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TraderXP was established is 2009 and was one of the first brokers to use the SpotOption trading platform. The company is incorporated in Cyprus.
TraderXP Review Summary
Customer Service: Live Chat was responsive on the different times of day that I utilized it. The support phone line was also responsive with a live operator.
Deposit/Withdrawal: Deposited with credit card and was able to activate right away. Withdrawal was completed within their suggested time frame.
Trading/Execution: Execution was satisfactory.
Features: Had most binary trading features, except for range trading and the take profit feature.
For the most part TraderXP provides a good trading experience. Particular items which stand out are as follows:
- Low minimum account requirement of $200.
- Toggle to different trade screens.
- Home page opens to trade screen.
- XP Metagraph expanded trading screen.
- Reduced trade risk – get back 10% on losing trades.
Probably the most important benefit is that TraderXP uses the SpotOption platform. SpotOption just received the first CySEC binary option license. With this new regulation in place it means that the trader has security under the financial laws of Cyprus.
Assets Available to trade: Assortment of 30 Stocks, 22 Currency pairs, 5 Commodities and 25 Indices.
Currencies Accepted for Deposit: USD, EUR
Minimum Deposit Amount: 200USD or 200EUR
Minimum Trade Amount: $5
Deposit Methods: Visa, MasterCard, MoneyBookers, Wire Transfer, CashU, Western Union
Withdrawal Time Frame: 24 hours to process request.
Support: TraderXP has a Live Chat, Customer Phone support for 15 countries. Trading platform is translated into 6 languages.
Demo Account: No demo account.
Bonus Structure: Deposit bonus of 10-20% on any deposit up to $1000 and 30-35% above $1000. (Check with customer service before depositing as bonus offers change frequently).
Trading and Features:
Upon opening the TraderXP home page you are immediately presented with a trading screen displaying what they call Hot Assets. Many brokers send you to a home page filled with all kinds of ads and clutter, being taken directly to a trading screen is a positive.
The Trading Screen displayes 4 trading choices: Binary Options, Options Builder, One Touch, 60 Seconds
Binary Options trading are standard Call/Put trades. Default trade screen displays the Binary Options Top Picks – 3 Binary Option Trade boxes. Trader can select top commodity, currency, index or stock trades by clicking on the corresponding tab. At any time trader can select binary option trade of his choice from the drop down asset selector in each trade box.
In the Binary Options trading mode the trader can select the screen view buy clicking on one of the 3 screen view icons.
The button with 3 bars is the default trade screen showing 3 trade boxes.
The middle button with 6 cubes is the cube trade screen which appears as follows:
The last button activates the XP Metagraphs which is a larger detailed chart of the displayed asset.
Sell Off Feature: From the XP Metagraph Screen trader can choose to sell the option before expiry back to trader xp for a fixed amount.
TraderXP includes the following Trading Features:
- Option Builder: Trader can configure option parameters including trade risk.
- One Touch Trading: Trader predicts whether stock will touch given price within given time frame. TraderXP offers either One Touch Call trades, where an asset must go up to a certain price or One Touch Put trades, where an asset must go down to a certain price. These are longer term options which offer high rates of return of up to 500%.
- 60 Seconds Trading: Standard Call/Put Binary Trades that expire in 60 seconds.
When trades are executed (except with 60 seconds options) an open position box with graph is displayed on right side of screen:
From Open position screen trader can select the Double Up or Roll Over feature:
- Double Up x 2: While in a position trader can choose to double his investment.
- Rollover: For a commission trader can add time to current trade.
To further explore the TraderXP trading platform or to open an account click here.