Editor’s Note – Why does Titan Trade Suck in 50 Words?
The minimum deposit at Titan Trade is $350 (depends on region) which is above the average of the industry. They call this account a Mini account so they must believe we are all rich people and $350 USD is pocket change. No no, that’s too much and should be changed in the future. (as a side note, we must mention they have recently decreased the minimum deposit from $500 to the current $350). The number of complaints received against TitanTrade is a bad sign you might not want to deposit this big sum at first time. The Broker is also not regulated, and doesn’t seem to have such intentions. I believe the worst thing is that instead of improving, this brokerage is going backwards and destroys the little credibility they have left.
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Why TitanTrade doesn’t Suck in 50 Words?
Unlike several other companies, Titan Trade presents us with a professional looking website, without missing or broken links and enough information about all aspects of trading and banking. Unfortunately, a functional website is not all you need to be a great broker and lately TitanTrade don’t really live up to their slogan “Ambition has no boundaries”. Come on, you had such a great start, why disappoint us?
Titan Trade Review – Might Not be the Next Best Thing
TitanTrade was launched in late 2013 and their website is owned and operated by Titan Capital Limited, a company located at Global Gateway 8, Providence, Mahe, Seychelles. They are not regulated so we cannot provide a license number or the name of a regulatory agency. The payment service provider is Titan Trade Solutions Limited , London, UK.
*Update: We’ve recently turned our attention to this brokerage, mostly because complaints keep pouring in. This is what we have discovered: on the website they don’t list an address for Titan Trade Capital Limited anymore. Other sources mention their address as being Trident Chambers, Victoria, Mahe, Seychelles but we have no way of verifying if this is a real address or not. Another change is related to their payment service provider which is now MHGG Tech Solutions Limited Business Centre, London, UK. Upon further investigation, we have discovered that MHGG Tech Solutions Limited operates as NRGBinary according to MoneySmart (this is the consumer website of the Australian Securities and Investments Commission – ASIC). Also, ASIC advises this company could be involved in a scam. To read the warning yourselves, please follow this link.
The always-popular SpotOption platform is the “weapon of choice” for Titan Trade; of course, there’s no need to download or install any software as everything is 100% web based and on top of that, SpotOption is a platform known for its ease of use, intuitive interface and almost flawless functionality. Choosing the most well known platform in the industry allows a lot of traders to start trading right away, without having to learn all the features of a new platform and also creates a trading environment with [hopefully] no software problems. *Update: Titan Trade now uses SpotOption 2.0, an improved version of the old platform but the software was never their problem so if they want to improve their service they should start in other places.
The website is well organized and has the right amount of marketing material, without being too intrusive or annoying. Most of the information is easy to access and during my time spent on titantrade.com I didn’t have any big issues when trying to find answers to my questions. It is true that similar material is found on other websites as well, but after all, trading is an exact “science” (the basics at least) and it’s normal to see similarities between different people trying to explain the same thing. Overall I think they did a good job in the educational department (compared with others), offering a lot of videos, tutorials and even quizzes on the most important aspects of trading. There’s also an e-book which can be downloaded for free from their “Academy” section; you won’t find any ground-breaking stuff in there, but the general idea of Binary Options trading is explained well enough. Unfortunately, their “Trading Strategies” section needs a lot of improvement and creates some confusion; I can only hope their Account Managers don’t use the strategies depicted there to trade your money or to give you trading tips… but then again, you shouldn’t take trading advice from your account manager.
Titan Trade offers 4 types of accounts, with minimum investment ranging from $350 (for the Mini account), the next account type is the Standard (deposit sum is $5,000+), then $35,000+ for the Deluxe and finally finishing with $50,000+ (for the Platinum account). Of course, there are added benefits for a larger deposit but some of them are not really justified. But don’t let my bickering put you off. Although there are some things that can be improved, Titan Trade seems to be a professional and reliable broker, but only time will tell if they can become a titan of this industry. *Update: Well, guys, time did tell, but the story is not one that favors Titan Trade. Traders around the world complain about not being able to get their money out, their Credit Cards being charged without their permission and bonuses added without their consent just to tie the money to the platform until the required trading volume is reached. Overall they now have a bad reputation and we recommend caution if dealing with this brokerage.
The website is well organized and has the right amount of marketing material, without being too intrusive or annoying. All the information is easy to access and during my time spent on titantrade.com I didn’t have any big issues when trying to find answers to my questions. It is true that similar material is found on other websites as well, but after all, trading is an exact “science” (the basics at least) and it’s normal to see similarities between different people trying to explain the same thing. Overall I think they did a good job in the educational department (compared with others), offering a lot of videos, tutorials and even quizzes on the most important aspects of trading. There’s also an e-book which can be downloaded for free from their “Academy” section; you won’t find any ground-breaking stuff in there, but the general idea of Binary Options trading is explained well enough. Unfortunately, their “Trading Strategies” section needs a lot of improvement and creates some confusion; I can only hope their Account Managers don’t use the strategies depicted there to trade your money or to give you trading tips.
