencies and indices, with enough major, mainstay assets for beginners to trade.
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Creating an Account

Opening an account with TraderXP is simple and straightforward. Plus, there is the option of speaking live with a trading coach when you create your account. There is no fee to register, but there is a minimum deposit amount of $200 to begin trading.

As of this writing, there is no demo account feature, but there is a guided video demo available.

User Interface

TraderXP wins high marks for its user interface, which contains the basic information you need to know in order to make a trade. The controls are easy to use, and choosing between the various asset markets is a snap.

Perhaps the strongest point about the interface is its versatility, explained in more detail below.

Unique Features

Many online brokers have similar features, including the popular OneTouch option. TraderXP sets itself apart by offering two unique user interfaces for beginners to pros alike. The first is Pro Trader, which is more advanced and has more information readily available. For those who do not want that much to look at or absorb, the second option – Fast Trader – is available. Fast Trader is for those who just want to place a trade with minimum fuss.

Payouts and Commissions

TraderXP offers the industry-standard payout of 65-75%, with a rather low payout of 0-10% for options that finish out of the money. As far as withdrawal fees are concerned, withdrawals made with a credit or debit card are free. All other withdrawals cost $25.

Customer Service

In reviewing TraderXP, we also decided to examine their customer service – as delivered through their online chat service – to see how well they address the questions and concerns of option traders looking for answers. After all, at some point talking to customer support becomes necessary. It helps to have an options broker that has a robust and helpful customer service program.

We asked a representative a few questions that any option trader would eventually want to know – even before signing up. We gauged their responses in terms of quickness, knowledge, and politeness, in order to see how TraderXP stacks up compared to other brokers in the market.

TraderXP’s online chat reps were usually available, and the ones we spoke with were knowledgeable. One rep even offered to fund an account with $200 in fake money for 48 hours to serve as a demo account, even though TraderXP does not advertise a demo account (only a guided tour and video demonstration).  We also learned that each forex option has one expiry time offered per day, which may be bad news for some forex options traders who want more trading times available.

One thing to note is that the customer service reps may come across as short and blunt. They were very helpful and accommodating, so we are sure that the perception may be due to their personality and not due to rudeness. All in all, we found TraderXP’s customer service to be quite nice.

Conclusions

We urge all interested in the trading platform TraderXP offers to go to GTOptions.com which is offering a Free $100 no deposit bonus for all new clients.

Click here to get $100 free at GTOptions.com

Click here for our full review of GTOptions

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