TraderWorld

Update 24/07/2016– TraderWorld Shuts Down Operation

Editor’s Note – Why does Trader World Suck in 50 Words?

This is a rather new broker and some sections of the website still need a lot of work. Throughout the website this situation repeats itself more than once and at the moment this fact denotes a lack of professionalism. However, I have been assured by their representatives that work is being done to address the situation and fixing it is one of their top priorities.

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Why TraderWorld doesn’t Suck?

Regulation. TraderWorld are one of the few regulated brokers and this adds an extra layer of confidence for traders. Knowing that my money is kept in a segregated account, separate from the broker’s money makes me sleep better at night and the fact that a regulatory authority is watching over TraderWorld’s activity makes me hope that foul play and dishonest practices are eliminated. However, I was a bit dismayed to see they claim to be an EU regulated broker, though they are regulated by CySec, not the EU Regulator.

Trader World Full Review – A New Home for the World’s Traders?

Cyprus-based TraderWorld is a new face in the Binary Options industry and it seems they focus on offering a professional service in a regulated environment, using a highly personalized version of the SpotOption platform. For traders, this translates into a user-friendly platform, with all the usual and well known SpotOption features (like One Touch, 60 seconds, Roll Over, Double Up, Sell Option) and also with some “personal” touches added by the TraderWorld team. Unfortunately, a closer look at their platform is available only after you open an account, a fact which I disagree with because the trader shouldn’t be “pushed” to register before he or she can see the trading interface.

Although TraderWorld is regulated and I’m always happy to see such an addition to our industry, I cannot help being disappointed by their website and the fact that a lot of links are broken and content is missing or tangled. If you check their Asset Index, you will find Indices under the Currencies tab, Stocks under the Indices tab… and so on. As I mentioned above, one of their representatives told me they are working to fix these problems which occurred mostly because they are so new and the website is still not finalized. Ok, I appreciate the fact they are working on it, but should an unfinished website be already online? Anyway, let’s give them a little more time and see if the problems will be solved, as they promised.

Most of the general questions a trader may have are answered clearly in their Frequently Asked Questions section and the Glossary is nicely structured, offering a comprehensive knowledge base. Also, the tutorials are easy to understand, being accompanied by pictures and examples. They lack webinars or an e-book and although they present a few trading strategies, these are not explained in-depth and leave the trader almost clueless about what to do. Overall I believe TraderWorld still has a long way to go until they can be considered top-tier material, but the fact they are regulated gives me hope they will make an honest effort to improve their website. We will continue to monitor them to see if they put their money where their mouth is and “repair” their website as they promised.

Is TraderWorld a Scam?

The fact they are regulated seriously lowers the Scam suspicions and makes us believe we are dealing with an honest broker. TraderWorld doesn’t hide things like the name of the company which owns the website; I know that shouldn’t be an issue but unfortunately, some Binary Options brokers don’t want you to know who owns/operates the website. This is not the case with TraderWorld and on top of that, a chat session with their Customer Support doesn’t feel like a back and forth struggle, with them trying to get your phone number and you trying to get a straightforward answer to a simple question.

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TraderWorld Complaints

This broker just recently opened its doors to the large public so complaints didn’t surface so far. Being a regulated broker makes us believe that bad practices will be kept to a minimum and they will not be flooded with complaints but we will check regularly for any changes.

TraderWorld Bonus

There is no hard information regarding the bonus amount but we were informed that bonuses are provided and the turnover required for a bonus to be withdrawn is 20. So if you accepted a 100 bucks bonus, you will have to reach a trading volume of $2,000 to be allowed to withdraw that bonus.

TraderWorld Withdrawal

Withdrawals can be made via Credit Card, Debit Card, wire transfer and Money Bookers. The minimum amount is 100 pounds or your full balance if you have less than 100 pounds left in your account. Usually withdrawals are processed in 24 hours but it takes 3-5 working days for the money to reach your account. TraderWorld doesn’t charge anything for withdrawing and this is a nice surprise taking into consideration the fact that most brokers ask some sort of fee. Depending on the method of withdrawal, your Bank (or e-wallet company) may charge transaction costs but this is different for each case and you should contact your bank for more info.

TraderWorld Extras

Given the fact that Regulation is a rare bird in the Binary Options industry at the moment, we consider this to be a positive Extra. There will be a day probably when most brokers will be regulated but until that day comes, Regulation will be treated as an extra feature. Stock Pairs are also another good extra feature.

TraderWorld Ratings

User Friendly 10/20

At the moment the website lacks some important features like Daily and Weekly market analysis and the Asset Index is messed up. All this doesn’t make it too user friendly and unfortunately it takes some points away, especially since the website is offered in English exclusively. I’ve been told that in the future they will add more languages, making it user friendly for traders who don’t speak English.

Number of assets and expiry times 16/20

The Asset Index is messed up as I explained above but the asset basket is pretty large and can keep a trader satisfied. TraderWorld also offers Pair trading: Gold Vs Silver, CAC Vs DAX and a few others, making it easier to diversify your portfolio. Expiry times range from 60 seconds to 120 seconds, 15 minutes, half an hour and end of day. Long term traders have the possibility to use monthly and even yearly expiries.

Commissions, Support and Effective return 16/20

According to TraderWorld, they don’t charge any commissions, fees and don’t have any hidden costs. Customer support is one of the best I’ve seen lately: fast, polite and more important, non intrusive, meaning they don’t ask continuously about your phone number and they don’t spam you with requests to open an account. Their representatives are helpful and most of your questions will get a straightforward answer.  The highest effective return is 80% which is average for the industry but as a plus I can note that a lot of assets carry that profit. As we know, some brokers advertise 85% – 90% payouts but only a few assets on their list actually offer those payouts. This is not the case with TraderWorld and 80% payout is very common.

Deposit, Payment and Bonus 16/20

Deposits and withdrawals can be made via Credit/Debit Cards, wire transfer and Money Bookers. Minimum deposit is $200 and minimum withdrawal is 100 pounds or your full balance if that is less than 100. The time needed to process a withdrawal is usually 24 hours but an additional 3 to 5 days may pass until the money is available in your account. The bonus is not specified and differs depending on your deposit but the wager is 20 times the bonus amount.

Website Extras 17/20

We consider Regulation to be an extra feature which makes TraderWorld stand out of the crowd. If they fix the mentioned website issues, they have a chance at becoming a top Binary Options broker. TraderWorld also offer Pair Stocks Trading, very similar to StockPair.

TraderWorld Overall Ratings 65  + Regulated (+3) =  68/100

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