Update 11/2015 – TraderXP Shuts Down Operation
Editor’s Note- Why does TraderXP suck in 50 words
On our last review we told you that TraderXP are definitely a marketing machine. Well, this hasn’t changed much. They really know what traders want and publicize it pretty well. The variety of assets and trading tools blinds trader’s eyes like a neon shining on a dark road, but once you get used to light you find out that you’re someway off the road. Variety is only good once you know what you are doing, and if you know what you’re doing, why don’t you look for a broker with higher profits?
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Why TraderXP doesn’t suck in 50 words
On our last update to the TraderXP review we informed you about the fact that a new owner has taken over the company, all the unsatisfied costumers would receive their money back and the site will undergo a serious make up. Bots.com team kept monitoring and we see there are some improvements; for example, their Daily Market Analysis is actually up to date. Of course, this should be a normal thing, but since almost all brokers in the Binary Industry are really bad and the standard is so low, we are very glad to see an up to date market analysis. But don’t get your hopes up because the Weekly analysis is dated November 28, 2011… way to go TraderXP.
TraderXP Full Review- Profit is Inside?
Launched on late 2009, TraderXP 100% web based platform could be considered as one of the veteran Binary Options Brokers. TraderXP is based on SpotOptions trading platform, very simple to use and trade, and with over 53 assets available to trade TraderXP became a very popular broker. Since the last time we visited them, they added more assets to their offer and now traders can choose between 33 stocks, 15 currency pairs, 7 commodities and 28 indices which is a significant improvement compared to the previous 53 assets. TraderXP provides great trading tools such as One Touch Options- enabling traders to trade over the weekend, live news feed and also provides to its costumers support and live chat available in 12 countries 24 hours a day, always polite and ready to help. However, on our most recent visit we were disappointed to see that their Live Chat is not available and a client’s options are limited to sending an e-mail. This is actually embarrassing for a broker who wants to be the “leader”. Also, they say they have an “award-winning” customer support team… but that team is nowhere in sight.
So why does TraderXP Suck? Profits are the answer, sadly, especially because TraderXP’s slogan is “Profits Inside”. Minimum deposit is above average while the bonus percentage is less than 25% and makes the initial deposit bonus lower than most other Binary Options Brokers. A trader who decided to trade with TraderXP will receive a lower initial amount of cash than he could receive from other brokers. Furthermore, TraderXP In-The-Money profitability goes only high as 75% in good days, which make them lower than most brokers, but nevertheless Out-Of-Money refund is average (5-10%). Risky investors who know the market and do hesitate to make large trades will find these cons plus the maximum investment which is only 1000$ as a big problem, so I wouldn’t recommend high risk (=High Profits!) traders to trade with the XP. Another issue that might pop for high rollers is the charging fees added to most withdraw methods. More solid investors will find these cons as pros since the large amount of assets to trade and investment limit makes trading broader and assumingly less risky, off course only in case you know the market well.
The website is not entirely functional and a lot of Frequently Asked Questions are totally missing: the “Transactions” and “Trading” sections of the FAQ are displayed at the top but they don’t work or at least I couldn’t get them to work. Instead, they just answer questions about the platform and account. That’s just the regular babble about how easy Binary Options are, how profitable and what currency I can use for opening an account. In other words, I can find there everything I can find on other websites but when it comes to particularities, they slam the door in my face and give me no information. They have a “Demo” tab which is actually just a video explaining… nothing. Information is a rare gem on the TraderXP website but they do have some good educational material, especially when it comes to explaining what fundamental analysis is and what the most important economic indicators are. However, this is not enough to make them stand out of the crowd.
Is TraderXP Scam?
While searching the web for comments and reviews about TraderXP, I couldn’t have missed the amount of trash and negative comments written about this company. Many low-class marketing so called “review” sites claimed that TraderXP had actually stole it’s glossary, but had no facts to prove it. The glossary is not complete indeed but I’m not sure it’s stolen. Many other claim that TraderXP cheats or don’t payback profits. My opinion about all of this is actually different. In some cases low bonus is actually better because it makes the withdrawal easier, so complaints like these matches better other bad Binary Options Brokers, then TraderXP. Moreover, I think that most of those complaints come from beginners who lost their money very quick. Why beginners? Because TraderXP is not for beginners. The large amount of assets demands experience to handle, and the bonus isn’t large enough anyway to make stupid decisions. Another downside for beginners is the minimum investment 200$, which is average but usually matches more the amount of bonus and the lack of any kind of loyalty offers. Overall, I believe TraderXP isn’t a fraud, actually the other way around- I think they are pretty good, but nevertheless, trading with TraderXP will not make you profits. My advice to traders who know the market and know how to make profit is to stay away from traderXP, the same goes to beginners. Solid investors who wants to trade overtime may find TraderXP more enjoyable, also thanks to their real time yahoo news bar and the brand new Pro/Fast Option (details at the bottom), but don’t expect the biggest profit withdrawal available in town every month.