Titan Trade offers 5 types of accounts, with minimum investment ranging from $250 to $10,000+ (for the VIP account). Of course, there are added benefits for a larger deposit but some of them are not really justified. For example, the Platinum Account ($5,000 – $10,000) comes with “additional education on RSI and Moving Average”. Well, this information is available for free on our website and I don’t believe anyone should use it to convince traders to deposit thousands of bucks. But don’t let my bickering put you off. Although there are some things that can be improved, Titan Trade seems to be a professional and reliable broker, but only time will tell if they can become a titan of this industry.
Is Titan Trade a Scam?
Looking at this Hugh number of complaints TitanTrade received, traders should be very cautions dealing with this broker. TitanTrade has been in business for quite sometimes now. Their address is not transparent and their new payment service provider doesn’t really fit the description of a trustworthy partner (see ASIC’s warning here). Other very worrying facts like the growing number of complaints do affect our overall scoring. As time goes by, the number of complaints picks. We always need to be more cautions when dealing with a non regulated broker. Make periodical withdrawals, check your balance and expired trades, contact your support every once in a while, and most importantly – keep us updated if you encounter any issues with TitanTrade!
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Titan Trade Complaints
As always, our team is doing the job for you. We search the web for any complaints, comments, feedback from clients, summarize them and try to bring the truth behind them. When it comes to TitanTrade, we found tons of complaints regarding Titan Trade’s services. We have quite a few complaints right here on BOTS, most of those complaints are accusing support for being unreachable. We are worried about the growing number of complaints, and that definitely affects TitanTrade Overall score. Our team will keep monitoring and will update this review if any major complaints emerge. *Update: Our Comments section, Forum and Scam Watch series are filled with unsatisfied customers and this vibe persists throughout many of the well-known online forums. Heck, people scream SCAM! even on YouTube videos about Titan Trade, so yea, it’s safe to say you can find lots of complaints about them.
Titan Trade Bonus
The Bonus percentage depends on the type of account you open and can go as high as 75% of the initial deposit for the Platinum account. In order to withdraw the Bonus, the client must first complete a turnover of 20 times the deposit plus bonus (deposit amount + bonus amount)*20 according to their terms and conditions.
Titan Trade Withdrawal
Before making any withdrawals, the client has to provide Titan Trade with the required identification documents. Once this one-time process is completed, withdrawals can be made via credit/debit cards and wire transfer. Once a withdrawal request is processed, it takes about 7 working days until the money reaches your account. Minimum withdrawal amount for credit card is 50 units (depending on account currency). Also, they state on the website that “There is no fee for a credit/debit card withdrawal.” But in their Terms and Conditions they clearly say “The Company charges a fee for transfers of funds standing to the credit of a Trading Account from the Company to the Client, currently equivalent to USD 35 units per transfer.” This is typical broker behavior.
User Friendly 18/20
The platform used is one of the best available, being both intuitive and efficient. The website is well structured, polished, and available in 9 languages. This is an improvement, considering that previously only English and Russian were supported. Spot 2.0 is a great platform.
Number of assets and expiry times 15/20
Their trading basket includes 12 currency pairs, 7 commodities, 20 indices, 19 stocks and only Gold vs. Silver as Pairs. We have to note that since our last visit, their Asset index has decreased overall. The assets we’ve just mentioned are the updated ones (Dec 2015). Also, not all assets are available for One Touch Trading, 60 seconds trading or Long Term trades. Expiry times range from 60 seconds to 15 minutes to end of trading day and Long Term options can be even set for the end of the year. Expiry sometimes sucks.
Commissions, Support and Effective return 14/20
There are no fees related to account opening but a 35 units fee will be charged for transfers of money from the company to the client (if you have a GBP account, the fee will be 35 GBP; if you have a USD account, the fee will be 35 USD, etc.). Unfortunately, when I tried to contact live chat support, all I got was an option to send them an e-mail. Their effective return averages around 74%, which is not impressive at all.
Deposit, Payment and Bonus 14/20
The minimum deposit is $350 which we consider to be medium-to-high for the industry. Credit/debit cards and wire transfers can be used to deposit funds with Titan Trade and the same method will be used for withdrawals (minimum withdrawal is 50 units), which can take up to 7 working days before being available in your account. The bonus is 50% for the Standard account (deposits from $5001 to $35,000) and 75% for the Platinum account. The smallest account (Mini) does not benefit from a Bonus (which is not a bad thing in our view). The turnover needed to withdraw is (deposit + bonus) x20.
Website Extras 10/20
Pair trading is an innovative new way to trade binary options and we consider it a positive extra feature but unfortunately our last visit revealed that only one (1) pair is available. There are quite many interesting option types! Very long list of available trading methods and copy trading (spot 2.0). Good School Academy, Builder, Touch Options. US availability is always an extra.
Titan Trade Overall Ratings (71) – *Low User Rating (-5)= 66/100
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