TraderXP which launched in October 2009 it is also 100% web based. This ensures a smoother buying experience as no software updates are needed and purchasing can be made from any computer.
Unfortunately following our review we discovered that much of its content is not original but copied from other sites: much of their FAQ section is copied from competitor sites; the Daily Market Review, Weekly Market Review and Hot Tips from the Analysts are copied from Bloomberg articles and taken from other websites which have not been referenced to or accredited to in the text.
Despite this the site has some interesting features. It is displayed in Russian, Arabic and Spanish as well as English which makes it more universally attractive. It offers binary options on over 50 underlying assets covering the USA, European, Asian and Middle Eastern markets, making it an extremely diverse site.
Their payouts are high and in line with the top end of the market. Investors receive 68-75% for in the money options and a generous 5-10% for options expiring out of the money.
The issue of copyright on the site makes a huge statement about the site’s credibility. We are currently investing in the site and hoping that despite this error they deliver their promises.
As with many such sites, the ownership of the company is unknown except for information on the site, stating that “TraderXP is a global privately held company headquartered in The British Virgin Islands with offices spread around the world. The company is managed by veteran professionals of the global financial industry, with vast experience in financial trading, risk management, technology and trading regulations.” It seems however that they are not clued up about copyright regulations.
- 5-10% refund on out-of-the-money options
- Real time viewing of asset’s strike price
- One Touch weekend options
- Website in 4 languages
- 53 underlying assets available
Tel: 00357 22 030357
TraderXP rating – 64 stars out of 100
Usability – 6 stars
The TraderXP site is clean and user-friendly. Its FAQ section is clear (however see Website Review for more information) and is neatly laid out with useful tabs.
The My Account section is comprehensive and enables investors to see all past and current trades as well as neatly presenting information about how to deposit and withdraw funds and the status of these actions.
No software download is needed, as the TraderXP platform is 100% web-based. This ensures a smoother buying experience as no software updates are needed and purchasing can be made from any computer.
TraderXP has a useful detailed breakdown of each asset, as well as allowing users to search the past expiries of each asset.
A downside to the site is that the maximum investment amount per option is $1,000 which limits the potential returns.
Overall, using the site is a pleasant experience.
No. of assets – 7 stars
TraderXP offers options on the following assets: 20 indices, 17 stocks, 12 currencies and 4 commodities, totaling 53 assets for purchase. These assets concentrate on the USA, European, Asian and Middle Eastern markets, making it internationally attractive and competitive.
Expiry range of options – 5 stars
The expiry range is very short, with the end of the day being the furthest in time an investor can purchase an option.
Effective return – 8 stars
The effective return is the total percentage of return offered on an option. On the TraderXP website this is 73-83%. This is split between 68-75% for in the money options and 5-10% on out of the money options. This is near the top end of the industry.
Languages – 8 stars
A full version of the TraderXP website is available in English, Russian, Arabic and Spanish. The Customer Service team speaks X languages.
Website extras – 6 stars
A useful feature of the website is the graph displayed next to each asset, showing the recent strike prices of the selected asset. This shows an investor the recent fluctuations of an asset.
There is also an informative and thorough demo video explaining exactly how to open and account and carry out a trade.
The News by Yahoo! Fiannce feed is also displayed, enabling users to keep up to date with the market news.
Fees/commissions – 9 stars
TraderXP does not take any fee or commission from its buyers when they purchase options. They are free to place, for free, as many options as they wish. The fee for withdrawing money is $25 for wire transfer, $10 for a cheque plus postage and at no charge to withdraw by credit or debit card
Loyalty offers – 0 stars
So far we are unaware of any offers available on TraderXP.
Payment methods – 8 stars
Deposits can be made by credit card, wire transfer, Western Union and PayPal. Accounts can be held in US dollars or Euro.
Support quality – 7 stars
The TraderXP Customer Service team is available by phone on 14 international numbers and by email. Additionally there is a live chat with a customer service team representative. Currently the response time is slow which could be due to starting difficulties. The service however was not so polite. The opening times for customer services are unspecified.