Traders still complain about this broker and it seems not much has changed. They don’t provide an address in their “Contact Us” section or anywhere else, just some phone numbers and a P.O. Box address. I’m not sure I want to do business with such a broker, to be honest and I personally would go for one of the reputable SpotOption brokers.
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Unfortunately when we checked online forums and websites for any complaints about TraderXP, this is some of the comments we found: “They are a bunch of cheaters trying to cash on innocent traders. Avoid like a plague”, “Trader XP is a huge scam and a ripoff of your money. you wont see one penny back off your money…” or “Scam, easy to make a deposit and impossible to get your money back…”. These comments are from different people (apparently not the same guy posting on different websites) and as you can see, they are not positive to say the least. Of course, we could give TraderXP the benefit of doubt and believe that maybe those negative comments come from their competition trying to give them a bad name… but a fact is a fact: there are numerous complaints online about TraderXP, coming from apparently legit clients.
Their Bonus goes up to 25% of the initial deposit and to withdraw you will need to trade a volume of 20 times deposit + bonus received. Until that volume is reached no money can be withdrawn from the account. TraderXP also offers a $100 bonus through EverestForex but you have to exectute a minimum trading volume of $100,000 before withdrawing funds. That is a too high volume for $100 bucks worth of bonus.
Withdrawals are charged 35 units of the currency you deposited in and 30 days must pass since your last deposit. I don’t know why they added this condition, but it’s restrictive and appears it is there just to suit their needs. The processing time for a withdrawal is between 5 and 10 business days.
At the time of our first review, TraderXP had some Extra features but they failed to improve and innovate and now all their Extras are just standard for most brokers. TraderXP is just another face in the crowd when it comes to this kind of features.
User Friendly 16/20
TraderXP is 100% web based platform, so there’s for software to be downloaded. The website is not clean and organized because some links don’t work properly, FAQ is missing entire sections and some questions return the wrong answer. The demo is misleading because the customer expects a Demo account with virtual money but all he gets is a short video. There is a live news sidebar available and finally scrolling between assets is easy and simple. The glossary is a bit short and doesn’t cover all terms, and sometimes the site is getting slower due to the amount of details and scripts running on each page.
No. of Assets and Expiry time 16/20
Total of 83 Assets: 33 stocks, 15 currency pairs, 7 commodities and 28 indices put TraderXP in the top half of the industry in terms of assets available to trade. It’s good to see they improved at least one aspect since our last visit; however, it was not the aspect which needed improvement the most. Another plus is the Touch option available for trade over the weekend when the markets are closed for a chance to make up to 400% return. They recently introduced 60 seconds trading.
Commissions, Support and Effective return 12/20
TraderXP do not charge any fees or commissions from investors when they deposit or purchase options. A dormant account (accounts with no transactions, deposits or withdrawals for an entire month are considered “dormant”) will be charged a monthly fee of 5% of the account. For withdrawing via wire transfer TraderXP charge 25$, credit card withdrawals are free of charge. TraderXP support is available on 14 international numbers, or via email. The service is helpful and polite, and should be available 24 hours a day (why do they sound like salesperson’s more than investment advisors?). However, we could not contact Live Support (unavailable on 3 attempts) and this is a major disadvantage for them. Another downside of TraderXP is the uncompetitive returns for In-The-Money which rises only up to 75%. Out-Of-Money refund is average 1-10%.
Deposit, Payment and Bonus 12/20
Minimum deposit is above average- 200$ or 200€- depends on the currency used. Deposit is available via Credit card, Wire transfer (Min 500$) or CashU. Withdrawals are available via the same methods +cheque plus postage. Minimum of 100$ for withdrawal. Additional withdrawals fee do not apply on C.C. TraderXP bonus goes up to 100% which is highest bonus possible.
Website Extra’s 7/20
TraderXP has some useful and refreshing extras such as the Option builder, where the trader can customize trades that will follow their personal trading style. Another great extra is the Yahoo live news bar, keeping the investors up to date with latest news. However, these were considered Extras some time ago but the Binary Options industry is moving forward at a fast pace and now the features mentioned are just standard for most brokers. As a result, TraderXP loses points on this category, bringing them from the previous 11/20 rating to 7/20.
TraderXp Overall Ratings: 63/100
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